Westford, USA, June 15, 2023 (GLOBE NEWSWIRE) — The global Cardiac Resynchronization Therapy market size is expected to reach USD 6.23 billion by 2030 and exhibit a CAGR of 4.8% in the forecast period (2023−2030), according to Skyquest’s latest research report. The growing prevalence of heart failure and related conditions, advancements in technology and development of more efficient devices, rising adoption of cardiac resynchronization therapy (CRT) devices by healthcare professionals and hospitals, increasing geriatric population, growing awareness and understanding of the benefits of CRT among patients and physicians fuel the Market’s growth
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Technological Advancements in Cardiac Devices to Promote the Use of Cardiac Resynchronization Therapy
At a global scale, the technological advancements in cardiac devices, including the development of miniaturized and leadless CRT devices, increasing adoption of cardiac resynchronization therapy in emerging markets, rising demand for personalized and patient-centric healthcare, growing awareness about the benefits of cardiac resynchronization therapy among patients and healthcare professionals, increasing focus on clinical research and development of innovative CRT devices are promoting the market growth.
Several government initiatives, such as medicare coverage, national health service, health canada, national health insurance, and chinese healthcare reform, help the market to grow.
CRT-D Type Demand to Grow Substantially in the Forecast Period
CRT-D type dominated the global market owing to the increasing incidence of heart failure and the rising adoption of CRT-D devices over CRT-P (Cardiac Resynchronization Therapy Pacemakers) devices. It has an additional feature of defibrillation, which helps in preventing sudden cardiac death in patients with heart failure. Moreover, technological advancements in CRT-D devices, such as the development of quadripolar leads, which offer better pacing and defibrillation, are further expected to boost the demand for these devices in the market.
Heart Failure is the Leading Application Segment
In terms of application, the heart failure segment is the leading segment as patients with heart failure often have an abnormal heart rhythm or arrhythmia, which can be corrected through CRT. In addition, the increasing prevalence of heart failure is expected to be the major driver for the growth of the CRT market.
Asia-Pacific and North America are the leading Market Due to the High Prevalence of Cardiac Diseases
Region-wise, North America is one of the largest growing markets with a high prevalence of cardiac diseases, well-established healthcare infrastructure, and the presence of major market players in these regions. The favourable reimbursement policies and increasing adoption of advanced cardiac devices by healthcare providers are also contributing to the growth of the market in these regions and have led to a surge in demand solutions.
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Cardiac Resynchronization Therapy Market Report Suggests:
- Abbott has acquired Walk Vascular, LLC, a medical device company that produces a minimally invasive mechanical aspiration thrombectomy system for peripheral blood clot removal. Abbott will integrate Walk Vascular’s peripheral thrombectomy systems into their existing endovascular product line. The financial details of the acquisition were not disclosed.
- In terms of application, the heart failure segment dominates due to the increase in heart failures worldwide
- In terms of type, the CRT-D type segment is projected to gain more popularity due to the increasing incidence of heart disease
- North America and Asia Pacific are leading markets and will continue to exhibit dominance in the global market mainly due presence of major market players
Cardiac Resynchronization Therapy Market Segmentation:
The global Cardiac Resynchronization Therapy market report is segmented based on Product type, application, and region.
By Product Type
- Cardiac Resynchronization Therapy Defibrillators (CRT-D)
- Cardiac Resynchronization Therapy Pacemakers (CRT-P)
- Heart Failure
- South Korea
- Rest of Asia-Pacific
- South Africa
- GCC Countries
- Rest of MEA
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Cardiac Resynchronization Therapy Market Major Company Profiles:
- Medtronic plc
- Abbott Laboratories
- Boston Scientific Corporation
- St. Jude Medical (now part of Abbott)
- Biotronik SE & Co. KG
- LivaNova PLC
- MicroPort CRM
- EBR Systems, Inc.
- EBR Systems, Inc.
- Sorin Group (now part of LivaNova)
- Medico S.p.A.
- Oscor Inc.
- Medico Electrodes International Ltd.
- Berlin Heart GmbH
- BioTrace Medical Inc.
- Cardiac Science Corporation
- A&E Medical Corporation
- CardioFocus Inc.
- Endologix, Inc.
- Sunshine Heart Inc.
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