The North American cardiac resynchronization therapy market witnessed significant growth in the past and is expected to grow at a CAGR of 6.2% 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 CRT-D segment had the biggest market share because of high demand, accounting for 58.3% of all products in 2021. The CRT-P segment's fastest growth rate is anticipated due to numerous technological developments. The top competitors on the market include Medtronic, Abbott, Boston Scientific Corporation, BIOTRONIK, and MicroPort Scientific Corporation.
Nearly half of all deaths from cardiovascular diseases are caused by sudden cardiac death, which continues to be a primary cause of mortality despite advancements in prevention and treatment. Devices for cardiac resynchronization therapy should see increased demand due to the rising prevalence of heart diseases and their risk factors. One of the top causes of death worldwide is heart failure. As of September 2020, the CDC estimates that 6.2 million persons with Heart failure plagued the US. 379,800 death certificates, or roughly 13.4%, listed it as a cause of death in 2018.
As a result, it is projected that the rising prevalence of cardiovascular disorders would increase demand for a range of therapeutic options, including cardiac resynchronization therapy devices.
Implantable cardioverter defibrillators (ICDs), cardiac resynchronization therapy (CRT-Ds), the Viva, Evera, Brava, Amplia, Claria, Visia, and Compia devices, as well as their distribution between August 31, 2012, and May 9, 2018, were all recalled by Medtronic in February 2021. An unexpected and abrupt decline in battery life led to the recall.
Boston Scientific Corporation started the INGENIO family of pacemakers and CRT-Ps recall in June 2021. ADVANTIO DR EL, INGENIO DR EL, and VITALIO DR EL are a few of them. Between November 2011 and August 2020, devices that have been recalled were distributed and manufactured between September 2011 and December 2018. In the US, some 48,000 gadgets were recalled. The possibility of the gadget entering safety mode led to the recall.
One of the main factors fueling the growth of the cardiac resynchronization therapy market is the rise in surgical procedures and intensive care and critical care units.
The North American cardiac resynchronization therapy (CRT) market is segmented based on Product, End-User, and Country.
Based on OS, the North American market is segmented by CRT-D and CRT-P.
CRT-D dominated the market over the forecast period.
Based on End-User, the North American market is segmented by Hospitals, Cardiac Centre.
The North American cardiac resynchronization therapy market is segmented by country into U.S. and Canada. U.S. dominates the country market and is expected to grow at a CAGR of 6.8% during the forecast period.
Due to its growing geriatric population and regulatory clearances, North America is anticipated to dominate the CRT market throughout the forecast period. The risk of developing chronic heart diseases might rise due to sedentary lifestyles, which may increase the requirement for cardiovascular care. Additionally, several medical gadget suppliers in this area offer cardiovascular care internationally. These businesses are concentrating on releasing cutting-edge products with attributes like enhanced battery life and miniaturization, which are predicted to fuel market expansion.
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