Cardiac Resynchronization Therapy Market: Overview
The market size for cardiac resynchronization therapy was USD 4,295.3 million in 2021, and it is projected to grow at a CAGR of 4.1 percent during the forecast period. A rise in technological advancements and developments in cardiac resynchronization therapy is one of the major factors driving market growth, along with an increase in heart attacks among the population. Investment in cardiac resynchronization therapy increased target diseases, and increased healthcare expenditures are some factors driving the market for cardiac resynchronization therapy. Additionally, technological advances in healthcare devices and modernization, coupled with an increase in emerging markets with an aging population base, will create new opportunities for future cardiac resynchronization therapy market growth.
There has been an increase in the prevalence of cardiovascular diseases, which is one of the key factors driving the cardiac resynchronization therapy market. In addition to an increase in the elderly population, which makes them at risk for heart failure, the prevalence of cardio vascular diseases, such as coronary artery disease, may also increase heart failure risk. These factors are driving the demand for cardiac resynchronization therapy devices. For instance, in 2017, A new quadripolar cardiac resynchronization therapy pacemaker (CRT-P) was approved by the US Food and Drug Administration (FDA), strengthening heart failure therapy delivery. CRT has been shown to alleviate some heart failure symptoms, including shortness of breath, because it enhances the heart's efficiency and boosts blood flow. Studies have also shown improved quality of life and reduced hospitalization rates.
In January 2020, the cobalt and chrome course of action of Medtronic plc's implantable cardioverter-defibrillators (ICD) and cardiac resynchronization therapy defibrillators (CRT-D) had been CE marked (Europe). In addition to screening heart rhythms, ICDs provide treatment when beats are excessively fast and can cause sudden cardiac arrest. Defibrillator treatments can be tweaked with cobalt and chrome heart devices. A number of major players are operating in the global Cardiac Resynchronization Therapy Systems Market, including Medtronic, Boston Scientific Corporation, Abbott, LivaNova PLC and BIOTRONIK SE & Co KG. These players are adopting organic and inorganic growth strategies to expand their product offerings, strengthen their geographical reach, gain more customers, and gain market share. For instance, The Abbott Cardiac Rhythm Management product portfolio has been strengthened by Abbott's recent acquisition of St. Jude Medical, Inc. The players listed above dominate the Cardiac Resynchronization Therapy Systems market and exhibit the largest geographical reach with a global presence.
Cardiac Resynchronization Therapy Market: COVID-19 Impact
Healthcare firms, countries, and organizations are racing to discover therapeutic and preventive approaches to COVID-19, an infectious respiratory disease that has sparked enormous movements in the industry. In response to the current situation, corporations, organizations, and countries have devised strategies and acted accordingly. The impact of COVID-19 was aggravated in several countries by other disasters, such as the African swine flu or wildfires. It is well known that COVID-19 has greatly impacted the CRT devices market, resulting in supply chain problems, a drop in sales, a decline in demand as elective surgeries have been abandoned, and operational challenges. This ensured that patients and physicians were not exposed to too much information. The elderly are expected to be one of the key drivers of market growth.
Cardiac Resynchronization Therapy Market: Drivers
Cardiovascular Diseases are on Rise to Drive Market Growth
Most cardiovascular-related deaths are caused by unexpected cardiac death, despite advances in diagnosis and intervention. As heart illnesses and comorbidities are becoming more prevalent globally, cardiac resynchronization therapy devices will be in high demand. Heart failure is one of the leading causes of death globally. In order to advance the market, it will be necessary to create recurrences of cardiovascular issues in additional energetic patients. In addition, the market will benefit from extending recurrences of weight gain and heart problems in additional young patients. Additional young patients will increase as bad food preferences, smoking trends, and loss of interest in real lifestyles increase. Cardiovascular resynchronization treatment contraptions are being used more in more prepared adults, according to the National Center for Biotechnology Information (NCBI). In addition to creating strain, smoking and alcohol use among the late, respectably matured population have contributed to this growth. An increase in mechanical movement and progression in cardiovascular resynchronization therapy is the key component for market improvement, as well as an increase in respiratory disappointments among people. In addition to the rise in heart resynchronization therapy prices, the increase in target ailment rates and the increase in clinical benefits are the primary considerations driving the cardiac resynchronization therapy market.
Improvement in Healthcare Infrastructure is Driving Market Growth
The development trajectory of the global cardiac resynchronization therapy market will also be positively influenced by factors such as rising expenditures by various countries on improving their existing health care infrastructure, an increase in middle-class incomes, and an increase in middle-class populations around the world in the coming years. Players and manufacturers are developing new and innovative cardiac resynchronization therapy products within the global market. Medtronic's quadripolar cardiac resynchronization therapy peacemakers enhance therapy delivery for heart failure patients that have been approved by the United States Food and Drug Administration. Additionally, in 2017, the quadripolar cardiac resynchronization therapy peacemaker products were approved for CE marking. New product launches and mergers and acquisitions are also strategies players use in the global cardiac resynchronization therapy market to grow their businesses.
Cardiac Resynchronization Therapy Market: Restraints
High Cost and Lack of Skills to Hamper Market Growth
In addition to the high cost of cardiac resynchronization therapy devices, a lack of skilled and educated experts hinders the growth of cardiac resynchronization therapy. Additionally, the lack of data format interoperability limits the growth of cardiac resynchronization therapy. During the forecast period, however, high prices for CRT therapy and stringent regulations for CRT devices are likely to restrain the growth of the cardiac resynchronization therapy market. Also, unfavorable healthcare reforms and a rise in surgical site infection risk are among the major factors that will obstruct the growth of the cardiac resynchronization therapy market in the forecast period. These factors will further impede the market's growth during the forecast period. Furthermore, like other enterprises, the CRT devices sector has been severely impacted. There have been many challenges facing the COVID-19 market, including supply chain issues, sales declines, and abandonment of elective surgeries.
Cardiac Resynchronization Therapy Market: Segment Overview
Hospitals and Cardiac Centres to Dominate Market due to Large Use of Cathode-ray Tube Gadgets in Treatment Centres
Since most activity is performed in diagnostic hospital configurations, it is attributed to the widespread use of cathode-ray tubes in treatment centers. Aster Clinic, a diagnostic consideration workplace in the UAE, for instance, diagnosed a cardiac arrest in a 62-year-old man in October 2019. This occurred due to gradual occurrences of rapid and dangerous heart rhythms. This same cardiac muscle put final portion is expected to grow the fastest over the next few years, owing to a rise in cardiovascular-specific technology and the growing prevalence of cardiovascular disorders worldwide. Hospitals & cardiac centers are experiencing growth due to the increasing prevalence of cardiovascular disease (CVD), an improving reimbursement situation, and an increase in critical care and intensive care units.
With an Increased in Cardiac Conditions, Cardiac Resynchronization Therapy Defibrillators Category Dominated Market
The growth in this market segment is largely driven by the increasing incidence of target diseases, which has increased the acceptance of CRT-Ds over pacemakers. Accordingly, the number of senile people is increasing, cardiovascular conditions are progressing, and industry players are making various degrees of progress. Further, technological advancements fuel the growth of the global cardiac resynchronization therapy systems market. There is a rising demand for MRI-compatible pacemakers. In the forecast period, the development of MRI-compatible technology and the increase in regulatory approvals will fulfill the unmet needs of patients and propel the growth of the cardiac resynchronization therapy systems market.
Cardiac Resynchronization Therapy Market: Regional Landscape
North America to Dominate Market due to Infrastructural Development and Advanced Healthcare
Over the forecast period, it is anticipated that the North American market will account for the largest revenue share. Many factors have contributed to its growth, including increased awareness of cardiovascular devices, increased disposable income, and improved healthcare facilities. The growth of the healthcare market is expected to be further fueled by the presence of major service providers with superior healthcare solutions during the projected timeframe. Sedentary lifestyles may also increase your chances of developing chronic heart problems, increasing the need for cardiovascular care. Developments in the economy, advanced health care infrastructure, and public awareness about heart failure and related diseases are attributed to this. The cardiac resynchronization therapy defibrillator segment of the cardiac resynchronization therapy systems market contributes the largest share in North America and Europe. The genuine inaction of a fixed lifestyle can contribute to determining heart diseases, which could make cardiovascular care necessary.
The Asia Pacific market is anticipated to experience the fastest growth throughout the forecast period due to the rapid development of healthcare infrastructure, the aging population, the improvement in economic conditions, and the growing prevalence of cardiac diseases all account for this. The reason for this is that clinical benefits have been established rapidly, developing people have been created, monetary conditions have improved, key associations have driven change, and the Micro-Port has created normality in cardiovascular disorders, such as Chinese associations with some skills in different clinical areas, including CRTDs and CRTPs. In the heart rhythm market, its association is a regional leader.
Global Cardiac Resynchronization Therapy Market: Competitive Landscape
In January 2020, Heart rhythm management capabilities were enhanced with Abbott's latest gallant implantable cardioverter-defibrillators (ICDs) and cardiac resynchronization therapy defibrillators (CRT-Ds) CE Mark. Moreover, in March 2019, BIOTRONIK introduced the world's smallest 3T full-body MR conditional ICD and CRT-D devices in the European market.
Few of the players in the cardiac resynchronization therapy market include Medtronic (Ireland), Abbott Laboratories (US), Boston Scientific (US), Biotronik (Germany), MicroPort Scientific Corporation (China), and Medico S.p.a (Italy).
Global Cardiac Resynchronization Therapy Market is Segmented as Below:
By Product Type
By End User
Key Elements Included In The Study: Global Cardiac Resynchronization Therapy Market
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