Dublin, Dec. 09, 2024 (GLOBE NEWSWIRE) -- The "Cardiac Resynchronization Therapy (CRT) - Market Insights, Competitive Landscape, and Market Forecast - 2030" report has been added to ResearchAndMarkets.com's offering.
The cardiac resynchronization therapy market was valued at USD 7.00 billion in 2023, growing at a CAGR of 6.49% during the forecast period from 2024 to 2030 to reach USD 10.18 billion by 2030.
The cardiac resynchronization therapy market is observing substantial market growth primarily owing to the increasing cases of cardiovascular disorders including atrial fibrillation and coronary artery disease (CAD), innovative product developmental activities by the regulatory bodies, and the rising geriatric population that are expected to escalate the overall growth of the cardiac resynchronization therapy market during the forecast period from 2024 to 2030.
Cardiac Resynchronization Therapy Market Segment Analysis:
In the product type segment of cardiac resynchronization therapy, the CRT-defibrillators category is expected to have a significant revenue share in the year 2023. This is because of the widespread uses and various key features of CRT-defibrillators that enhance their utility and effectiveness.
The ability of CRT-defibrillators to work in multiple indications such as heart failure, arrhythmias as well as sudden cardiac arrest increases its demand. CRT-D devices are equipped with an in-built implantable cardioverter defibrillator besides the biventricular 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.
Additionally, in October 2023, Medtronic received the FDA approval for its Aurora EV-ICDT MRI SureScan Extravascular Implantable Cardioverter-defibrillator and Epsila EV MRI SureScanT defibrillation lead. These devices are designed to treat dangerously fast heart rhythms that can lead to sudden cardiac arrest.
Therefore, the widespread uses and various key features of CRT-defibrillators that enhance performance and usability coupled introduction of new and innovative products are solidifying the impact on the growth of the overall cardiac resynchronization therapy market during the forecast period from 2024 to 2030.
North America is expected to dominate the overall cardiac resynchronization therapy market:
Among all the regions, North America is expected to dominate the cardiac resynchronization therapy market in the year 2023 and is expected to do the same during the forecast period. This can be attributed to several factors including the high instances of CAD, myocardial infarction, and its associated risk factors, combined with significant advancements in product development & regulatory approvals, the presence of market key players, and the availability of well-established advanced healthcare infrastructure are acting as key factors contributing to the growth of the cardiac resynchronization therapy market in the North America region during the forecast period from 2024 to 2030.
As per data provided by the National Institute of Health (2023), it stated that 20.5 million people in the US were living with CAD. Furthermore, according to data from the Centers for Disease Control and Prevention (CDC) (2024), it was stated that 805,000 people in the US have a myocardial infarction (heart attack) every year on average. Furthermore, as per the same source, it was stated that heart disease is an umbrella term that encompasses numerous indications such as acute coronary syndrome, atherosclerosis, and congestive heart failure among others. Some of the key risk factors associated with heart disease are high blood cholesterol, high blood pressure, and smoking. The source further mentioned that about half of Americans (47%) have at least one of these three risk factors.
According to data from the Canadian Institute for Health Information (2024), it stated that in 2022, 2.4 million Canadians were affected by heart disease.
Since cardiovascular disorders are rising in the region among middle-aged individuals, the demand for more effective diagnostic and treatment options is increasing significantly. This trend is fueling investment in innovative technologies and expanding the market for cardiac resynchronization therapy.
Product developmental activities initiated by regulatory bodies will further boost the market for cardiac resynchronization therapy. For example, in June 2024, Elutia Inc., a pioneer in drug-eluting biomatrix products, announced that Antibiotic-Eluting BioEnvelope, EluPro received clearance from the U.S. Food and Drug Administration (FDA). Designed to prevent post-operative complications for devices like pacemakers and defibrillators, EluPro integrated potent antibiotic therapy with advanced tissue engineering.
The prompt and well-established healthcare services and infrastructure further contribute to the growth of the regional Cardiac Resynchronization Therapy market growth. The presence of key players such as Abbott, Medtronic, and Boston Scientific Corporation with their strong distribution networks ensure widespread availability and accessibility of these devices across the region increasing their revenue shares in the market, and supportive reimbursement programs providing immense growth opportunities for the same.
Therefore, the interplay of all the aforementioned factors would provide a conducive growth environment for the North American cardiac resynchronization therapy market.
Cardiac Resynchronization Therapy Market key players:
Some of the key market players operating in the cardiac resynchronization therapy market include Abbott, Medtronic, Boston Scientific Corporation, BIOTRONIK, EBR Systems, Microport Scientific, MEDICO, GE HealthCare, LivaNova, Asahi Kasei Corp., and others.
Recent Developmental Activities in the Cardiac Resynchronization Therapy Market:
- In May 2024, Implicity, a leader in remote patient monitoring and cardiac data management, announced that it secured FDA 510(k) clearance for SignalHF1, a groundbreaking new algorithm within their remote monitoring solution.
- In July 2023, BIOTRONIK announced the U.S. Food and Drug Administration (FDA) approval of its portfolio of Amvia Edge pacemakers and cardiac resynchronization therapy pacemaker (CRT-P), its latest innovation in cardiac rhythm management.
Key Takeaways from the Cardiac Resynchronization Therapy Market Report Study
- Market size analysis for current cardiac resynchronization therapy market size (2023), and market forecast for 6 years (2024 to 2030)
- Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
- Key companies dominating the cardiac resynchronization therapy market.
- Various opportunities available for the other competitors in the cardiac resynchronization therapy market space.
- What are the top-performing segments in 2023? How these segments will perform in 2030?
- Which are 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?
Key Topics Covered:
1. Cardiac Resynchronization Therapy Market Report Introduction
2. Cardiac Resynchronization Therapy Market Executive Summary
3. Competitive Landscape
4. Regulatory Analysis
5. Cardiac Resynchronization Therapy Market Key Factors Analysis
5.1. Cardiac Resynchronization Therapy Market Drivers
5.1.1. Increasing cases of cardiovascular disorders
5.1.2. Rising product developmental activities
5.1.3. Increasing prevalence of lifestyle disorders
5.1.4. Rising geriatric population
5.2. Cardiac Resynchronization Therapy Market Restraints and Challenges
5.2.1. Stringent regulatory approval process
5.2.2. Complications associated with cardiac resynchronization therapy
5.3. Cardiac Resynchronization Therapy Market Opportunities
5.3.1. Development of biocompatible, biodegradable, and more durable materials
5.3.2. Strategic business activities by the global as well as regional manufacturers
6. Cardiac Resynchronization Therapy Market Porter's Five Forces Analysis
7. Cardiac Resynchronization Therapy Market Assessment
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
8. Cardiac Resynchronization Therapy Market Company and Product Profiles
- Abbott
- Medtronic
- Boston Scientific
- BIOTRONIK
- EBR Systems
- Microport Scientific
- MEDICO
- GE HealthCare
- LivaNova
- Asahi Kasei
For more information about this report visit https://www.researchandmarkets.com/r/5vbw0t
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