APO RESEARCH · REPORT
Defibrillator
A defibrillator delivers a controlled electrical pulse through compatible electrodes; automated external models include rhythm-analysis and operator-guidance functions within their specified configuration.

Product & engineering
Understand the product.
Defibrillation is a common treatment for life-threatening cardiac dysrhythmias, ventricular fibrillation and pulseless ventricular tachycardia. Defibrillation consists of delivering a therapeutic dose of electrical energy to the heart with a device called a defibrillator. This depolarizes a critical mass of the heart muscle, terminates the dysrhythmia and allows normal sinus rhythm to be reestablished by the body's natural pacemaker, in the sinoatrial node of the heart. Defibrillators can be external, transvenous, or implanted (implantable cardioverter-defibrillator), depending on the type of device used or needed. Some external units, known as automated external defibrillators (AEDs), automate the diagnosis of treatable rhythms, meaning that lay responders or bystanders are able to use them successfully with little or no training at all.
External and implantable devices have different physical and commercial boundaries. Electrode pads, batteries, self-checks and maintenance requirements are model-specific parts of the external device system.
What turns activity into demand
Placement programmes and device replacement establish hardware demand, while readiness and consumable replacement generate a separate recurring stream.
The commercial boundary
Separate the defibrillator unit from replacement pads, batteries and emergency-service provision; one representative AED does not cover every defibrillator architecture.
Why do installed units and pad sales follow different patterns?
A maintained installed base can need pad or battery replacements without a new unit purchase; these are different counted transactions.
Technical reading
Selected research
Market Analysis & Forecast
Global Defibrillator Market Analysis and Forecast 2026-2032
Market perspective
Defibrillation is a common treatment for life-threatening cardiac dysrhythmias, ventricular fibrillation and pulseless ventricular tachycardia. Defibrillation consists of delivering a therapeutic dose of electrical energy to the heart with a device called a defibrillator. This depolarizes a critical mass of the heart muscle, terminates the dysrhythmia and allows normal sinus rhythm to be reestablished by the body's natural pacemaker, in the sinoatrial node of the heart. Defibrillators can be external, transvenous, or implanted (implantable cardioverter-defibrillator), depending on the type of device used or needed. Some external units, known as automated external defibrillators (AEDs), automate the diagnosis of treatable rhythms, meaning that lay responders or bystanders are able to use them successfully with little or no training at all.
Global Defibrillator key players include Physio-Control, Medtronic, Boston Scientific, Nihon Kohden, Zoll Medical, etc. Global top five manufacturers hold a share over 30%.
North America is the largest market, with a share about 50%, followed by Europe, and Asia-Pacific, both have a share about 45 percent.
Read the full market overview
In terms of product, Automatic External Defibrillators is the largest segment, with a share over 45%. And in terms of application, the largest application is Hospital, followed by Public Access, Home Healthcare, etc.
This report presents an overview of global market for Defibrillator, sales, revenue and price. Analyses of the global market trends, with historic market revenue or sales data for 2021 - 2025, estimates for 2026, and projections of CAGR through 2032.
This report researches the key producers of Defibrillator, also provides the sales of main regions and countries. Of the upcoming market potential for Defibrillator, and key regions or countries of focus to forecast this market into various segments and sub-segments. Country specific data and market value analysis for the U.S., Canada, Mexico, Brazil, China, Japan, South Korea, Southeast Asia, India, Germany, the U.K., Italy, Middle East, Africa, and Other Countries.
This report focuses on the Defibrillator sales, revenue, market share and industry ranking of main manufacturers, data from 2021 to 2026. Identification of the major stakeholders in the global Defibrillator market, and analysis of their competitive landscape and market positioning based on recent developments and segmental revenues. This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way.
This report analyzes the segments data by Type and by Application, sales, revenue, and price, from 2021 to 2032. Evaluation and forecast the market size for Defibrillator sales, projected growth trends, production technology, application and end-user industry.
Defibrillator Segment by Company
Medtronic
Abbott
Boston Scientific
Biotronik
Physio-Control
Nihon Kohden Corporation
Zoll Medical
Cardiac Science
Philips Healthcare
PRIMEDIC
Schiller
Sorin Group
HeartSine Technologies
Defibtech
Defibrillator Segment by Type
Automatic External Defibrillators
Implantable Cardioverter Defibrillators
Wearable Cardioverter Defibrillator
Advanced Life Support (ALS)
Defibrillator Segment by Application
Hospital
Public Access
Home Healthcare
Other
Defibrillator Segment by Region
North America
United States
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Spain
Netherlands
Switzerland
Sweden
Poland
Asia-Pacific
China
Japan
South Korea
India
Australia
Taiwan
Southeast Asia
South America
Brazil
Argentina
Chile
Middle East & Africa
Egypt
South Africa
Israel
Türkiye
GCC Countries
Study Objectives
1. To analyze and research the global status and future forecast, involving growth rate (CAGR), market share, historical and forecast.
2. To present the key manufacturers, sales, revenue, market share, and Recent Developments.
3. To split the breakdown data by regions, type, manufacturers, and Application.
4. To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints, and risks.
5. To identify significant trends, drivers, influence factors in global and regions.
6. To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
Reasons to Buy This Report
1. This report will help the readers to understand the competition within the industries and strategies for the competitive environment to enhance the potential profit. The report also focuses on the competitive landscape of the global Defibrillator market, and introduces in detail the market share, industry ranking, competitor ecosystem, market performance, new product development, operation situation, expansion, and acquisition. etc. of the main players, which helps the readers to identify the main competitors and deeply understand the competition pattern of the market.
2. This report will help stakeholders to understand the global industry status and trends of Defibrillator and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to understand competitors better and gain more insights to strengthen their position in their businesses. The competitive landscape section includes the market share and rank (in sales and value), competitor ecosystem, new product development, expansion, and acquisition.
4. This report stays updated with novel technology integration, features, and the latest developments in the market.
5. This report helps stakeholders to gain insights into which regions to target globally.
6. This report helps stakeholders to gain insights into the end-user perception concerning the adoption of Defibrillator.
7. This report helps stakeholders to identify some of the key players in the market and understand their valuable contribution.
Chapter Outline
Chapter 1: Introduces the report scope of the report, executive summary of different market segments (by type and by application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 2: Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 3: Sales (consumption), revenue of Defibrillator in global, regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space of each country in the world.
Chapter 4: Detailed analysis of Defibrillator manufacturers competitive landscape, price, sales, revenue, market share and industry ranking, latest development plan, merger, and acquisition information, etc.
Chapter 5: Provides the analysis of various market segments by type, covering the sales, revenue, average price, and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 6: Provides the analysis of various market segments by application, covering the sales, revenue, average price, and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 7: Provides profiles of key manufacturers, introducing the basic situation of the main companies in the market in detail, including product descriptions and specifications, Defibrillator sales, revenue, price, gross margin, and recent development, etc.
Chapter 8: North America by type, by application and by country, sales, and revenue for each segment.
Chapter 9: Europe by type, by application and by country, sales, and revenue for each segment.
Chapter 10: China type, by application, sales, and revenue for each segment.
Chapter 11: Asia (excluding China) type, by application and by region, sales, and revenue for each segment.
Chapter 12: South America, Middle East and Africa by type, by application and by country, sales, and revenue for each segment.
Chapter 13: Analysis of industrial chain, sales channel, key raw materials, distributors and customers.
Chapter 14: The main concluding insights of the report.
More report detail
Tables and figures
Scope & coverage.
Types
- Automatic External Defibrillators
- Implantable Cardioverter Defibrillators
- Wearable Cardioverter Defibrillator
- Advanced Life Support (ALS)
Applications
- Hospital
- Public Access
- Home Healthcare
- Other
Companies covered
- Medtronic
- Abbott
- Boston Scientific
- Biotronik
- Physio-Control
- Nihon Kohden Corporation
- Zoll Medical
- Cardiac Science
- Philips Healthcare
- PRIMEDIC
- Schiller
- Sorin Group
- HeartSine Technologies
- Defibtech
Inside the report.
1 Market Overview
- 1.1 Product Definition
- 1.2 Defibrillator Market by Type
- 1.2.1 Global Defibrillator Market Size by Type, 2021 VS 2025 VS 2032
- 1.2.2 Automatic External Defibrillators
- 1.2.3 Implantable Cardioverter Defibrillators
- 1.2.4 Wearable Cardioverter Defibrillator
- 1.2.5 Advanced Life Support (ALS)
- 1.3 Defibrillator Market by Application
- 1.3.1 Global Defibrillator Market Size by Application, 2021 VS 2025 VS 2032
- 1.3.2 Hospital
- 1.3.3 Public Access
- 1.3.4 Home Healthcare
- 1.3.5 Other
- 1.4 Assumptions and Limitations
- 1.5 Study Goals and Objectives
2 Defibrillator Market Dynamics
- 2.1 Defibrillator Industry Trends
- 2.2 Defibrillator Industry Drivers
- 2.3 Defibrillator Industry Opportunities and Challenges
- 2.4 Defibrillator Industry Restraints
3 Global Market Growth Prospects
- 3.1 Global Defibrillator Revenue Estimates and Forecasts (2021-2032)
- 3.2 Global Defibrillator Revenue by Region
- 3.2.1 Global Defibrillator Revenue by Region: 2021 VS 2025 VS 2032
- 3.2.2 Global Defibrillator Revenue by Region (2021-2026)
- 3.2.3 Global Defibrillator Revenue by Region (2027-2032)
- 3.2.4 Global Defibrillator Revenue Market Share by Region (2021-2032)
- 3.3 Global Defibrillator Sales Estimates and Forecasts 2021-2032
- 3.4 Global Defibrillator Sales by Region
- 3.4.1 Global Defibrillator Sales by Region: 2021 VS 2025 VS 2032
- 3.4.2 Global Defibrillator Sales by Region (2021-2026)
- 3.4.3 Global Defibrillator Sales by Region (2027-2032)
- 3.4.4 Global Defibrillator Sales Market Share by Region (2021-2032)
- 3.5 US & Canada & Mexico
- 3.6 Europe
- 3.7 China
- 3.8 Asia (Excluding China)
- 3.9 South America, Middle East and Africa
4 Market Competitive Landscape by Manufacturers
- 4.1 Global Defibrillator Revenue by Manufacturers
- 4.1.1 Global Defibrillator Revenue by Manufacturers (2021-2026)
- 4.1.2 Global Defibrillator Revenue Market Share by Manufacturers (2021-2026)
- 4.1.3 Global Defibrillator Manufacturers Revenue Share Top 10 and Top 5 in 2025
- 4.2 Global Defibrillator Sales by Manufacturers
- 4.2.1 Global Defibrillator Sales by Manufacturers (2021-2026)
- 4.2.2 Global Defibrillator Sales Market Share by Manufacturers (2021-2026)
- 4.2.3 Global Defibrillator Manufacturers Sales Share Top 10 and Top 5 in 2025
- 4.3 Global Defibrillator Sales Price by Manufacturers (2021-2026)
- 4.4 Global Defibrillator Key Manufacturers Ranking, 2024 VS 2025 VS 2026
- 4.5 Global Defibrillator Key Manufacturers Manufacturing Sites & Headquarters
- 4.6 Global Defibrillator Manufacturers, Product Type & Application
- 4.7 Global Defibrillator Manufacturers' Establishment Date
- 4.8 Market Competitive Analysis
- 4.8.1 Global Defibrillator Market CR5 and HHI
- 4.8.2 2025 Defibrillator Tier 1, Tier 2, and Tier 3
5 Defibrillator Market by Type
- 5.1 Global Defibrillator Revenue by Type
- 5.1.1 Global Defibrillator Revenue by Type (2021 VS 2025 VS 2032)
- 5.1.2 Global Defibrillator Revenue by Type (2021-2032) & (US$ Million)
- 5.1.3 Global Defibrillator Revenue Market Share by Type (2021-2032)
- 5.2 Global Defibrillator Sales by Type
- 5.2.1 Global Defibrillator Sales by Type (2021 VS 2025 VS 2032)
- 5.2.2 Global Defibrillator Sales by Type (2021-2032) & (K Units)
- 5.2.3 Global Defibrillator Sales Market Share by Type (2021-2032)
- 5.3 Global Defibrillator Price by Type
6 Defibrillator Market by Application
- 6.1 Global Defibrillator Revenue by Application
- 6.1.1 Global Defibrillator Revenue by Application (2021 VS 2025 VS 2032)
- 6.1.2 Global Defibrillator Revenue by Application (2021-2032) & (US$ Million)
- 6.1.3 Global Defibrillator Revenue Market Share by Application (2021-2032)
- 6.2 Global Defibrillator Sales by Application
- 6.2.1 Global Defibrillator Sales by Application (2021 VS 2025 VS 2032)
- 6.2.2 Global Defibrillator Sales by Application (2021-2032) & (K Units)
- 6.2.3 Global Defibrillator Sales Market Share by Application (2021-2032)
- 6.3 Global Defibrillator Price by Application
7 Company Profiles
- 7.1 Medtronic
- 7.1.1 Medtronic Company Information
- 7.1.2 Medtronic Business Overview
- 7.1.3 Medtronic Defibrillator Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.1.4 Medtronic Defibrillator Product Portfolio
- 7.1.5 Medtronic Recent Developments
- 7.2 Abbott
- 7.2.1 Abbott Company Information
- 7.2.2 Abbott Business Overview
- 7.2.3 Abbott Defibrillator Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.2.4 Abbott Defibrillator Product Portfolio
- 7.2.5 Abbott Recent Developments
- 7.3 Boston Scientific
- 7.3.1 Boston Scientific Company Information
- 7.3.2 Boston Scientific Business Overview
- 7.3.3 Boston Scientific Defibrillator Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.3.4 Boston Scientific Defibrillator Product Portfolio
- 7.3.5 Boston Scientific Recent Developments
- 7.4 Biotronik
- 7.4.1 Biotronik Company Information
- 7.4.2 Biotronik Business Overview
- 7.4.3 Biotronik Defibrillator Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.4.4 Biotronik Defibrillator Product Portfolio
- 7.4.5 Biotronik Recent Developments
- 7.5 Physio-Control
- 7.5.1 Physio-Control Company Information
- 7.5.2 Physio-Control Business Overview
- 7.5.3 Physio-Control Defibrillator Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.5.4 Physio-Control Defibrillator Product Portfolio
- 7.5.5 Physio-Control Recent Developments
- 7.6 Nihon Kohden Corporation
- 7.6.1 Nihon Kohden Corporation Company Information
- 7.6.2 Nihon Kohden Corporation Business Overview
- 7.6.3 Nihon Kohden Corporation Defibrillator Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.6.4 Nihon Kohden Corporation Defibrillator Product Portfolio
- 7.6.5 Nihon Kohden Corporation Recent Developments
- 7.7 Zoll Medical
- 7.7.1 Zoll Medical Company Information
- 7.7.2 Zoll Medical Business Overview
- 7.7.3 Zoll Medical Defibrillator Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.7.4 Zoll Medical Defibrillator Product Portfolio
- 7.7.5 Zoll Medical Recent Developments
- 7.8 Cardiac Science
- 7.8.1 Cardiac Science Company Information
- 7.8.2 Cardiac Science Business Overview
- 7.8.3 Cardiac Science Defibrillator Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.8.4 Cardiac Science Defibrillator Product Portfolio
- 7.8.5 Cardiac Science Recent Developments
- 7.9 Philips Healthcare
- 7.9.1 Philips Healthcare Company Information
- 7.9.2 Philips Healthcare Business Overview
- 7.9.3 Philips Healthcare Defibrillator Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.9.4 Philips Healthcare Defibrillator Product Portfolio
- 7.9.5 Philips Healthcare Recent Developments
- 7.10 PRIMEDIC
- 7.10.1 PRIMEDIC Company Information
- 7.10.2 PRIMEDIC Business Overview
- 7.10.3 PRIMEDIC Defibrillator Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.10.4 PRIMEDIC Defibrillator Product Portfolio
- 7.10.5 PRIMEDIC Recent Developments
- 7.11 Schiller
- 7.11.1 Schiller Company Information
- 7.11.2 Schiller Business Overview
- 7.11.3 Schiller Defibrillator Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.11.4 Schiller Defibrillator Product Portfolio
- 7.11.5 Schiller Recent Developments
- 7.12 Sorin Group
- 7.12.1 Sorin Group Company Information
- 7.12.2 Sorin Group Business Overview
- 7.12.3 Sorin Group Defibrillator Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.12.4 Sorin Group Defibrillator Product Portfolio
- 7.12.5 Sorin Group Recent Developments
- 7.13 HeartSine Technologies
- 7.13.1 HeartSine Technologies Company Information
- 7.13.2 HeartSine Technologies Business Overview
- 7.13.3 HeartSine Technologies Defibrillator Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.13.4 HeartSine Technologies Defibrillator Product Portfolio
- 7.13.5 HeartSine Technologies Recent Developments
- 7.14 Defibtech
- 7.14.1 Defibtech Company Information
- 7.14.2 Defibtech Business Overview
- 7.14.3 Defibtech Defibrillator Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.14.4 Defibtech Defibrillator Product Portfolio
- 7.14.5 Defibtech Recent Developments
8 North America
- 8.1 North America Defibrillator Market Size by Type
- 8.1.1 North America Defibrillator Revenue by Type (2021-2032)
- 8.1.2 North America Defibrillator Sales by Type (2021-2032)
- 8.1.3 North America Defibrillator Price by Type (2021-2032)
- 8.2 North America Defibrillator Market Size by Application
- 8.2.1 North America Defibrillator Revenue by Application (2021-2032)
- 8.2.2 North America Defibrillator Sales by Application (2021-2032)
- 8.2.3 North America Defibrillator Price by Application (2021-2032)
- 8.3 North America Defibrillator Market Size by Country
- 8.3.1 North America Defibrillator Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
- 8.3.2 North America Defibrillator Sales by Country (2021 VS 2025 VS 2032)
- 8.3.3 North America Defibrillator Price by Country (2021-2032)
- 8.3.4 United States
- 8.3.5 Canada
- 8.3.6 Mexico
9 Europe
- 9.1 Europe Defibrillator Market Size by Type
- 9.1.1 Europe Defibrillator Revenue by Type (2021-2032)
- 9.1.2 Europe Defibrillator Sales by Type (2021-2032)
- 9.1.3 Europe Defibrillator Price by Type (2021-2032)
- 9.2 Europe Defibrillator Market Size by Application
- 9.2.1 Europe Defibrillator Revenue by Application (2021-2032)
- 9.2.2 Europe Defibrillator Sales by Application (2021-2032)
- 9.2.3 Europe Defibrillator Price by Application (2021-2032)
- 9.3 Europe Defibrillator Market Size by Country
- 9.3.1 Europe Defibrillator Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
- 9.3.2 Europe Defibrillator Sales by Country (2021 VS 2025 VS 2032)
- 9.3.3 Europe Defibrillator Price by Country (2021-2032)
- 9.3.4 Germany
- 9.3.5 France
- 9.3.6 U.K.
- 9.3.7 Italy
- 9.3.8 Russia
- 9.3.9 Spain
- 9.3.10 Netherlands
10 China
- 10.1 China Defibrillator Market Size by Type
- 10.1.1 China Defibrillator Revenue by Type (2021-2032)
- 10.1.2 China Defibrillator Sales by Type (2021-2032)
- 10.1.3 China Defibrillator Price by Type (2021-2032)
- 10.2 China Defibrillator Market Size by Application
- 10.2.1 China Defibrillator Revenue by Application (2021-2032)
- 10.2.2 China Defibrillator Sales by Application (2021-2032)
- 10.2.3 China Defibrillator Price by Application (2021-2032)
11 Asia (Excluding China)
- 11.1 Asia Defibrillator Market Size by Type
- 11.1.1 Asia Defibrillator Revenue by Type (2021-2032)
- 11.1.2 Asia Defibrillator Sales by Type (2021-2032)
- 11.1.3 Asia Defibrillator Price by Type (2021-2032)
- 11.2 Asia Defibrillator Market Size by Application
- 11.2.1 Asia Defibrillator Revenue by Application (2021-2032)
- 11.2.2 Asia Defibrillator Sales by Application (2021-2032)
- 11.2.3 Asia Defibrillator Price by Application (2021-2032)
- 11.3 Asia Defibrillator Market Size by Country
- 11.3.1 Asia Defibrillator Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
- 11.3.2 Asia Defibrillator Sales by Country (2021 VS 2025 VS 2032)
- 11.3.3 Asia Defibrillator Price by Country (2021-2032)
- 11.3.4 Japan
- 11.3.5 South Korea
- 11.3.6 India
- 11.3.7 Australia
- 11.3.8 Taiwan
- 11.3.9 Southeast Asia
12 South America, Middle East and Africa
- 12.1 SAMEA Defibrillator Market Size by Type
- 12.1.1 SAMEA Defibrillator Revenue by Type (2021-2032)
- 12.1.2 SAMEA Defibrillator Sales by Type (2021-2032)
- 12.1.3 SAMEA Defibrillator Price by Type (2021-2032)
- 12.2 SAMEA Defibrillator Market Size by Application
- 12.2.1 SAMEA Defibrillator Revenue by Application (2021-2032)
- 12.2.2 SAMEA Defibrillator Sales by Application (2021-2032)
- 12.2.3 SAMEA Defibrillator Price by Application (2021-2032)
- 12.3 SAMEA Defibrillator Market Size by Country
- 12.3.1 SAMEA Defibrillator Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
- 12.3.2 SAMEA Defibrillator Sales by Country (2021 VS 2025 VS 2032)
- 12.3.3 SAMEA Defibrillator Price by Country (2021-2032)
- 12.3.4 Brazil
- 12.3.5 Argentina
- 12.3.6 Chile
- 12.3.7 Colombia
- 12.3.8 Peru
- 12.3.9 Saudi Arabia
- 12.3.10 Israel
- 12.3.11 UAE
- 12.3.12 Turkey
- 12.3.13 Iran
- 12.3.14 Egypt
13 Value Chain and Sales Channels Analysis
- 13.1 Defibrillator Value Chain Analysis
- 13.1.1 Defibrillator Key Raw Materials
- 13.1.2 Raw Materials Key Suppliers
- 13.1.3 Manufacturing Cost Structure
- 13.1.4 Defibrillator Production Mode & Process
- 13.2 Defibrillator Sales Channels Analysis
- 13.2.1 Direct Comparison with Distribution Share
- 13.2.2 Defibrillator Distributors
- 13.2.3 Defibrillator Customers
14 Concluding Insights
15 Appendix
- 15.1 Reasons for Doing This Study
- 15.2 Research Methodology
- 15.3 Research Process
- 15.4 Authors List of This Report
- 15.5 Data Source
- 15.5.1 Secondary Sources
- 15.5.2 Primary Sources
- 15.6 Disclaimer
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