Market Overview
The Latin American cardiac resynchronization therapy market witnessed significant growth in the past and is expected to grow at a CAGR of 7.4% 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.
- Brazil dominates the market by Country.
Market Dynamics
Latin America Cardiac Resynchronization Therapy (CRT) Market Drivers
Technology Advancement
The market is expanding due to the introduction of technological advances in CRT devices. Numerous new features have been added to CRTs, including lower size and greater battery life. Vendors have consequently been concentrating more on creating cutting-edge CRTs. For instance, in Europe, MicroPort Scientific Corporation introduced Smart Touch in January 2018. It is a new tablet-based programmer. Pacemakers, defibrillators, and cardiac resynchronization devices are all compatible with the product. The Ilivia series of Cardiac Resynchronization Therapy (CRT) devices was introduced by Biotronik in March 2017, expanding the company's product line. Therefore, growing technological advancements by market players are estimated to boost demand for CRT devices, fueling market growth.
Latin America Cardiac Resynchronization Therapy (CRT) Market Restraints
Insurance Coverage
Insurance coverage is one of the market's obstacles to cardiac resynchronization therapy (CRT) in Latin America. The cost of CRT devices may not be covered by insurance providers in some nations, making them costly for some patients.
Insurance companies could refuse to pay for the cost of CRT devices for a few different reasons. The cost of CRT equipment is one factor.
The benefits of CRT therapy are not always obvious, which is another reason why insurance companies can choose not to pay for the expense of CRT devices. Patients with heart failure who receive CRT therapy are proven to have a higher quality of life. It is unclear, though, if CRT therapy can make patients with heart failure survive longer. Insurance companies may find it challenging to defend the expense of CRT therapy due to this ambiguity.
Because CRT devices are not considered essential medical treatments, insurance companies can refuse to pay for their costs. Insurance companies in some nations will only pay for medical procedures that are deemed to be medically essential.
Latin America Cardiac Resynchronization Therapy (CRT) Market Opportunities
Increasing Awareness and Education
The Latin American Cardiac Resynchronization Therapy (CRT) market has a sizable opportunity due to rising awareness and knowledge. Healthcare professionals, patients, and the general public in the area are becoming more focused on heart health and aware of the advantages of CRT.
In many parts of Latin America, there has been a dearth of awareness of cardiac diseases and the range of possible treatments. But thanks to improvements in healthcare infrastructure, greater informational accessibility, and public health initiatives, knowledge of cardiac disorders, such as heart failure and arrhythmias, has substantially increased.
CRT is becoming more widely acknowledged as a viable therapy option as public awareness of cardiac problems and their effects on patient health increases. For patients with heart failure and electrical conduction problems, CRT has been shown to boost cardiac function, lessen symptoms, and improve quality of life. The use of CRT in the area can be increased by educating medical personnel and patients about its advantages, which can result in early detection, suitable patient selection, and prompt intervention.
Segmental Analysis
The Latin American cardiac resynchronization therapy (CRT) market is segmented based on Product, End-User, and Country.
Based on OS, the Latin American market is segmented by CRT-D and CRT-P.
CRT-D dominated the market over the forecast period.
Based on End-User, the Latin American market is segmented by Hospitals, Cardiac Centre.
Hospitals dominated the market over the forecast period.
Regional Analysis of the Cardiac Resynchronization Therapy (CRT) Market
The Latin American cardiac resynchronization therapy market is segmented by countries Mexico, Brazil, and Argentina. Brazil dominates the country market and is expected to grow at a CAGR of 7.3% during the forecast period.
Over the projection period, the market in Latin America is anticipated to expand at a good pace. Increased fatalities from CVDs and a rise in sedentary lifestyle adoption are some causes that can be linked to its growth. Numerous non-communicable diseases, particularly cardiovascular diseases (CVDs), have increased in frequency due to this lifestyle and the rising rate of obesity. These illnesses are among Latin America's most prevalent reasons for cardiovascular-related deaths. Argentina, Mexico, and Brazil make up the market segments.
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