Market Overview:
Automated CPR devices are mechanical devices used to perform cardiopulmonary resuscitation (CPR) on patients during cardiac arrest. Automated CPR devices provide chest compressions at a consistent depth, rate, recoil and hands-free operation. This helps maintain quality of CPR and minimizes interruptions compared to manual CPR. These devices provide greater blood flow to vital organs like brain and heart during cardiac arrest.
Market key trends:
One of the key trends fueling growth of the automated CPR devices market is increased awareness about early defibrillation and importance of high-quality CPR. Number of public access defibrillation programs and initiatives taken by governments worldwide to make AEDs widely accessible have raised awareness. Also, various national and global resuscitation guidelines recommending use of automated CPR devices are promoting adoption. For instance, American Heart Association recommends use of automated mechanical chest compression devices for prolonged or fatigue-producing CPR. This is expected to drive global automated CPR devices market during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the automated CPR devices market is moderate. High initial manufacturing costs and regulatory barriers restrict new firms from easily entering the market.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of several competitors offering similar products in the market. However, the impact of switching costs makes customer loyalty higher.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of many component suppliers in the market. Suppliers do not have control over prices as they can easily be substituted.
Threat of new substitutes: The threat of new substitutes is low as there are limited product alternatives for automated CPR.
The global Automated CPR Devices Market Growth is estimated to be valued at US$ 127.6 Mn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Automated CPR devices offer improved resuscitation quality and minimizes rescuer fatigue compared to manual CPR. Their use has increased survival rates.
Weakness: High costs of automated equipment restricts adoption in developing countries and budget constrained settings. Operational limitations exist during patient transport.
Opportunity: Growing incidence of target diseases, cardiovascular disorders and trauma injuries has increased the need for resuscitation equipment. Untapped growth potential exists in emerging markets.
Threats: Safety concerns regarding equipment malfunctions can negatively impact sales. Economic slowdowns may reduce healthcare budgets restricting purchases.
Key Takeaways
The global automated CPR devices market is expected to witness high growth, exhibiting CAGR of 11.% over the forecast period, due to increasing incidence of cardiac arrests and respiratory failures globally.
Regionally, North America is expected to dominate the global market during the forecast period. This is attributed to presence of major players and availability of advanced healthcare facilities in countries like the US and Canada. However, Asia Pacific is anticipated to grow at the fastest pace owing to rising healthcare expenditure, increasing awareness and growing penetration of key players in countries like China, India and Japan.
Key players operating in the automated CPR devices market are ZOLL Medical Corporation, Stryker, Brunswick MedTech, Michigan Instruments, SunLife Sciences Pvt Ltd., CPR Medical Devices, Inc., Medtronic, Faith Group, Nihon Kohden Corporation, SCHILLER Americas Inc. These players are focused on developing innovative automated CPR equipment to gain a competitive edge in the market.
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