May 18, 2020
According to the research report titled ‘Cardiac Resynchronization Therapy (CRT) Devices Market Size By Product , By Age , By End-use, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global cardiac resynchronization therapy (CRT) devices market is expected to register significant growth during 2020-2026.
For the record, cardiac resynchronization therapy assists heart to beat in the right rhythm. It utilizes a pacemaker to reinstate the general timing pattern of the heartbeat. The pacemaker synchronizes the timing of the upper heart chambers and lower heart chambers. The system is made up of two components, one being the heart device which comprises of a small computer with battery in a compact titanium metal case. The second part contains insulated wires which are implanted to transfer electrical impulses to the heart.
Increased pervasiveness of heart failure is a major factor driving the growth of cardiac resynchronization therapy devices industry. These devices not only help in enhancing the efficiency of a heart, but also improve the blood flow. CRT device is implanted surgically into the skin in order to contract both heart ventricles collectively.
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As per product type, CRT-P segment was worth USD 380 million in 2019 and is predited to register continuous growth during the forecast period. Implantation procedure of CRT-P is not only relatively quick but also simple. The product provides small electrical impulses to the right and left ventricles in order to assist them to contract with synchronized heart pumping. Moreover, CRT-P helps in circulating adequate blood in the body by maintaining normal heart rhythm.
In terms of age, below 44 years age-bracket segment is expected to record a growth rate of 7.1% during 2020-2026.
Worldwide cardiac resynchronization therapy devices market share from hospitals segment was worth USD 950 million in 2019 and is poised to acquire massive returns in the forthcoming years. Advancements in medical field have resulted in high number of patients with complex devices that need follow up care from general practitioners, heart failure specialists, electro-physiologists and cardiologists, hence generating revenue from the hospitals.
Citing the regional scope, cardiac resynchronization therapy devices industry in Latin America was worth USD 60 million in 2019 and is set to showcase notable growth in the subsequent years. Meanwhile, Middle East & Africa market garnered USD 45 million in the same year.
LivaNova PLC, Medico S.p.A., MicroPort Scientific Corp., Boston Scientific Corp., Biotronik, Abbott Laboratories and Medtronic PLC are the major contenders in cardiac resynchronization therapy devices market.