Global Cardiac Resynchronization Therapy (CRT) Devices Market Expected to Reach US$ 5,733.4 Mn by 2025, Surge in Prevalence of Cardiac Disorders
“The Global Cardiac Resynchronization Therapy (CRT) Devices Market projected to grow at significant CAGR over the next seven years of forecasting period 2019-2025 to reach US$ 5,733.4 Mn by 2025 owing to grow in prevalence of cardiac diseases coupled with surge in global geriatric population.”
Precision Business Insights (PBI) in its report titled “Global Cardiac Resynchronization Therapy Devices Market: Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2014-2018 and Forecast 2019-2025” assesses the market performance over seven years forecast period over 2019-2025. The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period.
The global cardiac resynchronization therapy devices market was valued at US$ XX Mn in 2018 and increasing at a significant CAGR over the forecast timeframe to reach US$ 5,733.4 Mn by 2025 owing to surge in the prevalence of cardiac disorders around the globe. For instance, according to WHO, approximately 17.9 Mn deaths occurring every year due to cardiovascular diseases around the world. Moreover, development of technologically advanced CRT devices, rise in demand for the minimally invasive or non-invasive surgical procedures, development of healthcare infrastructure in developed and developing countries, and advanced diagnostic techniques for the early stage disease diagnosis are anticipated to propel the CRT devices market over the forecast years. However, high cost for the devices, risks associated regarding the surgical procedure, lack of skilled professionals in underdeveloped countries, and lack of skilled professionals are anticipated to hamper the global cardiac resynchronization therapy devices market.
Global cardiac resynchronization therapy devices market segmented on the basis of product type, end user, and region
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CRT-Defibrillator Dominate the Global Cardiac Resynchronization Therapy Devices Market
Based on the product type, global cardiac resynchronization therapy devices market segmented into CRT-defibrillator and CRT-pacemaker. CRT-defibrillator device dominated the global cardiac resynchronization therapy devices market in 2018 and estimated to grow at significant CAGR over the forecast period owing to innovation and launch of technologically advanced devices by the market players. For instance, in February 2017, Boston Scientific launched Resonate cardiac resynchronization therapy defibrillator (CRT-D) system for heart failure patients in Europe. Moreover, high performance of pacing activity and limited adverse events also propel the CRT-D devices market over the forthcoming years.
North America Leads the Global Cardiac Resynchronization Therapy Devices Market
PBI’s global cardiac resynchronization therapy devices market report analyses the market in different regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. According to regional analysis, North America accounted for larger revenue share through 2014-2018 and expected to dominate over 2019-2025 owing to grow in prevalence of cardiac disorders in U.S. and Canada. For instance, according to Centre for Disease Control and Prevention, approximately 610,000 people die of CVDs every year. In addition, grow in adoption of minimally invasive surgical procedures, favorable reimbursement guidelines, and increase in healthcare expenditure are propel the market in North America region. Asia Pacific cardiac resynchronization therapy devices market projected to exhibit lucrative opportunities due to entry of market players into emerging countries such as India and China, rise in medical tourism, and development in healthcare infrastructure in the region.
Launch of newer products, frequent product approvals, and strategic alliances are the key strategies adopted by market players
Global cardiac resynchronization therapy devices market further reveals that the key players increasingly adopting strategies such as launch of newer products, frequent product approvals, and long term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance,
Ø In April 2019, Biotronik launched Acticor device family, including Acticor DX and CRT-DX devices in U.S.
Ø In January 2017, Abbott laboratories acquired St. Jude Medical, Inc. to strengthen its portfolio in medical devices segment
Key player’s profiles in the report are Boston Scientific Corporation (U.S), Abbott Laboratories (U.S), Medtronic, Inc. (U.S), Livanova Plc, (U.K), and Biotronik (Germany)
By Product Type
- CRT-Pacemakers (CRT-P)
- CRT-Defibrillators (CRT-D)
- Cardiac Centers
- Ambulatory Surgical Centers
By End User
- Rest of Europe
- Australia & New Zealand
- ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
- South Korea
- Rest of Asia-Pacific
- Rest of Latin America
Middle East and Africa (MEA)
- Gulf Cooperation Council (GCC) Countries
- South Africa
- Rest of MEA
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