The cardiac resynchronization therapy (CRT) market is growing pervasively. Market growth mainly attributes to the growing rate of cardiovascular disorders worldwide. There has been a spurting increase in cardiac disorders cases and issues related to heart diseases. Despite the several innovative therapies, the prevalence of these diseases is rising, continually becoming a significant concern. Moreover, the growing adoption of CRT to treat cardiovascular disorders escalates the market growth on the global platform.
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According to Market Research Future (MRFR), the global cardiac resynchronization therapy (CRT) market is poised to create a valuation of approximately USD 4.7 MN by 2025, growing at 5.5% CAGR during the forecast period (2019-2025). The CRT market is increasing as arterial disease patients increase continuously. Additionally, increasing demand for invasive techniques, raising awareness of CRT devices, and favorable government regulation towards reimbursement scenarios boost the growth of the market.
Rising technological advances in heart care, in terms of diverse engineering and design backgrounds, liability, privacy, and financial perspectives essential to succeed in a complex health care system foster the CRT market growth. Also, growing numbers of intensive care units and surgical procedures push market growth. Changing lifestyle and subsequent rise in lifestyle diseases and disorders such as obesity and diabetes expand the cardiac resynchronization therapy (CRT) market.
Conversely, stringent regulations and reimbursement issues are the dominant factors anticipated to obstruct the growth of the market. Also, high costs associated with CR therapy inhibit the size of the market. Moreover, the lack of skilled healthcare professionals poses challenges to market progress. Nevertheless, rising investments in the healthcare sector would support the growth of the market throughout the estimated period.
Global Cardiac Resynchronization Therapy Market – Segments
The market is segmented into four dynamics;
By Application: Intraventricular dyssynchrony, Interventricular (V-V) dyssynchrony, Atrioventricular (A-V) dyssynchrony, and others.
By Type: Cardiac resynchronization therapy pacemaker (CRT-P), Cardiac resynchronization therapy defibrillator (CRT-D), and others.
By End-User: Hospitals, Cardiac Specialty Centers, Academic & Research Organizations, and others.
By Regions: Americas, Europe, Asia Pacific, and Rest-of-the-world.
Cardiac Resynchronization Therapy Market - Regional Analysis
North America dominates the global cardiac resynchronization therapy (CRT) market. The largest market share attributes to the prevalence of cardiovascular diseases among the rising geriatric population and vulnerability to hypertension and obesity issues leading to heart diseases and disorders. Adoption of cardiac resynchronization therapy in the Americas is high due to the growing number of people suffering from heart issues. Besides, factors such as increasing government initiatives and R&D funding and rising demand for technologically advanced CRTs substantiate the growth of the market.
Europe stands second in the global cardiac resynchronization therapy (CRT) market. The market is drive by the increasing healthcare expenditure and availability of advanced treatment facilities. A growing geriatric population is leading to a rise in the number of musculoskeletal system disorder cases. Moreover, government initiatives of healthcare and increasing cardiovascular diseases in Europe foster the growth of the market. The European cardiac resynchronization therapy (CRT) market is estimated to register a phenomenal CAGR during the forecast period.
The cardiac resynchronization therapy (CRT) market is brisk in the Asia Pacific region. The region is seeing a surge in the number of people afflicted with cardiac resynchronization therapy due to bad posture caused by lifestyle changes, aging, and genetic predisposition. Moreover, factors such as the faster adoption of advanced healthcare technologies, government initiatives to increase the quality of care, favorable insurance, and reimbursement policies boost regional market growth.
Furthermore, increasing numbers of multinational companies are setting up their manufacturing plants in emerging economies such as Singapore, China, Japan, Korea, and Australia. This, as a result, propels the growth of the regional market. The APAC cardiac resynchronization therapy (CRT) market is projected to create a substantial revenue pocket over the estimated period.
Global CRT Market - Competitive Analysis
Fiercely competitive, the CRT market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players initiate strategies such as mergers & acquisitions, collaboration, expansion, and technology launch. Significant investments are transpired in the field to bring innovations in the therapy and clinical trials. Hospitals are investing heavily in developing a comprehensive, efficient, and state-of-the-art cardiac resynchronization therapy (CRT) facility. With advanced CRT and a complete rehabilitation schedule, these hospitals ensure that the patient has access to improved care at every stage of the treatment journey.
Major Players:
Players leading the global CRT market include Medtronic, Abbott, Biotronik, Inc., Boston Scientific Corporation, Lepu Medical Technology Co., Ltd., Medico S.p.A., MicroPort Scientific Corporation, and Shree Pacetronix Ltd., among others.
Industry/Innovations/Related News:
May 27, 2020 ---- Biotronik (Germany), a multinational biomedical technology company, declared results confirming that its two-lead CRT-DX system provides breakthrough therapy compared to conventional three-lead systems. Biotronik’s CRT-DX systems with its CRT-DX pulse generator and DX implantable cardioverter-defibrillator (ICD) provide atrial sensing and reduce complications associated with an additional atrial.
September 10, 2019 ---- EBR Systems, Inc.(the US), a leading developer of the only wireless cardiac pacing system for heart failure in the world, announced receiving the FDA Designation for its WiSE Cardiac Resynchronization Therapy (CRT) System.
Table Of Contents
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.1 Definition
2.2 Scope Of The Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
Chapter 3. Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.1 Drivers
4.2 Restrains
4.3 Opportunities
4.4 Challenges
Chapter 5. Market Factor Analysis
5.1 Porters Five Forces Analysis
5.1.1 Bargaining Power Of Suppliers
5.1.2 Bargaining Power Of Buyers
5.1.3 Threat Of New Entrants
5.1.4 Threat Of Substitutes
5.1.5 Intensity Of Rivalry
5.2 Value Chain Analysis
Chapter 6. Global Cardiac Resynchronization Therapy Market, By Application
6.1 Introduction
Continued...
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