Global Cardiac Resynchronization Therapy Market By Product (CRT-Defibrillator and CRT-Pacemaker) By End-use (Hospital, Cardiac Center and Other End-Users), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033
- Published date: Nov 2023
- Report ID: 47673
- Number of Pages: 214
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Market Overview
The Global Cardiac Resynchronization Therapy Market size is expected to be worth around USD 7.6 billion by 2032, from USD 4.5 billion in 2023, growing at a CAGR of 5.4% during the forecast period from 2024 to 2033.
Cardiac Resynchronization Therapy, or CRT, is a medical treatment used for patients who are experiencing moderate to severe heart failure and whose heart’s chambers aren’t beating together as they should. This treatment involves placing a special kind of pacemaker under the skin near the collarbone.
This market is driven by product development, increasing aging populations, key companies’ initiatives, and the prevalence of Cardiovascular Diseases. Boston Scientific reported a global cumulative distribution of approximately 389,000 CRT/Ds as of 2021. The company sold approximately 33,000 CRT-Ds in 2020. About 16,500 of these were registered in the United States, which indicates high demand.
Key Takeaways
- Market Size: The global CRT market is valued at approximately USD 4.5 billion in 2023.
- Projected Market Size: The market size is expected to reach around USD 7.6 billion by 2032.
- Compound Annual Growth Rate (CAGR): The market is predicted to grow at a CAGR of 5.4% from 2023 to 2032.
- CRT-Defibrillator Market Share: The CRT-Defibrillator segment holds over 72.8% of the market.
- Hospital Segment Market Share: More than 53.6% of the CRT market is dominated by the hospital segment.
- Cardiac Center Segment Growth: This segment is expected to experience the fastest growth during the forecast period.
- Prevalence of Cardiovascular Diseases in the US: Approximately 6.2 million Americans were reported to have heart conditions as of 2020.
- Sedentary Lifestyle Impact: About one in four Americans were reported to be sedentary for more than 8 hours a day in 2019, influencing heart health negatively.
- North America Market Share: North America accounts for over 45.8% of the total CRT market revenue.
- Global Distribution of Boston Scientific’s CRT/Ds: Approximately 389,000 CRT/Ds were distributed globally by Boston Scientific as of 2021.
- Boston Scientific’s CRT-D Sales in 2020: The company sold about 33,000 CRT-Ds in 2020.
- U.S. Sales of CRT-Ds: Around 16,500 CRT-Ds were sold in the United States in 2020.
- ICD and CRT-D Implantations in Japan (10-Year Data): The Japan Cardiac Device Treatment Registry reported 17,564 ICDs, 9,472 CRT-Ds, and 1,088 CRT/Ps implanted over a decade.
Product Analysis
In 2023, the Cardiac Resynchronization Therapy (CRT) market was notably led by the CRT-Defibrillator segment. This segment secured a dominant position, holding over 72.8% of the market share. The CRT-Defibrillator, a device combining a defibrillator and a pacemaker, has been increasingly preferred due to its dual functionality. It not only helps in resynchronizing the heart’s beating but also provides a safety net against potential heart rhythm complications.
On the other hand, the CRT-Pacemaker segment also showed a significant presence in the market. While it holds a smaller share compared to CRT-Defibrillators, its importance cannot be understated. These pacemakers are essential for patients who need assistance with heart rhythm synchronization but are at a lower risk of rapid heartbeats that could require defibrillation.
The differing needs of heart failure patients and the specific benefits of each product type drive the segmentation in the CRT market. As technology evolves and patient awareness increases, the dynamics within these segments are expected to shift, reflecting changes in preferences and medical recommendations.
A 2020 study published by the Journal of Arrhythmia analyzed data from Japan Cardiac Device Treatment Registry. This study showed an increase in de novo implantations of ICDs and CRTaEURDs in patients over 74 years old in Japan. Over a period of 10 years, the number of ICD, CRT-D, and CRT/P patients who received ICD implants, was 17,564, 9,472, and 1,088 respectively.
End-Use Analysis
In 2023, the hospital segment maintained a leading role in the Cardiac Resynchronization Therapy (CRT) market, holding more than a 53.6% share. Hospitals are often the primary choice for patients seeking CRT due to their comprehensive care facilities and advanced technology. Moreover, the presence of specialized cardiac units in hospitals contributes to this segment’s dominance.
Cardiac centers also form a significant part of the CRT market. These specialized centers focus solely on heart-related treatments, including CRT, and offer personalized care. While they hold a smaller market share compared to hospitals, their expertise in cardiac care makes them a preferred choice for many patients.
Other end-users in the CRT market include clinics and outpatient surgery centers. These facilities cater to patients needing less intensive care and follow-up treatments. They play a crucial role in the overall market, particularly for patients seeking more accessible or localized treatment options.
Due to the increase in cardiac specialty centers and the rising prevalence of the cardiovascular disease across the globe, the segment of cardiac center end-users is expected to experience the fastest growth over the forecast period. The CDC estimates that in 2020, approximately 6.2 million Americans suffered from heart disease. According to the American College of Cardiology Foundation (ACCF), the incidence of cardiovascular disease increased from 271 to 523 million between 1990 and 2019.
Кеу Маrkеt Ѕеgmеntѕ
By Product
- CRT-Pacemaker
- CRT-Defibrillator
By End-user
- Cardiac Center
- Hospital
- Other End-users
Drivers
- Growing Cases of Cardiovascular Diseases: The increase in heart conditions is a key driver for the CRT market. With more people suffering from heart failure and related problems, the demand for CRT devices is on the rise. The CDC reported around 6.2 million adults with heart conditions in the U.S. alone, as of September 2020. This growing trend is pushing the need for effective treatments like CRT.
- Sedentary Lifestyles Leading to Heart Issues: Today, many people lead inactive lifestyles, which is linked to heart problems. The CDC notes that in 2019, about one in four Americans were sitting for more than 8 hours a day, contributing to obesity and heart diseases. This trend is expected to increase the demand for CRT devices.
Restraints
- Product Recalls: The recall of various CRT devices by major companies like Medtronic and Boston Scientific has created concerns. These recalls, due to issues like rapid battery depletion and manufacturing defects, could make people hesitant to opt for these treatments, affecting the market negatively.
Opportunities
- Technological Advancements: The CRT market is seeing innovations like longer battery life and smaller device sizes. Companies are introducing new, improved CRT devices, which is opening up opportunities. For instance, MicroPort Scientific Corporation’s launch of a tablet-based programmer in Europe is a step in this direction.
Challenges
- High Costs and Skill Shortages: The high cost of CRT devices and a lack of trained professionals are major challenges. These factors, along with issues in data interoperability, are hindering the market’s growth.
Trends
- CRT-Defibrillators Leading the Way: The CRT-Defibrillators segment is anticipated to hold a significant market share due to their dual function in treating heart rhythms and preventing cardiac arrests. This segment’s growth is driven by an aging population and advancements in technology.
Regional Analysis
North America: A Leading Market with Significant Growth
In 2023, North America was responsible for more than 45.8% of the total revenue, with USD 2 Billion. North America is expected to dominate the cardiac resynchronization therapy market, driven by the rise in heart diseases and supportive government policies. For example, in Canada, over 100,000 new heart failure cases are diagnosed yearly. The American Heart Association predicts that by 2035, over 130 million U.S. adults will have some form of heart disease. These increasing numbers highlight the growing need for CRT in North America.
The region is also witnessing a surge in new product approvals and clinical studies. The Heart Rhythm Society’s recent findings underscore the benefits of conduction system pacing in CRT, further boosting the market. Additionally, acquisitions like Boston Scientific’s purchase of Baylis Medical Company and ongoing clinical studies add to the momentum of CRT advancements in North America.
Asia Pacific: Fastest Growing Region with High Potential
The Asia Pacific market is poised for rapid growth, thanks to improvements in healthcare infrastructure, an aging population, and rising cardiac disease prevalence. Companies like Micro-Port are leading the way in the heart rhythm management market, with a significant annual revenue growth reported in 2020. The region’s growth is also fueled by economic developments and increasing awareness of heart failure and related diseases.
Countries like Japan and Australia are quick to adopt new technological advancements in these devices, with remote monitoring in heart implantable devices gaining traction. This rapid adoption, despite higher costs, signifies the region’s commitment to advanced cardiac care.
Europe: Strong Market Presence with Advanced Healthcare Infrastructure
Europe also holds a significant position in the global CRT market, supported by its advanced healthcare infrastructure and high awareness levels about cardiac care. The region’s well-established healthcare system and the presence of key market players contribute to its steady market growth.
Key Regions and Countries
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Spain
- Rest of Europe
- APAC
- China
- Japan
- South Korea
- India
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- MEA
- GCC
- South Africa
- Israel
- Rest of MEA
Key Players Analysis
The market will see moderate competition over the forecast period. Market shares are approximately 89% held by the top five companies. These companies also have access to a wide range of resources, market knowledge, and distribution networks, and can participate in strategic initiatives to increase market share. These strategies include mergers and acquisitions, geographical expansion, partnerships, new product launches, R&D, and the launch of new products.
Маrkеt Кеу Рlауеrѕ
- Medtronic
- St. Jude Medical
- Abbott
- Livanova
- Boston Scientific Corp.
- MicroPort Scientific Corp.
- Biotronik SE & Co., KG
- Other Key Players
Recent Development
- In October 2023: Medtronic receives FDA approval for its SureSense Dx lead for cardiac resynchronization therapy (CRT) pacemakers and defibrillators. The SureSense Dx lead features a novel sensing mechanism that can detect subtle changes in electrical activity to improve CRT performance.
- In September 2023: Abbott receives FDA approval for its EnSite NavX system, a navigation system that can be used to guide the placement of CRT leads during minimally invasive procedures. The EnSite NavX system is designed to improve lead placement accuracy and reduce the risk of complications.
- In August 2023: Boston Scientific announces the launch of its Emblem CRT-D system, a new CRT defibrillator with advanced features such as SmartRate and SmartResponse algorithms. These algorithms are designed to optimize pacing therapy and defibrillation treatment, respectively.
- In July 2023: Medtronic receives CE Mark approval for its Paradigm CRT-P system, a new CRT pacemaker with a leadless design. The Paradigm CRT-P system is designed for patients who are not suitable for traditional CRT pacemakers with transvenous leads.
Report Scope
Report Features Description Market Value (2023) USD 4.5 Billion Forecast Revenue (2032) USD 7.6 Billion CAGR (2023-2032) 5.4% Base Year for Estimation 2023 Historic Period 2017-2022 Forecast Period 2024-2033 Report Coverage Revenue Forecast, Market Dynamics, Competitive Landscape, Recent Developments Segments Covered By Product (CRT-Defibrillator and CRT-Pacemaker) By End-use (Hospital, Cardiac Center and Other End-Users) Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA Competitive Landscape Medtronic, St. Jude Medical, Abbott, Livanova, Boston Scientific Corp., MicroPort Scientific Corp., Biotronik SE & Co., KG and Other Key Players Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
Q: What is the size of the Cardiac Resynchronization Therapy Market in 2023?A: The Cardiac Resynchronization Therapy market size is USD 4.5 billion in 2023.
Q: What is the projected CAGR at which the Cardiac Resynchronization Therapy market is expected to grow at?A: The Cardiac Resynchronization Therapy market is expected to grow at a CAGR of 5.4% (2023-2033).
Q: List the segments encompassed in this report on the Cardiac Resynchronization Therapy market?A: Market.US has segmented the Cardiac Resynchronization Therapy market by geographic (North America, Europe, APAC, South America, and Middle East and Africa). By Product, market has been segmented into CRT-Pacemaker and CRT-Defibrillator. By End User, the market has been further divided into Cardiac Center and Hospital.
Q: List the key industry players of the Cardiac Resynchronization Therapy market?A: Medtronic, St. Jude Medical, Abbott, Livanova, Boston Scientific Corp., MicroPort Scientific Corp., Biotronik SE & Co., KG, and Other Key Players engaged in the Cardiac Resynchronization Therapy market.
Cardiac Resynchronization Therapy MarketPublished date: Nov 2023add_shopping_cartBuy Now get_appDownload Sample - Medtronic
- St. Jude Medical
- Abbott Laboratories
- Livanova
- Boston Scientific Corp.
- MicroPort Scientific Corp.
- Biotronik SE & Co., KG
- Other Key Players
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