Cardiac Resynchronization Therapy Market Size is gearing up for considerable expansion between 2022 and 2028, pushed by the high incidence of cardiac disorders across the globe. According to the 2020 report by the American Heart Association’s Heart & Stroke Statistics, over 356,000 cases account for out-of-hospital cardiac arrests (OHCA) every year across the United States, with about 90% of them being fatal. Cardiac resynchronization therapy (CRT) refers to a treatment for heart failure, whereby a device is implanted for fixing heart rhythm problems. The high success rate of the treatment is paving the way for a strong industry forecast through 2028.
By type, the industry share is segmented into defibrillator devices and pacemaker devices. The cardiac resynchronization therapy defibrillator industry share is slated to gain traction from 2021 to 2028. As these devices are primarily implanted for preventing sudden cardiac arrests, they can prove to be life-saving instruments amongst high-risk patients. Some manufacturers offer products that can record heart rhythms of the patient, so that the doctor can determine whether the device is working efficiently, thereby preventing fatal arrhythmias.
The industry share from cardiac centers is expected to grow significantly through the forecast timeline, owing to the increasing pressure on critical care. Patients can rely on the availability of important resources, such as trained personnel and advanced infrastructure, for faster recovery. With the adoption of telemedicine picking up speed due to the coronavirus pandemic, cardiologists are capitalizing on virtual consultations.
Promoted by the improved life quality experienced by patients, the cardiac resynchronization therapy market share is set to rise substantially through the assessment timeframe. The growing awareness regarding the multiple benefits of cardiac resynchronization therapy market amongst heart patients is boosting pacemaker product adoption, patients feel more confident to pursue activities such as driving, exercise, travel, and other leisure activities, under the guidance of their doctors.
North America cardiac resynchronization therapy market size is expanding at a stable rate, owing the continual progression of R&D activities. The increasing access to massive historical data in the field is supporting research and innovation. In April 2021, the American College of Cardiology (ACC) introduced a suite of cardiovascular data registries for healthcare organizations can measure and enhance their care quality based on existing data. Some major drivers of the regional market include increasing prevalence of cardiovascular disorders, high risk of obesity, rising disposable incomes, and presence of several market players.
As the latest devices promise a lowered risk of complications, including infection after implantation, more patients are undergoing this procedure. Industry participants are launching in-home monitoring systems so that doctors can track the progress of their patients in real-time from a remote location. Abbott Laboratories, Medico S.P.A., Medtronic, Biotronik, Microport Scientific Corporation, and LivaNova Plc are some top CRT device manufacturers.
These companies are adopting organic and inorganic business strategies for claiming a higher market share. In December 2021, China-based Lifetech Scientific Corporation, extended its partnership with Medtronic for delivering domestically manufactured MRI products across China. The HeartTone pacemaker will target the bradycardia patient segment across the nation.
The COVID-19 pandemic has had a positive impact on the market, despite the temporary disruptions in supply chains globally. The cardiac emergency care units of numerous hospitals were overwhelmed with a growing inpatient volume during the COVID-19 upsurge. Industry participants are addressing the demand-supply gap by accelerating production rates.
Thanks to the rising concerns regarding ischemic heart disease, the implantation rate of CRT devices is rising. Investments in CRT device market are likely to expand because survival rates have been declining amongst COVID-19 patients with heart conditions, as per some recent research studies.
Market, by Device Type
Market, by End-use
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