Cardiac Resynchronization Therapy Market to Hit Around USD 6.91 Bn by 2033
The global cardiac resynchronization therapy market size was exhibited at USD 4.28 billion in 2023 and is projected to hit around USD 6.91 billion by 2033, growing at a CAGR of 4.9% during the forecast period of of 2024 to 2033.
Download Free Sample Copy for Better Understanding@ https://www.novaoneadvisor.com/report/sample/6976
Key Takeaways:
Growing product developments, an aging population, initiatives by key companies, and the prevalence of cardiovascular diseases are some of the key drivers of this market. Boston Scientific, for instance, reported cumulative distribution of around 389,000 CRT-Ds globally as of January 2023. During 2023, the company sold around 33,000 CRT-Ds; out of which, about 16,500 were registered in the U.S., which is indicative of high demand.
The COVID-19 pandemic adversely impacted the cardiac resynchronization therapy market with dampened demand and sales. This was due to pandemic-induced deferred or canceled elective procedures, delays in clinical trials, supply chain challenges, and reduced sales and marketing activities. Several key companies such as Medtronic, Boston Scientific, and Microport reported a negative impact of COVID-19 on their financial performance and business activities. For instance, Microport reported a 16.2% decline in its cardiac rhythm management business in 2023. The company attributed the decline to postponed outpatient visits and surgical procedures due to COVID-19, thus resulting in a decreased number of implants.
After the initial shock and confusion about COVID-19 effects, companies and governments began taking corrective actions to help the economy and businesses recover. These initiatives included lowering conditional exemptions, limitations, and other tactical steps, in addition to policy and monetary support. In April 2023, COVID-19 task force update, the Heart Rhythm Society released guidelines for managing patients with cardiac implantable electronic devices with an emphasis on limiting exposure to patients and providers. It indicated that only major issues involving device leads, generators, or reprogramming need in-person visits. This was used by Biotronik to promote its line of implanted devices for cardiac rhythm management that feature home monitoring technology for continuity of care. Following the peak of COVID-19, the American College of Cardiology (ACC), the Canadian Association of Interventional Cardiology (CAIC), and other North American cardiology organizations presented suggestions for ethically and safely resuming invasive cardiovascular procedures. The market for CRT devices was aided by these regulations.?
The aging population is a key factor estimated to fuel market growth. Statistics Korea estimated that about 8.53 million individuals are aged 65 years and older in 2023. This number is expected to reach 12.98 million by 2030. The aging population indicates a growing number of people at risk of chronic diseases, such as congestive heart failure, hypertension, and arrhythmia. This is anticipated to contribute to market growth in the country. According to a survey conducted by the European Society of Cardiology and published in the Archives of Cardiovascular Diseases in 2019, French patients were found to be more likely to receive a CRT-P implant compared to the rest of Europe. The patients were identified to be comparatively older, with about 44.7% aged 75 years and above, had fewer co-morbidities, and less severe heart failure symptoms.
Rising product improvements, R&D initiatives by market players, and the prevalence of cardiovascular diseases are expected to fuel market growth. For instance, in February 2023, Abbott received CE Marking for its Gallant ICDs and CRT-D devices. These technologies enhance the company's solutions by enabling remote monitoring through Abbott's myMerlinPuls App. MultiPoint Pacing and SyncAV feature further enhance the Gallant CRT-D system to improve patient response to CRT therapy. This supported the company’s growth objectives. The Spanish Pacemaker Registry reported that, in 2023, about 3,850 CRT devices were implanted in Spain. Out of the implanted devices, 2,387 were CRT-D devices and 1,463 were CRT-P devices. It was reported that recipients were 78.8 years old on average. Syncope was found to be the symptom that led to implantation in 41.8% of cases. Dizziness and heart failure were found to be the other symptoms.?
Segments Insights:
Product Insights
CRT-Defibrillators accounted for more than 75.0% share of the cardiac resynchronization therapy market by product in 2023. The CRT-P segment, on the other hand, is expected to expand at the fastest CAGR of over 6.0% during the forecast period. This is owing to include increasing geriatric population across the globe, the prevalence of cardiac conditions, and product advancements by key market players. Additionally, more doctors continue to suggest CRT-P usage for heart failure patients who would benefit more from pacing than defibrillation, resulting in driving the CRT-P to expand at the fastest CAGR during the forecast period.
End-use Insights
By end-user, hospitals held the largest share of about 52.08% of the cardiac resynchronization therapy market in 2023. This is attributable to the high consumption of CRT devices in hospitals as most surgeries are performed in hospital settings. For instance, the UAE's Aster Hospital reported a 61-year-old man with significant heart failure who experienced regular episodes of fast and life-threatening heartbeats having CRT-D implanted.
Regional Insights
North America held more than 51.0% share of the cardiac resynchronization therapy market in 2023. The large share of the North American region is its increasing geriatric population and growing regulatory approvals. Physical inactivity due to a sedentary lifestyle can increase the risk of developing chronic cardiac conditions, which may propel the need for cardiovascular care.
Asia Pacific is projected to expand at the fastest CAGR of 6.3% over the next few years. This is owing to developing healthcare infrastructure, an aging population, improvement in economic conditions, strategic initiatives by key companies, and the growing prevalence of cardiac diseases. For example, MicroPort is a Chinese company specializing in a variety of medical devices, including CRT-Ds and CRT-Ps. The company is a domestic leader in the cardiac rhythm management market. It registered a 95% year-on-year growth in revenue during H1 2023 (with a revenue of about USD 6 million) in China, owing to a wide portfolio and robust product pipeline. This growth was driven by cost-effectiveness and brand recognition, facilitating the company to cover 584 hospitals across the country.?
Some of the prominent players in the Cardiac resynchronization therapy market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2023 to 2033. For this study, Nova one advisor, Inc. has segmented the global cardiac resynchronization therapy market.
Product
End-use
By Region
Quick Buy This Premium Report From Here: https://www.novaoneadvisor.com/report/checkout/6976 ?
Access our Premium Real Time Data Intelligence Tool, Visit: www.precedencestatistics.com
You can place an order or ask any questions, please feel free to [email protected] | +1 9197 992 333
About US
Nova One Advisor is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Nova One Advisor has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings.
Connect with Us
Address: Apt 1408 1785 Riverside Drive Ottawa, ON, K1G 3T7, Canada
IND Address: 707, Nandan Probiz, Baner,?Pune (MH) – 411045, India
Call: USA - + 1 804 441 9344| IND - + 91 87933 22019 | Europe: +44 2080772818
领英推荐
Reasons to Purchase this Report
Nova One Advisor Group Offer Other Reports:
Cell Therapy Market Size and Forecast:?The global?cell therapy market size was exhibited at USD 4.85 billion in 2023 and is projected to hit around USD 37.42 billion by 2033, growing at a CAGR of 22.67% during the forecast period 2024 to 2033.
Gene Therapy Market Size and Forecast?:?The global?gene therapy market size was exhibited at USD 8.75 billion in 2023 and is projected to hit around USD 52.40 billion by 2033, growing at a CAGR of 19.6% during the forecast period 2024 to 2033.
Cell And Gene Therapy Manufacturing Market Size and Forecast:?The global?cell and gene therapy manufacturing market size was estimated at USD 9.95 billion in 2023 and is projected to hit around USD 106.03 billion by 2033, growing at a CAGR of 26.7% during the forecast period from 2024 to 2033.
Cell and Gene Therapy Market?Size and Forecast:?The global?cell and gene therapy market size was estimated at USD 18.13 billion in 2023 and is projected to hit around USD 97.33 billion by 2033, growing at a CAGR of 18.3% during the forecast period from 2024 to 2033.
U.S. Cell Therapy Market Size and Forecast:?The?U.S. cell therapy market size was estimated at USD 2.88 billion in 2023 and is projected to hit around USD 19.67 billion by 2033, growing at a CAGR of 21.18% during the forecast period from 2024 to 2033.
U.S. Gene Therapy Market Size and Forecast:?The?U.S. gene therapy market size ?was estimated at USD 3.19 billion in 2023 and is projected to hit around USD 18.50 billion by 2033, growing at a CAGR of 19.22% during the forecast period from 2024 to 2033.
T-cell Therapy Market Size and Forecast:?The global?T-Cell therapy market size ?was exhibited at USD 3.85 billion in 2023 and is projected to hit around USD 79.62 billion by 2033, growing at a CAGR of 35.38% during the forecast period 2024 to 2033.
Cancer Immunotherapy Market?Size and Forecast:?The global?cancer immunotherapy market? size was valued at USD 126.19 billion in 2023 and is projected to surpass around USD 296.01 billion by 2033, registering a CAGR of 8.9% over the forecast period of 2024 to 2033.
Immunotherapy Drugs Market?:?The global?immunotherapy drugs market size was valued at USD 240.19 billion in 2023 and is projected to surpass around USD 1,300.38 billion by 2033, registering a CAGR of 18.4% over the forecast period of 2024 to 2033.
Clinical Trials Market Size and Forecast:?The?global clinical trials market size was estimated at USD 81.90 billion in 2023 and is projected to hit around USD 153.59 billion by 2033, growing at a CAGR of 6.49% during the forecast period from 2024 to 2033.
Biologics Market Size and Forecast: The?global biologics market size was estimated at USD 511.04 billion in 2023 and is projected to hit around USD 1,374.51 billion by 2033, growing at a CAGR of 10.4% during the forecast period from 2024 to 2033.
Biotechnology Market Size and Forecast:? The?global biotechnology market size was estimated at USD 1.54 Trillion in 2023 and is projected to hit around USD 5.68 Trillion by 2033, growing at a CAGR of 13.95% during the forecast period from 2024 to 2033.
Oncology? Market Size and Forecast: The?global oncology market size was estimated at USD 222.36 billion in 2023 and is projected to hit around USD 521.60 billion by 2033, growing at a CAGR of 8.9% during the forecast period from 2024 to 2033.
Cell And Gene Therapy Clinical Trials?Market Size and Forecast: The global cell and gene therapy clinical trials market size reached USD 11.62 billion in 2023 and is projected to hit around USD 47.40 billion by 2033, expanding at a CAGR of 15.09% during the forecast period from 2024 to 2033.
U.S. Clinical Trials Market Size and Forecast:?The?U.S. clinical trials market size was valued at USD 25.81 billion in 2023 and is projected to surpass around USD 41.57 billion by 2033, registering a CAGR of 4.88% over the forecast period of 2024 to 2033.
Active Pharmaceutical Ingredient CDMO Market:?The global active pharmaceutical ingredient CDMO market size was valued at USD 119.80 billion in 2023 and is anticipated to reach around USD 249.22 billion by 2033, growing at a CAGR of 7.6% from 2024 to 2033.
U.S. Pharmaceutical Market?:?The U.S. pharmaceutical market size was valued at USD 602.19 billion in 2023 and is projected to surpass around USD 1,093.79 billion by 2033, registering a CAGR of 6.15% over the forecast period of 2024 to 2033.
Viral Vector And Plasmid DNA Manufacturing Market:?The global viral vector and plasmid DNA manufacturing market size ?was valued at USD 6.19 billion in 2023 and is anticipated to reach around USD 39.30 billion by 2033, growing at a CAGR of 20.3% from 2024 to 2033.
U.S. Viral Vector And Plasmid DNA Manufacturing Market ;?The U.S. viral vector and plasmid DNA manufacturing market size was valued at USD 2.45 billion in 2023 and is expected to be worth around USD 15.30 billion by 2033, with a registered CAGR of 20.1% during forecast period 2024 to 2033.
Compounding Pharmacies Market :?The global compounding pharmacies market size ?was valued at USD 16.19 billion in 2023 and is anticipated to reach around USD 30.97 billion by 2033, growing at a CAGR of 6.7% from 2024 to 2033.
U.S. Compounding Pharmacies Market?:?The U.S. compounding pharmacies market size ?is projected to be worth around USD 10.76 billion by 2033 from USD 6.31 billion in 2024, at a CAGR of 6.1% from 2024 to 2033.
Antibiotics Market: The?global antibiotics market size ?was valued at USD 51.19 billion in 2023 and is projected to surpass around USD 85.80 billion by 2033, registering a CAGR of 5.3% over the forecast period of 2024 to 2033.
Biologics Market :?The?global biologics market size was estimated at USD 511.04 billion in 2023 and is projected to hit around USD 1,374.51 billion by 2033, growing at a CAGR of 10.4% during the forecast period from 2024 to 2033.
Biotechnology Market:?The?global biotechnology market size was estimated at USD 1.54 Trillion in 2023 and is projected to hit around USD 5.68 Trillion by 2033, growing at a CAGR of 13.95% during the forecast period from 2024 to 2033.
Next Generation Sequencing Market?:?The?global next generation sequencing market size was estimated at USD 9.19 billion in 2023 and is projected to hit around USD 66.04 billion by 2033, growing at a CAGR of 21.8% during the forecast period from 2024 to 2033.
Genome Editing Market ;?The?global genome editing market size ?was valued at USD 8.45 billion in 2023 and is anticipated to reach around USD 40.48 billion by 2033, growing at a CAGR of 16.96% from 2024 to 2033.
U.S. Genome Editing Market:?The?U.S. genome editing market size was estimated at USD 3.55 billion in 2023 and is projected to hit around USD 16.49 billion by 2033, growing at a CAGR of 16.6% during the forecast period from 2024 to 2033.
U.S. Gene Synthesis Market?:?The?U.S. Gene Synthesis market size was valued at USD 700.90 million in 2023 and is projected to surpass around USD 3,118.73 million by 2033, registering a CAGR of 16.1% over the forecast period of 2024 to 2033.
Biopharmaceutical Market :?The global?Biopharmaceutical market size accounted for USD 327.46 billion in 2022 and is estimated to achieve a market size of USD 1,101.77 billion by 2032 growing at a CAGR of 12.9% from 2023 to 2032.
Immunotherapy Drugs Market?:?The?global immunotherapy drugs market size was valued at USD 240.19 billion in 2023 and is projected to surpass around USD 1,300.38 billion by 2033, registering a CAGR of 18.4% over the forecast period of 2024 to 2033.
Cancer Immunotherapy Market:?The global cancer immunotherapy market size was valued at USD 126.19 billion in 2023 and is projected to surpass around USD 296.01 billion by 2033, registering a CAGR of 8.9% over the forecast period of 2024 to 2033.
U.S. Plasmid DNA Manufacturing Market?:?The U.S. plasmid DNA manufacturing market size ?was valued at USD 711.90 million in 2023 and is projected to surpass around USD 4,885.15 million by 2033, registering a CAGR of 21.24% over the forecast period of 2024 to 2033.
U.S. Precision Medicine Market?:?The?U.S. precision medicine market size was valued at USD 24.95 billion in 2023 and is projected to reach around USD 76.12 billion by 2033, registering a CAGR of 11.80% from 2024 to 2033.