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Cardiac Resynchronization Therapy - Market Insights, Competitive Landscape and Market Forecast-2027

April 2022 | 100 pages | ID: C2865BA8F7AAEN
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Cardiac Resynchronization (CRT) Therapy Market By Product Type (CRT-Defibrillators And CRT-Pacemakers), By End User (Hospitals, Specialty Clinics, And Others), and by geography is expected to register appreciable CAGR growth till 2027 owing to increasing prevalence of cardiovascular diseases such as heart failure due to growing prevalence of lifestyle disorders such as hypertension and diabetes

Global cardiac resynchronization (CRT) 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 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.

Cardiac Resynchronization (CRT) Therapy Market Dynamics:

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's 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, 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 2022-2027.

Another key aspect that is contributing in the demand for cardiac resynchronization therapy is the increasing prevalence of lifestyle disorders which may lead to heart failure in long term. According to World Health Organization (2021), there has been a drastic increase in the number of people suffering from hypertension which increased from 650 million in 1990 to 1.28 million by 2019. The factsheet further stated that nearly 46% adults with hypertension are unaware that they have hypertension. High blood pressure is linked with numerous diseases as a major risk factor including heart failure. High blood pressure is associated with the narrowing of blood vessels and make them less elastic. This leads to an increase pressure on heart muscles which may lead to enlarged heart and further puts pressure on the heart thereby increasing the chances of heart failure. Therefore, the increasing prevalence of lifestyle diseases such as hypertension are expected to drive the cardiac resynchronization therapy market forward during the forecast period (2022-2027).

However, product recalls and device-related complications may act as restraining factors of the cardiac resynchronization therapy market growth.

The cardiac resynchronization therapy market experienced a period of 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 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.

Cardiac Resynchronization (CRT) Therapy Market Segment Analysis:

Cardiac Resynchronization (CRT) Therapy Market by Product Type (CRT-Defibrillators and CRT-Pacemakers), By End User (Hospitals, Specialty Clinics, and Others), and by Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the product segment of the cardiac resynchronization therapy market, the CRT- defibrillators category is expected to amass significant revenue share during the forecast period. This can be ascribed to their ability to work in multiple indications such as heart failure, arrhythmias as well as sudden cardiac arrest. CRT-D devices are also equipped with an in-built implantable cardioverter defibrillator besides the binventricular pacemaker component. Thus, the combined CRT-D device functions as a pacemaker in establishing normal heart rhythm along with delivering short electrical impulses to the heart ventricles to establish synchronous contraction. Moreover, CRT-D devices can deliver defibrillation signals in order to disrupt arrhythmias that may lead to sudden cardiac arrest. Therefore, the factors stated above would lead to an increased product demand in the CRT market, ultimately positively influencing the overall cardiac resynchronization therapy market during the forecast period.

North America is expected to dominate the overall Cardiac Resynchronization (CRT) Therapy Market:

Among all the regions, North America is estimated to account for the largest share in the cardiac resynchronization therapy market. Owing to significance of key growth factors such as rising prevalence of hypertension, obesity, and diabetes, the aging population, and extensive coverage of CRT devices by insurance in the North American countries, specifically Canada and the United States, the North America cardiac resynchronization therapy market is expected to register appreciable growth.

One of the key reasons positively influencing the growth of the United States cardiac resynchronization therapy market is the rising prevalence of cardiovascular diseases in the US population. As per the latest data provided by the American Heart Association (2021), over 868,662 deaths in the country in 2017 listed cardiovascular deaths as the underlying cause. In addition to that, as per the data provided by the Centers for Disease Control and Prevention (CDC), in 2020, approximately 6.2 million adults in the country suffered from heart failure. The source further mentioned that in 2018, 379,800 death certificates mentioned heart failure as the cause of death in the nation. The above-mentioned factors point towards the growing patient population of heart failure in the country which further indicates the potential for increased uptake of CRT devices, thereby resulting in more revenue generation in the United States cardiac resynchronization therapy market.

Moreover, the rising prevalence of lifestyle disorders such as diabetes and hypertension is also considered as a key factor in the growing number of heart failure cases. As per the data provided by the Centers for Disease Control and Prevention (2021) in their National Diabetes Statistics Report, in 2020, about 10.5% of the total US population or 34.2 million people had diabetes and approximately 88 million over the age of 18 years were found to exhibit prediabetes levels. Diabetes, specifically type 2 diabetes is suspected to damage cardiomyocytes as well as blood vessels throughout the body which may put more pressure on the heart leading to progressive heart failure. Therefore, the presence of large patient population suffering from hypertension and diabetes correlates to the presence of a high patient population suffering from heart diseases such as heart failure which would indicate the growing need for cardiac resynchronization therapy, thereby resulting in increase in product demand supporting the growth of the United States cardiac resynchronization therapy market as well as the overall North America cardiac resynchronization therapy market during the forecast period.

Cardiac Resynchronization (CRT) Therapy Market Key Players:

Some of the key market players operating in the cardiac resynchronization therapy market includes Abbott, Medtronic, Boston Scientific Corporation, BIOTRONIK, EBR Systems, Inc., Microport Scientific Corporation, MEDICO S.p.A. and others.

Recent Developmental Activities in Cardiac Resynchronization (CRT) Therapy Market:
  • In July 2020, Abbott received the product approval from the US Food and Drug Administration for their cardiac resynchronization therapy defibrillator (CRT-D) devices equipped with bluetooth feature.
  • 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.
Key Takeaways from the Cardiac Resynchronization (CRT) 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?
Target Audience who can be benefited from this Cardiac Resynchronization (CRT) Therapy Market Report Study
  • Cardiac Resynchronization Therapy products providers
  • Research organizations and consulting companies
  • Cardiac Resynchronization Therapy-related organizations, associations, forums, and other alliances
  • Government and corporate offices
  • Start-up companies, venture capitalists, and private equity firms
  • Distributors and Traders dealing in cardiac resynchronization therapy
  • Various End-users who want to know more about the Cardiac Resynchronization Therapy market and latest technological developments in the Cardiac Resynchronization Therapy market.
Frequently Asked Questions For Cardiac Resynchronization (CRT) Therapy Market:

1. What is a Cardiac Resynchronization Therapy Device?

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.

2. What is the market for Global Cardiac Resynchronization Therapy?

The Global cardiac resynchronization (CRT) 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.

3. What are the drivers for Global Cardiac Resynchronization Therapy Market?

The demand for cardiac resynchronization therapy devices is majorly being driven by an increase in 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.

4. Who are the key players operating in Global Cardiac Resynchronization Therapy Market?

Some of the key market players operating in the cardiac resynchronization therapy market includes Abbott, Medtronic, Boston Scientific Corporation, BIOTRONIK, EBR Systems, Inc., Microport Scientific Corporation, MEDICO S.p.A. and others.

5. Which region has the highest share in Cardiac Resynchronization Therapy market?

North America is expected to dominate the overall Cardiac Resynchronization Therapy market during the forecast period, 2022 to 2027. Owing to significance of key growth factors such as rising prevalence of hypertension, obesity, and diabetes, the aging population, and extensive coverage of CRT devices by insurance in the North American countries, specifically Canada and the United States, the North America cardiac resynchronization therapy market is expected to register appreciable growth.
1.CARDIAC RESYNCHRONIZATION THERAPY MARKET REPORT INTRODUCTION

2.CARDIAC RESYNCHRONIZATION THERAPY MARKET EXECUTIVE SUMMARY

2.1. Scope of the Study
2.2. Market at Glance
2.3. Competitive Assessment
2.4. Financial Benchmarking

3. REGULATORY AND PATENT ANALYSIS

3.1. The United States
3.2. Europe
3.3. Japan
3.4. China

4. CARDIAC RESYNCHRONIZATION THERAPY MARKET KEY FACTORS ANALYSIS

4.1. Cardiac Resynchronization Therapy Market Drivers
  4.1.1. Rising Prevalence of Cardiovascular Diseases
  4.1.2. Increasing Prevalence of Lifestyle Disorders such as Diabetes and Hypertension
  4.1.3. Increasing Geriatric Population
  4.1.4. Technical Innovation in Product Development
4.2. Cardiac Resynchronization Therapy Market Restraints and Challenges
  4.2.1. Device-Related Complications
  4.2.2. Product Recalls
4.3. Cardiac Resynchronization Therapy Market Opportunities
  4.3.1. Addressing Device-Related Limitations

5. CARDIAC RESYNCHRONIZATION THERAPY MARKET PORTER’S FIVE FORCES ANALYSIS

5.1. Bargaining Power of Suppliers
5.2. Bargaining Power of Consumers
5.3. Threat of New Entrants
5.4. Threat of Substitutes
5.5. Competitive Rivalry

6. COVID-19 IMPACT ANALYSIS ON CARDIAC RESYNCHRONIZATION THERAPY MARKET

7. CARDIAC RESYNCHRONIZATION THERAPY MARKET LAYOUT

7.1. By Product Type
  7.1.1. CRT-Defibrillators
  7.1.2. CRT-Pacemakers
7.2 By End User
  7.2.1. Hospitals
  7.2.2. Specialty Clinics
  7.2.3. Others
7.3. By Geography
  7.3.1. North America
    7.3.1.1. North America Cardiac Resynchronization Therapy Market, by Product Type
    7.3.1.2. North America Cardiac Resynchronization Therapy Market, by End User
    7.3.1.3. North America Cardiac Resynchronization Therapy Market, by Country
      7.3.1.3.1. United States
      7.3.1.3.2. Canada
      7.3.1.3.3. Mexico
  7.3.2. Europe
    7.3.2.1. Europe Cardiac Resynchronization Therapy Market, by Product Type
    7.3.2.2. Europe Cardiac Resynchronization Therapy Market, by End User
    7.3.2.3. Europe Cardiac Resynchronization Therapy Market, by Country
      7.3.2.3.1. France
      7.3.2.3.2. Germany
      7.3.2.3.3. United Kingdom
      7.3.2.3.4. Italy
      7.3.2.3.5. Spain
      7.3.2.3.6. Russia
      7.3.2.3.7. Rest of Europe
  7.3.3. Asia-Pacific
    7.3.3.1. Asia-Pacific Cardiac Resynchronization Therapy Market, by Product Type
    7.3.3.2. Asia-Pacific Cardiac Resynchronization Therapy Market, by End User
    7.3.3.3. Asia-Pacific Cardiac Resynchronization Therapy Market, by Country
      7.3.3.3.1. China
      7.3.3.3.2. Japan
      7.3.3.3.3. India
      7.3.3.3.4. Australia
      7.3.3.3.5. South Korea
      7.3.3.3.6. Rest of Asia Pacific
  7.3.4. Rest of the World (RoW)
    7.3.4.1. RoW Cardiac Resynchronization Therapy Market, by Product Type
    7.3.4.2. RoW Cardiac Resynchronization Therapy Market, by End User
    7.3.4.3. RoW Cardiac Resynchronization Therapy Market, by Region
      7.3.4.3.1. Middle East
      7.3.4.3.2. Africa
      7.3.4.3.3. South America

8. CARDIAC RESYNCHRONIZATION THERAPY MARKET GLOBAL COMPANY SHARE ANALYSIS – KEY 3-5 COMPANIES

9. CARDIAC RESYNCHRONIZATION THERAPY MARKET COMPANY AND PRODUCT PROFILES

9.1. Abbott
  9.1.1. Company Overview
  9.1.2. Company Snapshot
  9.1.3. Financial Overview
  9.1.4. Product Listing
  9.1.5. Entropy
9.2. Medtronic
  9.2.1. Company Overview
  9.2.2. Company Snapshot
  9.2.3. Financial Overview
  9.2.4. Product Listing
  9.2.5. Entropy
9.3. Boston Scientific Corporation
  9.3.1. Company Overview
  9.3.2. Company Snapshot
  9.3.3. Financial Overview
  9.3.4. Product Listing
  9.3.5. Entropy
9.4. BIOTRONIK
  9.4.1. Company Overview
  9.4.2. Company Snapshot
  9.4.3. Financial Overview
  9.4.4. Product Listing
  9.4.5. Entropy
9.5. EBR Systems, Inc
  9.5.1. Company Overview
  9.5.2. Company Snapshot
  9.5.3. Financial Overview
  9.5.4. Product Listing
  9.5.5. Entropy
9.6. Microport Scientific Corporation
  9.6.1. Company Overview
  9.6.2. Company Snapshot
  9.6.3. Financial Overview
  9.6.4. Product Listing
  9.6.5. Entropy
9.7. MEDICO S.p.A
  9.7.1. Company Overview
  9.7.2. Company Snapshot
  9.7.3. Financial Overview
  9.7.4. Product Listing
  9.7.5. Entropy

10. KOL VIEWS

11. PROJECT APPROACH

12. ABOUT DELVEINSIGHT

13. DISCLAIMER & CONTACT US

LIST OF TABLES

Table 1: Competitive Analysis
Table 2: COVID-19 Impact Analysis
Table 3: Cardiac Resynchronization Therapy Market in Global (2019-2027)
Table 4: Cardiac Resynchronization Therapy Market in Global by Product Type (2019-2027)
Table 5: Cardiac Resynchronization Therapy Market in Global by End User (2019-2027)
Table 6: Cardiac Resynchronization Therapy Market in Global by Geography (2019-2027)
Table 7: Cardiac Resynchronization Therapy Market in North America (2019-2027)
Table 8: Cardiac Resynchronization Therapy Market in North America by Product Type (2019-2027)
Table 9: Cardiac Resynchronization Therapy Market in North America by End User (2019-2027)
Table 10: Cardiac Resynchronization Therapy Market in North America by Country (2019-2027)
Table 11: Cardiac Resynchronization Therapy Market in the US (2019-2027)
Table 12: Cardiac Resynchronization Therapy Market in Canada (2019-2027)
Table 13: Cardiac Resynchronization Therapy Market in Mexico (2019-2027)
Table 14: Cardiac Resynchronization Therapy Market in Europe (2019-2027)
Table 15: Cardiac Resynchronization Therapy Market in Europe by Product Type (2019-2027)
Table 16: Cardiac Resynchronization Therapy Market in Europe by End User (2019-2027)
Table 17: Cardiac Resynchronization Therapy Market in Europe by Country (2019-2027)
Table 18: Cardiac Resynchronization Therapy Market in France (2019-2027)
Table 19: Cardiac Resynchronization Therapy Market in Germany (2019-2027)
Table 20: Cardiac Resynchronization Therapy Market in the United Kingdom (2019-2027)
Table 21: Cardiac Resynchronization Therapy Market in Italy (2019-2027)
Table 22: Cardiac Resynchronization Therapy Market in Spain (2019-2027)
Table 23: Cardiac Resynchronization Therapy Market in Russia (2019-2027)
Table 24: Cardiac Resynchronization Therapy Market in Rest of Europe (2019-2027)
Table 25: Cardiac Resynchronization Therapy Market in APAC (2019-2027)
Table 26: Cardiac Resynchronization Therapy Market in APAC by Product Type (2019-2027)
Table 27: Cardiac Resynchronization Therapy Market in APAC by End User (2019-2027)
Table 28: Cardiac Resynchronization Therapy Market in APAC by Country (2019-2027)
Table 29: Cardiac Resynchronization Therapy Market in China (2019-2027)
Table 30: Cardiac Resynchronization Therapy Market in Japan (2019-2027)
Table 31: Cardiac Resynchronization Therapy Market in India (2019-2027)
Table 32: Cardiac Resynchronization Therapy Market in Australia (2019-2027)
Table 33: Cardiac Resynchronization Therapy Market in South Korea (2019-2027)
Table 34: Cardiac Resynchronization Therapy Market in Rest of APAC (2019-2027)
Table 35: Cardiac Resynchronization Therapy Market in Rest of World (2019-2027)
Table 36: Cardiac Resynchronization Therapy Market in RoW by Product Type (2019-2027)
Table 37: Cardiac Resynchronization Therapy Market in RoW by End User (2019-2027)
Table 38: Cardiac Resynchronization Therapy Market in RoW by Region (2019-2027)
Table 39: Cardiac Resynchronization Therapy Market in Middle East (2019-2027)
Table 40: Cardiac Resynchronization Therapy Market in Africa (2019-2027)
Table 41: Cardiac Resynchronization Therapy Market in South America (2019-2027)

LIST OF FIGURES

Figure 1: Competitive Analysis
Figure 2: COVID-19 Impact Analysis
Figure 3: Cardiac Resynchronization Therapy Market in Global (2019-2027)
Figure 4: Cardiac Resynchronization Therapy Market in Global by Product Type (2019-2027)
Figure 5: Cardiac Resynchronization Therapy Market in Global by End User (2019-2027)
Figure 6: Cardiac Resynchronization Therapy Market in Global by Geography (2019-2027)
Figure 7: Cardiac Resynchronization Therapy Market in North America (2019-2027)
Figure 8: Cardiac Resynchronization Therapy Market in North America by Product Type (2019-2027)
Figure 9: Cardiac Resynchronization Therapy Market in North America by End User (2019-2027)
Figure 10: Cardiac Resynchronization Therapy Market in North America by Country (2019-2027)
Figure 11: Cardiac Resynchronization Therapy Market in the US (2019-2027)
Figure 12: Cardiac Resynchronization Therapy Market in Canada (2019-2027)
Figure 13: Cardiac Resynchronization Therapy Market in Mexico (2019-2027)
Figure 14: Cardiac Resynchronization Therapy Market in Europe (2019-2027)
Figure 15: Cardiac Resynchronization Therapy Market in Europe by Product Type (2019-2027)
Figure 16: Cardiac Resynchronization Therapy Market in Europe by End User (2019-2027)
Figure 17: Cardiac Resynchronization Therapy Market in Europe by Country (2019-2027)
Figure 18: Cardiac Resynchronization Therapy Market in France (2019-2027)
Figure 19: Cardiac Resynchronization Therapy Market in Germany (2019-2027)
Figure 20: Cardiac Resynchronization Therapy Market in the United Kingdom (2019-2027)
Figure 21: Cardiac Resynchronization Therapy Market in Italy (2019-2027)
Figure 22: Cardiac Resynchronization Therapy Market in Spain (2019-2027)
Figure 23: Cardiac Resynchronization Therapy Market in Russia (2019-2027)
Figure 24: Cardiac Resynchronization Therapy Market in Rest of Europe (2019-2027)
Figure 25: Cardiac Resynchronization Therapy Market in APAC (2019-2027)
Figure 26: Cardiac Resynchronization Therapy Market in APAC by Product Type (2019-2027)
Figure 27: Cardiac Resynchronization Therapy Market in APAC by End User (2019-2027)
Figure 28: Cardiac Resynchronization Therapy Market in APAC by Country (2019-2027)
Figure 29: Cardiac Resynchronization Therapy Market in China (2019-2027)
Figure 30: Cardiac Resynchronization Therapy Market in Japan (2019-2027)
Figure 31: Cardiac Resynchronization Therapy Market in India (2019-2027)
Figure 32: Cardiac Resynchronization Therapy Market in Australia (2019-2027)
Figure 33: Cardiac Resynchronization Therapy Market in South Korea (2019-2027)
Figure 34: Cardiac Resynchronization Therapy Market in Rest of APAC (2019-2027)
Figure 35: Cardiac Resynchronization Therapy Market in Rest of World (2019-2027)
Figure 36: Cardiac Resynchronization Therapy Market in RoW by Product Type (2019-2027)
Figure 37: Cardiac Resynchronization Therapy Market in RoW by End User (2019-2027)
Figure 38: Cardiac Resynchronization Therapy Market in RoW by Region (2019-2027)
Figure 39: Cardiac Resynchronization Therapy Market in Middle East (2019-2027)
Figure 40: Cardiac Resynchronization Therapy Market in Africa (2019-2027)
Figure 41: Cardiac Resynchronization Therapy Market in South America (2019-2027)
Figure 42: Market Drivers
Figure 43: Market Barriers
Figure 44: Marker Opportunities
Figure 45: PORTER'S Five Force Analysis


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