Global Cardiac Resynchronization Therapy Market Size, Share & Growth is Projected to Reach Worth USD 6.2 Billion in 2027 | BlueWeave
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The Rising Prevalance of Cardiac Cases Across the Globeis Favoring Market Growth
A major factor driving the cardiovascular resynchronization therapy (CRT) market is the prevalence of cardiovascular diseases across the globe. According to American Heart Association Research, heart disease is the leading cause of 1 out of 7 deaths in the U.S. Such concerning numbers have prompted end-users to incorporate the use of pacemakers and defibrillators in heart treatment procedures. It has become apparent over the past decade that the elderly population is more susceptible to cardiac anomalies, and people who lead sedentary lifestyles are more likely to develop high blood pressure. As per Population Reference Bureaus’ Population Bulletin, by 2060, the total population share of the 65-and older age group will increase from 16% to 23%. This factor justifies the increase in cardiac cases, thereby driving the growth of the CRT market.
Advanced Product Launches Increasing Demand
In the year 2019, Microport Scientific Corporation launched the world’s smallest transvenous pacemaker. It is MRI-friendly and empowers AF risk management. Technological innovations in the field of CRT devices have led to the growth and expansion of cardiac resynchronization therapy market applications. Many new product portfolios include pacemakers equipped with Bluetooth and data tracking technology. Pacemakers are also being introduced with the facility of remote patient monitoring. Such advancements have increased patient compliance and increased consumer adoption. For instance, Boston Scientific's Accolade pacemaker is newer, high-end product innovation. In addition to having the advantage of providing actionable data, it may also enable earlier intervention to avoid any dangerous situations.
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Cardiac Resynchronization Therapy Pacemaker Segment Leading the Market.
The cardiac resynchronization therapy (CRT) market is categorized into CRT defibrillators, CRT pacemakers, and others by product types. The cardiac resynchronization therapy implantable pacemaker segment captured the largest market share in 2020 and is expected to grow further during the forecast period. This segment has an increased demand in the market as it provides a better and efficient solution to arrhythmic heart disorder. Pacemaker devices contain 2-3 leads and are placed within the left or right ventricle of cardiac patients with irregular heart rhythms. Moreover, favorable government regulations in many countries, such as India, have resulted in lower price margins for pacemaker devices. These factors have further expanded this segment of the cardiac resynchronization therapy market.
Impact of COVID-19
The cardiac resynchronization therapy market has faced a significant downfall during the COVID-19 pandemic. Immediately following the COVID outbreak, demand for CRT devices decreased worldwide. This is due to the fear of contracting a virus during surgery or an invasive procedure. Several studies suggest that patients with temporary pacemakers are susceptible to coronavirus due to their suppressed immunity. Also, due to a lack of resources and workforce, many surgical procedures, including implantation of CRT devices, have been delayed or canceled. This change of focus in the healthcare sector has negatively affected the market. Additionally, the supply and demand of the market have also been affected due to nationwide lockdowns, trade bans, and travel restrictions.
North America Highest Contributor to the Market
The Cardiac Resynchronization Therapy market is categorized into North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. Among these regions, North America dominated the market with the largest share in 2020. Market growth in this region has been driven by its high healthcare expenditures. This has resulted in the broad adoption of CRT device products among all end-users. Furthermore, the increased approvals of novel and sophisticated products by the US FDA have increased the market demand in North America. However, the Asia-Pacific region is predicted to be the most significant contributor to the cardiac resynchronization therapy market during the forecast period. In the Asia Pacific, one of the major factors driving the market growth is the high incidence of cardiac disease. The Global Burden of Disease reported that in India, the death rate due to cardiovascular disease is 272 per 1,00,000. Additionally, the growing awareness of cardiac health and public initiatives to improve healthcare has provided new opportunities to the Asia-Pacific region.
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The cardiac resynchronization therapy market is highly competitive, dominated by few established players. The key players operating in the market are Abbott Laboratories, Boston Scientific Corporation, Lepu Medical Technology Co. Ltd., MEDICO S.p. A., Medtronic Plc, Microport Scientific Corporation, Shree Pacetronix Ltd., St. Jude Medical, LivaNova Plc., Nihon Kohden Corporation, Koninklijke Philips N.V., Japan Lifeline Co. Ltd., Merit Medical System, Osypka Medical GmbH, OSCOR Inc., Johnson & Johnson Services Inc., Aetna Inc., Elkem ASA, BG Medicine, and other prominent players. The key market players have increased their investment in R&D, product launches, collaborations, and mergers & acquisitions as part of their market strategies. For instance, in January 2021, Boston Scientific Corporation announced its acquisition of Preventice Solutions.
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The report's in-depth analysis provides information about growth potential, upcoming trends, and theglobal cardiac resynchronization therapy market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global cardiac resynchronization therapy market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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