Cardiac resynchronization therapy (CRT) is a treatment for heart failure that uses pacemakers and implantable cardioverter-defibrillators to improve the coordination of heartbeats. CRT devices deliver electrical therapy that helps both lower chambers of the heart contract at the same time. The need for CRT devices arises due to the growing prevalence of conditions like coronary heart disease, cardiomyopathy and arrhythmias which leads to improper heart rhythm. CRT aims to improve heart pumping capacity by restoring normal contractions.
The Global Cardiac Resynchronization Therapy Market is estimated to be valued at US$ 4.2 Billion in 2024 and is expected to exhibit a CAGR of 6% over the forecast period 2024-2030. Key Takeaways Key players operating in the Cardiac Resynchronization Therapy are Medtronic, Abbott, Boston Scientific Corporation and MicroPort Scientific Corporation. These players account for majority of the market share owing to technologically advanced and innovative product offerings. The demand for CRT devices is growing owing to increasing prevalence of cardiovascular diseases worldwide and growing geriatric population susceptible to such conditions. As per WHO stats, cardiovascular diseases account for over 17.9 million deaths annually making it the largest cause of mortality globally. Manufacturers are also focusing on expanding their presence in emerging markets of Asia Pacific, Latin America and Middle East & Africa through new product launches, collaboration with regional players and contract manufacturing. This is helping them tap into high growth opportunities in these regions. Market key trends One of the key trends gaining traction in the CRT market is miniaturization of devices. Major players are focusing on developing mini CRT devices that can be easily implanted through minimally invasive surgical procedures. Mini devices offer benefits like reduced complications, shorter hospital stay and faster recovery for patients. Some recently launched mini CRT devices include Medtronic's Micra transcatheter pacing system and Abbott's Ensura MRI pacing lead. The trend towards miniaturization is expected to drive the future adoption of CRT therapy.
Porter’s Analysis Threat of new entrants: Low capital requirements to enter the market but strong incumbent players make it difficult for startups. Bargaining power of buyers: Large hospitals and healthcare facilities have strong bargaining power due to the intensity of pricing negotiations with device manufacturers. Bargaining power of suppliers: Leading players dominate the supply market making it difficult for suppliers to bargain on prices of raw materials and components. Threat of new substitutes: Constant innovation leads to new surgical and drug therapies being introduced that can potentially replace devices over time. Competitive rivalry: Intense competition exists between market leaders requiring continued investment in innovations to sustain leadership position. Geographical Regions North America currently holds the largest share of the CRT market primarily due to supportive reimbursement policies and rapid adoption of advanced treatments. Asia Pacific is poised to grow at the fastest pace during the forecast period driven by improving access to healthcare facilities, rise of medical tourism and initiatives to spread awareness regarding management of cardiovascular disorders.
Get more insights on this topic :
What Are The Key Data Covered In This Cardiac Resynchronization Therapy Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Cardiac Resynchronization Therapy 's growth between 2024 and 2031.
:- Accurate calculation of the size of the Cardiac Resynchronization Therapy and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Cardiac Resynchronization Therapy Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Cardiac Resynchronization Therapy vendors
Writer, has a strong foothold in the market research industry. She specializes in writing well-researched
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
*Note: 1. Source: Coherent Market Insights, Public sources, Desk research 2. We have leveraged AI tools to mine information and compile it
