Resuscitation Devices Market Present Scenario And The Growth Prospects 2030
Resuscitation is the action or process of reviving breaths of a patient in unconsciousness or apparent death stage. The resuscitator keeps patient oxygenated and alive by using positive pressure to inflate the lungs.
The resuscitation devices market in terms of procedure type is categorized into cardiac resuscitation, pulmonary resuscitation, cardiopulmonary resuscitation and neonatal resuscitation. Among all of these, the cardiopulmonary resuscitation category holds the largest share in the market. This is primarily due to the increasing number of cardiac cases across the world.
The resuscitation devices market on the basis of product is categorized into defibrillators and airway management devices; spinal care; sorting equipment; suction devices; training ais; spare parts; vacuum immobilization; ventilators; and accessories (including bags valve masks, hyperinflation systems, and oxygen resuscitation kit). Among these, the defibrillators and airway management devices category hold the largest market share. This is primarily due to the fact that according to the Resuscitation Council (UK), every healthcare practice should be equipped with an automated external defibrillator (AED) and should be available at public places.
The resuscitation devices market based on end user is categorized into hospitals, clinics, ambulatory centers, emergency service providers, and others. Among these, the hospitals category is expected to progress with the highest CAGR throughout the forecast period. This is primarily due to the fact that most of the major surgeries and treatment are performed in the hospitals.
Resuscitation Devices Market Dynamics
The most prominent benefit of the resuscitation devices is that they help revive the breathing of a person who is unconscious or apparently not breathing. Owing to this, their demand is rapidly increasing across the globe, which is playing pivotal role in the growth of the global resuscitation devices market. According to the Centers for Disease Control and Prevention (CDC), the resuscitation devices can increase the chances of the survival of the patient by two to three times.
Increasing prevalence of chronic diseases, rising number of hospitalization cases, growing geriatric population, and improving healthcare infrastructure are some other factors driving the growth of the resuscitation devices market. The U.S. has the fastest-growing geriatric population globally. According to the 2018 Population Reference Bureau report, the total number of Americans aged 65 and older is anticipated to increase nearly twofold, from 46 million in 2014 to over 98 million by 2060. With the increase in age, elderly people tend to become susceptible to chronic diseases, majorly cardiovascular disorders (CVDs). Thus, with the growing number of elderly people, the demand for
resuscitation devices is increasing in the North American region.
However, stringent regulations for the approval of resuscitation devices and lack of awareness in developing economies about their different applications are some of the major factors hampering the growth of the resuscitation devices market.
Resuscitation Devices Market Competitive landscape
The key players operating in the global resuscitation devices market are actively involved in the mergers and acquisitions and product launch activities to increase their presence among competitors globally. For instance, in August 2019, Zoll Medical Corporation, a subsidiary of Asahi Kasei Group, acquired Cardiac Science Corporation, a provider of automated external defibrillators (AEDs) and other devices.
On the occasion of the 73rd Session of the United Nations General Assembly, Royal Phillips announced the successful development of the “Augmented Infant Resuscitator (AIR),” an add-on device for conventional neonatal bag-valve-mask (BVM) resuscitators that helps caregivers to effectively resuscitate asphyxiated newborns. Developed in the collaboration with the Consortium for Affordable Medical Technologies (CAMTech) at Massachusetts General Hospital Global Health, Philips’ Augmented Infant Resuscitator aims to reduce neonatal mortality, especially in countries with weak health infrastructure.
Some of the major key players of the resuscitation devices market are Koninklijke Philips N.V., Nihon Kohden Corporation, Soleno Therapeutics Inc., Zoll Medical Corporation, RAPP Australia Pty Ltd., Farla Medical Ltd., and Neotech Medical Systems Pvt. Ltd.
The major countries taken into consideration for market size analysis include the U.S., Canada, France, Germany, the U.K., Italy, Spain, Russia, the Netherlands, Japan, China, India, Australia, Brazil, Mexico, Argentina, Saudi Arabia, the U.A.E., and South Africa.
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