Cardiac Resynchronization Therapy (CRT) Devices Market Size By Product (CRT-P {MRI Compatible CRT-P Devices, Conventional CRT-P Devices}, CRT-D {MRI Compatible CRT-D Devices, Conventional CRT-D Devices}), By Age (Below 44 Years, 45- 64 Years, 65-84 Years, Above 85 Years), By End-use (Hospitals, Cardiac Care Centres, Ambulatory Surgical Centres), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Mar 2020  |  Report ID: GMI4589  |  Authors: Sumant Ugalmugle, Rupali Swain

Report Format: PDF   |   Pages: 200   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry trends

Cardiac Resynchronization Therapy (CRT) Devices Market size valued at USD 2 Billion in 2019 and is estimated to exhibit CAGR of around 5.5% from 2020 to 2026.
 

The CRT devices assist in controlling irregular heartbeat and help increase the efficiency of heart beats. Heart failure is a condition characterized by inefficiency of the cardiac muscle to circulate oxygen and nutrients throughout the body. The two ventricles of the heart contract simultaneously to pump blood, in a healthy heart. Patients with heart failures or arrhythmias require a cardiac resynchronization therapy device for this function.
 

A CRT device consists of a pulse generator and leads. The leads are placed into the heart muscle to deliver electrical impulses produced by the generator. This helps in coordinated contraction of the ventricles, restoring normal function of the cardiac muscle. Cardiac resynchronization devices are of two types, CRT devices pacemakers and cardiac resynchronization therapy devices defibrillators. A growing incidence of cardiac disorders across the globe will boost the market value.
 

Cardiac Resynchronization Therapy (CRT) Devices Market

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Cardiac Resynchronization Therapy (CRT) Devices Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: USD 2,056.6 Million
Historical Data for: 2015 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 5.5% 2026 Value Projection: USD 3,029.1 Million
Pages: 200 Tables, Charts & Figures: 606
Geographies covered (20): U.S., Canada, Germany, UK, France, Spain, Italy, Poland, China, Japan, India, Australia, South Korea, Taiwan, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE
Segments covered: Product, Age and End-use
Companies covered (7): Medtronic PLC, Abbott Laboratories, Biotronik, Boston Scientific Corporation, Microport Scientific Corporation, Medico S.P.A, LivaNova PLC
Growth Drivers:
  • Growing incidence of cardiovascular disorders across the globe
  • Increasing geriatric population across the world
  • Technological advancements in cardiac resynchronization therapy devices
  • Favorable reimbursement scenario
Pitfalls & Challenges:
  • High cost of CRT devices
  • Stringent regulatory scenario

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A global surge in cardiovascular disorders will increase the product demand

Cardiovascular diseases have been rising across the globe due to lifestyle factors such as a sedentary lifestyle. Furthermore, preference for junk food, smoking and unhealthy consumption of alcohol will lead to a rise in the patient pool. The growing patient pool has increased the number of CRT device implantations.
 

For instance, the American Heart Association estimates around 90,000 CRT devices procedures in the U.S. in 2018. Thus, a rising prevalence of heart failure and arrhythmias will drive the CRT devices market expansion.
 

The high cost of cardiac resynchronization therapy devices might be a market limiting factor in the short run. Furthermore, limited reimbursement in the developing nations and a stringent regulatory scenario will impede the industry expansion.
 

Growing geriatric population will boost the demand for CRT-D devices

The cardiac resynchronization therapy devices defibrillators segment held a market value of around USD 1.7 billion in 2019 and will witness lucrative growth in the coming years . A CRT devices defibrillators device is used to address risks of sudden cardiac death in patients. The device functions as a normal pacemaker and can treat arrhythmias that lead to cardiac arrest. Hence, above-mentioned factors will enhance the market revenue.
 

A growing geriatric population coupled with extended lifespan will boost the market demand. According to the World Health Organization, number of people aged 60 or older is expected to double by 2050. Geriatric individuals are at a high risk for sudden cardiac death; thus, an increasing geriatric population will augment the CRT devices market growth.
 

The MRI compatible segment will expand at 9.5% through 2026. Growing technological advancements and ease of undergoing an MRI scan will boost the segment growth.
 

Growing incidence of cardiac disorders in younger patients will propel market growth

Patient segment below 44 years of age will lead the market with a CAGR of 7.1% between 2020 and 2026. Increasing incidence of obesity and subsequent heart disorders in younger patients will boost the market size. Increasing preference for junk food, rising adoption of smoking and aversion to physical lifestyle will contribute to the rise in younger patients.
 

The 45-64 year patient segment will account for nearly 24% of the market share in 2019 and will exhibit substantial growth throughout the forecast timeframe. According to the National Centre for Biotechnology Information (NCBI), cardiac resynchronization therapy devices use in older adults is rising significantly. Growing stress, smoking and alcohol consumption among the late middle-aged population has contributed to this increase.
 

Growing demand for cardiac specialists will push CRT devices market demand from cardiac care centers

Global Cardiac Resynchronization Therapy Devices Market By End-use

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The cardiac care centres will be the fastest growing segment, exhibiting 5.7% CAGR till 2026. Cardiac care centres focus on cardiac procedures and have professional cardiac surgeons on staff. Hence, the aforementioned factors will boost the number of surgeries carried out in cardiac care centres, augmenting market growth.
 

Ambulatory surgical centres (ASCs) accounted for nearly 39% market share in 2019 and will exhibit robust growth in the future. The reduced cost of surgeries at ASCs, and relatively lower cost of surgeries at ASCs will increase the number of procedures carried out. Furthermore, the growing ASC market will account for increased demand.
 

Growing obesity in the European region will be a positive impact rendering factor

Europe Cardiac Resynchronization Therapy Devices Market

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Europe CRT devices market held a market value of around USD 800 million in 2019 and will witness steady growth during the forecast period. The growth can be attributed to growing obesity and rising incidence of cardiovascular diseases in the Europe region. A growing sedentary lifestyle has led to a rise in obesity and the arising cardiac disorders will result in boosting the patient pool. Furthermore, presence of key market players and the high rate of technology adoption in the market will boost the regional industry growth.
 

UK will lead the Europe market with a 6.4% growth till 2026. The growth can be attributed to high prevalence of obesity in the country. According to the National Health Society (NHS), nearly 30% of adults in the UK were classified as obese in 2018. Furthermore, this was an increase of 26% from 2017. A growing number of obese individuals will boost the incidence of cardiovascular diseases.
 

Novel product launches by leading industry players will drive market growth

Major players in the industry are Medtronic, Abbott, Boston Scientific Corporation, Microport Scientific Corporation, and Biotronik. The market players are focusing on innovative product launches, collaborations, and acquisitions in a bid to capture market share and increase sales in the price sensitive industry.
 

Recent industry developments:

  • In May 2017, Boston Scientific announced the U.S. FDA approval for their Resonate family of CRT-Defibrillator systems. This will enable Boston Scientific to launch their innovative products in the U.S. industry, increasing their market revenue share.
     
  • In May 2017, Medtronic announced FDA approval for their MR-Conditional CRT-Pacemakers. These are MRI compatible pacemakers, the first in the U.S. market, this will enable Medtronic to avail first mover advantage in the U.S. industry.  
     

The cardiac resynchronization therapy devices market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and volume in terms of Units from 2015 to 2026, for the following segments:
 

Market by Product, 2015 – 2026 (USD Million and Units)

  • CRT-Pacemakers
    • MRI Compatible CRT-P Devices
    • Conventional CRT-P Devices
  • CRT-Defibrillators
    • MRI Compatible CRT-D Devices
    • Conventional CRT-D Devices

Market by Age, 2015 – 2026 (USD Million and Units)

  • Below 44 years
  • 45-64 years
  • 65-84 years
  • Above 85 years

Market by End-use, 2015 – 2026 (USD Million and Units)

  • Hospitals
  • Cardiac Care Centers
  • Ambulatory Surgical Centers

The above information is provided for the following geographies:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Poland
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Taiwan
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East and Africa
    • South Africa
    • Saudi Arabia
    • UAE
       

Frequently Asked Questions (FAQ) :

The market size of CRT devices valued at USD 2 Billion in 2019.
The industry share of CRT devices is estimated to exhibit CAGR of around 5.5% from 2020 to 2026.

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Premium Report Details

  • Published Date: Mar 2020
  • Pages: 200
  • Tables: 592
  • Charts / Figures: 14
  • Companies covered: 7
  • Countries covered: 20

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