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Cardiac Resynchronization Therapy Market Size, Share, Growth & Trends 2024-2033 | Competitive Analysis
Cardiac Resynchronization Therapy Market Size
According to The Business Research Company's, 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 growth in the historic period can be attributed to growth in the geriatric population, an increased incidence of heart failure, growth in investments in R&D for CRT device innovation, increased awareness about the therapy's benefits, physician training programs, and 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 growth in the forecast period can be attributed to the increasing prevalence of heart failure and cardiac disorders, growth in the geriatric population, a higher incidence of cardiovascular diseases, the need for CRT therapy, improvements in pacemakers and defibrillator treatment, and increasing awareness about CRT therapy. Major trends in the forecast period include the adoption of CRT-D devices over traditional pacemakers, the integration of advanced technology, expansion of CRT therapy, the integration of artificial intelligence, and the adoption of machine learning.
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Market Drivers and Trends:
The increase in the prevalence of cardiovascular diseases is expected to propel the growth of the cardiac resynchronization therapy market going forward. Cardiovascular diseases (CVD) refer to a category of illnesses that affect the heart and blood vessels. Cardiovascular disease is increasing owing to a variety of factors, including aging populations, unhealthy lifestyles, rising tobacco use, sedentary behavior, and inadequate diets. Cardiac resynchronization therapy (CRT) helps cardiovascular diseases, such as heart failure, by improving the coordination of the heart's contractions through the delivery of synchronized electrical impulses. For instance, in May 2023, according to the Centers for Disease Control and Prevention, a US-based national public health agency, the number of people who died from heart disease in the US increased from 690,882 in 2020 to 695,000 in 2021. Therefore, the increase in the prevalence of cardiovascular diseases is driving the growth of the cardiac resynchronization therapy market.
Rising Healthcare Expenditure Fuels Growth In Cardiac Resynchronization Therapy Market
The increasing healthcare expenditure is expected to propel the growth of the cardiac resynchronization therapy market going forward. Healthcare expenditure refers to the total amount of money spent on healthcare goods and services within a specific period, typically on a national or institutional level. Investment in healthcare can support research and development efforts in the field of cardiac resynchronization therapy leading to an advancements in technology, improved access to therapy, and a more comprehensive approach to individuals health and healthcare systems. For instance, in May 2023, the UK's Office for National Statistics, a government agency, healthcare spending in the UK increased by 9.4% nominally and 9.7% practically. The total cost of healthcare in the UK in 2021 was $367.25 billion (£280.7 billion), pharmaceutical costs were $51.84 billion (£39.6 billion), and spending on preventative care increased significantly in 2021, reaching $45.93 billion (£35.1 billion). Therefore, the increasing healthcare expenditure is driving the growth of the cardiac resynchronization therapy market.
Major companies operating in the cardiac resynchronization therapy market are focused on developing implantable devices to improve treatment outcomes for heart failure patients. Implantable devices in cardiac resynchronization therapy (CRT) coordinate the heart's ventricles' contractions, improving pumping efficiency and managing heart failure symptoms. For instance, in February 2024, MicroPort Scientific Corporation, a China-based medical device company, launched the GALI SonR cardiac resynchronization therapy and defibrillation device (CRT-D), an implantable device and the Navigo 4LV left ventricular pacing leads in Japan. This is the first and only CRT hemodynamic sensor designed to automatically optimize patients once a week and, more crucially, while the patient is active, allowing real-life optimization. The clinically established SonR algorithm has shown a 35% risk reduction in heart failure hospitalization, and it will also help to ensure the well-being and safety of the CRT-D patient.
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Major Key Players of the Market:
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.
Cardiac Resynchronization Therapy Market 2024 Key Insights:
• 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%.
• Cardiovascular Disease Prevalence Driving The Cardiac Resynchronization Therapy Market Growth
• Innovative Cardiac Resynchronization Therapy Advances For Heart Failure Treatment
• North America was the largest region in the cardiac resynchronization therapy market in 2023
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