Cardiac Resynchronization Therapy Market Statistics, Business Overview and Forecast to 2025
Market Analysis:
The global cardiac resynchronization therapy market is predicted to touch USD 4.7 million at a 5.50% CAGR between 2019-2025, reveals the latest Market Research Future (MRFR) report. Cardiac resynchronization therapy or CRT is a method of implanting a device in the chest for making the chambers of the heart contract in an efficient and organized way. It uses a device known as a biventricular pacemaker, which delivers signals to the lower chambers of the heart. The signals let the ventricles contract and also maximize the blood, which is pumped out of the heart. At times the device also has an implantable cardioverter-defibrillator (ICD) that can provide stronger electrical shocks when the heart rhythm turns dangerously erratic.
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Various factors are propelling the cardiac resynchronization therapy market. These include the increasing number of intensive care units, increasing number of surgical procedures, poor fitness levels, rising sedentary lifestyle, growing incidence of target diseases, technological advancements, growing incidence of heart disease, rising demand for invasive techniques in heart disease treatment, and changes in lifestyle. Additional factors pushing market growth include innovations in the healthcare industry, increasing use of CRT devices, growing geriatric population, private and government funding, new product launches, and the different benefits associated with it, such as improves quality of life, increases blood flow, and improves heart efficiency.
On the flip side, limitation of use and dearth of skilled personnel are factors that may impede the Cardiac Resynchronization Therapy Market over the forecast period.
Key Players:
Major players profiled in the cardiac resynchronization therapy market report include Lepu Medical Technology Co., Ltd. (China), Abbott (US), Medico S.p.A. (Italy), Shree Pacetronix Ltd. (India), MicroPort Scientific Corporation (China), Boston Scientific Corporation (US), BIOTRONIK, Inc. (US), and Medtronic (Ireland). Key players have used numerous strategies to create a niche in the market, such as partnerships/joint ventures, collaborations, expansions, mergers and acquisitions, research and development activities, and more.
Market Segmentation:
The MRFR report provides an all-inclusive analysis of the cardiac resynchronization therapy market on the basis of type, end user, and application.
Based on the application, the cardiac resynchronization therapy market is segmented into atrioventricular dyssnchrony, interventricular dyssynchrony, and intraventricular dyssynchrony. Of these, the intraventricular dyssynchrony segment will have the largest share in the market owing to the increasing incidence of heart diseases and the growing demand for invasive procedures worldwide. This will be followed by the atrioventricular dyssynchrony segment.
Based on type, the cardiac resynchronization therapy market is segmented into cardiac resynchronization defibrillator and cardiac resynchronization therapy pacemaker. Of these, the cardiac resynchronization therapy pacemaker segment will dominate the market over the forecast period.
Based on end user, the cardiac resynchronization therapy market is segmented into academic and research organizations, cardiac specialty centers, and hospitals. Of these, the hospitals' segment will lead the market over the forecast period owing to the fact that these centers are the key locations for patients that receive the CRT therapy.
Regional Analysis:
The cardiac resynchronization therapy market report covers the latest trends and growth opportunities across the Asia Pacific, the Middle East and Africa, the Americas, and Europe. Of these, the Americas will spearhead the market over the forecast period chiefly on account of increasing per capita income and increasing incidence of cardiac diseases.
The cardiac resynchronization therapy market in Europe is predicted to have the second-largest share in the market over the forecast period.
The cardiac resynchronization therapy market in the APAC region is predicted to grow at the fastest pace over the forecast period.
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The cardiac resynchronization therapy market in the MEA is predicted to have a stable growth over the forecast period chiefly on account of the increasing awareness about CRT devices and the rising surgical procedure.
Industry News:
October 2019: The wireless cardiac pacing system from EBR has recently received the FDA breakthrough status. This device will offer hope to patients at the risk of heart failure and where conventional therapy proved unsuccessful. Above all, the system is customizable; that is, the receiver’s placement can be changed as per the needs of the patient.