Resuscitation Market: Introduction
Resuscitation is an emergency medical procedure that involves chest compression and use of artificial ventilation to support blood circulation and oxygenation in critically ill patients. The key objective of resuscitation is to restore partial flow of the oxygenated blood to the heart and the brain. Resuscitation systems are widely applied in cardiac arrest patients and certain neonate patients with deprived levels of oxygen.
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Rising cases of chronic diseases, increasing demand for emergency care, rising focus on providing public-access defibrillators, high incidence of preterm births, and training and awareness programs on defibrillators are key factors propelling the resuscitation market. On the contrary, challenges associated with the usage of automated external defibrillators and the harmful effects of certain products on neonates are anticipated to restrain the market during the forecast period.
Key Drivers, Restraints, and Opportunities of Global Resuscitation Market
The global resuscitation market is projected to expand significantly during the forecast period, due to high rates of prevalence and incidence of critically ill patients across the globe. According to the World Health Organization, in 2016, more than 251 million people across the globe were affected by chronic obstructive pulmonary disorder (COPD), which is a leading causes of death.
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Moreover, according to an estimate, more than 17.9 million people across the globe die of cardiovascular disorders every year. Significant rise in the rate of preterm births worldwide is a key factor that is likely to drive the resuscitation market during the forecast period. According to the World Health Organization, around 15 million babies are born pre-term every year.
Moreover, technological advancements in resuscitation systems and devices, rise in the number of hospitals and ambulatory surgical centers in developing countries, and increase in awareness about regulatory guidelines for resuscitation are likely to fuel the market during the forecast period. On the other hand, high costs of resuscitation systems and shortage of skilled professionals in the management of critically ill patients in underdeveloped countries are expected to restrain the global resuscitation market during the forecast period.
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North America to Capture Major Share of Global Resuscitation Market
In terms of region, the global resuscitation market can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe are estimated to account for a major share of the global market during the forecast period, owing to the presence of a large pool of patients with cancer, cardiovascular disorders, and neurological disorders.
Well-established healthcare facilities, early adoption of technologically advanced resuscitation systems, and wide base of medical device companies in Europe and North America are estimated to propel the market in these regions from 2021 to 2031.
The resuscitation market in Asia Pacific is estimated to expand at a prominent CAGR during the forecast period, owing to high prevalence of critically ill patients in highly populous countries such as India and China, rapidly developing healthcare systems, various favourable initiatives adopted by governments in the region to improve overall healthcare, and increased per capita healthcare expenditure in the region. Moreover, increased investments in the region by leading players in the global medical devices sector are likely to drive the resuscitation market in Asia Pacific during the forecast period.
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Key Players Operating in Global Resuscitation Market
The global resuscitation market is highly fragmented, with the presence of various key players. A large number of manufacturers hold a major share in their respective regions. Strategies such as new product development and commercialization are being adopted by leading players operating in the global resuscitation market. Major players operating in the global resuscitation market are:
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