The global cardiac resynchronization therapy (CRT) market is expected to reach USD 8.8 billion by 2025, according to a new report by Grand View Research, Inc. Increasing prevalence of cardiac disorders and rising incidences of heart failure are expected to boost the CRT market growth over the forecast period.
According to statistics published by the Sudden Cardiac Arrest Foundation, about 6.0 million people within the U.S. region suffer from cardiac disorders, of which 0.8 million are affected by atrioventricular block leading to cardiac failure. Such a huge number leads to an increased cost of about USD 20-56 billion annually. CRT devices are being predominantly used to prevent the surgical cost and readmission rate in hospitals, thereby propelling its growth.
In addition, the on-going research to develop smaller, wireless/leadless and long-lasting CRT devices is expected to be a vital impact rendering driver. For instance, in September 2016, EBR Systems Inc., announced that it had attained the FDA Investigational Device Exemption (IDE) consent for their Wireless Stimulation Endocardially (WiSE) technology in the U.S.
This technology is capable of stimulating the left ventricle internally leading to superior performance in comparison to devices with pacing systems placed near the collar bone. The study is expected to be started by mid-2017 with complete support by the FDA in terms of regulatory compliance, and financial aid.
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Further key findings from the study suggest:
- CRT-D products are expected to dominate over the forecast period. According to a paper published in the Journal of Cardiovascular Electrophysiology, more than half of the CRT product implants are done using CRT-D.
- Asia Pacific and Latin American region are expected to witness lucrative growth and contribute over 30.0% of the revenue in 2025. This has been attributed to the rapid expansion of industry players within these regions in terms of manufacturing as well as distribution.
- Competitive pricing and necessity for high operational optimization are expected to help companies strengthen their foothold in growing economies such as India, Mexico, and others.
- Additionally, countries such as Japan are also observed to register high adoption rate for quadripolar lead-based CRT-D devices. This is expected further boost market growth.
- Major market players of the industry are Medtronic Plc., BIOTRONIK, LivaNova Plc., St. Jude Medical, and Boston Scientific. However, a more assorted marketplace exists for vendors of leads (wireless and wired) that are used in the system.
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.