Cardiac Resynchronization Therapy Market 2024 - By Size, Share, Forecast And Trends Analysis Report 2033
The cardiac resynchronization
therapy global market report 2024 from The Business Research Company provides
comprehensive market statistics, including global market size, regional shares,
competitor market share, detailed segments, trends, and opportunities. This
report offers an in-depth analysis of current and future industry scenarios,
delivering a complete perspective for thriving in the industrial automation
software market.
Cardiac Resynchronization Therapy
Market, 2024 report by The Business Research Company offers comprehensive
insights into the current state of the market and highlights future growth
opportunities.
Market Size -
The cardiac resynchronization
therapy market size has grown strongly in recent years. It will grow from $5.89
billion in 2023 to $6.29 billion in 2024 at a compound annual growth rate
(CAGR) of 6.8%. The growth in the historic period can be attributed to growth
in the geriatric population, an increased incidence of heart failure, growth in
investments in R&D for CRT device innovation, increased awareness about the
therapy's benefits, physician training programs, and competitive landscape
dynamics.
The cardiac resynchronization
therapy market size is expected to see strong growth in the next few years. It
will grow to $8.22 billion in 2028 at a compound annual growth rate (CAGR) of
6.9%. The growth in the forecast period can be attributed to the increasing
prevalence of heart failure and cardiac disorders, growth in the geriatric
population, a higher incidence of cardiovascular diseases, the need for CRT
therapy, improvements in pacemakers and defibrillator treatment, and increasing
awareness about CRT therapy. Major trends in the forecast period include the
adoption of CRT-D devices over traditional pacemakers, the integration of
advanced technology, expansion of CRT therapy, the integration of artificial
intelligence, and the adoption of machine learning.
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Scope Of Cardiac
Resynchronization Therapy Market
The Business Research Company's
reports encompass a wide range of information, including:
1. Market Size (Historic and
Forecast): Analysis of the market's historical performance and projections for
future growth.
2. Drivers: Examination of the key
factors propelling market growth.
3. Trends: Identification of
emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the
market into its primary segments and their respective performance.
5. Focus Regions and Geographies:
Insight into the most critical regions and geographical areas influencing the
market.
6. Macro Economic Factors:
Assessment of broader economic elements impacting the market.
Cardiac Resynchronization
Therapy Market Overview
Market Drivers -
The increase in the prevalence of
cardiovascular diseases is expected to propel the growth of the cardiac
resynchronization therapy market going forward. Cardiovascular diseases (CVD)
refer to a category of illnesses that affect the heart and blood vessels.
Cardiovascular disease is increasing owing to a variety of factors, including
aging populations, unhealthy lifestyles, rising tobacco use, sedentary
behavior, and inadequate diets. Cardiac resynchronization therapy (CRT) helps
cardiovascular diseases, such as heart failure, by improving the coordination
of the heart's contractions through the delivery of synchronized electrical
impulses. For instance, in May 2023, according to the Centers for Disease
Control and Prevention, a US-based national public health agency, the number of
people who died from heart disease in the US increased from 690,882 in 2020 to
695,000 in 2021. Therefore, the increase in the prevalence of cardiovascular
diseases is driving the growth of the cardiac resynchronization therapy market.
Rising Healthcare Expenditure
Fuels Growth In Cardiac Resynchronization Therapy Market
The increasing healthcare
expenditure is expected to propel the growth of the cardiac resynchronization
therapy market going forward. Healthcare expenditure refers to the total amount
of money spent on healthcare goods and services within a specific period,
typically on a national or institutional level. Investment in healthcare can
support research and development efforts in the field of cardiac
resynchronization therapy leading to an advancements in technology, improved
access to therapy, and a more comprehensive approach to individuals health and
healthcare systems. For instance, in May 2023, the UK's Office for National
Statistics, a government agency, healthcare spending in the UK increased by
9.4% nominally and 9.7% practically. The total cost of healthcare in the UK in
2021 was $367.25 billion (£280.7 billion), pharmaceutical costs were $51.84
billion (£39.6 billion), and spending on preventative care increased
significantly in 2021, reaching $45.93 billion (£35.1 billion). Therefore, the
increasing healthcare expenditure is driving the growth of the cardiac
resynchronization therapy market.
Market Trends -
Major companies operating in the
cardiac resynchronization therapy market are focused on developing implantable
devices to improve treatment outcomes for heart failure patients. Implantable
devices in cardiac resynchronization therapy (CRT) coordinate the heart's
ventricles' contractions, improving pumping efficiency and managing heart
failure symptoms. For instance, in February 2024, MicroPort Scientific
Corporation, a China-based medical device company, launched the GALI SonR
cardiac resynchronization therapy and defibrillation device (CRT-D), an
implantable device and the Navigo 4LV left ventricular pacing leads in Japan.
This is the first and only CRT hemodynamic sensor designed to automatically
optimize patients once a week and, more crucially, while the patient is active,
allowing real-life optimization. The clinically established SonR algorithm has
shown a 35% risk reduction in heart failure hospitalization, and it will also
help to ensure the well-being and safety of the CRT-D patient.
The cardiac resynchronization
therapy market covered in this report is segmented –
1) By Type: Cardiac
Resynchronization Therapy (CRT)-Defibrillator, Cardiac Resynchronization
Therapy (CRT)-Pacemaker
2) By Age: Below 44 Years,
45-64 Years, 65-84 Years, Above 85 Years
3) By End-Use: Hospitals,
Cardiac Care Centers, Ambulatory Surgical Centers
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Regional Insights -
North America was the largest
region in the cardiac resynchronization therapy market in 2023. Asia Pacific is
expected to be the fastest-growing region in the forecast period. The regions
covered in the cardiac resynchronization therapy market report are
Asia-Pacific, Western Europe, Eastern Europe, North America, South America,
Middle East, Africa.
Key Companies -
Major companies operating in the
cardiac resynchronization therapy market are
Abbott Laboratories, Medtronic plc, Boston Scientific Corporation,
Terumo Corporation, Biotronik SE & Co. KG, Lepu Medical Technology
(Beijing) Co. Ltd., Integer Holdings Corporation, Merit Medical Systems Inc.,
LivaNova PLC, MicroPort Scientific Corporation, Sorin Group, Berlin Heart GmbH,
EBR Systems Inc., Corvia Medical Inc., Recor Medical, Jarvik Heart Inc., Cardiac Dimensions Inc., Farapulse
Inc., Osypka Medical GmbH, Japan Medical Device Corporation , Imricor Medical
Systems Inc., Vascular Dynamics Inc., Svelte Medical Systems, Aleva
Neurotherapeutics, BioSig Technologies Inc.
Table of Contents
1. Executive Summary
2. Cardiac Resynchronization
Therapy Market Report Structure
3. Cardiac Resynchronization
Therapy Market Trends And Strategies
4. Cardiac Resynchronization
Therapy Market – Macro Economic Scenario
5. Cardiac Resynchronization
Therapy Market Size And Growth
…..
27. Cardiac Resynchronization
Therapy Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential
Analysis
30. Appendix
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