The Global Cardiac Resynchronization Therapy Market was valued at USD 07.00 billion in 2021, growing at a CAGR of 6.49% during the forecast period from 2022 to 2027 to reach USD 10.18 billion by 2027. The demand for cardiac resynchronization therapy devices is majorly being driven by an increase in the geriatric population who form the susceptible at-risk population group for heart failure, rising prevalence of cardiovascular diseases such as coronary artery disease which may further act as a risk factor leading to heart failure, growing prevalence of lifestyle disorders such as hypertension and diabetes that may impact the health of the heart over a long period of time, innovations in product design which are expected to play a key role in establishing an upward growth trend in the cardiac resynchronization therapy market during the forecast period from 2022-2027.
Some of the Global Cardiac Resynchronization Therapy Companies with various stages of development include Abbott, Medtronic, Boston Scientific Corporation, BIOTRONIK, EBR Systems, Inc., Microport Scientific Corporation, MEDICO S.p.A., and others that are currently dominating the Medical Device Contract Manufacturing Devices Market.
DelveInsight’s “Cardiac Resynchronization Therapy Market Insights and Forecast” report provides the current and forecasted Cardiac Resynchronization (CRT) Therapy Market trends for the next five years, upcoming innovations in the devices, individual Cardiac Resynchronization (CRT) Therapy market share, challenges, drivers, and barriers, and key competitors in the domain.
Cardiac Resynchronization (CRT) Therapy: An Overview
A cardiac resynchronization therapy (CRT) device is also known as a biventricular pacemaker and is used to stimulate both the lower chambers of the heart in order to restore the heart rhythm synchronously. The cardiac resynchronization therapy market is witnessing a growth in product demand owing to various factors, one of the key factors being the increase in the prevalence of cardiovascular diseases. Cardiovascular diseases (CVD) are the world-leading cause of death, killing an estimated 17.9 million people each year, according to data from the World Health Organization (2021).
Some of the CVDs include myocardial infarction, congestive heart failure, acute coronary syndrome, and other conditions. Some of the CVDS such as arrhythmias, and coronary artery disease further present themselves are risk factors for heart failure. Cardiac resynchronization therapy (CRT) has revolutionized the cardiovascular treatment arena as it is recommended as a standard of care for patients with heart failure with reduced ejection fraction and electrical dyssynchrony. Therefore, the increase in the prevalence of heart failure cases due to potential exacerbations of other CVDs is projected to result in the growing need for cardiac resynchronization therapy devices, thereby propelling the growth of the CRT market during the forecast period from 2022-to 2027.
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Recent Breakthroughs in the Cardiac Resynchronization Therapy Market
In recent years, the Cardiac Resynchronization Therapy market observed expansions in terms of clinical, commercial, and clinical development.
- In July 2020, Abbott received product approval from the US Food and Drug Administration for their cardiac resynchronization therapy defibrillator (CRT-D) devices equipped with Bluetooth features.
- In February 2020, Medtronic received the CE mark approval for their cardiac resynchronization therapy defibrillators (CRT-Ds) laced with smart features such as EffectivCRT and AdaptivCRT algorithms.
- Thus, owing to such developments in the market, there will be rapid growth observed in the cardiac resynchronization therapy market during the forecast period.
According to DelveInsight, the Cardiac Resynchronization Therapy Clinical Development market would rise rapidly throughout the forecast period due to continuous commercial and clinical development.
Key Players Proactively working in the Cardiac Resynchronization Therapy Market Insights
In the global market for Cardiac Resynchronization Therapy, key players contribute significantly to their development and are also active in mergers and acquisitions to strengthen their market position.
Some of the Cardiac Resynchronization Therapy companies operating actively in the Cardiac Resynchronization Therapy included Abbott, Medtronic, Boston Scientific Corporation, BIOTRONIK, EBR Systems, Inc., Microport Scientific Corporation, MEDICO S.p.A, and several others.
Learn more about the Cardiac Resynchronization Therapy, and get in-depth information @ Cardiac Resynchronization Therapy Procedure
COVID-19 Impact Analysis On Cardiac Resynchronization Therapy Market
The cardiac resynchronization therapy market experienced a period of a temporary setback as lockdown restrictions were enforced as a necessary step to curb the spread of COVID-19. It was observed that the COVID-19 pandemic significantly impacted cardiovascular procedures as the majority of cardiac patients usually suffer from various comorbidities such as hypertension and diabetes. These comorbidities were further linked with increased chances of COVID-19 infection and fatality. Therefore, the suspension of elective cardiovascular procedures led to a drastic reduction in product demand in the CRT market. However, the cardiac resynchronization therapy market resumed the appreciable pace in product demand as healthcare activities returned to normal pace towards the end of 2020 with the approval and administration of COVID-19 vaccines across the globe, thereby offering better growth prospects for the cardiac resynchronization therapy market during the forecast period.
To gain a better understanding of the short/long-term impact of COVID-19 get a snapshot of the report on the cardiac resynchronization therapy market
Scope of the Cardiac Resynchronization Therapy Market Report
- Study Period- 2019-2027
- Cardiac Resynchronization Therapy Key Companies- Abbott (NYSE: ABT), Medtronic (NYSE: MDT), Boston Scientific Corporation (NYSE: BSC), BIOTRONIK (NYSE: BITRIF), EBR Systems, Inc., Microport Scientific Corporation, MEDICO S.p.A, and several others.
- Cardiac Resynchronization Therapy Market by Product Type- (CRT-Defibrillators and CRT-Pacemakers)
- Cardiac Resynchronization Therapy Market by End User- (Hospitals, Specialty Clinics, and Others)
- Cardiac Resynchronization Therapy Market by Geography- North America, Europe, Asia-Pacific, Rest of the World (Middle East, Africa, and South America)
- Porter’s Five Forces Analysis, Product Profiles, Cases Studies, KOL’s Views, and Analyst’s View
Table of Content
- Cardiac Resynchronization Therapy Market Report Introduction
- Cardiac Resynchronization Therapy Market Executive Summary
- Regulatory and Patent Analysis
- Cardiac Resynchronization Therapy Market Key Factors Analysis
- Cardiac Resynchronization Therapy Market Porter’s Five Forces Analysis
- COVID-19 Impact Analysis on Cardiac Resynchronization Therapy Market
- Cardiac Resynchronization Therapy Market Layout
- Cardiac Resynchronization Therapy Market Global Company Share Analysis – Key 3-5 Companies
- Cardiac Resynchronization Therapy Market Company and Product Profiles
- KOL Views
- Project Approach
- About DelveInsight
- Disclaimer & Contact Us
For more details about the market share of Cardiac Resynchronization Therapy, just click here @ Cardiac Resynchronization Therapy Market Size
Key Takeaways from the Cardiac Resynchronization Therapy Market Report Study
- Market size analysis for current cardiac resynchronization therapy market size (2021), and market forecast for 5 years (2022-2027)
- The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the cardiac resynchronization therapy market.
- Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
- Key companies dominating the Global Cardiac Resynchronization Therapy Market.
- Various opportunities available for the other competitor in the Cardiac Resynchronization Therapy Market space.
- What are the top performing segments in 2021? How these segments will perform in 2027.
- Which is the top-performing regions and countries in the current cardiac resynchronization therapy market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for cardiac resynchronization therapy market growth in the coming future?
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