Cardiac Resynchronization Therapy (CRT) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
Cardiac Resynchronization Therapy (CRT) Market is poised to grow at a CAGR of 5.8% by the forecast period.
COVID-19 has a significant impact on market growth. According to the research study published by Mohamed O Mohamed et al., in May 2021, during the COVID-19 pandemic, cardiac procedural activity in England decreased dramatically, with a deficit of about 45,000 procedures in 2020, with no increase in the risk of mortality for most cardiac procedures conducted during the pandemic. This study shows the negative impact of COVID-19 on cardiology services. According to the research study published in October 2021 by Derrick Y.Tam et al., during the pandemic, there was a dramatic drop in referrals and procedures completed for cardiac operations, which impacted the growth of the studied market. Additionally, the European Heart Journal Supplements article titled ‘‘Left atrial appendage occlusion in COVID-19 times’’ published in December 2020, reported that left atrial appendage occlusion procedures have been directly impacted by the COVID-19 pandemic. Hence, it is observed that COVID-19 had a significant impact on the market studied.
The major factors for the growth of the cardiac resynchronization therapy (CRT) market include the rising burden of heart failure and cardiac disorders and an increase in the geriatric population and a rising sedentary lifestyle among the population. The global population is aging rapidly, owing to reduced birth rates and increasing life expectancy. According to a report by the United Nation Economic and Social Commission for Asia and the Pacific (ESCAP), the geriatric population in the Asia-Pacific region was around 671.1 million in 2021, accounting for more than half of the world’s total elderly population. It is estimated that, by 2050, Asia-Pacific will account for almost two-thirds of the world’s geriatric population. The rise in the geriatric population is one of the major reasons behind the increase in the cases of cardiovascular and heart failure.
According to the European Heart Network, 2020, every year, cardiovascular disease (CVD) causes 4.2 million deaths in Europe and over 2.1 million deaths in the European Union (EU). Furthermore, the sedentary lifestyle leads to a high prevalence of high blood pressure, high cholesterol, obesity, and high alcohol consumption, which together contribute to the high incidence of cardiovascular diseases. Therefore, a sedentary lifestyle leads to high growth in cardiovascular disease cases. The increasing awareness of the treatment options is also expected to drive the market studied
Key Market TrendsCRT - Defibrillators is the Segment by Type Expected to hold Larger Share Over the Forecast PeriodThe CRT – Defibrillators (CRT-D) are the special devices for heart failure patients who are also at high risk for sudden cardiac death. While functioning like a normal pacemaker to treat slow heart rhythms, a CRT-D device also delivers small electrical impulses to the left and right ventricles to help them contract at the same time. This will help your heart pump more efficiently.
A CRT-D device can also treat dangerously fast heart rhythms (arrhythmias) that can lead to sudden cardiac arrest. If the device senses heartbeats that are dangerously fast, it delivers a shock to the heart. This shock (defibrillation) stops the abnormal rhythm. Without this life-saving therapy, the dangerously rapid rhythm could lead to death in just minutes. At the same time, launches and developments of products are further propelling the market growth. For instance, in February 2020, Abbott received CE Mark for the new Gallant implantable cardioverter defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D) devices, bringing the most advanced heart rhythm management capabilities along with a new set of benefits to people in Europe with abnormal heart rhythms and heart failure. The devices offer new opportunities for patient engagement and remote monitoring through new smartphone connectivity and connected applications. Additional benefits include a patient preferred design, improved battery longevity and MRI compatibility.
These devices have recently increased due to the increasing incidence and mortality of cardiovascular diseases (CVD). As per a 2021 report by the American Heart Association, CVD is the leading global cause of death, accounting for more than 18.2 million deaths per year in 2020, a number that is expected to grow to more than 25.2 million by 2030. This factor is expected to increase the demand of CRT-D in future, which will boost the market growth.
North America is Expected to Hold Largest Market Share over the Forecast PeriodThe healthcare expenditure in the United States is among the highest, as per the GDP, globally. More than 18% of GDP is spent on healthcare each year in the United States. The country accommodates several medical device companies working on CRT therapy from around the world, having a good direct distribution channel, as well as third-party services for equipment distribution about medical/hospitals requirement, and home care needs. For instance, In the report titled 'The number of older people will hit the economy like a ‘brick’- US trade Secretary', published in April 2021, about 16.5% of the United States population, or 54 million people were over the age of 65 in 2020. By 2030, that number will rise to 74 million. The number of people over the age of 85, who are at risk of developing heart disease in the country, is expected to increase significantly. Such an increase in the elderly population leads to the rising demand for cardiac arrest drugs or devices, thereby contributing to the growth of the market.
Additionally, according to the American Heart Association, figures published in January 2020 report that nearly half of the American population has some form of heart disease, including high blood pressure, heart disease, and so on. The spread of heart disease created a need for cardiovascular equipment, monitoring, and diagnostic equipment. Therefore, there is a great need for better treatment with advanced medical devices, which serves as a major driving force for the growth of the market.
Arrhythmia affects all age groups, but the risk of developing atrial fibrillation (AF) increases with age. As per the estimated Heart Disease and Stroke Statistics 2020, the risk of long-term atrial fibrillation is estimated to be 1 in 3 people in the United States. In Addition, the excessive use of alcohol, tobacco, sedentary lifestyles, and other lifestyle factors may increase the risk of arrhythmia which is believed to propel the growth of the cardiac arrest treatment market in the country. Furthermore, there is a rise in technological advancement in devices. During the forecast period, the growth is expected to be consistent, with the high requirement in hospitals, for several applications across the country. Thus, owing to all the above-mentioned factors, the market is expected to witness high growth over the forecast period.
Competitive LandscapeThe market studied is a consolidated market owing to the presence of few major market players. Some of the market players are Abbott Laboratories, BIOTRONIK, Boston Scientific Corporation, Lepu Medical Technology Co., Ltd., MEDICO S.p.A., Medtronic Plc, Microport Scientific Corporation, and Shree Pacetronix Ltd.
Additional Benefits:Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook