Cardiac Resynchronization Therapy (CRT) Devices Market By Product Type (Cardiac Resynchronization Therapy Defibrillators and Cardiac Resynchronization Therapy Pacemakers) By End User (Hospitals & Cardiac Centers and Ambulatory Surgery Centers)-Growth, Future Prospects & Competitive Analysis, 2016 – 2030

Key Highlights of the report

How are the major segments performing in the Cardiac Resynchronization Therapy (CRT) Devices market?

• In 2022, the Cardiac Resynchronization Therapy Defibrillators segment accounted for the largest share of the market because of things like the growing number of older people around the world, the number of people with heart problems, and product improvements by key market players.
• In 2022, the hospitals segment was anticipated to hold a prominent share in the global Cardiac Resynchronization Therapy (CRT) Devices market because CRT devices are used often in hospitals, where most surgeries occur.

What is the Market Size of Cardiac Resynchronization Therapy (CRT) Devices regarding value?

The global Cardiac Resynchronization Therapy (CRT) Devices market is anticipated to grow at a substantial CAGR of 4.50% in the upcoming years. The global Cardiac Resynchronization Therapy (CRT) Devices industry was estimated to be worth USD 4.8 billion in 2022 and was expected to be worth USD 6.53 billion by 2030.

Which region dominated the Cardiac Resynchronization Therapy (CRT) Devices market?

In 2022, the North American region was anticipated to hold a prominent share in the global Cardiac Resynchronization Therapy (CRT) Devices market. Most of the North American region comprises its growing elderly population and regulatory approvals. The risk of acquiring chronic heart diseases might rise as a result of sedentary lifestyles, which may increase the requirement for cardiovascular care.

How is US Market Performing in the Cardiac Resynchronization Therapy (CRT) Devices market?

In 2022, the U.S. dominated the North American market. Due to the importance of important growth factors like the aging population, the rising prevalence of diabetes, hypertension, and obesity, and the wide insurance coverage of CRT devices in the United States. The increased number of cardiovascular disorders in the US population is one of the major factors favoring the growth of the cardiac resynchronization therapy market in that country.

How is the economy impacting the growth of global Cardiac Resynchronization Therapy (CRT) Devices growth?

While shutdown limits were implemented as a necessary measure to stop the spread of COVID-19, the cardiac resynchronization therapy market temporarily suffered a setback. The COVID-19 pandemic was shown to have considerably influenced cardiovascular procedures because most cardiac patients typically had several comorbid conditions, including diabetes and high blood pressure. Further research has connected these comorbidities to a higher COVID-19 infection and death risk. As a result, there was a sharp decline in product demand in the CRT market following the cessation of elective cardiovascular treatments. However, as healthcare activities resumed normally toward the end of 2020 with the approval and widespread use of COVID-19 vaccines, the cardiac resynchronization therapy market resumed an appreciable pace in product demand, providing better growth prospects for the market during the anticipated period.

What is the competitive environment of the Cardiac Resynchronization Therapy (CRT) Devices market?

Market growth strategies include collaborations, mergers, and acquisitions, the introduction of new products, and R&D initiatives. As a result, there is a chance of rivalry among CRT manufacturers. Abbott’s Bluetooth-enabled cardiac resynchronization therapy defibrillators (CRT-D) gained commercial approval from the US Food and Drug Administration in July 2020. To provide a comprehensive selection of catheter-based cardiovascular arrhythmia therapy items, including electrophysiology, planning, and removal things, spanning a few niche market sectors, including Europe and Asia, Biotronik, Inc. collaborated with Acutus Medical in May 2020. This increased the organization’s portfolio and improved its development methods.

Executive Summary

What are the key trends in the Cardiac Resynchronization Therapy (CRT) Devices market?

• One of the main drivers of this business is the rise in team-developed, thing-advancements, big affiliation drives, and the inevitable occurrence of cardiovascular ailments. For instance, Harvard Scientists estimated a total stream of about 399,000 Cathode – ray tubes since around January 2021.
• The National Center for Biotechnology Information (NCBI) reports a general increase in the use of cardiovascular resynchronization therapy devices among more educated persons. The late-stage consumption of alcohol, smoking, and stress has accelerated its growth.

How is the Growing Prevalence of Coronary Artery Disease Affecting the Cardiac Resynchronization Therapy (CRT) Devices Market?

According to a July 2022 article from the Centers for Disease Control and Prevention, coronary heart disease is the most frequent form. Around 7.2% of the population, or 20.1 million persons aged 20 and older, have coronary artery disease. Consequently, the market is expanding due to the increased prevalence of coronary artery disease. The 2022 update from the International Heart Federation also claimed that cardiovascular illness, including heart disease and stroke, is the most prevalent non-communicable disease worldwide. The leading causes of heart disease were diabetes, being overweight or obese, having a poor diet, being physically inactive, and drinking too much alcohol. Those affected by heart conditions are adopting cardiac resynchronization therapy at an increasing rate because of the rising prevalence of heart diseases worldwide.

Which are the key investments by the Cardiac Resynchronization Therapy (CRT) Devices market players?

Companies are undertaking efforts to introduce new products to the market. They are also seeking to expand their manufacturing facilities and invest in R&D. In Minnesota, Northern California, and Puerto Rico, for instance, the Medtronic Foundation announced 13 new collaborations with premier organizations supporting underrepresented and underserved K–12 children today in January 2022. By providing opportunities for economic growth and life improvement through STEM education, partnerships will address the underlying causes of enduring disparities.

Some major players in the Cardiac Resynchronization Therapy (CRT) Devices market are Medtronic, Abbott, Boston Scientific Corporation, Biotronik SE & Co., KG, MicroPort Scientific Corporation, Livanova, plc.

What are the Major Driving Factors for the Cardiac Resynchronization Therapy (CRT) Devices Market?

The rise in the older population and the rise in investments, money, and grants are two important factors anticipated to propel the cardiac resynchronization treatment (CRT) devices market growth in the forecast period. The market for cardiac resynchronization treatment (CRT) devices is expected to increase due to the expansion of technological advancements and MRI-safe device technology. Furthermore, wireless CRT is predicted to moderate the demand for cardiac resynchronization therapy (CRT) devices. On the other hand, the market for cardiac resynchronization treatment (CRT) devices is predicted to see growth challenges during the timeframe due to inappropriate healthcare changes. Moreover, developing nations will likely present additional chances for the market for cardiac resynchronization therapy (CRT) devices to expand during the forecast period.

What are the Major Risks for the Cardiac Resynchronization Therapy (CRT) Devices Market?

The market for cardiac resynchronization therapy (CRT) devices may face additional challenges shortly due to a lack of skilled cardiac surgeons. The number of practicing cardiothoracic surgeons has decreased for the first time in 20 years, despite the burden of cardiovascular disease rising in the United States as the population ages and grows.

Which is the key application in the Cardiac Resynchronization Therapy (CRT) Devices market?

During the forecast period, the Cardiac Resynchronization Therapy Defibrillators segment is expected to hold a prominent share in the global market. Patients with heart failure who are also at high risk for sudden cardiac death should use CRT – Defibrillators (CRT-D). A CRT-D device treats slow heart rhythms like a typical pacemaker, but it also sends tiny electrical impulses to the left & right ventricles to encourage coordinated contraction. Due to the rise in cardiac problems, the growing geriatric population, and technical improvements in CRT Defibrillators, it is predicted that the CRT Defibrillators (CRT-D) segment would account for a sizeable portion of the market. In addition, it is projected that over the forecast period, more clinical studies will be conducted to evaluate CRT defibrillators’ effectiveness. For instance, Bayer funded a clinical investigation in September 2022 to examine the safety of BAY2413555 compared to a placebo in patients with chronic heart failure and implanted cardiac defibrillators or cardiac resynchronization devices (ICD/CRT). Therefore, studies with CRT defibrillators show the device’s effectiveness compared to others and raise demand during the trial period.

How does the Cardiac Resynchronization Therapy (CRT) Devices market perform in regions?

In 2022, Asia Pacific had a significant market share worldwide. This is due to the expansion of the healthcare system, an aging population, bettering economic conditions, strategic moves made by important corporations, and the rising incidence of heart disorders. For instance, the Chinese company MicroPort specializes in various medical equipment, such as CRT-Ds and CRT-Ps. The business dominates the domestic cardiac rhythm management market. Due to a broad portfolio and strong product pipeline, it saw a 95% year-over-year increase in revenue during H1 2021 (with sales of over USD 6 million) in China. Cost-effectiveness and brand awareness were the main drivers of this growth, enabling the company to provide coverage for 584 hospitals nationwide.

What is the regulatory landscape for the Cardiac Resynchronization Therapy (CRT) Devices market?

There are many regulatory organizations, including the European Union and the Food and Drug Administration (FDA) of the United States. The implanted CRT device must get FDA (Food and Drug Administration) approval before being used in the United States for the CRT indication. The patient’s medical record must contain all paperwork, which must be kept there and made available to the A/B MAC upon request. Each document page must be readable and contain the necessary patient identification information (e.g., complete name, dates of service[s]). The physician or non-physician practitioner administering the patient’s care must have a legible signature on the paperwork. The medical record provided must support using the chosen ICD-10-CM code (s). The service rendered must be specified in the CPT/HCPCS code(s) supplied. The treating physician’s clinical judgment is always considered if addressed in the pre-procedure record and consistent with the patient’s episode of care as recorded in the patient’s records and claims history.

What are the major players planning for the future of the Cardiac Resynchronization Therapy (CRT) Devices market?

According to the UK government’s Office of Health Improvement & Inequalities, in 2020–21, 427.9 out of every 100,000 people in the population were admitted for chronic heart disease in NHS Barking and Dagenham CCG (580 admissions). This is far greater than the rate in England (368 per 100,000). As a result, the rise in cardiovascular problems raises the need for CRT-Defibrillators, which fuels market expansion over the projection period.

Segmentation of Global Cardiac Resynchronization Therapy (CRT) Devices Market-

Global Cardiac Resynchronization Therapy (CRT) Devices Market – By Product Type

• Cardiac Resynchronization Therapy Defibrillators
• Cardiac Resynchronization Therapy Pacemakers

Global Cardiac Resynchronization Therapy (CRT) Devices Market – By End User

• Hospitals & Cardiac Centers
• Ambulatory Surgery Centers

Global Cardiac Resynchronization Therapy (CRT) Devices Market – By Region

• North America
  • U.S
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • South-east Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa