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“The CRT market is projected to grow at a CAGR of 4.4% during the forecast period (2019–2024).”
The CRT market is projected to reach USD 5.1 billion by 2024 from USD 4.1 billion in 2019, at a CAGR of 4.4%. The growth of the CRT market is mainly driven by the increasing incidence of target disease and growth in the geriatric population. Rising investments and support, along with technological advancements, are also contributing to the growth of the market. However, unfavorable healthcare reforms in the US are expected to limit market growth to a certain extent.
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“By product type, the cardiac resynchronization therapy defibrillators (CRT-D) segment accounted for the largest share of the market in 2018.”
On the basis of product type, the CRT 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.
“By end user, the hospitals & cardiac centers segment is expected to dominate the CRT market during the forecast period.”
On the basis of end user, the CRT market is segmented into the 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.
“APAC is expected to witness the highest growth during the forecast period.”
The Asia Pacific region is projected to register the highest growth rate in the CRT systems market during the forecast period. Favorable reimbursement scenario in Japan, the rising geriatric population in China, rising incidence of CVDs, improving healthcare infrastructure, growing middle-class population, and rising disposable income levels in India are some of the key factors driving the growth of the CRT systems market in the Asia Pacific.
A breakdown of the primary participants referred to for this report is provided below:
- By Company Type: Tier 1–55%, Tier 2–25%, and Tier 3–20%
- By Designation: C-level–43%, Director-level–32%, and Others–25%
- By Region: North America–38%, Europe–23%, Asia Pacific–29%, Rest of World–10%
The prominent players in the CRT market are Medtronic (Ireland), Abbott (US), Boston Scientific Corporation (US), MicroPort Scientific Corporation (China), BIOTRONIK (Germany), and Medico S.p.A. (Italy).
The report analyzes the market for various cardiac resynchronization therapy (CRT) systems and their adoption pattern. It aims at estimating the market size and future growth potential of the CRT market and the different segments. The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, product & service offerings, and recent developments.
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The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them to garner a greater share. Firms purchasing the report could use one or a combination of the below-mentioned five strategies for strengthening their market presence.
This report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the CRT market
- Product & Service Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product or service launches in the CRT market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products and services, growing geographies, and recent developments in the global CRT market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, revenue analysis, and products & services of the leading players in the CRT market