A recent business publication by Transparency Market Research (TMR) has reported that the global Automated External Defibrillators Market is heavily dependent on product innovation and consequently, only those players who are technologically advanced and possess financial might are foraying into it. The analysts of the report have identified Koninklijke Philips N.V., GE Healthcare, Cardiac Science Corporation, NIHON KOHDEN CORPORATION, Physio-Control, Inc. (Stryker), Schiller AG, Asahi Kasei Medical Co., Ltd., Shenzhen Mindray Bio-Medical Electronics Co., Ltd, and PRIMEDIC (Metrax GmbH - MEMBER OF YUWELL GROUP) as some of the prominent companies currently ahead of the curve in the global automated external defibrillators market.
Product Innovation to Determine Market Leader
One of the examples of product innovation can be VIEW AED by Defibtech, LLC, which has been commercially available for healthcare practitioners since July 2014 and offers combinations of dual language. VIEW AED is fully automated external defibrillator that provides instruction via three modes; audible voice prompts, on-screen text, and full color motion video. Koninklijke Philips N.V., on the other hand, offers advanced life support monitors and defibrillators with AED and manual capabilities, and is quite popular among large healthcare organizations for being a proven life-saving therapy. The company offers HeartStart OnSite/HS1, HeartStartFR3, and HeartStart FRx. Along the similar lines, GE Healthcare is countering competition with its Responder ™ AED, which is claimed to be loaded with all the latest technologies and is user-friendly. The product is a patent of GE Healthcare.
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Global AED Market to be worth US$4,473.4 mn by 2025
Over the course of the forecast period of 2017 to 2025, the analysts of the TMR report have projected the demand in the global automated external defibrillators market to increment at an impressive CAGR of 15.8%. The report estimates that the opportunities in AED market, worldwide, will translate into a revenue of US$4,473.4 mn by the end of 2025, substantially more than its evaluated worth of merely US$1,381.4 mn in 2017. Technology-wise, the report segments the market for automated external defibrillators into semi-automatic and fully-automatic, whereas size bifurcation of the market has been done into standard and pediatric.
The report gauges the potential of demand that is currently being generated by several end-users, namely hospitals, public access, emergency medical services, homes, private cardiac clinics, and work spaces. Geographically, the report highlights North America as the most lucrative region in terms of volume of demand, although Asia Pacific is projected for a much higher growth rate and anticipated to almost match the demand valuation of North America by 2025. Europe is also primed to hold its position as third most profitable region in the global automated external defibrillators market.
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Prevalence of Heart Diseases Driving Demand
Strong and expanding prevalence of cardiovascular diseases (CVD) is the primary driver of the automated external defibrillators market. According to the World Health Organization (WHO), CVD is the number one cause of death across the world, with casualties estimated at 17.7 million in 2015, representing 31% of global deaths. In case of a cardiac arrest, automated external defibrillators can save lives, if provided to the patient within a few minutes.
As the awareness regarding their importance grows, the demand in the global automated external defibrillators market is expected to increase. Improving healthcare infrastructure across various emerging economies on the back of government initiatives and subsidies, increasing disposable income among the urban populations, and growing percentage of geriatrics in the global population are some of the other key factors reflecting positively on the AED market. On the other hand, the lack of awareness regarding the availability of these life-saving devices and cost factors are holding the market to extract its best across various poorer parts of the world.
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