Cardiac Resynchronisation Therapy (CRT) Devices Market - By Product (CRT-P, CRT-D), By Age (Below 44 Years, 45- 64 Years, 65-84 Years, Above 85 Years), By End-use & Forecast, 2023 – 2032
Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationCardiac Resynchronisation Therapy (CRT) Devices Market - By Product (CRT-P, CRT-D), By Age (Below 44 Years, 45- 64 Years, 65-84 Years, Above 85 Years), By End-use & Forecast, 2023 – 2032
Cardiac Resynchronisation Therapy Devices Market Size
Imagine you're having trouble keeping your heartbeat in a steady rhythm. That's where Cardiac Resynchronisation Therapy (CRT) devices come in. They're like tiny pacemakers that help your heart beat in a more coordinated way. In 2022, the market for CRT devices was worth about $3.2 billion. And guess what? It's expected to grow even bigger over the next decade, by more than 5.9% each year! Why is this market growing so fast? Well, there are a few reasonsMore and more people are developing heart problems. As we get older, our hearts tend to slow down and become less regular. Doctors are getting better at making these devices, and they're becoming more effective. For example, in the United Kingdom alone, there are an estimated 620 million people living with heart problems. That's a lot of people who could benefit from CRT devices! So, as more people need these devices and as they become more advanced, the market for CRT devices is going to keep growing.
Cardiac Resynchronization Therapy (CRT) devices are medical implants designed to treat heart failure in certain individuals. These devices are typically pacemakers or implantable cardioverter-defibrillators (ICDs) that are equipped with additional features to synchronize the contractions of the heart's ventricles. CRT devices work by sending precisely timed electrical signals to both the left and right ventricles. This synchronized contraction can enhance the heart's pumping ability and alleviate symptoms associated with heart failure.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Cardiac Resynchronisation Therapy Devices Market Size in 2022 | USD 3.2 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 5.9% |
| 2032 Value Projection | USD 5.6 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 230 |
| Tables, Charts & Figures | 319 |
| Segments covered | Product, Age, End-use and Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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For folks without health insurance in the U.S. or those living in other parts of the world, the price of cardiac resynchronization therapy (CRT) devices is a huge barrier. The devices themselves cost a hefty sum – anywhere from $17,000 to $40,000 or more, depending on the type, where you live, and how long it takes to implant them. And that's not including the costs of surgery, follow-up care, and remote monitoring. Even though CRT devices have proven to be effective, they're just too expensive for many people. This is a major problem for both healthcare professionals and patients, as it limits the number of people who can benefit from this life-saving treatment.
COVID-19 Impact
The onset of the COVID-19 pandemic was an unprecedented event impacting public health and led to an incremental surge in the number of hospitalizations. The subsequent travel restrictions and supply chain challenges led to substantial disruptions in availability & access to a wide range of healthcare services. The COVID-19 pandemic also had a detrimental impact on the medical ecosystem, pushing widespread reallocation of healthcare personnel. However, despite the obstacles presented by the pandemic, the implantation of cardiac resynchronisation therapy devices remained an indispensable procedure for individuals facing life-threatening heart conditions. Hospitals and healthcare providers made necessary adjustments to ensure the continuity of these crucial procedures while implementing appropriate safety measures.
Cardiac Resynchronisation Therapy Devices Market Trends
Technological advancements in the Cardiac Resynchronization Therapy (CRT) devices industry have significantly transformed the landscape of managing heart failure in recent years. The introduction of advanced CRT devices and their integration into the treatment of patients with cardiac disorders is poised to drive accelerated product adoption.
- Technological advancement allows for the integration of adaptive algorithms within CRT devices. These algorithms continuously analyze the patient's cardiac rhythm and adjust the pacing settings in real-time. For instance, Medtronic’s Viva XT CRT-D utilizes the AdaptiveCRT algorithm, an innovative feature that continuously assesses the heart's electrical activity. This adaptability allows for personalized therapy, ensuring optimal synchronization of the heart's chambers. Such advancements contribute to more effective treatment, as the device can dynamically respond to the changing needs of the patient.
- Moreover, advancements in battery technology have significantly extended the lifespan of CRT devices. The prolonged battery life translates to fewer device replacements, mitigating the inconvenience and risks associated with surgical procedures. This not only enhances patient satisfaction but also contributes to long-term cost-effectiveness.
- Furthermore, the introduction of leadless CRT technology represents a breakthrough in device design. Traditional CRT devices involve the placement of leads into the heart, posing potential risks. Leadless CRT devices eliminate the need for intracardiac leads, potentially reducing complications and improving overall patient comfort. Thus, ongoing technological enhancements in CRT devices focused on personalization, remote monitoring, extended battery life, and innovative leadless designs will augment the industry growth in the projected timeframe.
Cardiac Resynchronisation Therapy Devices Market Analysis
Based on product, the market is segmented into CRT-pacemakers and CRT-defibrillators. The CRT-defibrillators segment garnered around USD 2.6 billion in revenue in 2022 and is expected to foresee a healthy growth trend over the analysis timeline. The increasing adoption of CRT-D devices can be attributed to several factors, including a growing elderly population with a higher incidence of cardiac disorders, continuous advancements in pacemaker technology, heightened awareness among both patients and healthcare providers, and the availability of less invasive implantation procedures among others.
- The prevalence of cardiac disorders tends to increase with age, and as the global population ages, there is a higher incidence of heart-related conditions. The growing elderly population, particularly susceptible to cardiac issues, contributes to the increased adoption of CRT-D devices. For instance, according to the Australian Institute of Health and Welfare, in 2021, an estimated 571,000 Australians aged 18 and over were living with CHD. The prevalence of CHD increases rapidly with age, affecting around 1 in 9 adults aged 75 and over in Australia.
- Moreover, increased awareness among both patients and healthcare providers about the benefits of CRT-D therapy contributes to a higher adoption rate. Education and information dissemination regarding the effectiveness of these devices in managing cardiac conditions lead to more informed decision-making by patients and healthcare professionals. Thus, numerous advantages associated with the product will augment the market revenue.
Based on end-use, the market is segmented into hospitals, cardiac care centers, and ambulatory surgical centers. The hospitals segment held a significant share in 2022 and is projected to reach more than USD 2.5 billion by 2032. The increased utilization of cardiac resynchronisation therapy devices in hospital settings, which offer swift and reliable outcomes, is predicted to drive patient preference for these healthcare facilities.
- Hospitals, being the epicenter of diagnostic, therapeutic, and management services for cardiac conditions, are instrumental in driving the adoption and utilization of cardiac resynchronization therapy devices. The preference for hospital-based care in the treatment of cardiovascular disorders, coupled with the availability of specialized cardiac care units within these institutions, significantly impacts the demand for advanced cardiac resynchronization therapy solutions.
- Moreover, the presence of trained healthcare professionals, cutting-edge healthcare infrastructure, and the comprehensive nature of care provided in hospitals align seamlessly with the complex requirements of cardiac resynchronization therapy. This, coupled with the increasing prevalence of cardiovascular diseases and related conditions, is likely to lead to a surge in patient visits to hospitals, consequently driving revenue growth within the hospital segment of the market.
Based on age, the market is segmented below 44 years, 45-64 years, 65-84 years, and above 85 years. The 65-84 years segment held a dominant market share and was valued at USD 1.8 billion in 2022. This is primarily attributable to the growing incidence of cardiac disorders with increasing age, contributing to the expansion of the CRT devices market.
- This demographic, characterized by a higher susceptibility to cardiac conditions, has witnessed a surge in demand for advanced cardiac care solutions. The prevalence of heart-related disorders within this age bracket has fueled the adoption of CRT devices, which offer effective management of cardiac rhythm abnormalities. For instance, as per the Centers for Disease Prevention and Control (CDC), in 2019, 7.1% of adults in the U.S. aged 45 to 64 years reported having coronary heart disease (CHD) compared with 17% of adults aged 65 years and older.
- Moreover, continuous advancements in CRT technology, addressing the unique healthcare needs of the aging population, have further stimulated market growth. Thus, the increasing geriatric population suffering from cardiovascular diseases around the world will stimulate the segmental progression during the forecast period.
U.S. dominated the North American cardiac resynchronisation therapy devices market with a significant market share in 2022 and is anticipated to expand at a notable pace to reach more than USD 2 billion by 2032.
- This dominant market share in the cardiac resynchronization therapy devices market can be attributed to various factors such as the presence of key industry players, increasing demand for cardiovascular devices, and the growing geriatric population among others. The escalating incidence of cardiovascular conditions, along with a notable increase in hospital admissions across the country, serves as a driving force for market expansion.
- For instance, according to the Centers for Disease Prevention and Control (CDC) statistics, in 2020, cardiac disease was the leading cause of mortality in the U.S., accounting for around 697,000 deaths. Moreover, heart diseases are estimated to cost USD 219 billion every year to the U.S. Thus, the significant disease burden, high prevalence, & mortality rate are set to drive cardiac resynchronisation therapy devices industry growth in the region.
Cardiac Resynchronisation Therapy Devices Market Share
The cardiac resynchronisation therapy devices industry is consolidated in nature, with companies competing to offer superior cardiac resynchronisation therapy devices in this business space. Prominent players such as Medtronic plc, Boston Scientific Corporation, and Abbott hold a significant share in this market. These companies are diligently directing their efforts towards continuous type innovation to gain substantial market share.
Some of the eminent market participants operating in the cardiac resynchronisation therapy devices industry include
- Medtronic PLC
- Abbott Laboratories
- Biotronik
- Boston Scientific Corporation
- Microport Scientific Corporation
- Medico S.p.A
- LivaNova PLC
Cardiac Resynchronisation Therapy Devices Industry News
- In March 2019, BIOTRONIK announced the European market release of the world’s smallest ICD and CRT-D devices that are approved for 3 Tesla (3T) full-body MRI scans. Besides their body-friendly shape, these devices feature an extended battery life, with up to 15 years for ICDs and nine years for CRT-Ds. This product launch helped the company to enhance their cardiac resynchronisation therapy devices product portfolio and generate increased business revenue.
- In February 2020, Abbott announced it has received CE Mark for the new Gallant implantable cardioverter defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D) devices. The devices offer new opportunities for patient engagement and remote monitoring through new smartphone connectivity and connected applications. This approval helped the company increase their market share and revenue generation in the European market.
Cardiac resynchronisation therapy devices market research report includes an in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD (million) and volume in Units from 2018 to 2032 for the following segments
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Market, By Product
- CRT-Pacemakers
- MRI Compatible CRT-P Devices
- Conventional CRT-P Devices
- CRT-Defibrillators
- MRI Compatible CRT-D Devices
- Conventional CRT-D Devices
Market, By Age
- Below 44 years
- 45-64 years
- 65-84 years
- Above 85 years
Market, By End-use
- Hospitals
- Cardiac care centers
- Ambulatory surgical centers
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
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