Selbyville, Delaware, March 19, 2020 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on cardiac resynchronization therapy (CRT) devices market which estimates the global market valuation for CRT devices will cross US$ 3 billion by 2026. Increasing incidence of cardiovascular diseases such as heart failure and arrhythmias will primarily drive the market growth.
Factors such as physical inactivity, tobacco smoking, and excessive consumption of alcohol increase the risk of cardiovascular disease. The growing patient pool will increase the demand for cardiac resynchronization therapy devices, propelling the market expansion over the forecast period. Growing technological advancements in cardiac resynchronization therapy devices will boost the demand for cardiac resynchronization therapy devices, fueling the market expansion.
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The CRT-D devices segment held a market share of nearly 81% in 2019 and will show significant growth over the forecast period. A cardiac resynchronization therapy-D is essentially an implantable defibrillator used to prevent sudden cardiac death. CRT-D works as a pacemaker as well as a defibrillator. The ability to prevent cardiac death and correct arrhythmias will propel the demand for CRT-D devices. Furthermore, growing geriatric population prone to cardiac ailments will boost the segment expansion over the forecast period.
The MRI compatible segment will exhibit 9.5% CAGR over the forecast period. The high growth can be attributed to the ease of undergoing MRI scans with these devices. By age group the 65-84 years segment held market value of around USD 1.2 billion in 2019. The segment will see strong growth due to the increasing geriatric patient population and patient population prone to chronic heart disorders. Furthermore, a growing emphasis on improved quality of life for seniors will boost the segment growth.
The ambulatory surgical centers (ASCs) segment held approximately 39% market share in 2019 and will display robust growth over the forecast period. Reduced hospital stays and lower cost of surgeries at ASCs will drive the demand of CRT devices from ASCs. Furthermore, the growing number of ASCs will propel the segment growth over the forecast timeframe.
Browse key industry insights spread across 200 pages with 592 market data tables & 14 figures & charts from the report, “Cardiac Resynchronization Therapy (CRT) Devices Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/cardiac-resynchronization-therapy-crt-devices-market
The Asia Pacific cardiac resynchronization therapy devices market held market value of approximately USD 135 million in 2019. The regional market is poised to exhibit robust growth over the forecast period owing to the increasing geriatric population in the region. Furthermore, there is a growing prevalence of cardiac diseases in the region due to an increased consumption of junk food and a sedentary lifestyle. Hence, aforementioned factors will drive the regional industry growth.
South Korea will lead the Asia Pacific cardiac resynchronization therapy devices market with a CAGR of nearly 9% over the forecast period. According to the 2017 census, the elderly accounted for nearly 14% of the population in South Korea. The increasing geriatric population will foster the regional market expansion over the analysis timeframe. Furthermore, high rate of technology adoption in the region will drive the industry expansion.
Some major findings of the cardiac resynchronization therapy devices market report include:
- Growing incidence of cardiovascular disorders will enhance the cardiac resynchronization therapy devices market.
- Technological advancements in cardiac resynchronization therapy devices will boost the product demand.
- The market players are utilizing a combination of organic and inorganic strategies such as new product launches and mergers & acquisitions to increase their market share.
Some of the notable players in the cardiac resynchronization therapy devices market are Abbot, Medtronic, Boston Scientific, Microport Scientific, and Biotronik. These manufacturers are focusing on R&D to launch innovative products and forming strategic alliances in order to expand their market share.
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Partial chapters of report table of contents (TOC):
Chapter 2. Executive Summary
2.1. Cardiac resynchronization therapy devices industry 360⁰ synopsis, 2015 - 2026
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Age trends
2.1.4. End-use trends
2.1.5. Regional trends
Chapter 3. Cardiac Resynchronization Therapy Devices Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 - 2026
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.1.1. Growing incidence of cardiovascular disorders across the globe
3.3.1.2. Increasing geriatric population across the world
3.3.1.3. Technological advancements in cardiac resynchronization therapy devices
3.3.1.4. Favorable reimbursement scenario
3.3.2. Industry pitfalls & challenges
3.3.2.1. High cost of CRT devices
3.3.2.2. Stringent regulatory scenario
3.4. Growth potential analysis
3.4.1. By product
3.4.2. By age
3.4.3. By end-use
3.5. Regulatory landscape
3.5.1. U.S.
3.5.2. Europe
3.6. Porter's analysis
3.7. Competitive landscape, 2018
3.7.1. Competitive matrix analysis, 2018
3.8. PESTEL analysis
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform, offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision-makers.