Worldwide CRT Market Analysis & Outlook 2019-2024 - Growing Investments, Funds and Grants Spur Growth
DUBLIN, May 8, 2019 /PRNewswire/ -- The "Cardiac Resynchronization Therapy Market by Product Type and End User - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The CRT market is projected to reach USD 5.1 billion by 2024 from USD 4.1 billion in 2019, at a CAGR of 4.4%.
The growth of the CRT market is mainly driven by the increasing incidence of target disease and growth in the geriatric population. Rising investments and support, along with technological advancements, are also contributing to the growth of the market. However, unfavorable healthcare reforms in the US are expected to limit market growth to a certain extent.
The CRT systems market is dominated by Medtronic (Ireland), Abbott (US), and Boston Scientific Corporation (US). These players accounted for ~92.4% of the market in 2018. Other prominent players in the market include MicroPort Scientific Corporation (China), BIOTRONIK (Germany), and Medico S.p.A. (Italy).
The majority of leading players focused on product launches and expansions to strengthen their product portfolios and customer base, enhance their sales channels, and increase their global presence.
By product type, the cardiac resynchronization therapy defibrillators (CRT-D) segment accounted for the largest share of the market in 2018
On the basis of product type, the CRT market is segmented into cardiac resynchronization therapy defibrillators (CRT-Ds) and cardiac resynchronization therapy pacemakers (CRT-Ps). The CRT-Ds segment accounted for the largest share of the market in 2018. This is majorly attributed to the increasing acceptance of CRT-Ds over pacemakers and the launch of technologically advanced devices. Furthermore, growth in this market segment is largely driven by the increasing incidence of target diseases.
By end user, the hospitals & cardiac centers segment is expected to dominate the CRT market during the forecast period
On the basis of end user, the CRT market is segmented into the hospitals & cardiac centers and ambulatory surgery centers. Hospitals & cardiac centers accounted for the largest share of the market in 2018. The increasing prevalence of CVD, rising number of surgical procedures performed, favorable reimbursement scenario, and the increasing number of critical care and intensive care units are some of the key factors driving the growth of the hospitals & cardiac centers segment.
APAC is expected to witness the highest growth during the forecast period
The Asia Pacific region is projected to register the highest growth rate in the CRT systems market during the forecast period. Favorable reimbursement scenario in Japan, the rising geriatric population in China, rising incidence of CVDs, improving healthcare infrastructure, growing middle-class population, and rising disposable income levels in India are some of the key factors driving the growth of the CRT systems market in the Asia Pacific.
Key Topics Covered
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Currency
1.5 Limitations
1.6 Stakeholders
2 Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Assumptions for the Study
3 Executive Summary
4 Premium Insights
4.1 Cardiac Resynchronization Therapy Systems Market Overview
4.2 North America: Cardiac Resynchronization Therapy Systems Market, By Type, 2018
4.3 Europe: Cardiac Resynchronization Therapy Systems Market, By Type, 2018
4.4 Cardiac Resynchronization Therapy Systems Market: Geographic Snapshot
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Incidence of Target Diseases
5.2.1.2 Growth in the Geriatric Population
5.2.1.3 Growing Investments, Funds and Grants
5.2.1.4 Technological Advancements
5.2.1.5 MRI-Safe Device Technology
5.2.1.6 Wireless CRT
5.2.2 Restraints
5.2.2.1 Unfavorable Healthcare Reforms in the Us
5.2.3 Opportunities
5.2.3.1 Emerging Markets
5.2.4 Challenges
5.2.4.1 Shortage of Skilled Cardiac Surgeons
5.2.4.2 Product Recalls
5.2.4.3 Battery Life and Device Replacement Cost
6 Cardiac Resynchronization Therapy Systems Market, By Type
6.1 Introduction
6.2 Cardiac Resynchronization Therapy Defibrillators
6.2.1 CRT - Defibrillators Accounted for the Largest Share of the CRT Systems Market in 2018
6.3 Cardiac Resynchronization Therapy Pacemakers
6.3.1 The CRT - Pacemakers Market Will Grow at the Highest CAGR During the Forecast Period
7 Cardiac Resynchronization Therapy Systems Market, By End User
7.1 Introduction
7.2 Hospitals & Cardiac Centers
7.2.1 Hospital & Cardiac Centers to Dominate the End-User Market
7.3 Ambulatory Surgery Centers
7.3.1 Increasing Number of Centers in the US to Drive the Adoption of CRT Devices
8 Cardiac Resynchronization Therapy Systems Market, By Region
8.1 Introduction
8.2 North America
8.2.1 US
8.2.1.1 Technological Advancements-A Key Factor Driving Market Growth
8.2.2 Canada
8.2.2.1 Growing Focus of Government and Private Organizations on Providing Research Funding is Expected to Drive the Market in Canada
8.3 Europe
8.3.1 Germany
8.3.1.1 Favorable Healthcare Expenditure and Growing Use of CRT Devices to Drive Market Growth
8.3.2 UK
8.3.2.1 Increasing Geriatric Population and Increasing Use of CRT Devices to Drive Market Growth
8.3.3 France
8.3.3.1 Growing Use of Cardiac Resynchronization Therapy Devices for Heart Failure to Support Market Growth
8.3.4 Italy
8.3.4.1 Increasing Incidence of CVDS to Drive the Adoption of Cardiac Resynchronization Therapy Devices in the Country
8.3.5 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.1.1 Favourable Reimbursement Policy to Support Market Growth
8.4.2 China
8.4.2.1 Growing Geriatric Population to Drive the Market for Cardiac Resynchronization Therapy Systems
8.4.3 India
8.4.3.1 Growing Middle-Class Population & Rising Disposable Income Levels are Supporting the Growth of the CRT Systems Market in India
8.4.4 Rest of Asia Pacific
8.5 Rest of the World
9 Competitive Landscape
9.1 Overview
9.2 Market Share Analysis
9.2.1 Medtronic
9.2.2 Abbott Laboratories
9.2.3 Boston Scientific Corporation
9.3 Competitive Scenario
9.3.1 Product Launches and Approvals
9.3.2 Expansions
9.3.3 Acquisitions, 2017-2018
10 Company Profiles
(Business Overview, Products Offered, Recent Developments)
10.1 Medtronic PLC
10.2 Abbott Laboratories
10.3 Boston Scientific Corporation
10.4 Biotronik
10.5 Medico S.p.A.
10.6 Microport Scientific Corporation
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