SAN FRANCISCO, Jan. 27, 2022 /PRNewswire/ -- The global cardiac resynchronization therapy market size is anticipated to reach USD 10.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a lucrative CAGR of 7.3% from 2022 to 2030. The key factors driving the market include constant product advancements, growing initiatives by key companies, and increasing product adoption by end-users. The market was significantly impacted by the COVID-19 pandemic. Some of the major impacts of the pandemic on the market include supply chain disruptions, fall in sales, demand slowdown due to cancellation of elective procedures, and operational hurdles. For instance, Abbott, a market leader in the cardiac rhythm management device industry, reported a decline in revenue growth of the cardiovascular business in 2020.
Key Insights & Findings from the report:
- Rapid technological advancements are among the key trends driving market growth. Increasing geriatric population, sedentary lifestyles, and rapidly increasing prevalence of Cardiovascular Diseases (CVDs) are also stimulating the market growth
- The CRT-D product segment dominated the market in 2021 owing to the high adoption and wider application scope of these devices
- The CRT-P segment is projected to grow at the fastest CAGR over the forecast period owing to the growing indications and high prevalence of heart failure across the globe
- The hospital end-user segment held the largest market share in 2021 as these facilities are the main point of care for CRT device implantation post-diagnosis
- Furthermore, hospitals offer multiple reimbursement facilities for surgery, consultation, treatment, and more, thus driving the product adoption and leading to a higher footfall of patients
Read 106 page market research report, "Cardiac Resynchronization Therapy Market Size, Share & Trends Analysis Report By Product (CRT-defibrillator, CRT-pacemaker), By End User (Hospitals, Cardiac Centers), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Boston Scientific also reported a decline in sales growth across all regions in 2020. By Q3 2021, the company's sales recovered gradually with the cardiac rhythm management segment accounting for USD 1.5 billion in total revenue. Medtronic also reported a negative impact of the COVID-19 pandemic on its fourth-quarter financial results ending April 24, 2020. The company was impacted by postponed elective and semi-elective procedures that use Medtronic products. The reluctance of people to undergo non-COVID-19 emergency procedures affected the company's emergent product lines. However, by 2021, the company returned to positive sales growth.
Its cardiac & rhythm management portfolio sales grew by 11% during a 6-month year-on-year period ending in October 2021. Constant product advancements and initiatives by key market players are expected to propel market growth in the coming years. For instance, in May 2017, Medtronic received FDA clearance for its MR-Conditional Quadripolar CRT-Ps. This extended the company's lineup. In April 2018, MicroPort acquired the cardiac rhythm management portfolio from LivaNova PLC, including Platinum CRT-Ds and Reply CRT-Ps. This established MicroPort CRM as the fifth-largest CRM business globally. In addition, the company strengthened its market position by becoming the market leader in the CRM segment in China.
Grand View Research has segmented the global cardiac resynchronization therapy market on the basis of product, end-user, and region:
- Cardiac Resynchronization Therapy Product Outlook (Revenue, USD Million, 2017 - 2030)
- Cardiac Resynchronization Therapy End-user Outlook (Revenue, USD Million, 2017 - 2030)
- Cardiac Center
- Cardiac Resynchronization Therapy Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- South Africa
- Saudi Arabia
List of Key Players of Cardiac Resynchronization Therapy Market
- Boston Scientific Corp.
- Biotronik SE & Co., KG
- MicroPort Scientific Corp.
Check out more studies related to cardiac therapies and devices, published by Grand View Research:
- Cardiac Surgery Instruments Market – The global cardiac surgery instruments market is projected to grow at a CAGR of 6.6% till 2026. According to the American Heart Association, at least 48.0% of adults have some form of cardiovascular conditions in the U.S. Increasing prevalence of the cardiovascular disease, rising incidence of diabetes, growing healthcare investment, and technological advancements can be attributed to growth.
- Cardiac Rhythm Management Devices Market – The global cardiac rhythm management devices market size was valued at USD 18.1 billion in 2021 and is estimated to expand at a compound annual growth rate (CAGR) of 6.5% from 2022 to 2030. Growing prevalence of various cardiovascular diseases, such as arrhythmia and atrial fibrillation, among others.
- Cardiac Rehabilitation Market – The global cardiac rehabilitation market size was valued at USD 1.46 billion in 2016 and is expected to grow at a CAGR of 6.3% over the forecast period. This growth can be attributed to dynamic technological innovations and advancements.
Browse through Grand View Research's coverage of the Global Medical Devices Industry.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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