With technological advancements, surging aging population, growing prevalence of cardiac diseases, and increasing demand for automated external defibrillators (AED), the North American defibrillators market is expected to grow considerably. The market generated a revenue of $6.1 billion in 2017 and is predicted to advance at a CAGR of 4.9% during the forecast period (2018–2023). Defibrillators are medical devices used for administering an electric shock to bring back the normal cardiac rhythm in people suffering from cardiac arrest or arrythmias.
However, external defibrillator is anticipated to be the fastest growing division in the market, due to the increasing product awareness and surging public access to AEDs. This division is further categorized into manual, automated, and wearable cardioverter defibrillators. Among these, the market for automated defibrillators is predicted to attain a size exceeding $2.5 billion by 2023, owing to its adoption in the home and public access settings. Coming to end users, the market is classified into hospitals, clinics, and cardiac centers; and public access, pre-hospitals care, and home care settings.
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Across the globe, the U.S. has one of the fastest growing aging populations. According to the 2018 Population Reference Bureau report, the total number of Americans aged 65 and above is expected to more than double to over 98 million by 2060 from 46 million in 2014. With age, people become more prone to chronic diseases, mainly cardiovascular disorders (CVDs). Thus, due to the surging elderly population, resulting in the prevalence of CVD, the demand for defibrillators is rising in the region.
Therefore, with technological advancements in defibrillators, the market is expected to flourish during the 2018–2023 period.
This post was originally published on Crypto Coin Guardian