Global Cardiac Resynchronization Therapy Market - 2022-2029

Global Cardiac Resynchronization Therapy Market - 2022-2029

Market Overview

Cardiac Resynchronization Therapy Market size was valued at US$ YY million in 2021 and is estimated to reach US$ YY million by 2029, growing at a CAGR of 5.5% during the forecast period (2022-2029).

Cardiac resynchronization therapy (CRT), also known as biventricular pacing, is a therapeutic procedure to correct or facilitate the synchronized beating of the heart's right and left ventricles. This therapy helps to improve the heart's function by increasing blood flow and allowing the patient to recover faster. It entails using a defibrillator to generate a pulse and thin insulated wires or leads to send electric impulses into the heart's lower chambers. The device is surgically implanted and linked to an external computer for periodic heart monitoring. It simultaneously sends small electrical impulses to the left and right ventricles to support contraction.

Market Dynamics

The rising burden of heart failure and cardiac disorders, as well as an increase in the geriatric population and sedentary lifestyle among the population, are the major factors driving the growth of the cardiac resynchronization therapy (CRT) market.

The increasing prevalence of cardiovascular disease and rising geriatric population propel the global market growth.

One of the key factors driving the market growth is the rising prevalence of cardiovascular diseases (CVDs) worldwide. Furthermore, the growing geriatric population, which is more vulnerable to ailments such as arrhythmias, congenital heart disease, and atrial fibrillation, is propelling the market growth. Increasing health consciousness and awareness about the available treatment options for heart-related ailments contributes to market growth. Other growth-inducing factors include technological advancements such as the development of MRI-safe and wireless CRT devices. These novel systems aid in optimizing CRT programming and multipoint pacing to promote heart health. The global population is rapidly aging due to lower birth rates and rising life expectancy. According to the WHO, the geriatric population was around 1 billion million in 2020. Asia-Pacific will account for nearly two-thirds of the world's geriatric population by 2050. The growing geriatric population is one of the primary causes of cardiovascular and heart failure cases.

The high cost will hamper the global market.

In the short run, the high cost of cardiac resynchronization therapy devices may be a market-limiting factor. Furthermore, limited reimbursement in developing countries and a stringent regulatory environment will hamper industry growth.

Industry analysis.

The global cardiac resynchronization therapy market report will provide an in-depth analysis of the market based on various industry factors such as porter`s five forces, innovations, new product launches, pricing, epidemiological analysis, Etc.

COVID-19 Impact Analysis

COVID-19 harmed several major companies' financial performance and business activities, including Medtronic, Boston Scientific, and Microport. Microport, for example, reported a 16.2% drop in its cardiac rhythm management business in 2020. The company attributed the decline to postponed outpatient visits and surgical procedures due to the COVID-19 pandemic, resulting in fewer implants. Following the initial shock and confusion caused by COVID-19, businesses and governments began to take corrective actions to assist the economy and businesses in recovery. Policy and monetary stimulus, relaxation of restrictions, conditional exemptions, and other strategic initiatives were implemented. The HRA released guidelines for managing patients with cardiac implantable electronic devices in its April 2020 COVID-19 task force update, emphasizing limiting exposure to patients and providers. It advised restricting in-person visits to only the most serious issues involving device leads, reprogramming, or generators. Biotronik used this to market its implantable Cardiac Rhythm Management device lineup, including Home Monitoring technology for care continuity. The American College of Cardiology (ACC), the Canadian Association of Interventional Cardiology (CAIC), and other North American cardiology societies issued guidelines for reintroducing invasive cardiovascular surgeries ethically and safely after the peak of COVID-19 has passed.

Segment Analysis/B>

The CRT – Defibrillators (CRT-D) are predicted to have a high demand during the forecast period (2022-2029).

CRT – Defibrillators (CRT-D) are devices for heart failure patients at growing risk of sudden cardiac arrest. The device works similar to a regular pacemaker for treating slow heart rhythms. It conveys small electrical pulses to the left and right ventricles to help them contract simultaneously; this will assist your heart in pumping more efficiently. Dangerously fast heart rhythms (arrhythmias), which can result in sudden cardiac arrest, can also be treated with a CRT-D device. If the device detects dangerously fast heartbeats, it delivers a shock to the heart. This shock (defibrillation) brings the abnormal rhythm to a halt. The dangerously fast rhythm could kill you in minutes without this life-saving therapy.

Furthermore, the growing cases of cardiovascular diseases ensure the CRT-D segment's dominance over the global market. For instance, the data from the British Heart Foundation indicates that around 168,319 people died in 2020 because of CVD. Cardiovascular diseases are rising due to various factors, a few examples of which are the growing geriatric population, rising disposable income, changing lifestyles, smoking, and others; tobacco consumption has claimed over 8 million deaths every year globally, of which nearly 7 million are because of the direct use of tobacco, while close to 1.2 million are as a result of non-smokers exposed to secondhand smoke.

Geographical Analysis

North America is predicted to command the Global Cardiac Resynchronization Therapy market.

North America has the majority of the global cardiac resynchronization therapy market. According to GDP, healthcare spending in the United States is among the highest globally. Annually, the United States spends more than 18% of its GDP on healthcare. The country is home to several medical device companies worldwide working on CRT therapy, with a good direct distribution channel and third-party services for equipment distribution concerning medical/hospital requirements and home care needs. According to the CDC, approximately 6.2 million US adults suffered heart failure in September 2020. Furthermore, the prevalence of cardiovascular diseases increased from 271 million to 523 million between 1990 and 2019.

Furthermore, technological advancement in devices is increasing. Throughout the forecast period, growth is expected to be consistent, owing to the high demand in hospitals for various applications across the country. As a result of all of the factors mentioned above, the market is expected to grow rapidly over the forecast period.

Competitive Landscape

Cardiac resynchronization therapy is highly competitive with the presence of local and global companies. Some key players contributing to the market’s growth include Medtronic, Abbott, Boston Scientific Corporation, Microport Scientific Corporation, Biotronik, LEPU MEDICAL Technology Co.Ltd, Medico S.P.A, SHREE Pacetronix Ltd, Livanova PLC, Oscor Inc, Osypka Medical GmbH. The major players are adopting several growth strategies, such as product launches, acquisitions, and collaborations, contributing to the growth of the global blood and blood products market. For instance, The USFDA approved Abbott's next-generation Gallant implantable cardioverter-defibrillator and cardiac resynchronization therapy defibrillator devices in the United States in July 2020. Also, on Aug. 30, 2022, Medtronic acquired Affera.

Medtronic, Plc.

Overview:

Medtronic plc is Ireland based American medical device company. Medtronic was founded in 1949 and is headquartered in Minneapolis, Minnesota, United States. Medtronics deals with four different businesses: the Minimally Invasive Therapies Group, the Diabetes Group, the Restorative Therapies Group, and the Cardiac and Vascular Group.

Product Portfolio:

The product portfolio of Medtronic, Plc. The product portfolio for Cardiac Resynchronization Therapy contains cardiac resynchronization therapy- defibrillators (COBALT XT, COBALT, CROME, CLARIA MRI, AMPLIA MRI, COMPIA MRI, VIVA XT, VIVA S) and cardiac resynchronization therapy- pacemakers (Percepta, Serena, Solara, Viva).

The global cardiac resynchronization therapy market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.