Cardiac Resynchronization Therapy Systems Market Report

Market Insights

The cardiac resynchronization therapy systems market is projected to grow from USD 2.85 billion in 2022 to USD 3.96 billion by 2028 at a CAGR of 5.64% during the forecast period.

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What are cardiac resynchronization therapy (CRT) systems?

Cardiac resynchronization therapy (CRT) systems are referred to as cardiac electrophysiology (EP) systems which include a small electronic device that is surgically implanted into a pocket of skin to help both ventricles contract together. These devices are also known as biventricular pacemakers and can be used for packing only or can consist of a built-in defibrillator.

COVID-19 Impact Analysis

The COVID-19 pandemic has moderately affected the cardiac resynchronization therapy systems industry. The rapid spread of COVID-19 has led to several thousands of hospital admissions. The focus of healthcare professionals has been shifted toward the treatment of COVID-19-infected patients, which affected the treatment of non-emergency medical conditions, amid the pandemic.

Market Drivers

The market is driven by a host of factors, some of which are noted below:

• Rapid urbanization & increased cases of heart failure are due to changes in lifestyle and the rising prevalence of malnutrition.
• Genetic mutations and others are likely to result in cardiovascular diseases (CVDs) among adults.
• Moreover, hectic work schedules, rising consumption of fast food, and a surge in the prevalence of cardiac blockages and arrests have been witnessed across the globe, which is expected to bolster the product demand.
• In addition, the surge in the demand for invasive techniques in the treatment of heart diseases, technological advancements, and the rise in the adaptability of CRT devices further offers lucrative opportunities to the market players.

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Segment Analysis

Product Trends

The market has been classified into cardiac resynchronization therapy pacemakers and cardiac resynchronization therapy defibrillators. Under these, the cardiac resynchronization therapy defibrillator segment held the largest market share in 2022 and is likely to grow at a considered CAGR during the forecast period. This is mainly ascribed to the growing acceptance of CRT-Ds over pacemakers as well as the launch of technologically advanced devices.

End-Use Trends

The market has been classified into hospitals, ambulatory surgical centers, clinics & homecare settings. The hospital's segment occupied the largest share of the market in 2022 & is expected to remain dominant during the forecast period.  This is due to the high use of CRT devices in hospitals, as the majority of procedures are performed in hospitals.

Regional Insight

Asia Pacific held a significant market share in 2022 and is projected to grow at a healthy CAGR in the coming years.

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The favorable reimbursement scenario in Japan, increasing occurrences of cardiac stroke, improving healthcare infrastructure, growing middle-class population, a significant presence of geriatric population in China, surging incidence of CVDs, and rising disposable income levels in India, augment the regional market growth during the forecast timeline.

Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories:

By Product

• Cardiac Resynchronization Therapy Pacemaker
• Cardiac Resynchronization Therapy Defibrillator

By End-Use

• Hospitals
• Ambulatory Surgical Centres
• Clinics
• Homecare Settings

By Region

• North America (Country Analysis: The USA, Canada, and Mexico),
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe),
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific),
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others).

Key Players

The following are some of the key players operating in the cardiac resynchronization therapy systems market are-

• Medtronic (Ireland)
• Boston Scientific (US)
• Abbott (US)
• LivaNova (UK)
• Biotronik (Germany)
• Asahi Kasei (Japan)
• Nihon Kohden (Japan)
• Schiller AG (Switzerland)
• Medico S.p.A (Italy)
• Koninklijke Philips N.V. (Netherlands)

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. 
What Deliverables Will You Get in this Report?

Target Audience

Here is the list of the group of customers that the Cardiac Resynchronization Therapy Systems Market hopes to have the greatest opportunity to convert-

• Companies
• Distributors
• Medical companies
• Government organizations

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Customization Option

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected].