Published: Aug, 2018
The World Health Organization (WHO) has rated cardiovascular diseases as the number one cause of death across the World, claiming more than a dozen of million casualty each year. Thankfully, the advent of cardiac resynchronization therapy systems are here, functioning as implantable medical devices that are adequate at resynchronizing contraction within the ventricles of heart. They achieve so by transferring small electrical impulses to the heart’s muscle, helping it in pumping blood more efficiently. According to a recent business publication from Transparency Market Research (TMR), the awareness regarding the adequacy of CRT devices is expanding and therefore, the market for the same is flourishing.
If the estimations of the TMR report are to be believed, the global cardiac resynchronization therapy systems market will be worth US$4.8 billion by the end of 2025, with the demand multiplying at a profitable compound annual growth rate (CAGR) of 5.3% during the forecast period of 2017 to 2025.
Competitive Landscape Fairly Consolidated
The analyst of the report has detected a fairly consolidated scenario of the competitive landscape of the cardiac resynchronization therapy market, highlighting that players such as Boston Scientific, BIOTRONIK, Medtronic, LivaNova, and St. Jude Medical are ahead of the curve on the back of their well-established brand names. These players offer a wide variety of products as well as have a strong geographical presence. That being said, the competition within themselves is quite stiff, with all these players focusing on developing safe and efficient products that can be patented after gaining regulatory approvals from bodies such as CE and FDA.
Boston Scientific currently oozes with a product portfolio that contains cardiac medical devices such as CRT-Ps and ICDs through its cardiac rhythm management sub-segment. The company also has heart valve systems while manufacturing and marketing its CRT-Ps such as INVIVE CRT-P, INTUA CRT-P, and VALITUDE X4 CRT-P for cardiovascular conditions. On the other hand, Medtronic has presence across more than hundred and fifty countries and offers products such as implantable cardioverter defibrillators, cardiac pacemakers, and cardiac resynchronization therapy devices.
Based on product, the market has been segmented into cardiac resynchronization therapy defibrillators and cardiac resynchronization. Geographically, North America has been rated as the region with greatest demand potential, followed by Europe, which may be overtaken by Asia Pacific in terms of demand towards the end of aforementioned forecast period.
Improved Healthcare Infrastructure across Emerging Economies Stroking Demand
Apart from the strong prevalence of cardiovascular disorders, the market for cardiac resynchronization therapy systems market is gaining traction from improve healthcare infrastructure across emerging economies. Governments are pushing for better reimbursement policies and insurance companies are mushrooming on the back of increased disposable income of the working class. On the other hand, substantially high cost of these products is keeping a population base from being turning into potential consumers. This challenge needs to be overcome by the means of product innovation and reducing the costs pertaining to the supply chain.
- Only a handful of players are holding majority shares, dominating with their strong supply chain and brand name
- High cost of the products is the primary restraint that must be overcome for the market to flourish to its optimum potential
The information presented in this review is based on a Transparency Market Research report, titled, “Cardiac Resynchronization Therapy Systems Market (Product - Cardiac Resynchronization Therapy Pacemaker, Cardiac Resynchronization Therapy Defibrillator) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025.”
Key Segments of the Global Cardiac Resynchronization Therapy Systems Market
By Product type
- Cardiac Resynchronization Therapy Pacemaker
- Cardiac Resynchronization Therapy Defibrillator
By Region and Country
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Middle East and Africa
- GCC countries
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
Transparency Market Research
90 State Street,
Albany NY - 12207
USA - Canada Toll Free: 866-552-3453