The global cardiac resynchronization therapy market size was valued at USD 4.85 billion in 2020, and is predicted to be worth around USD 10.8 billion by 2030, registering a CAGR of 7.2% during the forecast period 2022 to 2030.
The global cardiac resynchronization therapy market size was valued at USD 4.85 billion in 2020, and is predicted to be worth around USD 10.8 billion by 2030, registering a CAGR of 7.2% during the forecast period 2022 to 2030.
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Growth Factors
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.
Growing product developments, aging population, initiatives by key companies, and prevalence of Cardiovascular Diseases (CVDs) are some of the key drivers of this market.
Several key companies, such as Medtronic, Boston Scientific, and Microport, reported a negative impact of COVID-19 on their financial performance and business activities. Microport, for instance, reported a 16.2% decline in its cardiac rhythm management business in 2020.
Report Coverage
|
Report Scope |
Details |
|
Market Size |
US$ 10.8 billion by 2030 |
|
Growth Rate |
CAGR of 7.2% From 2022 to 2030 |
|
Largest Market |
North America |
|
Base Year |
2021 |
|
Forecast Period |
2022 to 2030 |
|
Segments Covered |
Product, End-user |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
|
Companies Mentioned |
Medtronic; Abbott; Boston Scientific Corp.; Biotronik SE & Co. KG; MicroPort Scientific Corp. |
By End-user Analysis
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 52% in 2021.
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.
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By Product Analysis
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 58% 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.
By Regional Analysis
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.
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.
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Key Players
- Medtronic
- Abbott
- Boston Scientific Corp.
- Biotronik SE & Co., KG
- MicroPort Scientific Corp.
Market Segmentation
- By Product
- CRT-Defibrillator
- CRT-Pacemaker
- By End-user
- Hospital
- Cardiac Center
- Others
- Regional
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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