How Is Automated External Defibrillator Market Expansion Led by Increase in Geriatric Population?

In 2021, the automated external defibrillator market was valued at $1,677.3 million. By 2030, it is expected to capture a $3,520.5 million market size, growing at an 8.6% CAGR from 2021 to 2030. The growing prevalence of CVDs is the primary driver for the market. Therefore, the key market players are focusing on utilizing the advanced AED technology to expand further. For example, LifeVest, a lightweight defibrillator introduced by ZOLL Medical Corporation, can be utilized by patients at risk of SCA. 

The geriatric population increase is also resulting in the automated external defibrillator market boost. The Department of Economic and Social Affair of the United Nations reported that the population of people over 65 years was 727 million by 2020, which is expected to reach above 1.5 billion by 2050. The more the geriatric population, the more will be the incidence of chronic disease (primarily cardiovascular heart diseases) caused due to weakening of the internal organs. 

The burgeoning trend of installing AEDs in public places plays a crucial role in expanding the automated external defibrillator market. Since people are becoming more aware that AEDs can prove lifesaving, their installation is increasing in public places, such as airports, colleges, railway stations, shopping complexes, and malls. Government initiatives, especially in the developing countries, to mandate the installation of AEDs in public places are driving the market growth. 

The U.K. government passed a bill focusing on public access to AEDs in November 2021, aimed at installing AEDs in public buildings, such as sports facilities, educational institutions, and public buildings. Similarly, corporate partnerships to establish AEDs seek to offer immediate help to people in cardiac distress. For example, the collaboration of the Heart Foundation with Coles Group, a retailer based in Australia, in June 2019 enabled the installation of AEDs in supermarkets across Australia. 

Automated External Defibrillator Market

The AEDs utilized on adult patients held the majority of the automated external defibrillator market revenue share in 2021, an estimated 95.6%. Across the world, the adult population inflicted with heart diseases is larger as compared to that of pediatric patients. According to the World Bank, the adult heart patients numbered around 75 million, while children with heart conditions numbered 25 million worldwide in 2021. Moreover, the WHO reports that, 30% of the deaths are caused by cardiovascular diseases, which will account for a total of 17.9 million deaths yearly. 

The non-wearable AEDs category is expected to rapidly grow in the automated external defibrillator market in the coming years. The portable nature of non-wearable devices has made them widely accepted among the population at a high risk of SCA, as they provide ease of use. The growing prevalence of SCAs has fetched governments’ attention toward the need for AED in public places, thus resulting in an increasing demand for non-wearable devices. 

The most-significant regional contributor to the automated external defibrillator market is North America. It captured a 60% share of the market in 2021, attributed to the increase in the awareness of life-saving devices for SCAs, healthcare infrastructure development, rise in the elderly population, and initiatives by the key medical device companies in the region to improve the access to these systems. The increase in cardiovascular disease cases drives the demand for AEDs in public places, thereby leading to a surge in the market revenue. 

Therefore, the increase in the geriatric population and the growth in the prevalence of CVDs result in the market expansion. 

SOURCE: P&S Intelligence