PUBLISHER: The Business Research Company | PRODUCT CODE: 1509600
PUBLISHER: The Business Research Company | PRODUCT CODE: 1509600
Cardiac resynchronization therapy (CRT) is a treatment for heart failure aimed at synchronizing the contractions of the heart's ventricles. This therapy utilizes a biventricular pacemaker to administer electrical impulses to the heart muscle, thereby promoting a more coordinated rhythm of ventricular contractions. It has the potential to alleviate symptoms of heart failure, such as shortness of breath and fatigue, while also enhancing overall cardiac function.
The primary types of cardiac resynchronization therapy include cardiac resynchronization therapy (CRT)-defibrillator and cardiac resynchronization therapy (CRT)-pacemaker. A cardiac resynchronization therapy (CRT) defibrillator is a medical device designed to regulate heartbeats and deliver electrical shocks when irregular heart rhythms occur. These devices are utilized across various age groups, including patients below 44 years, 45-64 years, 65-84 years, and those aged above 85 years, by hospitals, cardiac care centers, and ambulatory surgical centers.
The cardiac resynchronization therapy market research report is one of a series of new reports from The Business Research Company that provides cardiac resynchronization therapy market statistics, including cardiac resynchronization therapy industry global market size, regional shares, competitors with a cardiac resynchronization therapy market share, detailed cardiac resynchronization therapy market segments, market trends and opportunities, and any further data you may need to thrive in the cardiac resynchronization therapy industry. This cardiac resynchronization therapy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The cardiac resynchronization therapy market size has grown strongly in recent years. It will grow from $5.89 billion in 2023 to $6.29 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The historical growth can be attributed to several factors, including the expansion of the geriatric population, a rise in the incidence of heart failure, increased investments in research and development for the innovation of CRT devices, heightened awareness about the therapy's benefits, physician training programs, and changes in the competitive landscape dynamics.
The cardiac resynchronization therapy market size is expected to see strong growth in the next few years. It will grow to $8.22 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The anticipated growth in the forecast period can be attributed to several factors, including the increasing prevalence of heart failure and cardiac disorders, the growth in the geriatric population, a higher incidence of cardiovascular diseases, the continued need for CRT therapy, advancements in pacemakers and defibrillator treatments, and the increasing awareness about CRT therapy. Major trends expected in the forecast period encompass the adoption of CRT-D devices over traditional pacemakers, the integration of advanced technology, the expansion of CRT therapy, the incorporation of artificial intelligence, and the adoption of machine learning techniques.
The rise in the prevalence of cardiovascular diseases is poised to drive the expansion of the cardiac resynchronization therapy (CRT) market in the future. Cardiovascular diseases (CVD) encompass a range of conditions affecting the heart and blood vessels, with factors such as aging populations, unhealthy lifestyles, increased tobacco usage, sedentary habits, and poor dietary choices contributing to their escalating prevalence. CRT plays a crucial role in managing cardiovascular diseases such as heart failure by enhancing the coordination of the heart's contractions through synchronized electrical impulses. For instance, as reported by the Centers for Disease Control and Prevention, the number of deaths from heart disease in the US increased from 690,882 in 2020 to 695,000 in 2021, underscoring the imperative for CRT's growth to address this trend.
The escalating healthcare expenditure is anticipated to further propel the growth of the cardiac resynchronization therapy market. Healthcare expenditure denotes the total resources allocated to healthcare goods and services within a specific timeframe, typically at a national or institutional level. Increased healthcare investment can foster research and development endeavors in cardiac resynchronization therapy, leading to technological advancements, enhanced therapy accessibility, and a more holistic approach to individual and healthcare system well-being. For example, according to the UK's Office for National Statistics, healthcare spending in the UK rose by 9.4% nominally and 9.7% in real terms, with total healthcare costs reaching $367.25 billion (£280.7 billion) in 2021. This included $51.84 billion (£39.6 billion) allocated to pharmaceutical expenses and a significant rise in preventative care spending, reaching $45.93 billion (£35.1 billion) in 2021. Hence, the surge in healthcare expenditure is a driving force behind the cardiac resynchronization therapy market's growth.
Leading companies in the cardiac resynchronization therapy market are concentrating on the development of implantable devices to enhance treatment outcomes for heart failure patients. Implantable devices in CRT synchronize the contractions of the heart's ventricles, improving pumping efficiency and managing heart failure symptoms. For instance, MicroPort Scientific Corporation launched the GALI SonR cardiac resynchronization therapy and defibrillation device (CRT-D) and the Navigo 4LV left ventricular pacing leads in Japan in February 2024. This innovative CRT-D device incorporates the first and only CRT hemodynamic sensor, designed to automatically optimize patients on a weekly basis, even during physical activity, thus ensuring real-life optimization. The clinically proven SonR algorithm has demonstrated a 35% reduction in the risk of heart failure hospitalization, contributing to the well-being and safety of CRT-D patients.
Major companies operating in the cardiac resynchronization therapy market are Abbott Laboratories, Medtronic plc, Boston Scientific Corporation, Terumo Corporation, Biotronik SE & Co. KG, Lepu Medical Technology (Beijing) Co. Ltd., Integer Holdings Corporation, Merit Medical Systems Inc., LivaNova PLC, MicroPort Scientific Corporation, Sorin Group, Berlin Heart GmbH, EBR Systems Inc., Corvia Medical Inc., Recor Medical, Jarvik Heart Inc., Cardiac Dimensions Inc., Farapulse Inc., Osypka Medical GmbH, Japan Medical Device Corporation, Imricor Medical Systems Inc., Vascular Dynamics Inc., Svelte Medical Systems, Aleva Neurotherapeutics, BioSig Technologies Inc.
North America was the largest region in the cardiac resynchronization therapy market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cardiac resynchronization therapy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the cardiac resynchronization therapy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The cardiac resynchronization therapy market consists of revenues earned by entities by providing services such as patient evaluation and diagnosis, device implantation procedures, device programming, follow-up care, management of complications, patient education, and collaborative care involving a multidisciplinary team. The market value includes the value of related goods sold by the service provider or included within the service offering. The cardiac resynchronization therapy market also includes sales of pacemakers or defibrillators, leads, programmers, accessories, diagnostic tools, patient monitoring devices, and educational materials. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Cardiac Resynchronization Therapy Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cardiac resynchronization therapy market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cardiac resynchronization therapy? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The cardiac resynchronization therapy market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.