Fact.MR, a market research and competitive intelligence provider: The cardiac resynchronization therapy industry revenues were valued at US$ 5.7 Bn in 2021 and have been predicted to grow at a CAGR of 7.9% from 2022-2032.
The Cardiac Resynchronization Therapy industry increased at around 8.0% CAGR, wherein, countries such as the U.S., China, Canada, India, and the UK held a significant share in the global market.
With the rising incidences of heart-related illnesses such as congestive heart failure and cardiomyopathy, the worldwide cardiac resynchronization therapy market is expected to grow significantly during the projected period, comments a Fact.MR analyst.
Fact.MR, a market research and competitive intelligence provider: The cardiac resynchronization therapy industry revenues were valued at US$ 5.7 Bn in 2021 and have been predicted to grow at a CAGR of 7.9% from 2022-2032. The market is expected to achieve a value of US$ 13.2Bn, By the end of 2032. CRT-Defibrillator is getting the edge and advantage which is driving the growth of the CRT market. The market in North America is projected to showcase an absolute $ opportunity of US$ 7 Bn during 2022- 2032.
The growing importance of cardiac resynchronization therapy is now prolonging. Patients having a cardiac implantable electronic device, such as those undergoing cardiac resynchronization therapy-defibrillator implantations, require remote monitoring as part of their care. It enables for earlier diagnosis of battery and lead-related issues, as well as atrial and ventricular arrhythmias, and may help identify individuals at risk of heart failure exacerbation.
The Asia Pacific region is projected to register the highest growth rate in the global market during the forecast period. Favorable reimbursement scenario in Japan, the rising geriatric population in China, rising incidence of CVDs, improving healthcare infrastructure, growing middle-class population, and rising disposable income levels in India are some of the key factors driving the growth of the cardiac resynchronization therapy market in the Asia Pacific.
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Key Takeaways from the Market Study
- Cardiac resynchronization therapy market is expected to achieve a market value of US$ 6.2 Bn by 2022
- In 2022, North America to contribute more than 40% of market revenue.
- CRT-Defibrillator product type to account for US$ 6.8 Bn which will be around 60% approximately of the market revenue in 2022
- Among end-users, revenue from Hospitals is projected to garner over 53% of market revenue, growing at a CAGR of over 8% during the forecast period
- The market in Europe is projected to experience a CAGR of 8.2% during 2022-2032
Market growth is expected to be ignited by cardiac resynchronization therapy for patients with severe and moderate cardiac failure. Pacemakers and defibrillators are becoming more significant therapeutic tools. The global market for cardiac resynchronization therapy is expected to grow as a result of acute care treatment. The geriatric population, old-age health issues, increasing number of surgical procedures performed are other factors pushing the market growth.
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Competitive Landscape
A number of regional and global players operate in this market. These companies compete based on the innovation of their products, their quality, their brand reputation, and their market presence in order to sell their products through various industries. A variety of strategies are being employed by companies to remain competitive.
- In February 2020, Abbott announced the newest gallant CE-marked implantable cardioverter-defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D) devices in February 2020, providing patients with the most advanced heart rhythm management capabilities.
- In January 2022 at the North American Neuromodulation Society (NANS) meeting, Boston Scientific presented new data on advances in chronic pain care.
Market Segments Covered in Cardiac Resynchronization Therapy Industry Analysis
- By Product Type :
- CRT-Defibrillator
- CRT-Pacemaker
- By End-user Type :
- Hospital
- Cardiac Center
- Other End-users
- By region :
- North America
- Latin America
- Europe
- APAC
- MEA
Key Insights & Findings from the report:
Rapid technological advancements are among the key trends driving market growth. Increasing geriatric population, sedentary lifestyles, and rapidly increasing prevalence of Cardiovascular Diseases (CVDs) are also stimulating the market growth
The CRT-D product segment dominated the market in 2021 owing to the high adoption and wider application scope of these devices
The CRT-P segment is projected to grow at the fastest CAGR over the forecast period owing to the growing indications and high prevalence of heart failure across the globe
The hospital end-user segment held the largest market share in 2021 as these facilities are the main point of care for CRT device implantation post-diagnosis
Furthermore, hospitals offer multiple reimbursement facilities for surgery, consultation, treatment, and more, thus driving the product adoption and leading to a higher footfall of patients
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More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the cardiac resynchronization therapy market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (CRT-Defibrillator and CRT-Pacemaker) and End-user (hospitals and cardiac centers) across five regions (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
About Healthcare Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned healthcare team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the healthcare industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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