Cardiac Resynchronization Therapy Market Forecast
Cardiac Resynchronization Therapy (CRT) Market is expected to cross USD 4.7 Million by 2025 at a CAGR of 5.5%.
The increasing prevalence rate of cardiac diseases followed by, rising demand for invasive techniques, fueling market growth. Cardiac disease is the leading cause of death for US population. In 2018, it was estimated that 2,300 people died in America per day due to cardiovascular diseases. Also, around 92.1 million American adult population are living with some form of cardiac disease or the aftereffects of the stroke.
Cardiac diseases are most common in low- and middle-income countries and these disorders.
Cardiac Resynchronization Therapy (CRT) Market Influencer
Increasing awareness of cardiac resynchronization therapy (CRT) devices and favorable government regulation towards reimbursement scenario.
Cardiac Resynchronization Therapy (CRT) Market Drivers
- Increasing sedentary lifestyle – leading a sedentary lifestyle is a major public health issue, it is increasingly spreading in many nations irrespective of being linked to various type of chronic health conditions.
- Rising geriatric population
- Rising investments in the healthcare sector – In 2016, the expenditure of US on medical and health research and development (R&D) was around USD 171.8 billion, and US healthcare expenditure was USD 3482.2 billion.
- Increasing technologically advances in medical devices
- The rising number of surgical procedures
- The growing number of intensive care units
Cardiac Resynchronization Therapy (CRT) Market Restraints
- The high cost of therapy – In 2017, the initial cost of cardiac resynchronization therapy pacemaker (CRT-P) is USD 16,218.44 and USD 36,263.73 of cardiac resynchronization therapy defibrillator (CRT-D).
Cardiac Resynchronization Therapy (CRT) Market Segmentation
- Intraventricular dyssynchrony: This segment holds the largest share because majority of the patients are estimated to be suffering from intraventricular dyssynchrony due to heart failure and left bundle branch block.
- Interventricular (V-V) dyssynchrony: This segment holds the second largest segment of the cardiac resynchronization therapy market. V-V dyssynchrony occurs when there is interruption or delay between the right ventricle and left ventricle activation.
- Atrioventricular (A-V) dyssynchrony: The A-V dyssynchrony occurs due to atrial and ventricle contraction, which can result in shortened ventricle filling time and mispositioning of atrial contraction.
- Cardiac resynchronization therapy pacemaker (CRT-P): This segment holds the highest cardiac resynchronization therapy market share. In 2019, a study showed patients using CRT-P had 33% of death rate out of 135 patients.
- Cardiac resynchronization therapy defibrillator (CRT-D): This segment is not as popular as CRT-D, the study shows patients using this therapy has more risk of heart failure as in year 2019, out of 135 non-ischemic cardiomyopathy patients 43% of people died.
- Hospitals: The largest segment, hospitals and clinics are usually the primary points for diagnosis, treatment, and rehabilitation of individuals afflicted with cardiac resynchronization therapy. Growing awareness and increasing efficiency of musculoskeletal system disorder treatment are projected to drive the growth of this segment during the forecast period.
- Cardiac Specialty Centers: A small segment, these centers provide immediate pain relief and rudimentary surgical care.
- Academic and Research Organizations: This segment includes home care and senior citizen centers.
- Americas: The largest regional cardiac resynchronization therapy market, the prevalence of cardiac resynchronization therapy is high in the Americas; the region also has a well-established healthcare industry.
- Europe: An increasing geriatric population is leading to a rise in the number of musculoskeletal system disorder cases.
- Asia-Pacific: The fastest-growing regional cardiac resynchronization therapy market, Asia-Pacific is seeing a surge in the number of people afflicted with cardiac resynchronization therapy due to bad posture brought on by lifestyle changes, aging, and genetic predisposition.
- Middle East & Africa: The smallest market due to limited healthcare infrastructure and a very young population.
Cardiac Resynchronization Therapy (CRT) Market Key Players
- BIOTRONIK, Inc.
- Boston Scientific Corporation
- Lepu Medical Technology Co., Ltd.
- Medico S.p.A.
- MicroPort Scientific Corporation
- Shree Pacetronix Ltd
Frequently Asked Questions (FAQ) :
The global cardiac resynchronization therapy (CRT) market is projected to reach a valuation of USD 4.7 MN by 2025.
The global cardiac resynchronization therapy (CRT) market is projected to grow at approximately 5.5% CAGR during forecast period (2019-2025).
Increasing technologically advances in medical devices.
North America holds the largest share in the global cardiac resynchronization therapy (CRT) market, followed by Europe and the Asia Pacific, respectively.
Abbott, Medtronic, BIOTRONIK, Inc., Lepu Medical Technology Co., Ltd., Boston Scientific Corporation, Medico S.p.A., Shree Pacetronix Ltd., and MicroPort Scientific Corporation, are some of the major players operating in the Cardiac resynchronization therapy (CRT) market.
This table of content is tentative and subject to change as the research progresses.
Please Note: Financial details of company cannot be provided if the information of the company is not available in public domain and or reliable source.