Cardiac Resynchronisation Therapy Devices Market Size

Cardiac Resynchronisation Therapy Devices Market was valued at around USD 3.2 billion in 2022 and is projected to grow at a CAGR of over 5.9% between 2023 and 2032. The rising incidence of cardiovascular disorders, growing geriatric population, and increasing advancements in product technology are some of the prime variables driving the market growth. For instance, as per a recent report published by the British Heart Foundation, in 2023, there are around 620 million people living with heart and circulatory diseases across the world. Moreover, in 2019 globally there were around 290 million women and 260 million men living with heart diseases. This global health challenge is attributed to several interconnected factors, including changing lifestyles, aging, and expanding population, and improved survival rates from heart attacks and strokes. As a result, the adoption of cardiac resynchronisation therapy devices among healthcare providers has experienced a substantial surge, that is poised to drive the growth of the market in the near future.

Cardiac Resynchronization Therapy (CRT) devices are medical implants designed to treat heart failure in certain individuals. These devices are typically pacemakers or implantable cardioverter-defibrillators (ICDs) that are equipped with additional features to synchronize the contractions of the heart's ventricles. CRT devices work by sending precisely timed electrical signals to both the left and right ventricles. This synchronized contraction can enhance the heart's pumping ability and alleviate symptoms associated with heart failure.

The high cost of these devices for patients not covered by insurance in the U.S. and patients in other parts of the world along with the cost of implantation procedures will be one of the major factors impeding the growth of the market. The cardiac resynchronisation therapy device costs around USD 17,000 – 40,000 or more depending on the type of device, the location, and the length of stay. Additionally, the cost of maintenance and remote monitoring services contributes to the overall financial burden of these devices. Despite their efficacy, the affordability and reimbursement policies surrounding cardiac resynchronisation therapy devices remain pertinent issues for both healthcare providers and patients, thereby declining the demand and growth of the business.

COVID-19 Impact

The onset of the COVID-19 pandemic was an unprecedented event impacting public health and led to an incremental surge in the number of hospitalizations. The subsequent travel restrictions and supply chain challenges led to substantial disruptions in availability & access to a wide range of healthcare services. The COVID-19 pandemic also had a detrimental impact on the medical ecosystem, pushing widespread reallocation of healthcare personnel. However, despite the obstacles presented by the pandemic, the implantation of cardiac resynchronisation therapy devices remained an indispensable procedure for individuals facing life-threatening heart conditions. Hospitals and healthcare providers made necessary adjustments to ensure the continuity of these crucial procedures while implementing appropriate safety measures.

Cardiac Resynchronisation Therapy Devices Market Trends

Technological advancements in the Cardiac Resynchronization Therapy (CRT) devices industry have significantly transformed the landscape of managing heart failure in recent years. The introduction of advanced CRT devices and their integration into the treatment of patients with cardiac disorders is poised to drive accelerated product adoption.

• Technological advancement allows for the integration of adaptive algorithms within CRT devices. These algorithms continuously analyze the patient's cardiac rhythm and adjust the pacing settings in real-time. For instance, Medtronic’s Viva XT CRT-D utilizes the AdaptiveCRT algorithm, an innovative feature that continuously assesses the heart's electrical activity. This adaptability allows for personalized therapy, ensuring optimal synchronization of the heart's chambers. Such advancements contribute to more effective treatment, as the device can dynamically respond to the changing needs of the patient.
  
• Moreover, advancements in battery technology have significantly extended the lifespan of CRT devices. The prolonged battery life translates to fewer device replacements, mitigating the inconvenience and risks associated with surgical procedures. This not only enhances patient satisfaction but also contributes to long-term cost-effectiveness.
  
• Furthermore, the introduction of leadless CRT technology represents a breakthrough in device design. Traditional CRT devices involve the placement of leads into the heart, posing potential risks. Leadless CRT devices eliminate the need for intracardiac leads, potentially reducing complications and improving overall patient comfort. Thus, ongoing technological enhancements in CRT devices focused on personalization, remote monitoring, extended battery life, and innovative leadless designs will augment the industry growth in the projected timeframe.

Cardiac Resynchronisation Therapy Devices Market Analysis

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Based on product, the market is segmented into CRT-pacemakers and CRT-defibrillators. The CRT-defibrillators segment garnered around USD 2.6 billion in revenue in 2022 and is expected to foresee a healthy growth trend over the analysis timeline. The increasing adoption of CRT-D devices can be attributed to several factors, including a growing elderly population with a higher incidence of cardiac disorders, continuous advancements in pacemaker technology, heightened awareness among both patients and healthcare providers, and the availability of less invasive implantation procedures among others.

• The prevalence of cardiac disorders tends to increase with age, and as the global population ages, there is a higher incidence of heart-related conditions. The growing elderly population, particularly susceptible to cardiac issues, contributes to the increased adoption of CRT-D devices. For instance, according to the Australian Institute of Health and Welfare, in 2021, an estimated 571,000 Australians aged 18 and over were living with CHD. The prevalence of CHD increases rapidly with age, affecting around 1 in 9 adults aged 75 and over in Australia.
  
• Moreover, increased awareness among both patients and healthcare providers about the benefits of CRT-D therapy contributes to a higher adoption rate. Education and information dissemination regarding the effectiveness of these devices in managing cardiac conditions lead to more informed decision-making by patients and healthcare professionals. Thus, numerous advantages associated with the product will augment the market revenue.
  

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Based on end-use, the market is segmented into hospitals, cardiac care centers, and ambulatory surgical centers. The hospitals segment held a significant share in 2022 and is projected to reach more than USD 2.5 billion by 2032. The increased utilization of cardiac resynchronisation therapy devices in hospital settings, which offer swift and reliable outcomes, is predicted to drive patient preference for these healthcare facilities.

• Hospitals, being the epicenter of diagnostic, therapeutic, and management services for cardiac conditions, are instrumental in driving the adoption and utilization of cardiac resynchronization therapy devices. The preference for hospital-based care in the treatment of cardiovascular disorders, coupled with the availability of specialized cardiac care units within these institutions, significantly impacts the demand for advanced cardiac resynchronization therapy solutions.
  
• Moreover, the presence of trained healthcare professionals, cutting-edge healthcare infrastructure, and the comprehensive nature of care provided in hospitals align seamlessly with the complex requirements of cardiac resynchronization therapy. This, coupled with the increasing prevalence of cardiovascular diseases and related conditions, is likely to lead to a surge in patient visits to hospitals, consequently driving revenue growth within the hospital segment of the market.
  

Based on age, the market is segmented below 44 years, 45-64 years, 65-84 years, and above 85 years. The 65-84 years segment held a dominant market share and was valued at USD 1.8 billion in 2022. This is primarily attributable to the growing incidence of cardiac disorders with increasing age, contributing to the expansion of the CRT devices market.

• This demographic, characterized by a higher susceptibility to cardiac conditions, has witnessed a surge in demand for advanced cardiac care solutions. The prevalence of heart-related disorders within this age bracket has fueled the adoption of CRT devices, which offer effective management of cardiac rhythm abnormalities. For instance, as per the Centers for Disease Prevention and Control (CDC), in 2019, 7.1% of adults in the U.S. aged 45 to 64 years reported having coronary heart disease (CHD) compared with 17% of adults aged 65 years and older.
  
• Moreover, continuous advancements in CRT technology, addressing the unique healthcare needs of the aging population, have further stimulated market growth. Thus, the increasing geriatric population suffering from cardiovascular diseases around the world will stimulate the segmental progression during the forecast period.
  

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U.S. dominated the North American cardiac resynchronisation therapy devices market with a significant market share in 2022 and is anticipated to expand at a notable pace to reach more than USD 2 billion by 2032.

• This dominant market share in the cardiac resynchronization therapy devices market can be attributed to various factors such as the presence of key industry players, increasing demand for cardiovascular devices, and the growing geriatric population among others. The escalating incidence of cardiovascular conditions, along with a notable increase in hospital admissions across the country, serves as a driving force for market expansion.
  
• For instance, according to the Centers for Disease Prevention and Control (CDC) statistics, in 2020, cardiac disease was the leading cause of mortality in the U.S., accounting for around 697,000 deaths. Moreover, heart diseases are estimated to cost USD 219 billion every year to the U.S. Thus, the significant disease burden, high prevalence, & mortality rate are set to drive cardiac resynchronisation therapy devices industry growth in the region.
  

Cardiac Resynchronisation Therapy Devices Market Share

The cardiac resynchronisation therapy devices industry is consolidated in nature, with companies competing to offer superior cardiac resynchronisation therapy devices in this business space. Prominent players such as Medtronic plc, Boston Scientific Corporation, and Abbott hold a significant share in this market. These companies are diligently directing their efforts towards continuous type innovation to gain substantial market share.

Some of the eminent market participants operating in the cardiac resynchronisation therapy devices industry include:

• Medtronic PLC
• Abbott Laboratories
• Biotronik
• Boston Scientific Corporation
• Microport Scientific Corporation
• Medico S.p.A
• LivaNova PLC
  

Cardiac Resynchronisation Therapy Devices Industry News

• In March 2019, BIOTRONIK announced the European market release of the world’s smallest ICD and CRT-D devices that are approved for 3 Tesla (3T) full-body MRI scans. Besides their body-friendly shape, these devices feature an extended battery life, with up to 15 years for ICDs and nine years for CRT-Ds. This product launch helped the company to enhance their cardiac resynchronisation therapy devices product portfolio and generate increased business revenue.
  
• In February 2020, Abbott announced it has received CE Mark for the new Gallant implantable cardioverter defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D) devices. The devices offer new opportunities for patient engagement and remote monitoring through new smartphone connectivity and connected applications. This approval helped the company increase their market share and revenue generation in the European market.
  

Cardiac resynchronisation therapy devices market research report includes an in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD (million) and volume in Units from 2018 to 2032 for the following segments:

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Market, By Product

• CRT-Pacemakers
  • MRI Compatible CRT-P Devices
  • Conventional CRT-P Devices
• CRT-Defibrillators
  • MRI Compatible CRT-D Devices
  • Conventional CRT-D Devices

Market, By Age

• Below 44 years
• 45-64 years
• 65-84 years
• Above 85 years

Market, By End-use

• Hospitals
• Cardiac care centers
• Ambulatory surgical centers

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada 
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA