The cardiac resynchronization therapy industry revenues were valued at US$ 5.7 Bn in 2021 and have been predicted to grow at a CAGR of 7.9% from 2022-2032, according to a recently published Fact.MR report. By the end of 2032, the market is expected to achieve a value of US$ 13.2Bn. CRT-Defibrillator is getting the edge and advantage which is driving the growth of the CRT market. The market in North America is projected to showcase an absolute $ opportunity of US$ 7 Bn during 2022- 2032.
The growing importance of cardiac resynchronization therapy is now prolonging. Patients having a cardiac implantable electronic device, such as those undergoing cardiac resynchronization therapy-defibrillator implantations, require remote monitoring as part of their care. It enables for earlier diagnosis of battery and lead-related issues, as well as atrial and ventricular arrhythmias, and may help identify individuals at risk of heart failure exacerbation.
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Market growth is expected to be ignited by cardiac resynchronization therapy for patients with severe and moderate cardiac failure. Pacemakers and defibrillators are becoming more significant therapeutic tools. The global market for cardiac resynchronization therapy is expected to grow as a result of acute care treatment. The geriatric population, old-age health issues, increasing number of surgical procedures performed are other factors pushing the market growth.
Key Takeaways from the Market Study
- Cardiac resynchronization therapy market is expected to achieve a market value of US$ 6.2 Bn by 2022
- In 2022, North America to contribute more than 40% of market revenue.
- CRT-Defibrillator product type to account for US$ 6.8 Bn which will be around 60% approximately of the market revenue in 2022
- Among end-users, revenue from Hospitals is projected to garner over 53% of market revenue, growing at a CAGR of over 8% during the forecast period
- The market in Europe is projected to experience a CAGR of 8.2% during 2022-2032
With the rising incidences of heart-related illnesses such as congestive heart failure and cardiomyopathy, the worldwide cardiac resynchronization therapy market is expected to grow significantly during the projected period, comments a Fact.MR analyst.
Competitive Landscape
A number of regional and global players operate in this market. These companies compete based on the innovation of their products, their quality, their brand reputation, and their market presence in order to sell their products through various industries. A variety of strategies are being employed by companies to remain competitive.
- In February 2020, Abbott announced the newest gallant CE-marked implantable cardioverter-defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D) devices in February 2020, providing patients with the most advanced heart rhythm management capabilities.
- In January 2022 at the North American Neuromodulation Society (NANS) meeting, Boston Scientific presented new data on advances in chronic pain care.
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More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the cardiac resynchronization therapy market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (CRT-Defibrillator and CRT-Pacemaker) and End-user (hospitals and cardiac centers) across five regions (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
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Cardiac Resynchronization Therapy (CRT) Market Research Report: By Application (Intraventricular dyssynchrony, Interventricular (V-V) dyssynchrony), By Type (CRT-P, CRT-D) and By End-User (Hospitals, Cardiac Specialty Centers, Academic and Research Organizations) – Forecast to 2027Market Analysis The global cardiac resynchronization therapy market is predicted to touch USD 4.7 million at a 5.50% CAGR between 2019-2025, reveals the latest Market Research Future (MRFR) report.
Cardiac resynchronization therapy or CRT is a method of implanting a device in the chest for making the chambers of the heart contract in an efficient and organized way.
These include the increasing number of intensive care units, increasing number of surgical procedures, poor fitness levels, rising sedentary lifestyle, growing incidence of target diseases, technological advancements, growing incidence of heart disease, rising demand for invasive techniques in heart disease treatment, and changes in lifestyle.
On the flip side, limitation of use and dearth of skilled personnel are factors that may impede the cardiac resynchronization therapy market over the forecast period.Request Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/8357 Market SegmentationThe MRFR report provides an all-inclusive analysis of the cardiac resynchronization therapy market on the basis of type, end user, and application.
Based on the application, the cardiac resynchronization therapy market is segmented into atrioventricular dyssnchrony, interventricular dyssynchrony, and intraventricular dyssynchrony.
Of these, the cardiac resynchronization therapy pacemaker segment will dominate the market over the forecast period.Based on end user, the cardiac resynchronization therapy market is segmented into academic and research organizations, cardiac specialty centers, and hospitals.
