ALBANY, New York, March 8, 2018 /PRNewswire/ --
The global Cardiac Resynchronization Therapy Systems market was valued at approximately US$ 3.1 Bn in 2016 is projected to register cumulative annual growth rate (CAGR) of over 5.3% from 2017 to 2025, according to a new report published by Transparency Market Research (TMR) titled "Cardiac Resynchronization Therapy Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017-2025". The report suggests that surge in incidences of heart failure is spur the demand of cardiac resynchronization therapy systems in the coming years (2017 to 2025). Increased rate of Cardiac Resynchronization Therapy Pacemaker and Cardiac Resynchronization Therapy Defibrillator implantations in heart failure patients is propelling the Cardiac Resynchronization Therapy Systems Market growth in North America and Western Europe, these regions are likely to account for dominating share of the global cardiac resynchronization therapy systems market. Changing dietary habits and sedentary lifestyle trends in emerging markets such as China and India is likely to boost growth of Asia Pacific cardiac resynchronization therapy systems market during the forecast period of 2017 to 2025.
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Rising Prevalence of Heart Failure is expected to Drive Global Market
Prevalence of heart failure is expected to increase exponentially worldwide due to change in lifestyle and various factors such as malnutrition, genetic mutations, and others. According to various government and private organizations operating in the cardiovascular industry, heart failure is considered one of the top reasons of mortality worldwide. Globally 26 million people are affected by heart failure. Cardiac resynchronization therapy (CRT) systems are used to treat conditions such as heart failure. The cardiac resynchronization therapy system device works by resynchronizing the contractions of heart ventricles by sending the electrical signals to the heart muscle. The device is implanted as a combination of CRT device and a pacemaker, and a CRT and pacemaker and defibrillator helping in better heart pumping and improved blood flow. The CRT device is usually implanted just below the skin in the chest area.
Cardiac Resynchronization Therapy Defibrillator to Contribute Maximum Market Share
The global Cardiac Resynchronization Therapy Systems Market has been segmented based on product type, and geography. Considering the product type the global Cardiac Resynchronization Therapy Systems Market is classified in to major segments- Cardiac Resynchronization Therapy Pacemaker and Cardiac Resynchronization Therapy Defibrillator. Cardiac resynchronization therapy pacemaker (CRT-P) also known as bi ventricular pacing is an implantable cardiac resynchronization therapy (CRT) pacemaker for patients with heart failure. The device monitors the heart's rhythm, detects irregularities and corrects them with electrical impulses. Cardiac resynchronization therapy defibrillator (CRT-D) is implanted in heart failure patients who are at a high risk of sudden cardiac arrest.
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The cardiac resynchronization therapy defibrillator (CRT-D) contributed a share of 92.1% in terms of revenue of the global Cardiac Resynchronization Therapy Systems Market in the year 2016. According to the research presented at the American College of Cardiology's 63rd Annual Scientific Session, patients suffering from mild heart failure who receive a cardiac resynchronization therapy defibrillator (CRT-D) device may live longer than those implanted with a traditional implantable cardioverter defibrillator (ICD). Thus this segment is the major segment contributing the maximum share in terms of revenue to the Global Cardiac Resynchronization Therapy Systems Market.
China is a rapidly expanding market for cardiac resynchronization therapy systems in Asia Pacific.
Geographically, the global Cardiac Resynchronization Therapy Systems Market can be segmented into five key regions: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Based on geographic distribution, North America dominated the global Cardiac Resynchronization Therapy Systems Market followed by Europe in 2016. Advancement in technology and awareness of cardiovascular and associated diseases are the key reasons for growth of Cardiac Resynchronization Therapy Systems Market in these regions. The region accounted for prominent share of the global Cardiac Resynchronization Therapy Systems Market in the same year. China is a rapidly expanding market for cardiac resynchronization therapy systems in Asia Pacific. The country is anticipated to account for maximum share of the market in the region by 2025. According to a study published in Circulation Journal Vol.77, there are 4.2 million people with heart failure in China having a prevalence rate of 1.3% and 500,000 new cases of heart failure are diagnosed every year. The market in the Middle East is in the developing phase, which offers strong expansion potential in the near future due to increasing demand for CRT device implantations. Globally the Cardiac Resynchronization Therapy Defibrillator segment of the Cardiac Resynchronization Therapy Systems Market is expected to dominate the market during the forecast period.
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Key Players such as Medtronic, Boston Scientific Corporation, Abbott are Likely to Continue to Lead the Global Cardiac Resynchronization Therapy Systems Market
The report also provide profiles of leading players operating in the global Cardiac Resynchronization Therapy Systems Market which include Medtronic, Boston Scientific Corporation, Abbott, LivaNova PLC, BIOTRONIK SE & Co. KG and others. Most companies are focusing on new product launch for expanding their business in cardiac resynchronization therapy systems. For instance, LivaNova PLC has announced the launch of next-generation range of implantable cardiac defibrillators (ICDs) and cardiac resynchronization therapy devices (CRT-Ds). These are the major players of Cardiac Resynchronization Therapy Systems Market and exhibit the largest geographical outreach with presence of range of worldwide.
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