The cardiac resynchronization therapy market size is estimated to be USD 5,452.1 million in 2022 and is expected to witness a CAGR of 5.91% during the forecast period 2023-2033. Rising older population and growing product adoption by end users are projected to drive the market growth in near future. Furthermore, surge in product advancements and R&D efforts by industry participants are other factors supporting the market growth. However, product recalls and issues associated with devices are expected to restrain the market growth.

Rising older population is expected to propel the market growth during the projected period. According to Statistics Korea, 8.53 million people are 65 years of age or older in 2021. By 2030, this figure is anticipated to reach 12.98 million. Increasing number of individuals are at risk of developing chronic diseases such as congestive heart failure, hypertension, and arrhythmia as a result of the ageing population. It is predicted that this will help the nation’s market grow. A 2019 study by the European Society of Cardiology indicated that French patients were more likely than patients in the rest of Europe to have a CRT-P implant. The study was published in the Archives of Cardiovascular Diseases.

Surge in product advancements and R&D efforts by industry participants is predicted to fuel the market growth during the projected period. For instance, Abbott acquired CE Marking in February 2020 for its Gallant CRT-D and ICD products. Through Abbott’s myMerlinPuls App, these technologies improve the company’s products by enabling remote monitoring. The Gallant CRT-D system is further enhanced by the SyncAV and MultiPoint Pacing features to increase patient response to CRT therapy. The company’s growth goals were supported by this. According to the Spanish Pacemaker Registry, 3,850 CRT implants were place in Spain in 2020.

Segmentation

By Product

The market is categorized into cardiac resynchronization therapy pacemaker and cardiac resynchronization therapy defibrillator. In 2022, the cardiac resynchronization therapy defibrillator segment accounted for the highest revenue share due to its flexibility in treating conditions including sudden cardiac arrest, arrhythmias, and heart failure. In addition to having a biventricular pacemaker, CRT-D devices also have an implantable cardioverter-defibrillator. In order to establish synchronous contraction of the cardiac ventricles, the combined CRT-D device also acts as a pacemaker by establishing regular heart rhythm. Additionally, CRT-D devices can deliver defibrillation impulses to stop arrhythmias that might result in sudden cardiac arrest. On the other hand, the CRT-P segment is anticipated to grow at a CAGR over the projection period. This is due to factors including the rising global geriatric population, incidence of cardiac diseases, and product advances made by major market competitors. The CRT-P will grow at the quickest CAGR during the projected period as more doctors continue to recommend its use for heart failure patients who would benefit more from pacing than defibrillation.

By End User

On the basis of end user, the market is segmented into specialty clinics, hospitals, cardiac centre, and others. In the global market, the hospitals segment accounted for the largest revenue share in 2022 owing to fact that most surgeries are carried out in hospitals, there is a significant use of CRT equipment there. For instance, the Aster Hospital in the UAE reported the CRT-D implant of a 61-year-old man with severe heart failure who experienced frequent periods of fast, potentially fatal heartbeats. The Cardiac Center segment is predicted to increase at the fastest rate due to the frequency of cardiovascular disorders and the rising number of cardiac specialist facilities. According to the CDC, around 6.2 million adults in the U.S. had heart failure as of September 2020. Additionally, according to the American College of Cardiology Foundation, from 1990 to 2019, there were 523 million more people worldwide with cardiovascular disorders than there were 271 million.

Regional Markets

In 2022, North America region accounted for the highest revenue in the cardiac resynchronization therapy market and is expected to maintain its dominance during the forecast period. This is attributed to its growing elderly population and regulatory approvals. The chance of developing chronic heart diseases can rise as a result of sedentary lifestyles, which may increase the requirement for cardiovascular care. Asia Pacific is anticipated to see the quickest CAGR over the next several years. This is due to the expansion of the healthcare system, an ageing population, enhancing economic conditions, strategic moves made by major companies, and the rising incidence of heart disorders. For instance, the Chinese company MicroPort specialized in a range of medical equipment, such as CRT-Ds and CRT-Ps. The company dominates the domestic cardiac rhythm management market.

Competitor Insights

Some of the key players operating in the cardiac resynchronization therapy market are BD, Cook, Boston Scientific Corporation, Rodman Media., Biotronik, MEDICO S.p.A., MicroPort Scientific Corporation, Johnson & Johnson Services, Inc., LivaNova PLC, Merit Medical Systems, Medtronic, Aetna Inc., Elkem ASA, Abbott, and BG Medicine.

To achieve a competitive edge, these companies are implementing a variety of growth strategies. Strategic partnerships, alliances, and agreements with different businesses and research institutions are seen to be the main strategies used by companies in this sector.

• For instance, the Resonate CRT-D and EDORA quadripolar CRT-P devices from Boston Scientific and BIOTRONIK were both announced as novel CRT devices in 2017, while the Gallant CRT devices from Abbott Laboratories received CE certification in February 2020.

This comprehensive research report focuses on the global and regional market size and forecasts of diverse segments including product and end user from 2022 to 2033.

Report Scope:

Segmentation: Cardiac Resynchronization Therapy Market Report 2022 – 2033

Product (Revenue, USD Million), 2022 – 2033

• Cardiac Resynchronization Therapy Pacemaker
• Cardiac Resynchronization Therapy Defibrillator

End user (Revenue, USD Million), 2022 – 2033

• Specialty Clinics
• Hospitals
• Cardiac Centre
• Others

By Region (Revenue, USD Million), 2022 – 2033

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of LATAM
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • Rest of MEA