Driven by the soaring geriatric population, increasing prevalence of cardiac disorders, ballooning requirement of automated external defibrillators (AEDs), and rapid developments and innovations in defibrillation technology, the North American defibrillators market is predicted to grow, in valuation, from $6.1 billion to $8.1 billion from 2017 to 2023. Furthermore, as per the predictions of P&S Intelligence, a market research firm based in India, the market will exhibit a CAGR of 4.9% from 2018 to 2023.
The surging geriatric population in many North American countries is one of the major factors responsible for the growth of the North American defibrillators market. In North America, the population of geriatric people is growing at the fastest rate in the U.S. As per the report published by the Population Reference Bureau in 2018, the total number of people in the age bracket (65 years and above) in the U.S. is predicted to rise from 46 million to more than 98 million during 2014—2060.
The rapid technological advancements in defibrillation technology are also fuelling the progress of the market. Since the last several years, there has been a plethora of innovations and developments in defibrillation technology in North America and these advancements will continue in the coming years as well. For instance, the development and subsequent utilization of the S-ICD has massively reduced the various health risks associated with the use of the traditional ICDs. Additionally, the lesser number of health complications associated with these systems are boosting their popularity across the region.
The North American defibrillators market is also expected to exhibit rapid growth in Canada over the next few years. This is primarily attributed to the rising government incentives and measures being taken in the country, such as investments and other initiatives, for increasing awareness and providing defibrillation training to the people, increasing incidence of cases of sudden cardiac arrests, and the existence of several local defibrillators supplying companies in the country.
Hence, it is clear that the market will demonstrate substantial growth throughout the region in the coming years, mainly due to the rising incidence of cardiac ailments, technological advancements in the healthcare industry, increasing geriatric population, and soaring requirement of AEDs across the region.
