Cardiac Resynchronisation Therapy (CRT) Devices Market Size

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.

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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.