Cardiac Resynchronization Therapy Market

Global Cardiac Resynchronization Therapy Market; By Product Type (Cardiac Resynchronization Therapy Defibrillator and Cardiac Resynchronization Therapy Pacemaker, and others), By End User (Hospitals & Cardiac Centers and Ambulatory Surgery Centers, and others), By Region (North America, Europe, the Asia-Pacific, the Middle-East & Africa, and Latin America) Trend Analysis, Competitive Market Share & Forecast, 2017-2027

  • Published Date: August 2021
  • Report ID: BWC2116
  • Available Format: PDF
  • Page: 200

Report Overview

Global Cardiac Resynchronization Therapy market was worth USD 4.3 Billion in 2020 and is further projected to reach USD 6.2 Billion by 2027, at a CAGR of 4.6% during 2021-2027 (forecast period). The market has grown exponentially over the years due to the increased prevalence of cardiovascular diseases across the globe.

The Global Cardiac Resynchronization Therapy market was worth USD 4.3 Billion in 2020 and is further projected to reach USD 6.2 Billion by 2027, at a CAGR of 4.6% during 2021-2027 (forecast period). The market has grown exponentially over the years due to the increased prevalence of cardiovascular diseases across the globe. Several factors contribute to the high rate of cardiac diseases, including the increasing elderly population and the sedentary lifestyle of most urban dwellers.The global cardiac resynchronization treatment (CRT) market has grown significantly as a result of breakthroughs in CRT devices as well as advancements in healthcare.However, several challenges are facing the market, including high product costs, a shortage of skilled health professionals, government regulations, and reduced consumer demand due to COVID-19.

 

Source: BlueWeave Consulting

Cardiac Resynchronization Therapy Market Overview

Cardiac resynchronization therapy (CRT), also known as biventricular pacing, is a cardiac treatment procedure. It is performed to correct the heart’s rhythm and any symptoms associated with arrhythmia, i.e., irregular heart rhythm. In cardiac resynchronization therapy, a pacemaker is implanted near the left and right ventricles of the heart, with three wires attached to it to monitor heart irregularities.The CRT can correct them by emitting small pulses of electricity. Thus, this therapy is called resynchronization of the heart. Almost 3 million people across the globe are living with a pacemaker, and every year, about 600,000 pacemakers are being implanted to treat bradycardia patients. The increasing elderly population worldwide is driving the global cardiac resynchronization market.However, consumers are unable to fully adopt the market due to stringent government regulations and inadequate healthcare reimbursement policies.

 

Cardiac Resynchronization Therapy Market Trends

Growth Drivers

Prevalence of Cardiovascular Disorders Driving Market Globally

As a result of a large number of cardiovascular cases around the globe over the past decade, the cardiac resynchronization therapy market has grown significantly, since it is necessary to treat heart arrhythmias. Approximately 315 of all deaths worldwide are caused by cardiovascular diseases, according to the WHO.Sedentary lifestyles are also associated with increased blood pressure, thereby contributing to heart disease.Another factor driving the market growth is the rising volume of the elderly population. As informed by J.Rod Gimbel, M.D, a cardiac electrophysiologist at Cardiology Associates of East Tennessee, most patients with pacemakers are over the age of 65. As a result of their high susceptibility to cardiac disorders, CRT has become a necessity among them to facilitate heart activity.

Innovative Solutions Leading to Higher Product Adoption

It was in 2016 that the FDA cleared advanced pacemaker products for use in MRI environments. The new ImageReady MR- Conditional Pacing Systems includes the Allocade MRI and EssentioMri pacemakers and the new Ingevity MRI pacing leads. The heart resynchronization therapy market has been widened by such technological innovations across the health sector.With increased funding from public and private organizations, CRT advancements have led to increased adoption among consumers.Technologies like patient health tracking and monitoring through pacemakers, longer battery life, data recording functionality, and leadless pacemaker systems have further revolutionized the cardiac resynchronization market.

Restraints

High Cost of Cardiac Resynchronization Therapy Challenging Market Growth

The cardiac resynchronization therapy market is quite expensive, making it unaffordable to many patients, even if their situation is grave. The average cost of a pacemaker is USD 6,250. Thus. the high product price is a challenge to the growth of the market. Defibrillators and pacemakers are needed to be replaced every three to seven years. According tothe Implantable Cardioverter Defibrillators(ICD) registry, the average procedure and device replacement cost are about USD 37,000, excluding the physician and anesthesia fees. This further increases the expenditure on CRT. Since many countries don't have proper medical reimbursement policies, many patients cannot afford cardiac resynchronization.Moreover, since CRT is an invasive procedure, there is a risk associated with the surgical site infection, which is also an additional restraining factor to the cardiac resynchronization therapy market.

 

Impact of COVID-19

During the outbreak of the COVID-19, a majority of invasive and surgical procedures have been canceled/postponed due to the risk of virus exposure. Also, since most healthcare resources and the workforce are involved in COVID-related cases, many cardiac-related cases have taken a backseat. Consequently, the cardiac resynchronization market underwent a significant downfall. The cardiology report of 2020 found that temporary pacemaker patients are 2.5 times more likely to develop a COVID-19 infection before permanent implantation than permanent pacemakers.This fear of infection has reduced consumer demand for CRT during the pandemic period. Furthermore, nationwide lockdowns in many countries, suspension of trade activities, and restrictions on travel have also led to low production and distribution of cardiac resynchronization therapy market across the globe during the COVID-19 pandemic.

 

Cardiac Resynchronization Therapy Market- By Product Type

In terms of product types, the cardiac resynchronization therapy (CRT) market is segmented into CRT defibrillators, CRT pacemakers, and others. The cardiac resynchronization therapy implantable pacemaker segment captured the largest market share in 2020 and is further anticipated to grow during the forecast period. It is estimated that by the year 2023, the number of pacemaker implantations will rise to 1.43 million units worldwide. The factors driving the growth of this segment are reduced post-surgical complications and the presence of multiple leads, which provide better aid to an arrhythmic heart. Additionally, technological advancements in this segment, such asincorporating Bluetooth technology and data tracking facility, have promoted its use among consumers.

Cardiac Resynchronization Therapy Market- By End-Users

Based on end-users, the cardiac resynchronization therapy market is divided into hospital & cardiac sectors, ambulatory surgical centers, and others. The hospitals & cardiac centers segment held the highest share of the global market. The growing number of intensive and critical care units is driving the growth of the cardiac resynchronization therapy market among hospitals and cardiac centers.This has led to an increase in the adoption of invasive and surgical procedures to treat cardiovascular diseases. It is noteworthy to mention that the Indian government has exempted the use of specific materials to manufacture pacemaker devices, which has reduced its cost by 5-10%. This dip in cost means a saving of Rs 2,250-7,500. This reduced-price margin due to favorable government regulations and the availability of reimbursement policies has increased the adoption of CRT devices in the hospital segment.

 

Cardiac Resynchronization Therapy Market- Regional Insights

The Cardiac Resynchronization Therapy market is categorized into North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. North America dominated the market in 2020 with the largest share.  The factor for increased market share in this region is the high healthcare expenditure by the government. Approximately 18% of the GDP of the United States is spent on healthcare, medical devices, surgeries, and other facilities.As a result, cardiac resynchronization therapy has gained more consumer acceptance across North America.Additionally, the rising technological advancements and FDA approvals for new products in the CRT field have also increased the market's popularity among its end-users. For instance, the USFDA (U.S. Food and Drug Administration) approved the launch of Abbott’s new product Gallant, an implantable CRT device with longer battery life and MRI compatibility.

However, the Asia-pacific region has been predicted to contribute the largest share to the cardiac resynchronization therapy market during the forecast period. Due to the widespread sedentary lifestyle and the elderly population in this region, an increased prevalence of cardiovascular disorders has driven the growth of the market.A favorable healthcare reimbursement policy in Japan, as well as a reduction in price margin for pacemakers by the Indian government, also contributed to the growth of the CRT market in Asia-Pacific.Increasing awareness about the risk of arrhythmic disorders, improvements in healthcare facilities, and rising disposable incomes have also promoted the penetration of the cardiac resynchronization therapy market in this region.

 

Source: BlueWeave Consulting

 

Competitive Landscape

The cardiac resynchronization therapy market is highly competitive, dominated by few established players. The key players operating in the market are Abbott Laboratories, BIOTRONIK, Boston Scientific Corporation, Lepu Medical Technology Co. Ltd., MEDICO S.p. A., Medtronic Plc, Microport Scientific Corporation,Shree Pacetronix Ltd., St. Jude Medical, LivaNovaPlc.,Nihon Kohden Corporation, Koninklijke Philips N.V., Japan Lifeline Co. Ltd., Merit Medical System, Osypka Medical GmbH, OSCOR Inc., Johnson & Johnson Services Inc., Aetna Inc., Elkem ASA, BG Medicine, and other prominent players.To maintain competition, players invest in research and development plans to launch novel therapy products. The main strategies they employ to stay at the top of the market are acquisitions and mergers, literacy programs to broaden consumer exposure, partnerships with government agencies, and technological advancements.

 

Recent Developments

  • In May 2021, Cardiology Advisor reported that the use of cardiac resynchronization therapy defoliators has reduced the all-cause mortality rate for heart failure patients suffering from non-ischemic cardiomyopathy.
  • In October 2020, Medtronic launched the Azure, a pacemaker with Bluesync technology. This product can communicate directly with smartphones and tablets.

Scope

 

Attribute

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Billion

Market Coverage

The U.S., Canada, Germany, the U.K., France, Italy, Spain, Russia, Brazil, Mexico, Argentina, Japan, South Korea, China, India, Australia, UAE, South Africa, Saudi Arabia.

Product/Service Segmentation

By Product Type, By End-User, and By Region.

Key Players

Key players in the market include Abbott Laboratories, BIOTRONIK, Boston Scientific Corporation, Lepu Medical Technology Co. Ltd., MEDICO S.p. A., Medtronic Plc, Microport Scientific Corporation,Shree Pacetronix Ltd., St. Jude Medical, LivaNovaPlc.,Nihon Kohden Corporation, Koninklijke Philips N.V., Japan Lifeline Co. Ltd., Merit Medical System, Osypka Medical GmbH, OSCOR Inc., Johnson & Johnson Services Inc., Aetna Inc., Elkem ASA, BG Medicine, and other prominent players.

 

By Product Type

  • Cardiac Resynchronization Therapy Defibrillators
  • Cardiac Resynchronization Therapy Pacemakers
  • Others

By End-User

  • Hospitals & Cardiac Centers
  • Ambulatory Surgery Centers
  • Others

By Region

  • North America
  • Europe
  • The Asia-Pacific
  • Latin America
  • The Middle-East & Africa

 

FAQs:

  1. What is the current size of the Global Cardiac Resynchronization Therapy market?

Answer: TheCardiac Resynchronization Therapy market reached USD 4.3 Billion in 2020 across the globe.

  1. What are the major factors driving the growth of the Cardiac Resynchronization Therapy market?

Answer: The increased prevalence of cardiovascular disorders across the globe is one of the key market drivers.The demand for this market has also increased as a result of increasing healthcare expenditures and technological advancements.

  1. Who are the key players in the Global Cardiac Resynchronization Therapy market?

Answer: The key players in the global market include Abbott Laboratories, BIOTRONIK, Boston Scientific Corporation, Lepu Medical Technology Co. Ltd., MEDICO S.p. A., Medtronic Plc, Microport Scientific Corporation,Shree Pacetronix Ltd., St. Jude Medical, LivaNova Plc. , Nihon Kohden Corporation, Koninklijke Philips N.V., Japan Lifeline Co. Ltd., Merit Medical System, Osypka Medical GmbH, OSCOR Inc., Johnson & Johnson Services Inc., Aetna Inc., Elkem ASA, BG Medicine, and other prominent players.

  1. Which segment accounted for the largest share in the Global Cardiac Resynchronization Therapy market?

Answer: The Cardiac Resynchronization Therapy Pacemakers segment accounted for the largest share in the global Cardiac Resynchronization Therapy market.

  1. Which region is growing at a higher rate in the Global Cardiac Resynchronization Therapy market?

Answer: The Asia-Pacific region is growing at a higher rate in the global Cardiac Resynchronization Therapy market.