The global cardiac resynchronization therapy (CRT) market size was valued at USD 4.74 billion in 2016 and is expected to grow at a CAGR of 7.9% over the forecast period. Increasing incidence of heart failure(s) & other cardiac disorders, stable R&D investment for technological advancements by players, and rising sedentary lifestyle amongst the population are expected to promote growth over the forecast period.

Cardiac resynchronization treatment was launched at the end of twentieth century. It has brought a paradigm shift in the medical treatment and has proved a boon for patients with systolic heart failure symptoms. The key objective of the cardiac resynchronization therapy is restoring of mechanical synchrony through electric activation of heart in a synchronized way.

Top Driver: Robust technological advancements in the CRT devices will further augment market growth

Moreover, increasing technological advancements in the CRT devices will further augment market growth. For instance, companies such as, Medtronic and Abbott are focusing on technological advancements related to cardiac devices. Additionally, increasing government initiatives for the treatment of various cardiovascular diseases will further propel industry growth.

Cardiac resynchronization therapy defibrillators segment is expected to witness substantial growth across the forecast timeframe. High growth is attributed to increasing prevalence of cardiovascular diseases across the globe. Moreover, increasing rate of geriatric population prone to cardiac and other chronic diseases will further propel market growth.

Hospitals segment will show significant growth over the analysis timeframe, owing to rising adoption of CRT devices in the hospital settings. Moreover, presence of well-equipped and innovative devices in these amenities will further boost industry growth across the projected timeframe. Also, increasing preference among the population for hospitals over other medical settings due to presence of required facilities is another major growth propelling factor.

CRT-D to Make Crucial Contribution to Growth of Global Cardiac Resynchronization therapy Market

CRT-Ds segment accounted for the largest share of the CRT market. On the basis of product type, the global market is segmented into cardiac resynchronization therapy Defibrillators (CRT-Ds) and cardiac resynchronization therapy Pacemakers (CRT-Ps). The CRT-Ds segment accounted for the largest share of the market in 2018. This is majorly attributed to the increasing acceptance of CRT-Ds over pacemakers and the launch of technologically advanced devices. Furthermore, growth in this market segment is largely driven by the increasing incidence of target diseases.

In 2018, hospitals & cardiac centers accounted for the largest share of the cardiac resynchronization therapy market. On the basis of end user, the market is segmented into hospitals & cardiac centers and ambulatory surgery centers. Hospitals & cardiac centers accounted for the largest share of the market in 2018. The increasing prevalence of CVD, rising number of surgical procedures performed, favorable reimbursement scenario, and the increasing number of critical care and intensive care units are some of the key factors driving the growth of the hospitals & cardiac centers segment.

Rising approvals by U.S. FDA for new products and increasing the growth of the geriatric population suffering from cardiac dysfunction to Benefit North America Market

The North American region is expected to contribute the highest revenue over the forecast period due to rising approvals by the U.S. FDA for new products and increasing the growth of the geriatric population suffering from cardiac dysfunction. As of 2016, it held more 36.0% of the global market share.

Europe also held a substantial share and is predicted to witness lucrative growth with CAGR of more than 7.4% over the next nine years. Higher stringency being implemented by the healthcare agencies toward R&D, safety guideline follow-up, and product approvals are expected to drive the growth.

Players to Focus on Expanding Applications in Global Cardiac Resynchronization therapy Market

Prominent players in the cardiac resynchronization therapy market are Medtronic (Ireland), Abbott (US), Boston Scientific Corporation (US), MicroPort Scientific Corporation (China), BIOTRONIK (Germany), and Medico S.p.A. (Italy).

Medtronic :is a medical technology company that manufactures, designs, develops, and markets a wide range of solutions and medical devices used in the treatment of cardiac, spinal, neurological, vascular, and chronic conditions. The company is one of the major players in the CRT systems market. With a strong brand name and wide geographic coverage in more than 160 countries, Medtronic has a well-established presence in this market. As a part of its global growth strategy, the company pursues organic growth strategies, such as product approvals. The company is also investing a large sum into its expansion projects to increase its global presence. In this regard, the company opened its Asia Pacific headquarters in Singapore to support operations at 80 locations in this region.

 Scope of the Report

By Product Type

• Cardiac Resynchronization Therapy Defibrillators
• Cardiac Resynchronization Therapy Pacemakers

By End-User

• Hospitals & Cardiac Centers
• Ambulatory Surgery Centers

By Region

• North America
• Europe
• Asia Pacific
• SAMEA

Key Reasons to Purchase this Report 

1. It provides a technological development map over time to understand the growth rate of the industry.

2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.

3. It renders definite analysis for changing competitive dynamics.

4. It builds a seven-year estimate based on how the market is predicted to grow.