Vietnam External Defibrillator Market to Expand at Significant CAGR of 8.66% during 2023-2029

Vietnam external defibrillator market is flourishing owing to increasing adoption of technology advancements, government initiatives to install automated external defibrillators (AEDs) in public places, and initiatives by key market players.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Vietnam external defibrillator market size at USD 24.22 million in 2022. During the forecast period between 2023 and 2029, BlueWeave Vietnam external defibrillator market size is to grow at a significant CAGR of 8.66% reaching a value of USD 45.03 million by 2029. An increase in the prevalence of the cardiovascular disease is a major driver of the market growth. Due to various government initiatives, media coverage, online content, and word-of-mouth, defibrillator sales have increased. The increase in defibrillator sales can be largely attributed to large and small businesses buying numerous devices to keep in convenient places. The market for home defibrillators is also expanding. The elderly population is growing, and as a result, they are better informed about what to do in the event of a cardiac arrest. They are also aware that the survival rate is doubled when an automated external defibrillator (AED) is available.

Vietnam External Defibrillator Market - Overview

An external defibrillator can shock a person's heart. This shock can aid in the cessation of abnormal electrical impulses in the heart, allowing it to return to a normal beating rhythm. Anyone can use the device, which provides automatic life-saving emergency therapy. AEDs (Automated External Defibrillators) are becoming increasingly popular as word of their effectiveness in emergencies spreads. Businesses and individuals are realizing the importance of having an AED on hand as the baby boomer generation ages and the risk of sudden cardiac arrest rises. This realization is directly related to the increased sales of defibrillators. According to research, patients who receive AED treatment in addition to CPR have a nearly twofold higher survival rate than patients who receive only CPR.

Growth Drivers

Rising Occurrence of Sudden Cardiac Arrest

Any time, any age, and any location are all potential risk factors for sudden cardiac arrest (SCA). SCA in young people does happen, though it is rare. Numerous young, seemingly healthy people under the age of 25 pass away from sudden cardiac arrest each year, according to research. As a result, it is anticipated that the rising prevalence of SCA and the risk factors linked to it will increase market demand. An external defibrillator can shock a person's heart. This shock can assist in stopping the heart's abnormal electrical impulses and enabling the heart to resume its regular beating rhythm. Quick results are provided by the device.

Challenge: Strict guidelines and ignorance

Due to strict rules and regulations governing medical devices, including AEDs, the external defibrillator market in Vietnam is predicted to grow slowly. For instance, the Food & Drug Administration (FDA) requires manufacturers to obtain premarket approval for all AEDs to ensure the reliability and quality of AEDs. Due to a lack of awareness and early intervention for sudden cardiac arrest, the external defibrillator market in Vietnam is forecast to grow slowly. For instance, a person's risk of developing heart disease can be raised by several other medical conditions or ways of living, such as diabetes, obesity, being overweight, eating poorly, not exercising, and drinking excessively.

Impact of COVID-19 on Vietnam External Defibrillator Market

Important players in the market for external defibrillators were negatively impacted by the COVID-19 pandemic overall. The impact of the pandemic on hospitals' purchasing power, particularly in small hospitals, has resulted in a decline in overall revenue for all of the major players in the external defibrillator market. During the COVID-19 crisis, many countries healthcare systems were overburdened, and it was difficult to find, deploy, keep, and protect enough qualified, well-supported, and motivated medical personnel. It was necessary to make a long-term investment in health systems, including the medical staff and favorable working conditions, education, and equipment, especially in the areas of PPE and occupational safety. Supply transactions have been canceled or delayed as a result of the pandemic's impact on hospitals' purchasing power, especially small hospitals.

Vietnam External Defibrillator Market - By End Use

Vietnam external defibrillator market is classified into Hospital, Public Access Market, Alternate Care Market, and Home Healthcare segments. The hospital segment has the highest market share. It is due to an increase in the number of patients admitted to hospitals, increased hospital adoption of external defibrillators, and key manufacturers' strategies. Hospital cardiology units require defibrillators to treat patients with cardiac problems. The rising prevalence of hypertension, diabetes, and strokes leading to SCA as a result of sedentary lifestyles, poor dietary habits, and smoking is expected to drive hospital demand for defibrillators.

Competitive Landscape:
Vietnam external defibrillator market is fiercely competitive. Prominent players in the market include Koninklijke Philips N.V, Stryker ZOLL Medical Corporation, Nihon Kohden Corporation, ProgettiSrl, Schiller AG, Bexen Cardio, Medtronic, Abbott, Boston Scientific Corporation, and BIOTRONIK SE & Co. KG. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Vietnam external defibrillator market.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Vietnam External Defibrillator Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Vietnam External Defibrillator Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.