Cardiac Resynchronization Therapy Market Highlights
Cardiac Resynchronization Therapy Market is expected to cross USD 9.6 Billion, and market is expected to grow at a CAGR of 7.2%. by the end of forecast period (2022-2030).
Cardiac resynchronization therapy is also known as biventricular pacing, it used to aid in correcting the heart’s rhythm and any symptoms associated with irregular heart rhythms (arrhythmias). In this procedure implantation of a pacemaker is done, with three wires attached to the device to monitor the heart rate irregularities and can emit small pulses of electricity to correct them, and therefore it’s called resynchronizing the heart.
The growth of global cardiac resynchronization therapy market is driven by various factors such as a growing number of intensive care units, a rising number of surgical procedures, and rising sedentary lifestyle followed by poor fitness levels. However, the high costs of therapy are expected to curb the growth of the global cardiac resynchronization therapy market.
The global cardiac resynchronization therapy market is currently dominated by several market players. The key players are involved in innovative product launches and strategic alliance to strengthen their market positions.
The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas is expected to be the largest market owing to the increasing prevalence of cardiac diseases and rising per capita healthcare expenditure. The cardiac resynchronization therapy market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The European cardiac resynchronization therapy market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The cardiac resynchronization therapy market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. Due to the increasing surgical procedure and rising awareness about cardiac resynchronization therapy (CRT) devices, the market in Asia-Pacific is expected to be the fastest-growing. The cardiac resynchronization therapy market in the Middle East & Africa has been divided into the Middle East and Africa.
The global cardiac resynchronization therapy market has been segmented based on application, type, and end user. The market, based on application, has been divided into intraventricular dyssynchrony, interventricular (V-V) dyssynchrony, and atrioventricular (A-V) dyssynchrony. The intraventricular dyssynchrony segment is likely to be the largest during the review period due to the growing prevalence rate of heart diseases followed by, increasing demand for invasive procedures globally.
The atrioventricular (A-V) dyssynchrony segment is predicted to be the fastest-growing due to the rising geriatric population. The global cardiac resynchronization therapy market has been segmented, on the basis of type, into cardiac resynchronization therapy pacemaker (CRT-P), and cardiac resynchronization therapy defibrillator (CRT-D). The CRT-P segment is expected to hold the majority share of the market. The end user segments of the market are hospitals, cardiac specialty centers, and academic and research organizations. The hospitals segment is expected to hold the largest share of the market as these centers are the primary locations for patients receiving the therapy.
Some of the key cardiac resynchronization therapy market players are Medtronic (Ireland), BIOTRONIK, Inc. (US), Boston Scientific Corporation (US), MicroPort Scientific Corporation (China), Shree Pacetronix Ltd. (India), Medico S.p.A. (Italy), Abbott (US), and Lepu Medical Technology Co., Ltd. (China).
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