Market Overview
The Indian cardiac resynchronization therapy market witnessed significant growth in the past and is expected to grow at a CAGR of 8.7% 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.
Highlights
- CRT-D dominates the market by Product.
- Hospitals dominate the market by End-User.
Market Dynamics
India Cardiac Resynchronization Therapy (CRT) Market Drivers
High Prevalence of Cardiac Diseases
Heart failure and arrhythmias are two of the major cardiovascular illnesses in India. There is a demand for effective treatment alternatives like CRT because of the increasing prevalence of these illnesses, which is linked to factors including sedentary behavior, lifestyle changes, and rising obesity rates. The demand for cutting-edge cardiac therapy drives the adoption of CRT devices in the Indian market.
Increasing Aging Population
With a growing older population, India is experiencing a demographic transition. Heart failure and other cardiac problems are more likely to develop in older adults. As seniors are more likely to need cardiac resynchronization therapy, India's aging population expands the patient pool for CRT devices. The aging population is a major factor in the expansion of the CRT market.
India Cardiac Resynchronization Therapy (CRT) Market Restraints
High Cost of Device
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.
India Cardiac Resynchronization Therapy (CRT) Market Opportunities
Government Initiatives
The Indian government has invested in constructing hospitals, clinics, and cardiac care facilities. These programs seek to increase accessibility to high-quality healthcare services, including cutting-edge cardiac therapies like CRT. Expanding the healthcare infrastructure makes the adoption of CRT equipment and processes possible.
The Indian government is key in encouraging patient access to CRT through its health insurance programs and payment rules. Public health insurance programs for qualifying patients, including Ayushman Bharat and state-specific health insurance plans, cover particular cardiac operations and equipment, including CRT. These reimbursement procedures promote CRT use and lower patient costs, resulting in market expansion.
Segmental Analysis
The India cardiac resynchronization therapy (CRT) market is segmented based on Product, End-User.
Based on OS, the Indian market is segmented by CRT-D and CRT-P.
CRT-D dominated the market over the forecast period.
Based on End-User, the Indian market is segmented by Hospitals, Cardiac Centre.
Hospitals dominated the market over the forecast period.
Regional Analysis of the Cardiac Resynchronization Therapy (CRT) Market
According to a study that was published in the Indian Heart Journal in December 2018, only 116 out of 471 heart failure patients (24.6%) chose to have a CRT device implanted because of economic reasons. After two years, it was discovered that patients who received CRT had better clinical outcomes. Over the forecast period, rising disposable income, expanding healthcare infrastructure, and rising cardiac health awareness are expected to drive the market. International competitors are also growing their operations to take market share in the nation. Abbott supported its growth goals by introducing a new portfolio of CRT-Ds and ICDs in India in October 2020.
Top Key Players
Abbott
Boston Scientific Corporation
Medtronic
Biotronik SE & Co. Kg
Microport Scientific Corporation
LivaNova PLC
Medico S.R.L.
Others
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