Cardiac Resynchronization Therapy Market (By Type: CRT-Pacemaker, CRT-Defibrillator; By End User: Cardiac Center, Hospital, Other End-users)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

The global Cardiac Resynchronization Therapy market size was estimated at USD 6.8 billion in 2021 and is expected to surpass around USD 12.5 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 7% during the forecast period 2022 to 2030.

Key Takeaways:

  • By end user, North America cardiac resynchronization therapy market was valued at USD 2.92 billion in 2021.
  • By end user, the hospital segment has contributed highest market share of over 53% in 2021.
  • On the basis of products, the CRT-defibrillators segment has garnered market share of over 60% in 2021.
  • North America region gas contributed market share of over 39% in 2021.
  • Asia Pacific region will reach at USD 2,488 Million out of 2030 at a CAGR of 9.2% during the figure time period.

Growing product developments, aging population, initiatives by key companies, and prevalence of Cardiovascular Diseases (CVDs) are some of the key drivers of this market. Boston Scientific, for instance, reported cumulative distribution of around 389,000 CRT-Ds globally as of January 2021. During 2020, the company sold around 33,000 CRT-Ds; out of which, about 16,500 were registered in the U.S., which is indicative of high demand. The COVID-19 pandemic adversely impacted the market with declined demand and sales. This was due to pandemic-induced deferred or canceled elective procedures, delays in clinical trials, supply chain challenges, and reduced sales and marketing activities.

The key factors driving the market include constant product advancements, growing initiatives by key companies, and increasing product adoption by end-users. The market was significantly impacted by the COVID-19 pandemic. Some of the major impacts of the pandemic on the market include supply chain disruptions, fall in sales, demand slowdown due to cancellation of elective procedures, and operational hurdles. For instance, Abbott, a market leader in the cardiac rhythm management device industry, reported a decline in revenue growth of the cardiovascular business in 2020.

Boston Scientific also reported a decline in sales growth across all regions in 2020. By Q3 2021, the company’s sales recovered gradually with the cardiac rhythm management segment accounting for USD 1.5 billion in total revenue. Medtronic also reported a negative impact of the COVID-19 pandemic on its fourth-quarter financial results ending April 24, 2020. The company was impacted by postponed elective and semi-elective procedures that use Medtronic products. The reluctance of people to undergo non-COVID-19 emergency procedures affected the company’s emergent product lines. However, by 2021, the company returned to positive sales growth.

Its cardiac & rhythm management portfolio sales grew by 11% during a 6-month year-on-year period ending in October 2021. Constant product advancements and initiatives by key market players are expected to propel market growth in the coming years. For instance, in May 2017, Medtronic received FDA clearance for its MR-Conditional Quadripolar CRT-Ps. This extended the company’s lineup. In April 2018, MicroPort acquired the cardiac rhythm management portfolio from LivaNova PLC, including Platinum CRT-Ds and Reply CRT-Ps. This established MicroPort CRM as the fifth-largest CRM business globally. In addition, the company strengthened its market position by becoming the market leader in the CRM segment in China.

Report Scope of the Cardiac Resynchronization Therapy Market

Report Coverage

Details

Market Size in 2022

USD 7.28  Billion

Market Size by 2030

USD 12.5 Billion

Growth Rate from 2022 to 2030

CAGR of 7% from 2022 to 2030

Largest Market

North America

Fastest Growing Market

Asia Pacific

Base Year

2021

Forecast Period

2022 to 2030

Segments Covered

 By Type, End User, and Region,

Companies Mentioned

  •  Osypka Medical GmbH
  • Jude Medical
  • Japan Lifeline Co., Ltd.
  • Koninklijke Philips N.V.
  • Medico S.p.A
  • BIOTRONIK SE & Co. KG
  • Boston Scientific Corporation

 

Type Insights

On the basis of products, the global market has been bifurcated into CRT-defibrillators and CRT-pacemakers. The CRT-defibrillators product segment accounted for the largest share of more than 60% of the global revenue in 2021. The CRT-pacemakers segment, on the other hand, is expected to grow at the fastest CAGR during the forecast period. This is owing to the increasing geriatric population across the globe, the prevalence of cardiac conditions, and product advancements by key market players.

A 2020 study published in the Journal of Arrhythmia extracted and analyzed data from Japan Cardiac Device Treatment Registry (JCDTR). The study found an increasing trend in the percentage of de novo implantation of ICDs, CRT‐Ds, and CRT‐Ps in patients aged 75 years and above in Japan. The number of patients that received ICD implants, CRT-D implants, and CRT-P implants was found to be 17,564, 9,470, & 1,087 respectively, over 10 years.

End-user Insights

On the basis of end-users, the global market has been divided into hospitals, cardiac centers, and others. The hospital end-user segment accounted for the largest revenue share of the global market of more than 53% in 2021. This was attributed to the high usage of CRT devices in hospitals, as most surgeries are performed in hospital settings. In October 2019, for example, Aster Hospital, a healthcare facility in the UAE, reported CRT-D implantation in a 61-year-old man suffering from severe heart failure with frequent episodes of fast and life-threatening heartbeats.

The cardiac center end-user segment is anticipated to register the fastest growth rate over the forecast period on account of a rise in the number of cardiac specialty centers and the growing prevalence of cardiovascular diseases across the globe. According to the CDC, in September 2021, around 6 2.92 billion adults in the U.S. suffered from heart failure. Furthermore, according to the American College of Cardiology Foundation, the prevalence of cardiovascular diseases increased from 280 million to 533 million from 1990 to 2019.

Regional Insights

North America accounted for the maximum revenue share of more than 39% in 2021. The large share of the region is due to the increasing geriatric population and growing regulatory approvals. Physical inactivity due to a sedentary lifestyle can increase the risk of developing chronic cardiac conditions, which may drive the need for cardiovascular care. Asia Pacific is projected to grow at the fastest CAGR over the forecast years. This is owing to rapidly developing healthcare infrastructure, growing aging population, improvement in economic conditions, strategic initiatives by key companies, and growing prevalence of cardiac diseases.

MicroPort, for example, is a Chinese company specializing in a variety of medical devices, including CRT-Ds and CRT-Ps. The company is a domestic leader in the cardiac rhythm management market. It registered a 95% year-on-year growth in revenue during H1 2021 (with a revenue of about USD 6 million) in China, owing to a wide portfolio and robust product pipeline. This growth was driven by cost-effectiveness and brand recognition, facilitating the company to cover 584 hospitals across the country.

The Asia Pacific region cardiac resynchronization therapy industry was regarded at USD 1,232 Million out of 2021. This is a result of rising clinical establishment, a more settled people, positive money related conditions, key exercises by immense companies, as well as extended recurrence of heart issues. Made markets, similar to Japan and Australia, are furthermore rapidly embracing new mechanical movements in these devices. For instance, remote seeing in heart implantable contraptions was seen as taken on rapidly across Asia-Pacific, especially in CRT/CRTDs, despite having more vital cost. In New Zealand, data on heart implantable electronic devices was moved some place in the scope of 2014 and 2017.

Some of the prominent players in the Cardiac Resynchronization Therapy Market include:

  • Osypka Medical GmbH
  • Jude Medical
  • Japan Lifeline Co., Ltd.
  • Koninklijke Philips N.V.
  • Medico S.p.A
  • BIOTRONIK SE & Co. KG
  • Boston Scientific Corporation

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Cardiac Resynchronization Therapy market

By Type

  • CRT-Pacemaker
  • CRT-Defibrillator

By End User

  • Cardiac Center
  • Hospital
  • Other End-users

By Geography

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • United Kingdom
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Asia Pacific

Latin America

  • Brazil
  • Rest of Latin America

Middle East & Africa (MEA)

  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa

Key Benefits for Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Cardiac Resynchronization Therapy industry analysis from 2022 to 2030 to identify the prevailing Cardiac Resynchronization Therapy industry opportunity.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the global Cardiac Resynchronization Therapy industry segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global Cardiac Resynchronization Therapy industry trends, key players, market segments, application areas, and market growth strategies.