North America to Continue Dominating Cardiac Resynchronization Therapy Market, Crossing US$ 5 Bn by 2032, Mentions Fact.MR
Published : 25 Feb 2022 Industry: Healthcare
The cardiac resynchronization therapy industry revenues were valued at US$ 5.7 Bn in 2021 and have been predicted to grow at a CAGR of 7.9% from 2022-2032, according to a recently published Fact.MR report. By the end of 2032, the market is expected to achieve a value of US$ 13.2Bn. CRT-Defibrillator is getting the edge and advantage which is driving the growth of the CRT market. The market in North America is projected to showcase an absolute $ opportunity of US$ 7 Bn during 2022- 2032.
The growing importance of cardiac resynchronization therapy is now prolonging. Patients having a cardiac implantable electronic device, such as those undergoing cardiac resynchronization therapy-defibrillator implantations, require remote monitoring as part of their care. It enables for earlier diagnosis of battery and lead-related issues, as well as atrial and ventricular arrhythmias, and may help identify individuals at risk of heart failure exacerbation.
Market growth is expected to be ignited by cardiac resynchronization therapy for patients with severe and moderate cardiac failure. Pacemakers and defibrillators are becoming more significant therapeutic tools. The global market for cardiac resynchronization therapy is expected to grow as a result of acute care treatment. The geriatric population, old-age health issues, increasing number of surgical procedures performed are other factors pushing the market growth.
Key Takeaways from the Market Study
- Cardiac resynchronization therapy market is expected to achieve a market value of US$ 6.2 Bn by 2022
- In 2022, North America to contribute more than 40% of market revenue.
- CRT-Defibrillator product type to account for US$ 6.8 Bn which will be around 60% approximately of the market revenue in 2022
- Among end-users, revenue from Hospitals is projected to garner over 53% of market revenue, growing at a CAGR of over 8% during the forecast period
- The market in Europe is projected to experience a CAGR of 8.2% during 2022-2032
With the rising incidences of heart-related illnesses such as congestive heart failure and cardiomyopathy, the worldwide cardiac resynchronization therapy market is expected to grow significantly during the projected period, comments a Fact.MR analyst.
A number of regional and global players operate in this market. These companies compete based on the innovation of their products, their quality, their brand reputation, and their market presence in order to sell their products through various industries. A variety of strategies are being employed by companies to remain competitive.
- In February 2020, Abbott announced the newest gallant CE-marked implantable cardioverter-defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D) devices in February 2020, providing patients with the most advanced heart rhythm management capabilities.
- In January 2022 at the North American Neuromodulation Society (NANS) meeting, Boston Scientific presented new data on advances in chronic pain care.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the cardiac resynchronization therapy market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (CRT-Defibrillator and CRT-Pacemaker) and End-user (hospitals and cardiac centers) across five regions (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
About Healthcare Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned healthcare team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the healthcare industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Shambhu Nath Jha
Client Partner – Healthcare