Global Cardiac Resynchronization Therapy (CRT) Devices Market – Analysis By Product (CRT-D, CRT-P), End-User By Region, By Country (2022 Edition): Market Insights and Forecast with Impact of COVID-19 (2022-2027)
Executive Summary
The Global Cardiac Resynchronization Therapy (CRT) Devices Market was valued at USD 7.14 Billion in the year 2021 with the Americas region leading the regional market share. One of the main factors driving this market is the rising prevalence of cardiovascular diseases (CVDs) that lead to heart failure (HF). Each year, approximately 3.5 million people suffer from HF worldwide fostering the demand for cardiac resynchronization therapy devices. Additionally, factors such as technological advancements in devices, expanding CRT product developments, key company initiatives & investments, sedentary lifestyles and ageing demographics around the world are anticipated to impel the market growth in the forecast period.
The Asia Pacific CRT devices market is predicted to be the hotspot and the most lucrative region for the market participants worldwide. Some of the major factors propelling the growth of the cardiac resynchronization therapy devices market in the Asia Pacific region include a favourable reimbursement scenario in Japan, an ageing population in China, an increase in CVD incidence, an improved healthcare infrastructure, an expanding middle-class population, and rising disposable income levels in India.
The cardiac resynchronization therapy (CRT) devices market experienced a period of a temporary setback in the year 2020 as lockdown restrictions were enforced as a necessary step to curb the spread of COVID-19 virus. However, after the initial shock and confusion about COVID-19, companies and governments began taking corrective actions to help the economy and businesses recover. These measures included policy & monetary stimulus, easing of restrictions, conditional exemptions, and other strategic initiatives. This resulted in healthcare activities returning 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 devices market during the forecast period.
Scope of the Report
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