Cardiac Resynchronization Therapy Market Growth Size [2031]
Cardiac Resynchronization Therapy Market Growth Size [2031]
Segments - Cardiac Resynchronization Therapy Market by Product (CRT-Pacemaker and CRT-Defibrillator), Age (Above 85 Years, 65-84 Years, 45-64 Years, and Below 44 Years), End-user (Cardiac Centers, Hospitals, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :HC-6089
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| 191 Pages
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Report Description
Cardiac Resynchronization Therapy Market Outlook 2031
The global cardiac resynchronization therapy market size was USD 4.1 Billion in 2022 and is likely to reach USD 6.2 Billion by 2031, expanding at a CAGR of 4.7% during 2023–2031. The market growth is attributed to the increasing advancements in cardiac resynchronization therapy (CRT) technologies and the growing aging population.
Rising research and development activities for product improvement is anticipated to significantly boost the growth of the cardiac resynchronization therapy market in the coming years. The integration of CRT devices with remote monitoring capabilities allows for continuous patient monitoring, timely intervention, and improved follow-up care. This technological feature enhances patient care and contributes to the market growth. For instance,
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In June 2021, MicroPort CRM successfully launched Borea and Alizea pacemakers, featuring Bluetooth connectivity and streamlined remote monitoring capabilities. The introduction of these devices followed the receipt of CE mark approval, showcasing the commitment of the company to advance cardiac care through innovative technology.
Increasing awareness among healthcare professionals and patients about the benefits of CRT increases its adoption. Educational initiatives and programs help to make informed decisions for healthcare providers and patients. The increasing prevalence of heart failure, particularly in the aging population creates the demand for effective treatment options such as CRT.
The market report finds that the COVID-19 pandemic hampered the cardiac resynchronization therapy market. During the pandemic, many elective medical procedures, including non-urgent cardiac interventions, were postponed or canceled to prioritize resources for COVID-19 patients. This has temporarily impacted the adoption of CRT devices. For instance,
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In July 2023, Revista Española de Cardiología, an international scientific journal, reported a 48.2% decrease in implants during the pandemic lockdown. Subsequently, there was a gradual rebound with a 17% increase in cardiac resynchronization therapy defibrillators and a 4.5% rise in pacemakers, offsetting the earlier reduction.
Impact of Artificial Intelligence (AI) on the Cardiac Resynchronization Therapy Market
Artificial Intelligence (AI) is expected to boost the revenue of the market players present in the cardiac resynchronization therapy market. This technology analyzes large datasets, including patient records and imaging data, to assist healthcare professionals in identifying suitable candidates for CRT. AI contributes to the development of personalized treatment plans by considering individual patient data, including demographics, comorbidities, and responses to previous therapies. This leads to effective and tailored CRT interventions. For instance,
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In May 2023, egnite, Inc. revealed groundbreaking research at Heart Rhythm 2023, demonstrating AI's 88% accuracy in identifying ventricular arrhythmias. The live demonstration featured a remote ECG monitor with an AI-generated report on the Philips Cardiology system.
Cardiac Resynchronization Therapy Market Dynamics
Major Drivers
Rising incidence of heart failure drives the cardiac resynchronization therapy market. Lifestyle changes, sedentary routines, unhealthy dietary habits, and a rise in conditions such as hypertension & diabetes lead to an increasing prevalence of cardiovascular risk factors. These factors, in turn, elevate the risk of developing heart failure. Furthermore, the global population is aging, and heart failure is becoming common in older individuals, which drives the need for effective treatment options such as CRT.
Existing Restraints
High cost of cardiac resynchronization therapy devices and procedures restraints the market. The CRT devices, including pacemakers or defibrillators, are sophisticated medical technologies that involve substantial manufacturing and research & development costs. The high cost of these devices hampers to the overall expense of CRT.
Emerging Opportunities
Increasing technological advancements create lucrative opportunities for the market. Advancements in leadless technology aim to eliminate the need for traditional pacing leads. Leadless CRT devices offer potential benefits such as reduced complications related to lead placement and improved patient comfort. Additionally, sophisticated programming algorithms in CRT devices allow for increasingly precise customization of therapy based on individual patient needs. This enhances the effectiveness of CRT in improving cardiac synchronization.
Scope of the Cardiac Resynchronization Therapy Market Report
The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Cardiac Resynchronization Therapy Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Product (CRT-pacemaker and CRT-defibrillator), Age (Above 85 Years, 65-84 Years, 45- 64 Years, and Below 44 Years), and End-user (Cardiac Centers, Hospitals, and Others) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Abbott; Biotronik; Boston Scientific Corporation; LivaNova PLC; Medtronic; and MicroPort Scientific Corporation. |
Market Segment Insights
Product Segment Analysis
Based on the product, the cardiac resynchronization therapy market is divided into CRT-pacemaker and CRT-defibrillator. The CRT-defibrillator segment is expected to hold a dominant share of the market during the projection period, as it offers comprehensive treatment and helps to prevent sudden cardiac death.
CRT-defibrillators, often referred to as CRT-D devices, combine cardiac resynchronization therapy with the capability of providing defibrillation. This comprehensive approach is especially beneficial for patients with heart failure who are at risk of life-threatening arrhythmias. The defibrillator component in CRT-D devices plays a crucial role in preventing sudden cardiac death by delivering an electric shock to restore normal heart rhythm in arrhythmia, encouraging manufacturers to focus on R&D. For instance,
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In May 2020, Biotronik, Inc. partnered with Acutus Medical fostering collaboration in the catheter-based treatment of cardiac arrhythmias. They encompassed electrophysiology, mapping, and ablation products, targeting select markets in Europe and Asia Pacific. This collaboration aligned with the growth strategy of the company and served to broaden its product portfolio.
The CRT-pacemaker segment is expected to expand at a significant growth rate, as it manages milder heart failure cases. CRT-pacemaker (CRT-P) devices are often used in patients with mild forms of heart failure and who do not have a significant risk of life-threatening ventricular arrhythmias. This patient population contributes to the dominance of CRT-P devices, as not all heart failure cases require the defibrillation function provided by CRT-D devices.
Age Segment Analysis
On the basis of age, the global market is segregated into above 85 years, 65-84 years, 45- 64 years, and below 44 years. The 65-84 years segment is projected to register a high CAGR during the forecast period, due to the rising incidence of heart failure in older individuals.
The risk of heart failure increases with age, and individuals in the 65-84 age group are expected to experience cardiac conditions that necessitate CRT. The prevalence of heart failure rises significantly in the older population is driving the demand for advanced therapeutic interventions such as CRT.
End-user Segment Analysis
On the basis of end-user, the cardiac resynchronization therapy market is segmented into cardiac centers, hospitals, and others. The hospital segment is anticipated to register a robust growth rate during the forecast period, as it provides specialized medical procedures and expertise of healthcare professionals.
Implantation of CRT devices is a specialized medical procedure that requires a controlled and sterile environment, skilled healthcare professionals, and access to advanced medical equipment. Hospitals are well-equipped to provide the necessary infrastructure for performing these procedures safely.
The cardiac center segment is expected to expand at a significant growth rate in the coming years, due to the presence of specialized expertise in cardiac care and the availability of experienced cardiologists & electrophysiologists. Cardiac centers are dedicated healthcare facilities specializing in cardiac care, including the diagnosis and treatment of heart failure. They typically have a team of experienced cardiologists and electrophysiologists who specialize in the management of heart failure and cardiac arrhythmias. These specialists are crucial for the accurate diagnosis, patient selection, and successful implantation of CRT devices.
Regional Outlook
In terms of region, the global cardiac resynchronization therapy market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period, due to the presence of advanced healthcare infrastructure and rising technological advancement.
North America, particularly the US and Canada, is known for its highly advanced and well-established healthcare infrastructure. This infrastructure supports the adoption and implementation of sophisticated medical technologies, including CRT devices. Furthermore, North America is a hub for medical research, innovation, and technological advancements. The region is often at the forefront of developing and adopting new technologies, including those related to cardiac interventions.
The market in Asia Pacific is projected to expand rapidly during the forecast period, owing to the rising prevalence of cardiovascular disease and the growing aging population. Asia Pacific is experiencing an increasing burden of cardiovascular diseases, including heart failure. Factors such as lifestyle changes, urbanization, and an aging population contribute to the growing prevalence of heart failure, which drives the demand for advanced therapies such as CRT. Additionally, Asia Pacific is home to a large and rapidly aging population that creates a demand for CRT, due to the increasing incidence of heart failure and related cardiac conditions.
Segments
The cardiac resynchronization therapy market has been segmented on the basis of
Product
- CRT-pacemaker
- CRT-defibrillator
Age
- Above 85 Years
- 65-84 Years
- 45- 64 Years
- Below 44 Years
End-user
- Cardiac Centers
- Hospitals
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Abbott
- Biotronik
- Boston Scientific Corporation
- LivaNova PLC
- Medtronic
- MicroPort Scientific Corporation
Competitive Landscape
Key players competing in the global cardiac resynchronization therapy market are Abbott; Biotronik; Boston Scientific Corporation; LivaNova PLC; Medtronic; and MicroPort Scientific Corporation.
These companies adopted development strategies, including mergers, acquisitions, partnerships, collaboration, product launches, and production expansion, to expand their consumer base globally. For instance,
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In October 2021, Boston Scientific Corporation acquired Baylis Medical Company, Inc., with a transaction valued at USD 1.75 billion. This acquisition aimed at strengthening the company’s offerings in structural heart and electrophysiology portfolios.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Cardiac Resynchronization Therapy Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Cardiac Resynchronization Therapy Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Cardiac Resynchronization Therapy Market - Supply Chain
4.5. Global Cardiac Resynchronization Therapy Market Forecast
4.5.1. Cardiac Resynchronization Therapy Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Cardiac Resynchronization Therapy Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Cardiac Resynchronization Therapy Market Absolute $ Opportunity
5. Global Cardiac Resynchronization Therapy Market Analysis and Forecast by End Users
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by End Users
5.2.2. Y-o-Y Growth Projections by End Users
5.3. Cardiac Resynchronization Therapy Market Size and Volume Forecast by End Users
5.3.1. Cardiac Centers
5.3.2. Hospitals
5.3.3. Others
5.4. Absolute $ Opportunity Assessment by End Users
5.5. Market Attractiveness/Growth Potential Analysis by End Users
6. Global Cardiac Resynchronization Therapy Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Cardiac Resynchronization Therapy Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Cardiac Resynchronization Therapy Demand Share Forecast, 2019-2026
7. North America Cardiac Resynchronization Therapy Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Cardiac Resynchronization Therapy Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Cardiac Resynchronization Therapy Market Size and Volume Forecast by End Users
7.4.1. Cardiac Centers
7.4.2. Hospitals
7.4.3. Others
7.5. Basis Point Share (BPS) Analysis by End Users
7.6. Y-o-Y Growth Projections by End Users
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Cardiac Resynchronization Therapy Demand Share Forecast, 2019-2026
8. Latin America Cardiac Resynchronization Therapy Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Cardiac Resynchronization Therapy Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Cardiac Resynchronization Therapy Market Size and Volume Forecast by End Users
8.4.1. Cardiac Centers
8.4.2. Hospitals
8.4.3. Others
8.5. Basis Point Share (BPS) Analysis by End Users
8.6. Y-o-Y Growth Projections by End Users
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Cardiac Resynchronization Therapy Demand Share Forecast, 2019-2026
9. Europe Cardiac Resynchronization Therapy Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Cardiac Resynchronization Therapy Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Cardiac Resynchronization Therapy Market Size and Volume Forecast by End Users
9.4.1. Cardiac Centers
9.4.2. Hospitals
9.4.3. Others
9.5. Basis Point Share (BPS) Analysis by End Users
9.6. Y-o-Y Growth Projections by End Users
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Cardiac Resynchronization Therapy Demand Share Forecast, 2019-2026
10. Asia Pacific Cardiac Resynchronization Therapy Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Cardiac Resynchronization Therapy Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Cardiac Resynchronization Therapy Market Size and Volume Forecast by End Users
10.4.1. Cardiac Centers
10.4.2. Hospitals
10.4.3. Others
10.5. Basis Point Share (BPS) Analysis by End Users
10.6. Y-o-Y Growth Projections by End Users
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Cardiac Resynchronization Therapy Demand Share Forecast, 2019-2026
11. Middle East & Africa Cardiac Resynchronization Therapy Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Cardiac Resynchronization Therapy Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Cardiac Resynchronization Therapy Market Size and Volume Forecast by End Users
11.4.1. Cardiac Centers
11.4.2. Hospitals
11.4.3. Others
11.5. Basis Point Share (BPS) Analysis by End Users
11.6. Y-o-Y Growth Projections by End Users
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Cardiac Resynchronization Therapy Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Cardiac Resynchronization Therapy Market: Market Share Analysis
12.2. Cardiac Resynchronization Therapy Distributors and Customers
12.3. Cardiac Resynchronization Therapy Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Abbott
12.4.2. Biotronik
12.4.3. Boston Scientific Corporation
12.4.4. LivaNova PLC
12.4.5. Medtronic
12.4.6. MicroPort Scientific Corporation
Methodology
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