Categories: Healthcare

Global Cardiac Resynchronization Therapy Market Outlook Through 2024-2033

Overview and Scope

Cardiac resynchronization therapy (CRT) is a treatment for heart failure that helps to coordinate the contractions of the heart’s ventricles. Cardiac resynchronization therapy uses a biventricular pacemaker to send electrical impulses to the heart muscle, allowing the ventricles to beat in a more synchronized manner. It can improve the symptoms of heart failure, such as shortness of breath and fatigue, and the heart’s overall function.

Sizing and Forecast

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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Segmentation & Regional Insights

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

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.

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Major Driver Impacting Market Growth

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.

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.

Key Industry Players

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.

The cardiac resynchronization therapy market report table of contents includes: