Cardiac Resynchronization Therapy Market Size, Share, Growth Analysis, By Product, By Application (Intraventricular Desynchrony, Interventricular Desynchrony), By End User, By Region - Industry Forecast 2024-2031
Cameron Health(acquired by Emerson Electric Co.)(USA)
Sorin Group(acquired by LivaNova)(Italy)
Guidant Corporation(acquired by Boston Scientific)(USA)
Cyberonics, Inc.(acquired by Abbott)(USA)
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Global Cardiac Resynchronization Therapy Market size was valued at USD 4.1 billion in 2022 and is poised to grow from USD 4.29 billion in 2023 to USD 6.15 billion by 2031, growing at a CAGR of 4.6% during the forecast period (2024-2031).
The cardiac resynchronization therapy market is poised for growth, driven by a rising incidence of target diseases, a surge in heart attack prevalence, increased investment in treatment, and growing healthcare expenditures. Additionally, advancements in technology, modernization of medical equipment, expansion into emerging markets, and a growing geriatric population will further propel market growth. However, challenges such as unfavorable healthcare reforms, heightened risks of surgical site infections, and high sensitivity of devices could restrain this growth, presenting hurdles that need to be addressed during the forecast period. Understanding these dynamics will be crucial for stakeholders looking to navigate the evolving landscape of the cardiac resynchronization therapy market.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Cardiac Resynchronization Therapy market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global Cardiac Resynchronization Therapy Market Segmental Analysis
Global Cardiac Resynchronization Therapy Market is segmented by product, application, end user and region. Based on product, the market is segmented into cardiac resynchronization therapy defibrillators and cardiac resynchronization therapy pacemakers. Based on application, the market is segmented into intraventricular desynchrony, interventricular (V-V) desynchrony and atrioventricular (A-V) desynchrony. Based on end user, the market is segmented into hospitals & cardiac centers, ambulatory surgery centers and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Driver of the Global Cardiac Resynchronization Therapy Market
The Global Cardiac Resynchronization Therapy market is significantly driven by the escalating prevalence of cardiovascular diseases, which continue to pose a serious health challenge worldwide. Sudden cardiac death accounts for nearly half of all fatalities linked to cardiovascular conditions, underscoring the urgent need for effective interventions. Despite advancements in treatment options, the incidence of heart diseases and associated risk factors is on the rise, leading to an increased demand for cardiac resynchronization therapy devices. With heart failure being one of the primary causes of mortality globally, the necessity for innovative therapies is more critical than ever, prompting growth in this market.
Restraints in the Global Cardiac Resynchronization Therapy Market
A significant restraint in the Global Cardiac Resynchronization Therapy market is the issue of product recalls, which can affect consumer confidence and market growth. For example, Boston Scientific Corporation initiated a recall of its INGENIO family of pacemakers and CRT-Ps in June 2022, which included models like the ADVANTIO DR EL, INGENIO DR EL, and VITALIO DR EL. These devices were distributed in the U.S. between November 2016 and August 2022, having been manufactured from September 2016 to December 2018, totaling around 48,000 units. The recall was prompted by concerns that the devices could inadvertently enter safety mode, posing risks to patients' well-being.
Market Trends of the Global Cardiac Resynchronization Therapy Market
The Global Cardiac Resynchronization Therapy (CRT) market is currently experiencing significant growth driven by the rising prevalence of cardiovascular diseases and the need for effective heart failure management. CRT-Defibrillators (CRT-D), which not only promote synchronized heart contractions but also address life-threatening arrhythmias, are becoming increasingly vital in patient treatment strategies. Innovations such as smartphone connectivity and integrated applications are enhancing patient engagement and enabling remote monitoring, further augmenting their appeal. Additionally, advancements in device design, including improved battery life and MRI compatibility, are positioning CRT-D devices as critical tools in modern cardiology, reflecting a robust upward trend in this market.
Table of Contents
Introduction
Objectives of the Study
Scope of the Report
Definitions
Research Methodology
Information Procurement
Secondary & Primary Data Methods
Market Size Estimation
Market Assumptions & Limitations
Executive Summary
Global Market Outlook
Supply & Demand Trend Analysis
Segmental Opportunity Analysis
Market Dynamics & Outlook
Market Overview
Market Size
Market Dynamics
Drivers & Opportunities
Restraints & Challenges
Porters Analysis
Competitive rivalry
Threat of substitute
Bargaining power of buyers
Threat of new entrants
Bargaining power of suppliers
Key Market Insights
Key Success Factors
Degree of Competition
Top Investment Pockets
Market Ecosystem
Market Attractiveness Index, 2023
PESTEL Analysis
Macro-Economic Indicators
Value Chain Analysis
Pricing Analysis
Global Cardiac Resynchronization Therapy Market Size by Product & CAGR (2024-2031)
Market Overview
Cardiac Resynchronization Therapy Defibrillators
Cardiac Resynchronization Therapy Pacemakers
Global Cardiac Resynchronization Therapy Market Size by Application & CAGR (2024-2031)
Market Overview
Intraventricular Desynchrony
Interventricular (V-V) Desynchrony
Atrioventricular (A-V) Desynchrony
Global Cardiac Resynchronization Therapy Market Size by End User & CAGR (2024-2031)
Market Overview
Hospitals & Cardiac Centers
Ambulatory Surgery Centers
Others
Global Cardiac Resynchronization Therapy Market Size & CAGR (2024-2031)
North America (Product, Application, End User)
US
Canada
Europe (Product, Application, End User)
Germany
Spain
France
UK
Italy
Rest of Europe
Asia Pacific (Product, Application, End User)
China
India
Japan
South Korea
Rest of Asia-Pacific
Latin America (Product, Application, End User)
Brazil
Rest of Latin America
Middle East & Africa (Product, Application, End User)
GCC Countries
South Africa
Rest of Middle East & Africa
Competitive Intelligence
Top 5 Player Comparison
Market Positioning of Key Players, 2023
Strategies Adopted by Key Market Players
Recent Developments in the Market
Company Market Share Analysis, 2023
Company Profiles of All Key Players
Company Details
Product Portfolio Analysis
Company's Segmental Share Analysis
Revenue Y-O-Y Comparison (2021-2023)
Key Company Profiles
Medtronic plc (Ireland)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Boston Scientific Corporation (USA)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Abbott Laboratories (USA)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
BIOTRONIK SE & Co. KG (Germany)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Lepu Medical Technology Co., Ltd. (China)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
MicroPort Scientific Corporation (China)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
LivaNova PLC (UK)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Medico S.p.A. (Italy)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Nihon Kohden Corporation (Japan)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Koninklijke Philips N.V. (Netherlands)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Japan Lifeline Co., Ltd. (Japan)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Shree Pacetronix Ltd. (India)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Integer Holdings Corporation (OSCOR Inc.) (USA)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Osypka Medical GmbH (Germany)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
St. Jude Medical, Inc. (acquired by Abbott) (USA)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Accellent Inc. (USA)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Cameron Health (acquired by Emerson Electric Co.) (USA)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Sorin Group (acquired by LivaNova) (Italy)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Guidant Corporation (acquired by Boston Scientific) (USA)