Cardiac Resynchronization Therapy Market Analysis by Product Type (CRT-Defibrillator, RT-Pacemaker), by End-user Type, by Region - Global Forecast 2022-2032

Cardiac Resynchronization Therapy Market Outlook

Newly-released Cardiac Resynchronization Therapy industry analysis report by Fact.MR shows that global sales of Cardiac Resynchronization Therapy in 2021 were held at US$ 5.7 Bn. With 7.9%, the projected market growth during 2022-2032 is expected to be slightly lower than the historical growth. CRT-Defibrillator is expected to be the higher revenue-generating product, accounting for an absolute dollar opportunity of nearly US$ 4 Bn during 2022 – 2032.

Key Points Covered in Cardiac Resynchronization Therapy :

• Market Estimates and Forecasts (2017-2032)
• Key Drivers and Restraints Shaping Market Growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Market Share Analysis
• COVID-19 Impact on Cardiac Resynchronization Therapy and How to Navigate
• Recommendation on Key Winning Strategies

Revenue of Cardiac Resynchronization Therapy from 2017 to 2021 Compared to Demand Outlook for 2022 to 2032

As per the Cardiac Resynchronization Therapy industry research by Fact.MR - market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Cardiac Resynchronization Therapy industry increased at around 8.0% CAGR, wherein, countries such as the U.S., China, Canada, India, and the UK held a significant share in the global market.

The increasing prevalence of diseases is driving the market's growth (primarily due to the rising geriatric population). Rising investments and support, as well as technology improvements, are all helping to drive this market forward.

• The Cardiac Resynchronization Therapy market reached a valuation of US$ 5.7 Bn in 2021 and it grew by 9.2% as compared to the previous year’s value which stood at US$ 5.2 Bn. Fact.MR estimates that cardiac resynchronization therapy revenue will grow from 2022 to 2032, reaching nearly US$ 13.2 Bn in 2032.
• The CRT-Defibrillator and CRT-Pacemaker product types segments of The Cardiac Resynchronization Therapy market reflected the market size of US$ 3.4Bn and US$ 2.3 Bn respectively in the year 2021
• From the end-user perspective, hospitals seized more than 50% market share in the year 2021.   
• From the North America region, the United States  is the leading country with a valuation of US$ 2.08 Bn in the year 2021

What are the Key Factors on the Basis of which Cardiac Resynchronization Therapy Market has been growing?

Device for cardiac resynchronization therapy that is CRT-D defibrillators combine the functions of an implanted cardioverter-defibrillator and a defibrillator to quickly resynchronize a dangerously fast cardiac rhythm. Cardiac resynchronization treatment is for patients with severe and moderate cardiac failure, pacemakers and defibrillators are becoming more significant therapeutic tools.

The devices for cardiac resynchronization therapy are implanted in the body. The pacemaker is small enough to fit in the palm of your hand and is inserted just below the collarbone. The device's leads monitor the heart rate to detect heart rate anomalies and send out tiny pulses to resynchronize the ventricles of the heart. The therapeutic gadget helps to improve heart rhythm and the symptoms of arrhythmia. Owing to these factors cardiac resynchronization therapy market is projected to grow in leaps and bounds.

What Factors are pushing the Cardiac Resynchronization Therapy Market Ahead?

The growing cases of cardiovascular disease (CVD), the increasing number of surgical procedures performed, and the expanding number of critical care and intensive care units are some of the key factors driving the growth of the Cardiac Resynchronization Therapy market.

The global cardiac resynchronization therapy device market is being driven by awareness campaigns done by various healthcare sectors as well as government organizations for spreading knowledge related to the heart and ailments associated with it.

Cardiac resynchronization therapy is improving the clinical symptoms of patients with heart failure who have a ventricular conduction delay over time, making it a go-to option in today’s date with a positive trend.

What Factors are restraining the Cardiac Resynchronization Therapy Market?

The high cost of the cardiac resynchronization therapy device, as well as a lack of educated and skilled experts are limiting the growth of the cardiac resynchronization therapy market. Furthermore, the lack of data format interoperability is limiting the growth of cardiac resynchronization therapy.

Which Region is projected to offer the Largest Opportunity for Cardiac Resynchronization Therapy?

The market for cardiac resynchronization therapy in North America is growing at a steady pace. In 2021, North America had the highest revenue share of more than 40%. The growing geriatric population and regulatory clearances are responsible for the region's substantial proportion. Research and innovation are being aided by increased access to large historical data in the sector. The American College of Cardiology (ACC) announced a suite of cardiovascular data registries in April 2021, allowing healthcare companies to assess and improve service quality using existing data.

The rising frequency of cardiovascular illnesses, the increased risk of obesity, rising disposable incomes, and the presence of multiple market competitors are some of the primary drivers of the regional market.

How Cardiac Resynchronization Therapy is improving heart failure management?

Although CRT is frequently considered only after the implementation of optimal medical heart failure therapy, it should be noted that only a small percentage of patients can tolerate maximal doses of neurohormonal blockers before CRT implantation. On the other hand, the acute and chronic haemodynamic effects of CRT may significantly alter the tolerability and acceptance of medical therapy.

CRT protects patients from AV conduction slowdown, bradycardia, and sinoatrial nodal pauses, allowing for safe beta-blocker titration. Furthermore, observational and randomized evidence implies that cardiac rehabilitation after CRT implant is linked to greater functional improvement and lower heart failure hospitalization and mortality.

How is Elderly Population Expected to Contribute Significantly to the Cardiac Resynchronization Therapy Market?

The Heart Rhythm Society produced guidelines for managing patients with cardiac implantable electronic devices in April 2020 COVID-19 task force update. This was done to put an emphasis on limiting exposure to patients and physicians. The elderly population is expected to be a key driver for market expansion. Statistics Korea estimates that 8.5 Mn people aged 65 and up will be alive in 2021.

By 2030, this figure is predicted to rise to 12.9 Mn. Chronic disorders such as congestive heart failure, hypertension, and arrhythmia are becoming more common as the population ages. This is expected to add to the market growth of the country. In a study published in the Archives of Cardiovascular Diseases in 2019, the European Society of Cardiology discovered that French patients are more likely than the rest of Europe to obtain a CRT-P implant.

What Techniques are Being Used to Combat the Underuse of Cardiac Resynchronization Therapy?

Improved ways to identify prospective eligible CRT candidates by cardiologists and non-cardiologists are urgently needed, as a referral is one of the barriers to installation. In addition, ECG surveillance in heart failure patients is recommended since anomalies not only provide information on the underlying cause but also aid in the selection of appropriate therapy.

Involvement with patient organizations or support groups on a more personal level could help to increase the spread of information about therapy choices. More actionable referrals could be triggered by screening through automated alerts in electronic health records based on information from QRS duration, left ventricular (LV) function, and heart failure state. Screening for individuals eligible for optimization of heart failure therapy, including CRT, may be as effective as it has been for other heart failure treatments, with the proliferation of electronic health data.

Country-wise Analysis

Which Country represents the Strongest Revenue Potential in the Coming years for Cardiac Resynchronization Therapy Revenue?

According to the American Heart Association's Heart & Stroke Statistics report from 2020, about 356,000 cases of out-of-hospital cardiac arrest (OHCA) occur in the United States each year, with around 90% of these being fatal. In such cases, Cardiac resynchronization therapy (CRT) becomes a mode of solution.

Category-wise Insights

Why CRT-Defibrillator is Gaining the Utmost Traction when compared with CRT-Pacemaker?

In 2021, the CRT-defibrillators product segment was more profitable, accounting for more than 58% of global revenue. This is mostly due to the growing recognition of CRT-Ds as a viable alternative to pacemakers, as well as the introduction of technologically improved devices.

According to a study by National Cardiovascular Data Registry for implantable cardioverter-defibrillators, conducted on over 85,000 new CRT-D implants patients, there has been an increase in guideline-concordant implantation during the time in a study of through the.

How has COVID-19 Eventually Harmed the Revenue Generation from Cardiac Resynchronization Therapy?

The COVID-19 pandemic affected the market, resulting in lower demand and sales. This was due to cancelled elective treatments as a result of the pandemic, as well as delays in clinical trials, supply chain issues, and reduced sales and marketing activity.

MicroPort, one of the leading market players saw a 16.2% drop in its cardiac rhythm management business. The business blamed the drop on the COVID-19 epidemic, which caused outpatient appointments and surgical procedures to be postponed, resulting in fewer implants.

Competitive Analysis

During the projection period, market competition is expected to be moderate. Medtronic, Abbott, Boston Scientific Corporation, MicroPort BIOTRONIK, and Medico are all major competitors in the cardiac resynchronization therapy industry.

These businesses have a wealth of resources, market knowledge, a strong distribution network, and are engaged in strategic initiatives to expand market share and profitability. Mergers and acquisitions, regional expansion, collaborations, the launch of new goods, and R&D operations are all instances of these tactics.

Some of the recent developments of Cardiac Resynchronization Therapy providers are as follows :

• In January 2022, Medtronic has announced a $4 million initiative to increase diversity in STEM professions.
• In February 2020, Abbott introduced the latest gallant implantable cardioverter-defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D) devices that have achieved CE Mark, offering the most modern heart rhythm management capabilities to patients.
• In March 2019, BIOTRONIK introduced the world's smallest 3T full-body MR conditional ICD and CRT-D devices in the European market.

Similarly, recent developments related to companies offering Cardiac Resynchronization Therapy have been tracked by the team at Fact.MR, which are available in the full report.

Cardiac Resynchronization Therapy Report Scope

Market Segments Covered in Cardiac Resynchronization Therapy Industry Analysis

• By Product Type :

  • CRT-Defibrillator
  • CRT-Pacemaker

• By End-user Type :

  • Hospital
  • Cardiac Center
  • Other End-users

• By region :

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA