Cardiac Resynchronization Therapy (CRT) Market Analysis
Cardiac resynchronization therapy (CRT) market has evolved exponentially with the growing rate of cardiovascular disorders worldwide. The therapy has garnered substantial market prominence, delivering favorable outcomes in the treatment of cardiovascular diseases & disorders. Over recent years, there have been various innovative advances in the devices used during CRT therapy.
These innovations were driven by continuous R&D efforts and funding by private as well as public organizations. As a result, the market witnesses a constant rise in revenues. According to Market Research Future (MRFR), the global cardiac resynchronization therapy (CRT) market is expected to reach a valuation of approximately USD 4.7 MN by 2025, registering over 5.5% CAGR during the forecast period (2019-2025).
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Cardiac Resynchronization Therapy (CRT) Market Drivers & Restraints
Rising investments in the healthcare sector and increasing research and development (R&D) expenditures are the major driving forces behind the market growth. Also, the growing technological advances in medical devices and the rising number of surgical procedures provide a substantial impetus to the market growth. The prevalence of heart diseases is increasing continuously, becoming a major concern.
Additionally, factors such as the increasing technological advancements in the field of heart care and the rising numbers of patients suffering from arterial diseases drive the growth of the CRT market. Moreover, increasing cases of lifestyle diseases such as obesity and diabetes have been supporting the expansion of the market. The cardiac resynchronization therapy (CRT) market is driven by all these factors, cumulatively.
Conversely, the high cost of CRT therapy and the devices, such as pacemaker (CRT-P) & cardiac resynchronization therapy defibrillator (CRT-D), are impeding the growth of the market. Also, factors such as stringent government regulations, unfavorable reimbursement policies, and the lack of skilled healthcare professionals are inhibiting the growth of the market in some countries.
Cardiac Resynchronization Therapy (CRT) Market – Segments
The report has been segmented into four major dynamics.
By Application: Intraventricular, Interventricular (V-V), and Atrioventricular (A-V) Dyssynchrony.
By Type: Cardiac resynchronization therapy pacemaker (CRT-P) and Cardiac resynchronization therapy defibrillator (CRT-D).
By End-User: Hospitals, Cardiac Specialty Centers, and Academic & Research Organizations, among others.
By Regions: Europe, Americas, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Global CRT Market – Geographical Analysis
North America leads the global cardiac resynchronization therapy market. The largest market share attributes to the increasing prevalence of cardiovascular diseases and hypertension & obesity issues that are leading to heart diseases & disorders. The adoption of cardiac resynchronization therapy is high in the Americas due to the increasing numbers of major/minor heart issues among the population.
Well-established healthcare industries in the region, alongside the high per capita healthcare expenditures, foster the growth of the CRT market excellently. Additionally, substantial investments in R&D by public & private sectors, rising demand for technologically advanced cardiac monitoring & cardiac rhythm management devices, and developments in advanced medical treatment options are substantiating the market growth.
Europe stands second in the global cardiac resynchronization therapy (CRT) market. Factors such as a rise in the number of musculoskeletal system disorder cases and the geriatric populaces drive the regional market growth. Moreover, increasing cardiovascular issues in the region are becoming paramount concerns, which, in turn, are contributing to the market growth. Besides, increasing healthcare expenditures and the availability of advanced treatment facilities foster the growth of the market. The European region CRT market is estimated to register a remarkable CAGR during the forecast period (2019-2025).
Asia Pacific is an emerging market for cardiac resynchronization therapy, which is growing steadily. The prevalence of cardiac disorders growing at an alarming rate, alongside the growing number of aging populaces, drives the APAC CRT market. Also, factors such as the faster adaptation of healthcare technology, government initiatives to improve the quality of healthcare, and favorable insurance & reimbursement policies propel the growth of the regional market.
Cardiac Resynchronization Therapy (CRT) Market – Competitive Landscape
Highly competitive, the global cardiac resynchronization therapy market appears to be well established with the presence of several notable players. To gain a larger competitive advantage in this market, players adopt strategic initiatives such as collaborations, mergers & acquisitions, and product launch/innovations. These players invest substantially to drive R&D and expansion plans. R&D helps them to bring about novel therapy and improve existing therapy while investments in acquisitions & partnerships, help them to increase their global footprints.
Cardiac Resynchronization Therapy (CRT) Market Major Players:
Players leading global CRT market include Medtronic, Abbott, BIOTRONIK, Inc., Boston Scientific Corporation, Lepu Medical Technology Co., Ltd., Medico S.p.A., MicroPort Scientific Corporation, and Shree Pacetronix Ltd., among others.
Cardiac Resynchronization Therapy (CRT) Industry/Innovations/Related News:
February 19, 2020 —- Abbott Laboratories (the US), a leading global medical device company, announced receiving the CE Mark for its two innovative devices, Gallant™ implantable cardioverter-defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D). These devices are the most advanced heart rhythm management capabilities, which, along with a new set of benefits, are brought to people in Europe with abnormal heart rhythms and heart failure. The devices with additional benefits such as preferred patient design, improved battery longevity, and MRI compatibility, offer new opportunities for patient engagement & remote monitoring through new smartphone connectivity & connected applications.
Table Of Contents
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.1 Definition
2.2 Scope Of The Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
Chapter 3. Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.1 Drivers
4.2 Restrains
4.3 Opportunities
4.4 Challenges
Chapter 5. Market Factor Analysis
…Continued
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