(Health-NewsWire.Net, March 24, 2020 ) Market Overview
The Global Cardiac Resynchronization Therapy Market is expected to grow at a CAGR of 5.5% during the forecasting period (2019-2026).
CRT or biventricular pacing is used to improve the rhythm of the heart and decrease the symptoms associated with the arrhythmias in heart failure patients. The CRT device resynchronizes Heart's ventricle contractions in arrhythmic patients. A CRT device is an implantable device with a microcomputer along with the enclosed battery and a small titanium metal case. Insulated wires, also known as leads, are implanted along with the device to pass the information signal from the heart to heart device to carry electrical impulses to the heart.
The major driving forces are the rising incidences of heart failure and cardiovascular diseases, growing geriatric population, and growing sedentary lifestyle among the population.
The rising incidences of cardiovascular diseases are expected to boost the market over the period of forecast. For instance, according to the WHO, around 17.9 million people die of CVDs, every year, an estimated 31% of all the deaths globally. Four out of 5 CVD deaths are due to the heart attacks and strokes. As per the World Journal of Cardiovascular Diseases, more than seven million deaths are due to sudden cardiac arrest across the world each year. Thus, the increasing number of heart failures, heart attacks, strokes, and other heart-related illness are driving market growth.
Ongoing research related to heart failures, heart attacks, and other heart-related illness is expected to boost the market. For instance, according to the new research funded and published by the British Heart Foundation on September 3, 2019, the latest AI technology has the potential to detect early signs of a heart attack at least five years prior it occurs. Thus, ongoing research in cardiac illness is expected to raise awareness and giving lucrative opportunities for the key players to develop cardiac resynchronization therapy devices.
The growing sedentary lifestyle is expected to boost the market over the forecast period. As per the World Health Organization, sedentary lifestyles kill around 5.3 million people every year globally, at least 300,000 premature deaths and US$90 billion in direct healthcare costs are caused by obesity and sedentary lifestyle per year in the US alone. According to the World Health Organization (WHO), approximately 2 million deaths per year are attributed to physical inactivity, prompting World Health Organization to issue a warning that a sedentary lifestyle could be among the ten major causes of death and disability worldwide. According to the US Department of Health and Human Service, only 1 in 3 children are physically active each day. Thus, the growing sedentary lifestyle is driving the market.
However, the shortage of healthcare professionals, product recalls, and stringent regulations are expected to hamper the market growth.
The product recalls is likely to hinder market growth over the forecast period. For instance, in 2017, St. Jude Medical recalled Implantable Cardioverter Defibrillators (ICD) and Cardiac Resynchronization Therapy Defibrillators (CRT-D) due to premature battery depletion.
The shortage of skilled surgeons to perform cardiac surgeries is likely to restrain the market. For instance, according to a news published in Science Daily on May 17, 2016, the American Association for Thoracic Surgery has estimated that looking forward to 2035, a growing imbalance is projected between the number of cardiothoracic surgeons required and the number available. Also, they have determined that cardiothoracic surgeons should increase their caseload by 121 % to meet the demand of rising incidences of cardiovascular disease.
The global cardiac resynchronization therapy market can be segmented by type into CRT Defibrillators, and CRT Pacemakers.
By type, CRT Defibrillators are likely to grow at a rapid CAGR in the forecast period. The CRT defibrillators are the special devices for heart failure patients who are also at high risk for sudden cardiac death. This type of cardiac resynchronization devices is expected to hold the more significant market share owing to the increasing acceptance of CRT Defibrillators over pacemakers. Furthermore, the major market players are focusing on the technological advancements of the devices. For instance, in July 2019, Zoll offered the LifeVest wearable defibrillator as a temporary solution. It allows the physician more time to assess a patient's long-term arrhythmic risk and make appropriate plans. On June 19, 2019, Philips announced the FDA had approved the company's premarket approval (PMA) application for its HeartStart OnSite defibrillator (model M5066A) and HeartStart Home Defibrillator (model M5068A).
Geographically, the global cardiac resynchronization therapy market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America is dominating the global cardiac resynchronization therapy market in 2018 and is estimated to hold significant market size over the forecast period (2019-2026) owing to the increasing incidences of cardiovascular diseases, rapid technological advances, and the growing awareness among the population.
The rising incidences of cardiovascular diseases are expected to drive the market over the forecast period. For instance, according to the American College of Cardiology, cardiovascular disease accounted for 800,000 deaths in the US in 2017 alone. Also, among Americans, an average of one person dies from cardiovascular disease, every 40 seconds. Coronary heart disease accounts for the majority of CVD deaths, followed by stroke and heart failure. CDC has estimated that the heart disease is the leading causing of death in the US, and responsible for 1 in 4 deaths every year. Almost 6 million Americans currently have heart failure, a figure which is expected to increase by 46 %, to 8 million, by 2030. Thus, the growing number of cardiovascular diseases is driving the market.
The major players operating in the global cardiac resynchronization therapy market are Abbott Laboratories, Biotronik, Phillips Healthcare, Boston Scientific Corporation, Medtronic Plc, St. Jude Medical, and Microport Scientific Corporation.
The key players are adopting various strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, which are contributing to the growth of the cardiac resynchronization therapy market globally. For instance,
In 2019, Biotronik announced the European market release of the worlds smallest implantable cardioverter-defibrillator and cardiac resynchronization therapy defibrillators (CRT-D) that are approved for the 3T full-body magnetic resonance imaging (MRI) scans.
In 2019, EBR Systems has announced that the US Food and Drug Administration (FDA) has granted Breakthrough Device Designation for its WISE (wireless stimulation endocardially) cardiac resynchronisation therapy (CRT) for the treatment of heart failure.
In 2018, Abbott announced that a cardiac resynchronization therapy defibrillator (CRT-D) and an implantable cardioverter-defibrillator (ICD) to treat the patients with potentially life-threatening heart rhythms and the congestive heart failure had received magnetic resonance-conditional labelling from the US FDA.
In 2017, Boston Scientific received U.S. Food and Drug Administration (FDA) approval for the resonate family of implantable cardioverter defibrillator and CRT defibrillator systems.
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