Cardiac Resynchronization Therapy Market Industry Statistics, Emerging Technologies, Business Challenges, Explosive Factors of Revenue Expansion and Strategies 2031

Kenneth Research, in its repository of market research reports, have recently added a report on Cardiac Resynchronization Therapy Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Cardiac Resynchronization Therapy Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Cardiac Resynchronization Therapy Market products.

The Global Cardiac Resynchronization Therapy Market is expected to cross USD 4.7 Million by 2025 at a CAGR of 5.5%.The increasing prevalence rate of cardiac diseases followed by, rising demand for invasive techniques, fueling market growth. Cardiac disease is the leading cause of death for US population. In 2018, it was estimated that 2,300 people died in America per day due to cardiovascular diseases. Also, around 92.1 million American adult population are living with some form of cardiac disease or the aftereffects of the stroke.Cardiac diseases are most common in low- and middle-income countries and these disorders.

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Market Influencer

Increasing awareness of cardiac resynchronization therapy (CRT) devices and favorable government regulation towards reimbursement scenario.Increasing sedentary lifestyle – leading a sedentary lifestyle is a major public health issue, it is increasingly spreading in many nations irrespective of being linked to various type of chronic health conditions.

Rising geriatric population

Rising investments in the healthcare sector – In 2016, the expenditure of US on medical and health research and development (R&D) was around USD 171.8 billion, and US healthcare expenditure was USD 3482.2 billion.

Increasing technologically advances in medical devices

The rising number of surgical procedures

The growing number of intensive care units

Market Restraints

The high cost of therapy – In 2017, the initial cost of cardiac resynchronization therapy pacemaker (CRT-P) is USD 16,218.44 and USD 36,263.73 of cardiac resynchronization therapy defibrillator (CRT-D).

Segmentation

By Application

Intraventricular dyssynchrony: This segment holds the largest share because majority of the patients are estimated to be suffering from intraventricular dyssynchrony due to heart failure and left bundle branch block.Interventricular (V-V) dyssynchrony: This segment holds the second largest segment of the market. V-V dyssynchrony occurs when there is interruption or delay between the right ventricle and left ventricle activation.Atrioventricular (A-V) dyssynchrony: The A-V dyssynchrony occurs due to atrial and ventricle contraction, which can result in shortened ventricle filling time and mispositioning of atrial contraction.

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By Type

Cardiac resynchronization therapy pacemaker (CRT-P): This segment holds the highest market share. In 2019, a study showed patients using CRT-P had 33% of death rate out of 135 patients.Cardiac resynchronization therapy defibrillator (CRT-D): This segment is not as popular as CRT-D, the study shows patients using this therapy has more risk of heart failure as in year 2019, out of 135 non-ischemic cardiomyopathy patients 43% of people died.

By End-User

Hospitals: The largest segment, hospitals and clinics are usually the primary points for diagnosis, treatment, and rehabilitation of individuals afflicted with cardiac resynchronization therapy. Growing awareness and increasing efficiency of musculoskeletal system disorder treatment are projected to drive the growth of this segment during the forecast period.Cardiac Specialty Centers: A small segment, these centers provide immediate pain relief and rudimentary surgical care.

Academic and Research Organizations: This segment includes home care and senior citizen centers.

By Region

Americas: The largest regional market, the prevalence of cardiac resynchronization therapy is high in the Americas; the region also has a well-established healthcare industry.Europe: An increasing geriatric population is leading to a rise in the number of musculoskeletal system disorder cases.Asia-Pacific: The fastest-growing regional market, Asia-Pacific is seeing a surge in the number of people afflicted with cardiac resynchronization therapy due to bad posture brought on by lifestyle changes, aging, and genetic predisposition.

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Middle East & Africa: The smallest market due to limited healthcare infrastructure and a very young population.

Key Players

Medtronic

Abbott

BIOTRONIK, Inc.

Boston Scientific Corporation

Lepu Medical Technology Co., Ltd.

Medico S.p.A.

MicroPort Scientific Corporation

Shree Pacetronix Ltd

Others

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