PUBLISHER: SkyQuest | PRODUCT CODE: 1322030
PUBLISHER: SkyQuest | PRODUCT CODE: 1322030
Global Cardiac Resynchronization Therapy Market size was valued at USD 4.06 billion in 2021 and is poised to grow from USD 4.26 billion in 2022 to USD 6.23 billion by 2030, growing at a CAGR of 4.8% in the forecast period (2023-2030).
Cardiac resynchronization therapy (CRT) is a treatment for heart failure patients. The global market for CRT is witnessing significant growth due to the rising prevalence of cardiovascular diseases worldwide. CRT devices help restore synchronized heart contractions, improving cardiac function and quality of life. Factors such as technological advancements, increasing awareness, and the growing geriatric population are driving market expansion. Moreover, favorable reimbursement policies and ongoing research and development activities are expected to further fuel the market's growth in the coming years.
Top-down and bottom-up approaches were used to estimate and validate the size of Cardiac Resynchronization Therapy and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report:
Global Cardiac Resynchronization Therapy Market is segmented based on the Type, Application, End User and region. Based on Type Global market is segmented into CRT-Defibrillator and CRT-Pacemaker. Based on the Application into Intraventricular desynchrony, Interventricular (V-V) desynchrony, Atrioventricular (A-V) desynchrony. Based on the End User into Hospitals, Cardiac Care Centres, and Ambulatory Surgical Centres. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Driver
Despite advancements in prevention and therapy, approximately 50% of deaths caused by cardiovascular diseases are due to sudden cardiac death. This remains a significant cause of mortality. The prevalence of heart diseases and their risk factors is increasing, leading to a higher demand for cardiac resynchronization therapy devices. Heart failure is one of the primary contributors to global mortality.
Restrain
In June 2022, Boston Scientific Corporation initiated a recall for the INGENIO family of pacemakers and CRT-Ps. Some of the affected devices include ADVANTIO DR EL, INGENIO DR EL, and VITALIO DR EL. These devices were distributed between November 2016 and August 2022, after being manufactured from September 2016 to December 2018. Approximately 48,000 devices were recalled in the United States due to the potential safety mode activation.
Trend
Patients with heart failure who are at a high risk of sudden cardiac death should consider using CRT-Defibrillators (CRT-D). A CRT-D device treats slow heart rhythms like a regular pacemaker, but it also delivers small electrical impulses to the left and right ventricles to facilitate synchronized contractions. This improves the efficiency of heart pumping. Furthermore, CRT-D devices can address arrhythmias, which are rapid and dangerous heartbeats that may lead to sudden cardiac arrest. If the device detects such rapid heartbeats, it delivers a shock to the heart, known as defibrillation, to restore a regular rhythm. Without this life-saving treatment, the rapid pulse can result in death within minutes. These devices offer new opportunities for patient engagement and remote monitoring through smartphone connectivity and connected applications. They are favored by patients due to their user-friendly design, longer battery life, and compatibility with MRI scans. Given the increasing incidence and mortality of cardiovascular diseases, the demand for these devices has recently risen.