Cardiac Resynchronization Therapy Systems Market to Expand at a CAGR of 5.3% over 2016-2025
The demand within the global market for cardiac resynchronisation therapy systems has been rising at a skyrocketing pace, majorly due to advancements in the field of cardiology. The global market for cardiac resynchronisation therapy has witnessed the emergence of a plethora of newbie vendors who have used competent technologies to establish their credibility in the market. Furthermore, the entry of these new vendors into the global cardiac resynchronisation therapy market has also facilitated better connectivity across the market over the past decade. The old and large vendors in the global cardiac resynchronisation therapy system market have been preying on opportunities to acquire the smaller players.
It is projected that the competitive landscape of the global cardiac resynchronisation therapy systems market would undergo successive fragmentation in the years to come. This owes to the easy entry of new companies in the global cardiac resynchronisation therapy market and the strong foundation of the medium- and large-scale players. The leading vendors in the global cardiac resynchronisation therapy systems market are banking on their ability to decode the consumer propensities in order to retain their solid position. Strategic alliances and mergers are expected to be witnessed in the global cardiac resynchronisation therapy market in the years to come.
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A report by Transparency Market Research (TMR) finds that the global market for cardiac resynchronisation therapy system would expand at a moderate CAGR of 5.3% over the period between 2017 and 2025. Furthermore, the global for cardiac resynchronisation therapy market had a total worth of US$ 3.1 Bn in 2016, and this figure is expected to escalate to US$ 4.8 Bn by 2025. On the basis of product type, cardiac resynchronisation therapy pacemakers are in great demand across the globe. Based on geography, the market for cardiac resynchronisation therapy in North America has attracted high demand.
Rising Incidence of Heart Attacks to Propel Demand
The contraction and relaxation of the muscles in the heart is extremely vital for the overall health of an individual. When the contracting or relaxing mechanism of the heart is disrupted, it results in the inability of the heart to pump blood at normal pace. This in turn results in heart failure, which is supposedly the most common heart condition that affects millions of people each year. Owing to this factor, the demand within the global cardiac resynchronisation therapy system market has been rising at a boisterous pace in recent times. Cardiac resynchronisation therapy uses electrical signals to restore normal contractions across the heart ventricles. For this reason, this form of therapy is more effective as against other treatments.
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Reduced Mortality as a Result of New Therapies
Cardiac resynchronisation therapy systems has served tremendous utility for the healthcare sector over the past decade. Due to the high incidence of cardiovascular diseases, the mortality rate across several regional pockets was extremely high up until a few decades back. However, increased usage of cardiac resynchronisation therapy has helped in saving the lives of thousands of patients with critical heart conditions. This has in turn reduced the overall mortality rate across the world, and has also propelled demand within the global cardiac resynchronisation therapy system market.
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