According to FutureWise analysis the market for Cardiac Resynchronization Therapy in 2023 is US$ 4.48 billion, and is expected to reach US$ 6.68 billion by 2031 at a CAGR of 5.10%.
The CRT-D products are projected to lead the market during the forecast period. As per the published paper from the Journal of Cardiovascular Electrophysiology, over half of the CRT product implants are performed using CRT-D. Latin America and the Asia Pacific region are projected to exhibit profitable growth and account for over 25% of the total revenue. This has been credited to the rapid industrial expansion by key market players concerning distribution as well as manufacturing. A necessity for high optimization of operations and competitive pricing are projected to assist companies to establish their position in developing economies such as Mexico, India and others. In addition, countries like Japan are observed to record a higher adoption rate for quadripolar lead-based CRT-D devices. This is projected to further stimulate market growth.
Based on end-user, the market is fragmented into ambulatory surgery centres and hospitals and cardiac centres. Hospitals and cardiac centres held the largest market share in 2019. A rising number of surgical procedures performed, increasing number of critical care and intensive care units, the increasing prevalence of CVD and favourable reimbursement scenario are some of the key factors driving the growth of the segment.
The Asia Pacific region is predicted to record the highest growth rate in the market during the forecast period. The rising geriatric population in China, rising incidence of CVDs, growing middle-class population, favourable reimbursement scenario in Japan, rising disposable income levels in India and improving healthcare infrastructure are some of the important factors steering the cardiac resynchronization therapy market growth in the Asia Pacific region.