New York, United States, June 21, 2022 (GLOBE NEWSWIRE) -- Cardiac resynchronization therapy is a treatment that assists patients with arrhythmias and other disease-related abnormalities restore their heartbeat. It is especially valuable for those who have heart failure since their left and right heart segments do not pump together. The major reason for the market growth is rapid technological advancement. Prevalence of a sedentary lifestyle, increasing older population, and growing incidences of cardiovascular illnesses are all driving overall growth.
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Growing Incidence of Cardiovascular Diseases to Propel the Global Cardiac Resynchronization Therapy Market
Despite advances in diagnosis and intervention, unexpected cardiac death remains a primary cause of death, accounting for roughly half of all cardiovascular-related deaths. The rising prevalence of heart illnesses and comorbidities will drive up the market for cardiac resynchronization therapy devices. One of the primary reasons for mortality worldwide is heart failure. As per the CDC, over 6.2 million persons in the United States are suffering from heart problems as of September 2020.
Furthermore, the American College of Cardiology Foundation reports that the prevalence of cardiovascular disorders has nearly quadrupled from 271 million in 1990 to 523 million in 2019. As a result, the higher incidence of cardiovascular disorders is projected to augment a variety of treatment alternatives, particularly cardiac resynchronization therapy gadgets.
Technological Advancements to Offer Growth Opportunities for Global Cardiac Resynchronization Therapy Market
CRTs have received various upgrades, including improved battery life and lower size. As a consequence, producers have prioritized the development of new CRTs.
Furthermore, technical developments and digitization in healthcare technologies, as well as an increase in emerging regions with an expanding geriatric population profile, will generate new opportunities for the cardiac resynchronization treatment market during the anticipated period of 2022-2030.
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Impact of COVID-19
COVID-19, an infectious respiratory disease, has sparked enormous movements in the healthcare industry, with firms, countries, and organizations racing to discover therapeutic and preventive approaches. Countries, organizations, and corporations have been devising strategies and reacting accordingly to the current scenario. COVID-19's impact was exacerbated in several nations by other catastrophes, such as African swine flu or wildfires.
The CRT devices sector, like other enterprises, has been severely impacted. COVID-19 has had a significant influence on the market, including supply chain problems, a drop in sales, a decrease in demand due to the abandonment of elective surgeries, and operational challenges. For example, Abbott, a global leader in the cardiac rhythm management device industry, reported a reduction in cardiovascular sales growth in 2020.
Market Recovery Timeline
Following the early shock and uncertainty caused by COVID-19, corporations and organizations began making remedial efforts to assist the economy and companies in recovering. Policy and monetary expansion, relaxation of constraints, limited exemptions, and other growth strategies were among the measures implemented. In 2020, Abbott, for example, will launch four diagnostic tests for COVID-19. The high returns on these sales compensate for revenue losses in other company divisions.
The COVID-19 epidemic has advanced the use of telemedicine to electronically monitor and manage cardiac patients. This pattern is predicted to continue following the pandemic. Remote surveillance has developed as a strategy for reducing the danger of viral exposure, particularly in cardiac patients. Overall, the pandemic has had a considerable impact on the cardiac rhythm management devices sector, creating the potential for those who are willing to take advantage of them.
Regional Insights
Based on regions, the global cardiac resynchronization therapy market is segmented into Middle East and Africa, Europe, North America, Asia-Pacific, and Latin America. The North America cardiac resynchronization therapy (CRT) segment dominated the global market during the forecast period. The North America cardiac resynchronization therapy (CRT) market was valued at USD 2,311 Million in 2021. It is expected to reach an expected value of USD 4,167 Million by 2030 at a CAGR of 7% during the forecast period.
Its expansion can be ascribed to a variety of factors, including increased knowledge of the virtues of cardiovascular devices, increased disposable money, and the provision of improved healthcare facilities. During the projected timeframe, the existence of major service providers with superior healthcare solutions is anticipated to further drive market expansion. Moreover, lack of physical activity as a result of a sedentary lifestyle might improve the chance of developing chronic heart problems, thus increasing the requirement for cardiovascular care.
The Asia-Pacific market is projected to grow at the fastest CAGR over the next few years. The Asia-Pacific cardiac resynchronization therapy (CRT) market was valued at USD 1,231 Million in 2021. It is predicted to reach a value of USD 2,487 Million by 2030 at a CAGR of 8%. This is due to rising medical infrastructure, an older population, positive financial conditions, strategic actions by significant firms, and an increase in the frequency of heart disorders.
Key Insights
- The global cardiac resynchronization therapy (CRT) market size was valued at USD 6 billion in 2021. It is predicted to reach at USD 10,948 million by 2030 growing at a CAGR of 7% during the forecast period (2022-2030).
- The global cardiac resynchronization therapy (CRT) devices are segmented into CRT defibrillators and CRT pacemakers. The global CRT-D market dominated the market. It was valued at USD 3,411 Million in 2021. It is expected to reach an expected value of USD 5,534 Million by 2030 at a CAGR of 6%.
- Based on end-use, the global cardiac resynchronization therapy is broadly categorized into hospitals, cardiac centers, and others. The hospital segment was valued at USD 3,045 Million in 2021. it is expected to reach an expected value of USD 5,595 Million by 2030 at a CAGR of 7% during the forecast period.
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Competitive Landscape
The key market players are
- Medtronic
- Abbott
- Boston Scientific Corporation
- BIOTRONIK
- MicroPort Scientific Corporation
Global Cardiac Resynchronization Therapy (CRT) Market: Segmentation
By Product
- CRT-Defibrillator
- CRT-Pacemaker
By End-Use
- Hospitals
- Cardiac Centers
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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TABLE OF CONTENT
1 Introduction
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Executive Summary
4 Market Overview
4.1 Report Segmentation & Scope
4.2 Value Chain Analysis: Cardiac Resynchronization Therapy Market
4.2.1 Vendor Matrix
4.3 Key Market Trends
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Environment & Regulatory Landscape
4.6 Forecast Factors & Relevance of Impact
4.7 Macro-Economic & Geopolitical Scenario
4.8 Parent Market Overview
4.9 Technology Landscape
4.10 Market Share Analysis
4.11 Potential Venture Analysis
4.12 Regional Price Trends
4.13 Raw Material Trends
4.14 Cost Structure Analysis
4.14.1 Labor Cost
4.14.2 Consumables
4.14.3 Maintenance Cost
4.15 Covid-19 Impact Analysis:
4.15.1 Pre and Post Covid-19 Market Scenario Analysis
4.15.2 Market Recovery Timeline and Challenge
4.15.3 Measures Taken by Top Players
4.15.4 Quarterly Market Revenue and Growth Forecast till 2021
4.15.4.1 North America
4.15.4.2 Europe
4.15.4.3 Asia-Pacific
4.15.4.4 Central and South America and the Caribbean
4.15.4.5 The Middle East and Africa
5 Product Overview
5.1 Introduction
5.1.1 Market Size & Forecast (Value & Volume)
5.2 CRT-Defibrillator
5.2.1 Market Size & Forecast (Value & Volume)
5.3 CRT-Pacemaker
5.3.1 Market Size & Forecast (Value & Volume)
6 End User Overview
6.1 Introduction
6.1.1 Market Size & Forecast (Value & Volume)
6.2 Hospitals
6.2.1 Market Size & Forecast (Value & Volume)
6.3 Cardiac Centers
6.3.1 Market Size & Forecast (Value & Volume)
6.4 Others
6.4.1 Market Size & Forecast (Value & Volume)
7 Regional Overview
7.1 Introduction
7.1.1 Market Size & Forecast (Value & Volume)
7.2 North America
7.2.1 Economic Overview
7.2.2 Market Scenario
7.2.3 U.S.
7.2.4 Canada
7.2.5 Mexico
7.3 Central and South America and the Caribbean
7.3.1 Economic Overview
7.3.2 Market Scenario
7.3.3 Brazil
7.3.4 Argentina
7.3.5 Colombia
7.3.6 Rest of Central and South America and the Caribbean
7.4 Europe
7.4.1 Economic Overview
7.4.2 Market Scenario
7.4.3 Germany
7.4.4 France
7.4.5 The U.K.
7.4.6 Italy
7.4.7 The Rest Of Europe
7.5 Asia-Pacific (APAC)
7.5.1 Economic Overview
7.5.2 Market Scenario
7.5.3 China
7.5.4 Japan
7.5.5 India
7.5.6 Australia
7.5.7 South Korea
7.5.8 Rest Of APAC
7.6 Middle East
7.6.1 Economic Overview
7.6.2 Market Scenario
7.6.3 South Arabia
7.6.4 The UAE
7.6.5 Qatar
7.6.6 Oman
7.6.7 Turkey
7.6.8 The Rest Of Middle East
7.7 Africa
7.7.1 Economic Overview
7.7.2 Market Scenario
7.7.3 Nigeria
7.7.4 South Africa
7.7.5 The Rest Of Africa
8 Competitive Landscape — Manufacturers & Suppliers
8.1 Competition Dashboard
8.2 Industry Structure
8.3 Medtronic
8.3.1 Business Overview
8.3.2 Financial Performance
8.3.3 Recent Developments
8.3.4 Portfolio
8.4 Abbott
8.5 Boston Scientific Corporation
8.6 BIOTRONIK
8.7 MicroPort Scientific Corporation
9 Conclusion & Recommendation
10 Acronyms & Abbreviations
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Market News
- In October 2021, Boston Scientific Corporation agreed to acquire Baylis Medical Company, Inc. This acquisition added to its structural heart and electrophysiology portfolios and was expected to be valued at USD 1.75 billion.
- In May 2020, Biotronik, Inc. partnered with Acutus Medical to provide a comprehensive portfolio for the catheter-based treatment of cardiac arrhythmias, such as electrophysiology, mapping, and ablation products, across select markets, including Europe & Asia. This supported the company’s growth strategy and expanded its portfolio.
- In October 2021, MicroPort acquired Hemovent GmbH, a Germany-based ECLS company, for USD 138.71 million. This expanded its operations in Germany.
- In June 2021, MicroPort CRM launched Borea and Alizea pacemakers with Bluetooth connectivity and streamlined remote monitoring in Europe, after receiving CE mark approval.
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