Wearable Cardioverter Defibrillators Market Size, Share | 2031

Report Description

Wearable Cardioverter Defibrillators Market Outlook 2031

The global wearable cardioverter defibrillators market was valued at USD XX Bn in 2022 and is likely to reach USD XX Bn by 2031, expanding at a CAGR of XX% from 2023-2031. Increasing prevalence of cardiovascular attacks and the ease of use of non-invasive devices are driving the market.

Growing population and high susceptibility to cardiac arrest are boosting the usage of defibrillators in the market. It is a rechargeable external device that delivers an electrical shock to the heart to avoid sudden cardiac death (SDC).

According to the report published in 2022 by UNICEF world obesity atlas, more than 27 million children are expected to suffer from obesity by 2030 in India. This factor is anticipated to propel the demand for wearable cardiovascular defibrillator devices.

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Growing concerns regarding high blood pressure and chronic disease leads to an urge in demand for wearable cardioverter defibrillators (WCD). This raises the need for common heart condition and rhythm monitoring devices, which are further expected to augment the market growth. Rising product approvals and technical innovation are fueling the market.

For instance, according to a published report, the United States Food and Drug Administration granted pre-market approval to the ASSURE wearable cardioverter system by Kestara Medical Technologies. It is a device that is intended for monitoring and treating patients who are at risk of sudden cardiac death.

Such initiatives by the governing bodies and collaborations with the technical partners are promoting the new WCD devices. These factors are projected to boost the market in the coming years.

COVID-19 Analysis

COVID-19 has hampered the global wearable cardioverter defibrillators market. Movement restrictions and lockdowns during the pandemic hampered the production of WCD, due to no involvement of the workforce and lack of availability of raw materials.

Moreover, many health organizations and government projects have been kept on hold, due to the decrease in the availability of raw materials and clinical testing of the devices. This has resulted in a decline the production quality. Many key manufacturers have suffered a severe loss of investment, due to the disruption in supply chain systems. All these factors affected the WCD market during the pandemic.

Wearable Cardioverter Defibrillators Market Dynamics

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Major Drivers

Growing awareness of the need for emergency medical devices in public spaces is driving the market. Additionally, improved defibrillator devices, rapidly rising population with an increased risk of a specific illness, and high prevalence of cardiovascular disease in people of all ages are driving the market. Increasing awareness of sudden cardiac arrest (SCA) incidents is expected to boost the global WCD market during the forecast period. For instance,

• In June 2021, the World Health Organization (WHO) announced that cardiovascular disease devices (CVDs) are the key cause of death globally. An estimated 17.9 million people died from CVDs, representing 32% of all global deaths. Of these deaths, 85% were attributed to heart attack and stroke.

Rising aging population worldwide is boosting the market. The aging population is susceptible to chronic diseases, such as blockage of veins, cardiac arrest, and others, which resulted in the usage of WCD devices among patients. Increasing prevalence of high-quality treatment procedures and monitoring of heartbeat rhythms is propelling the market. Furthermore, the rapid increase in the geriatric population worldwide is fueling the market. for instance,

• In October 2022, the World Health Organization stated that the global population of people aged 60 years and older is expected to double (2.1 billion) by 2050. The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million.

Existing Restraints

Need for high initial investments is restricting the market growth. These devices are enabled with implantable cardiac defibrillators (ICDs), which are expensive as compared to the conventional ones.

Lack of skilled medical professionals is hampering the market, as it requires experts to perform clinical testing in the cardiology labs and centers. However, the lack of provision to monitor atrial atraumatic signals significantly restrains the growth of the WCD market.

Emerging Opportunities

Development of technically advanced WCD devices is expected to boost the market. Factors such as the growing burden of cardiac arrest, obesity, and other chronic diseases coupled with the launch of WCD devices tend to create numerous opportunities in the forecast period.

Furthermore, as per the report published by the British Heart Foundation (BHF) in 2022, more than 7.6 million people in the UK were living with cardiovascular diseases. Hence, the high prevalence of chronic diseases is expected to increase the demand for regular monitoring of heart rhythm, propelling the global wearable cardioverter defibrillator market in the forecast period.

Growing adoption of WCD for monitoring and detection of cardiac arrest is fueling the market. High geriatric population, high healthcare expenditure, and reimbursement policies are boosting the demand for WCD in the medical industry.

As per the report by the American Heart Association (AHA), about 45% of the adult population in the US is expected to suffer from cardiovascular disease by 2035. Thus, regular heart rate monitoring to prevent a heart attack is anticipated to fuel the demand for defibrillators over the coming years, propelling the market. For instance,

• According to the report published by the Centers for Disease Control and Prevention (CDC), about 12.1 million people are expected to suffer from atrial fibrillation in the US by 2030.

Wearable Cardioverter Defibrillators Market Report

The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Wearable Cardioverter Defibrillators Market Segment Insights

Type Segment Analysis

Based on type, the global wearable cardioverter defibrillator market is segregated into automated external defibrillators, implantable cardioverter defibrillators, and manual external defibrillators. The automated external defibrillator dominated the market in the year 2022.

The devices analyze the heart rhythm and deliver an electrical shock to help the heart re-establish an effective rhythm. Such devices are used by surgeons and doctors, as they help to restart a patient's heart, which tends to create lucrative opportunities in the forecast period.

The implantable cardioverter defibrillators segment is projected to grow rapidly in the coming years. The defibrillator generates an electrical shockwave when it notices an irregular heartbeat. It is a device used by medical professionals to monitor patient's vitals, which is attached to their chest.

It is a device used by medical professionals to monitor patient's vitals, which is attached to their chest. It detects and stops irregular heartbeats. These factors are projected to boost the segment.

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Patient type Segment Analysis

In terms of patient type, the global market is segmented into adult, pediatric, and geriatric. The adult segment dominated the market in 2022. Globally, an increased proportion of the adult population is suffering from cardiovascular disease. The risk of heart failure and arrhythmias is high, which has increased the demand for WCD devices.

It helps to monitor heartbeat rhythm and sends an electrical wave to restart the heart. Thus, such advanced cardioverter devices are in huge demand in the medical industry. This factor is anticipated to fuel the market. For instances,

• In June 2023, the Australian Bureau of Statistics stated that coronary heart disease (CHD) was the leading cause of death in Australia, accounting for 17,300 deaths (AIHW 2023). This represents 10% of all deaths and 41% of cardiovascular disease deaths. Thirty-eight percent (6,500) of CHD deaths resulted from a heart attack.

The geriatric segment is expected to register high growth in the forecast period. The geriatric population is at a high risk of having a heart attack and chronic disease. WCDs help to safely detect and treat life-threatening arrhythmias, particularly in a population at high risk of development of arrhythmias, due to increased stiffness of large arteries. This is expected to bolster the demand for WCD, as it monitors cardiac rhythm regularly.

End-user Segment Analysis

Based on end-user, the global wearable cardioverter defibrillator market is segregated into hospitals, pre-hospitals, home healthcare, and public access. The hospital segment dominated the market in 2022. The growing adoption of WCD in the cardiology units in hospitals is attributed to the need for defibrillators to handle cardiac patients.

Cardiologists use ICDs and external defibrillators frequently to treat patients. Moreover, it helps to monitor their heart rhythm and detect cardiac attacks, which increases the demand for defibrillators in hospitals.

The public access segment is projected to register rapid growth in the forecast period, owing to the initiatives taken by governing bodies, healthcare institutions, and regulatory agencies to increase the availability of public access to Automated External Defibrillators (AEDs).

For instance, in June 2021, the Automated External Defibrillators bill was introduced in the House of Commons of the UK Parliament. This stated that it is mandatory to install defibrillator facilities in public places, such as sporting academies, schools, and other buildings that provide care to vulnerable people, which tends to boost the market in the coming years.

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Regional Outlook

In terms of region, the global wearable cardioverter defibrillators market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America dominates the global market. The increase in the geriatric population is boosting the need for WCDs, as they provide monitoring of the rhythm of heartbeats of an individual who suffers from cardiovascular arrest and other diseases.

The region is equipped with advanced healthcare infrastructure, which results in the rapid adoption of innovative defibrillators. Many key players and manufacturers are investing to develop cost-effective WCD devices and limit the risk of cardiovascular attacks. For instance,

• In November 2023, Long Island Hospital was the first to implant a novel defibrillator outside a patient’s heart and veins. The new implantable defibrillator allows for the placement of the lead or wire under the breastbone. It delivers lifesaving defibrillation and controls the pace of rapid heartbeats.

The market in Europe is estimated to register high growth over the next few years. This is attributed to the developed medical and healthcare infrastructure in the region. Increasing appeal of healthcare drives the sales of home care defibrillators. Additionally, the increased incidence of other lifestyle habits, such as stroke, hypertension, and others, are key causes of cardiovascular heart failure (CHF).

Furthermore, as it drives efficiency in critical care and provides clinical insights for the treatment of sudden cardiac arrest. These factors tend to create growth opportunities in the regional market. High accessibility and clinical value of pre-treatment for sudden cardiac arrest enhance technological advancement in the regional market, as it is cost-effective. For instance,

• In August 2022, Philips integrated AI-powered and diagnostic smart systems to deliver cardiology solutions. It provides enhanced clinical insights, strengthens clinical confidence, drives efficiency in critical care, and improves cardiac care experiences from diagnosis and treatment to home care.

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