According to Nova one advisor, the global Cardiac Resynchronization Therapy market size was estimated at USD 4.30 billion in 2022 and is projected to hit around USD 6.73 billion by 2030, growing at a CAGR of 4.15% during the forecast period 2022 to 2030.
According to Nova one advisor, the global Cardiac Resynchronization Therapy market size was estimated at USD 4.30 billion in 2022 and is projected to hit around USD 6.73 billion by 2030, growing at a CAGR of 4.15% during the forecast period 2022 to 2030.
Get the Free Sample Copy of Report@ https://www.novaoneadvisor.com/report/sample/7549
Key Takeaways:
- The Cardiac Resynchronization Therapy market was valued at USD 4.30 billion in 2022 and is expected to grow at a CAGR of 4.15% during the forecast period
- Rapid technological advancements are one of the key trends escalating market growth. The adoption of a sedentary lifestyle, the growing geriatric population along with the increasing prevalence of cardiovascular diseases is also stimulating the growth of the market
- CRT-D segment dominated the market by product in 2022, owing to the high adoption of these devices, wider applications, and growing prevalence of cardiovascular diseases
- CRT-P held a notable share of the market in 2022 and is projected to grow at the fastest rate over the forecast period. This is owing to growing indications and the high prevalence of heart failure across the globe
- The hospitals’ segment held the largest market share of over 52.20% in 2022, as these centers are the main point of care for CRT device installation after diagnosis
- North America held the largest market share of over 49.20% in 2022, owing to the well-established healthcare system, and per capita, healthcare spending in this region is expected to fuel the market growth over the forecast period
Growing product developments, aging population, initiatives by key companies, and the prevalence of cardiovascular diseases are some of the key drivers of this market. Boston Scientific, for instance, reported cumulative distribution of around 389,000 CRT-Ds globally as of January 2021. During 2020, the company sold around 33,000 CRT-Ds; out of which, about 16,500 were registered in the U.S., which is indicative of high demand.
The key factors driving the market growth include growing initiatives by key companies, rising product advancements, and increasing product adoption by end users
The CRT market was significantly impacted by the COVID-19 pandemic. Some of the major impacts of COVID-19 on the market include demand slowdown, fall in sales, and supply chain disruption due to the cancellation of operational hurdles and elective procedures. For instance, Abbott, one of the major players in the cardiac rhythm management device business, reported a decline in revenue growth of the cardiovascular business in 2020. Boston Scientific has reported a decline in sales across all regions in 2020. By Q3 2021, the company’s sales recovered gradually with the cardiac rhythm management segment accounting for USD 1.5 billion in total revenue.
Furthermore, COVID-19 had a negative impact on Medtronic’s fourth-quarter financial performance, which ended on April 24, 2020. Postponed elective and semi-elective treatments using Medtronic devices had an impact on the corporation. People’s reluctance to undertake non-COVID-19 emergency procedures has an impact on the company’s emerging product lines. By 2021, the company’s sales had returned to positive territory. Its cardiac & rhythm management portfolio revenues increased by 11% year on year for the six months ending in October 2021.
Increasing product advancements and initiatives by key market players are expected to propel market growth in the coming years. For instance, in February 2020, Medtronic received the CE mark clearance for its cardiac resynchronization therapy defibrillators (CRT-Ds) combined with smart features such as AdaptivCRT and EffectivCRT algorithms. Similarly, in July 2020, Abbott received approval from the US FDA for its cardiac resynchronization therapy defibrillator (CRT-D) devices equipped with Bluetooth features.
Report Scope of the Cardiac Resynchronization Therapy Market
| Report Coverage | Details |
| Market Size | USD 6.73 Billion by 2030 |
| Growth Rate | CAGR of 4.15% from 2022 to 2030 |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segments Covered | Product, end-use, and Region, |
| Companies Mentioned | Medtronic; Abbott; Boston Scientific Corporation; Biotronik SE & Co., KG; MicroPort Scientific Corporation; Livanova, plc. |
Immediate Delivery Available | Buy this Premium Research Report@ https://www.novaoneadvisor.com/report/checkout/7549
Product Insights
CRT-Defibrillators accounted for more than 74.90% share of the cardiac resynchronization therapy market by product in 2022. The CRT-P segment on the other hand, is expected to expand at the fastest CAGR of over 6.9% during the forecast period. This is owing to include increasing geriatric population across the globe, the prevalence of cardiac conditions, and product advancements by key market players. Additionally, more doctors continue to suggest CRT-P usage for heart failure patients who would benefit more from pacing than defibrillation, resulting in driving the CRT-P to expand at the fastest CAGR during the forecast period.
Using information from the Japan Cardiac Device Treatment Registry, a study from 2020 that was published in the Journal of Arrhythmia (JCDTR). In patients aged 75 years and older in Japan, the research showed an upward trend in the percentage of ICDs, CRT-Ds, and CRT-Ps implanted for the first time. Over a decade, researchers counted 17,564, 9,470, and 1,087 patients that had ICD implants, CRT-D implants, and CRT-P implants, respectively.
End-use Insights
By end-user, hospitals held the largest share of about 52.20% of the cardiac resynchronization therapy market in 2022. This is attributable to high consumption of CRT devices in hospitals as most surgeries are performed in hospital settings.For instance, the UAE’s Aster Hospital reported a 61-year-old man with significant heart failure who experienced regular episodes of fast and life-threatening heartbeats having CRT-D implanted.
The Cardiac Center segment is anticipated to register the fastest growth of 5.9% due to increasing number of cardiac specialty centers and prevalence of cardiovascular diseases. According to CDC, as of September 2020, around 6.2 million adults in the U.S. suffered from heart failure. Furthermore, according to American College of Cardiology Foundation, prevalence of cardiovascular diseases rose from 271 million to 523 million from 1990 to 2019.
Regional Insights
North America held more than 49.20% share of the cardiac resynchronization therapy market in 2022. The large share of the North American region is its increasing geriatric population and growing regulatory approvals. Physical inactivity due to a sedentary lifestyle can increase the risk of developing chronic cardiac conditions, which may propel the need for cardiovascular care.
Asia Pacific is projected to expand at the fastest CAGR of 6.9% over the next few years. This is owing to developing healthcare infrastructure, an aging population, improvement in economic conditions, strategic initiatives by key companies, and the growing prevalence of cardiac diseases. For example, MicroPort is a Chinese company specializing in a variety of medical devices, including CRT-Ds and CRT-Ps. The company is a domestic leader in the cardiac rhythm management market. It registered a 95% year-on-year growth in revenue during H1 2021 (with a revenue of about USD 6 million) in China, owing to a wide portfolio and robust product pipeline. This growth was driven by cost-effectiveness and brand recognition, facilitating the company to cover 584 hospitals across the country.
Some of the prominent players in the Cardiac Resynchronization Therapy Market include:
- Medtronic
- Abbott
- Boston Scientific Corporation
- Biotronik SE & Co., KG
- MicroPort Scientific Corporation
- Livanova plc.
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Cardiac Resynchronization Therapy market
- Product
- CRT-Defibrillator
- CRT-Pacemaker
- End-use
- Hospital
- Cardiac Center
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Full Report is Ready | For Purchase Inquiry@ https://www.novaoneadvisor.com/report/checkout/7549
You can place an order or ask any questions, please feel free to sales@novaoneadvisor.com| +1 9197 992 333
Blog: https://www.novaoneadvisor.com/
Blog: https://www.visionresearchreports.com/
Blog: https://qyresearchmedical.com/