The Asia-Pacific cardiac resynchronization therapy market witnessed significant growth in the past and is expected to grow at a CAGR of 8.3% during the forecast period (2022-2030).
Cardiac resynchronization therapy (CRT) is a treatment that assists the heart in beating at the correct rate. It employs a pacemaker to restore the heartbeat's normal timing pattern. The CRT pacemaker coordinates the synchronization of the heart's upper (atria) and lower (ventricles) chambers. It also regulates the synchronization between the heart's left and right sides.
The market for cardiac resynchronization therapy (CRT) was estimated to be worth USD 5.85 billion in 2021. One of the major trends accelerating market expansion is the rapid advancement of technology. The market is expanding due to sedentary lifestyle adoption, an aging population, and increased cardiovascular disease prevalence.
The target demographic for CRTs is people over the age of 60. The population driving the growth of the CRT market over the projection period is one with poor immunity levels and a propensity for chronic illnesses, such as cardiovascular disorders. The WHO predicts that between 2015 and 2050, the elderly population will double, rising from 12% to 22%. Because of this, it is anticipated that the lifetime of the general population will increase thanks to the most recent cardiac care procedures. The population percentage in each country over 65 in 2020 is shown in the chart below.
The demand for CRT devices is anticipated to be constrained by their high cost, particularly in developing and undeveloped economies. These gadgets are priced differently depending on the brand. Devices that are MRI-compatible cost more than those that are not.
Further restricting the market is that governments in many developing nations, including India, do not offer price caps on these gadgets. In India, a CRT-D implant costs roughly USD 16,500 on average. Depending on the facility and surgeon, this cost can range from USD 7,000 to USD 25,000.
This price is greater than the price range of USD 650 to USD 2,600 for automatic external defibrillators. In a similar vein, pacemakers cost between USD 3,000 and USD 4,000.
Therefore, the high price of CRT is expected to have a detrimental effect on the market.
Several Asia-Pacific nations have implemented government initiatives to enhance healthcare infrastructure and encourage the adoption of cutting-edge medical technologies. As they support reimbursement policies and broaden access to CRT devices, these activities foster a favorable climate for the industry.
Governments in the Asia-Pacific region commonly work with industry stakeholders, academic institutions, and healthcare organizations to promote innovation, research, and development in the healthcare sector. Such partnerships enable information sharing, technology transfer, and funding opportunities, which can create more sophisticated CRT technologies and treatments. By encouraging product innovation and market expansion, these programs promote market growth.
Study Period | 2020-2032 | CAGR | 8.3% |
Historical Period | 2020-2022 | Forecast Period | 2024-2032 |
Base Year | 2023 | Base Year Market Size | USD XX Billion |
Forecast Year | 2032 | Forecast Year Market Size | USD XX Billion |
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports
The Asia-Pacific cardiac resynchronization therapy (CRT) market is segmented based on Product, End-User, and Country.
Based on OS, the Asia-Pacific market is segmented by CRT-D and CRT-P.
CRT-D dominated the market over the forecast period.
Based on End-User, the Asia-Pacific market is segmented by Hospitals, Cardiac Centre.
Hospitals dominated the market over the forecast period.
Regional Analysis of the Asia-Pacific Cardiac Resynchronization Therapy (CRT) Market
The Asia-Pacific cardiac resynchronization therapy market is segmented by country into Japan, China, India, Australia, and South Korea. Japan dominates the country market and is expected to grow at a CAGR of 7.7% during the forecast period.
Over the next few years, Asia Pacific is anticipated to experience the fastest CAGR growth. This is due to a growing prevalence of heart disorders, an aging population, bettering economic conditions, strategic actions by important firms, and expanding healthcare infrastructure. Developed markets, including Japan and Australia, are also embracing new technology developments in these devices quickly. For instance, while being more expensive, remote monitoring of cardiac implanted devices, particularly in CRT/CRTDs, was quickly embraced throughout Asia-Pacific. Data on cardiac implanted electronic devices were examined in New Zealand between 2014 and 2017. CRT-P implants were given to 175 patients, whereas CRT-D implants were given to 155 individuals. Compared to new primary prevention, patients who received a new CRT-P were more likely to be female and older. implanted CRT-D