Dublin, March 04, 2022 (GLOBE NEWSWIRE) -- The "Cardiac Resynchronization Therapy Market Size, Share & Trends Analysis Report by Product (CRT-defibrillator, CRT-pacemaker), by End User (Hospitals, Cardiac Centers), by Region, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global cardiac resynchronization therapy market size is anticipated to reach USD 10.9 billion by 2030. The market is expected to expand at a lucrative CAGR of 7.3% over the forecast period.
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.
Cardiac Resynchronization Therapy Market Report Highlights
- Rapid technological advancements are among the key trends driving market growth. Increasing geriatric population, sedentary lifestyles, and rapidly increasing prevalence of Cardiovascular Diseases (CVDs) are also stimulating the market growth
- The CRT-D product segment dominated the market in 2021 owing to the high adoption and wider application scope of these devices
- The CRT-P segment is projected to grow at the fastest CAGR over the forecast period owing to the growing indications and high prevalence of heart failure across the globe
- The hospital end-user segment held the largest market share in 2021 as these facilities are the main point of care for CRT device implantation post-diagnosis
- Furthermore, hospitals offer multiple reimbursement facilities for surgery, consultation, treatment, and more, thus driving the product adoption and leading to a higher footfall of patients
Key Topics Covered:
Chapter 1 Research Methodology & Scope
Chapter 2 Executive Summary
2.1 Cardiac Resynchronization Therapy (CRT) Market Outlook, 2017 - 2030 (USD Million)
2.2 Cardiac Resynchronization Therapy (CRT) Market Summary, 2021
Chapter 3 Cardiac Resynchronization Therapy (CRT) Market Variables, Trends & Scope
3.1 Market Lineage Outlook
3.1.1 Parent Market Outlook
3.1.2 Ancillary Market Outlook
3.2 Penetration & Growth Prospect Mapping
3.3 Cardiac Resynchronization Therapy (CRT) Market Dynamics
3.3.1 Market Driver Analysis
3.3.1.1 Increasing Prevalence Of Cardiovascular Diseases
3.3.1.2 Technological Advancements
3.3.1.3 Rising Sedentary Lifestyle
3.3.1.4 Increasing Geriatric Population
3.3.2 Market Restraint Analysis
3.3.2.1 Product Recall
3.3.2.2 High Cost Of Device
3.4 Regulatory Framework
3.5 Cardiac Resynchronization Therapy (CRT): Market Analysis Tools
3.5.1 Industry Analysis - Porter's
3.5.2 Cardiac Resynchronization Therapy (CRT) - SWOT Analysis, By Factor (Political & Legal, Economic, And Technological)
Chapter 4 COVID-19 Impact Analysis
4.1 Disease Prevalence Analysis
4.2 COVID-19 Impact And Future Scenario
4.3 Impact On Market Players
4.3.1 Medtronic
4.3.2 Abbott
Chapter 5 Cardiac Resynchronization Therapy (CRT) Market: Product Estimates & Trend Analysis
5.1 Product Market Share Analysis, 2021 & 2030
5.2 Product Dashboard
5.3 CRT-D
5.3.1 CRT-D Market Estimates And Forecasts, 2017 - 2030 (USD Million)
5.4 CRT-P
Chapter 6 Cardiac Resynchronization Therapy (CRT) Market: End-Use Estimates & Trend Analysis
6.1 End-Use Market Share Analysis, 2021 & 2030
6.2 End-Use Dashboard
6.3 Hospital
6.3.1 Hospital Market Estimates And Forecasts, 2017 - 2030 (USD Million)
6.4 Cardiac Centers
6.5 Others
Chapter 7 Cardiac Resynchronization Therapy (CRT) Market: Regional Estimates & Trend Analysis, By Product, And End Use
7.1 Regional Market Snapshot
7.2 Region Market Share Analysis, 2021 & 2030
Chapter 8 Competitive Landscape
8.1 Company overview
8.2 Product benchmarking
8.3 Financial performance
8.4 Strategic initiatives
- Abbott
- Boston Scientific Corp.
- Medtronic
- Biotronik Se & Co. KG
- Microport Scientific Corp.
For more information about this report visit https://www.researchandmarkets.com/r/1aeu9s
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