Cardiac Resynchronisation Therapy (CRT) Devices Market Analysis

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.
   

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.
   

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.