The Resuscitation Devices Market is expected to register a CAGR of 5.5% during the forecast period. This is attributing to a high incidence of preterm births, high demand for emergency care, rising incidences of target diseases. In addition, the rising incidence rate of cardiac arrest, awareness programs associated with defibrillators, and growing focus on providing public access defibrillators are also fueling the resuscitation devices market. As per the World Health Organization, cardiovascular diseases are the prime cause of death globally taking around 17.9 million lives every year. This will surge the demand for resuscitation devices as heart diseases are the leading cause of death and drive the overall market. Moreover, clinical advantages associated with cardiopulmonary resuscitation (CPR) and increasing need for medical services around the globe will propel the resuscitation device market in the forecasted period. However, the risk associated with the automated external defibrillators and harmful effects of certain devices on neonates may hamper the market to a certain extent.
Key Market Trends
Airway Management Devices is Estimated to Witness a Healthy Growth in Future.
Airway management devices are estimated to witness a healthy growth in the future due to increasing prevalence of chronic obstructive pulmonary disease (COPD) and rising incidences of asthma and bronchitis. Airway management devices comprise endotracheal tubes, tracheostomy tubes, ventilators, and resuscitators which are used in the treatment of the targeted diseases thus promoting the segment growth. As per World Health Organization 2017, the Global Burden of Diseases reported a prevalence of around 251 million cases of COPD globally in 2016. The presence of a large number of targeted diseases around world will trigger the segment growth in coming year.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to hold a significant market share in the global Resuscitation Devices Market due to the rising prevalence of cardiac and respiratory diseases, increasing geriatric population, presence of a large number of medical device companies, growing research and development expenditure, product innovations and technological advancements. As per the American Lung Cancer Association, COPD is the third major cause of death in the United States and around 15 million population are diagnosed in 2018. The United States owns the largest share of Resuscitation Devices Market in the North America region Furthermore, well-established healthcare infrastructure and growing healthcare expenditure are also expected to fuel the Resuscitation Devices Market in this region.
The Resuscitation Devices Market is moderately competitive and consists of several major players. Some of the companies which are currently dominating the market are Drägerwerk AG & Co. KGaA, Koninklijke Philips N.V, ZOLL Medical Corporation (Asahi Kasei Group Company), Mindray, Medtronic, Cardinal Health, NIHON KOHDEN CORPORATION, Smiths Medical (Smiths Group plc.), Physio-Control Corporation (Stryker), and GE Healthcare.
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