The cardiac resynchronization therapy (CRT) market is projected to reach USD 5.1 billion by 2024 from USD 4.1 billion in 2019, at a CAGR of 4.4%. The growth of the CRT market is majorly driven by the increasing incidence of target diseases. Rising investments and support, along with technological advancements, are also contributing to the growth of this market.
The APAC region is estimated to witness the highest growth in the CRT market during the forecast period. This can primarily be attributed to changing lifestyles and eating habits and increasing stress levels among people in several APAC countries, which are major risk factors for developing target diseases/health conditions, such as obesity, hypertension, and heart diseases. On the other hand, the high cost of advanced products, inadequate infrastructural capabilities to comply with the latest cardiac resynchronization technologies, and the lack of awareness about health-related issues are expected to hamper the growth of the APAC market.
Medtronic (Ireland), Abbott (US), and Boston Scientific Corporation (US) are the key players operating in this market. Other prominent players in this market include MicroPort Scientific Corporation (China), BIOTRONIK (Germany), and Medico S.p.A. (Italy). These companies are focusing on increasing their presence in high-growth markets through both organic as well as inorganic growth strategies such as product launches, acquisitions, and expansions.
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Medtronic was the leading player in the CRT market in 2018. The company offers a wide range of products for the treatment of heart failure. Medtronic primarily focuses on organic growth strategies such as product launches and expansions to maintain its position in the market. For instance, in 2017, the company received FDA approval for its quadripolar cardiac resynchronization therapy pacemakers (CRT-Ps). In 2016, the company also opened its Asia Pacific headquarters in Singapore to support operations at 80 locations in the region.
Abbott Laboratories was also a leading global player in the CRT market in 2018. The company is engaged in the research, development, production, and distribution of a diversified range of healthcare products, including drugs, diagnostics, branded generics, and vascular and nutritional products. The company offers CRT devices for the treatment of heart failure under the brand names—Quadra Allure MP CRT-P, Allure RF, Unify Assura, and Promote Plus CRT-D, among others. To maintain its position in the market, the company primarily focuses on acquisitions. For instance, in 2017, the company acquired St. Jude Medical (US); this acquisition enhanced the company’s product portfolio of best-in-class products.
Cardiac Resynchronization Therapy Market by Product Type (Cardiac Resynchronization Therapy Defibrillator and Cardiac Resynchronization Therapy Pacemaker), End User (Hospitals & Cardiac Centers and Ambulatory Surgery Centers) - Global Forecast to 2024
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