The global cardiac resynchronization therapy market size is anticipated to reach USD 10.9 billion by 2030, according to a new report by Grand View Research, Inc. 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.
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Further key findings from the report suggest:
· 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
Cardiac Resynchronization Therapy Market Segmentation
Cardiac Resynchronization Therapy Product Outlook (Revenue, USD Million, 2017 - 2030)
· CRT-Defibrillator
· CRT-Pacemaker
List of Key Players of Cardiac Resynchronization Therapy Market
· Medtronic
· Abbott
· Boston Scientific Corp.
· Biotronik SE & Co., KG
· MicroPort Scientific Corp.
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Cardiac Resynchronization Therapy (CRT) Market Research Report: By Application (Intraventricular dyssynchrony, Interventricular (V-V) dyssynchrony), By Type (CRT-P, CRT-D) and By End-User (Hospitals, Cardiac Specialty Centers, Academic and Research Organizations) – Forecast to 2027Market Analysis The global cardiac resynchronization therapy market is predicted to touch USD 4.7 million at a 5.50% CAGR between 2019-2025, reveals the latest Market Research Future (MRFR) report.
Cardiac resynchronization therapy or CRT is a method of implanting a device in the chest for making the chambers of the heart contract in an efficient and organized way.
These include the increasing number of intensive care units, increasing number of surgical procedures, poor fitness levels, rising sedentary lifestyle, growing incidence of target diseases, technological advancements, growing incidence of heart disease, rising demand for invasive techniques in heart disease treatment, and changes in lifestyle.
On the flip side, limitation of use and dearth of skilled personnel are factors that may impede the cardiac resynchronization therapy market over the forecast period.Request Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/8357 Market SegmentationThe MRFR report provides an all-inclusive analysis of the cardiac resynchronization therapy market on the basis of type, end user, and application.
Based on the application, the cardiac resynchronization therapy market is segmented into atrioventricular dyssnchrony, interventricular dyssynchrony, and intraventricular dyssynchrony.
Of these, the cardiac resynchronization therapy pacemaker segment will dominate the market over the forecast period.Based on end user, the cardiac resynchronization therapy market is segmented into academic and research organizations, cardiac specialty centers, and hospitals.
