Global Cardiac Resynchronization Therapy (CRT) Devices Market Size Booming at Healthy CAGR of 8.4% to Touch USD 11.6 Billion by 2030

Published | 26 June 2024

Global Cardiac Resynchronization Therapy (CRT) Devices Market is growing due to heart failure prevalence, device tech advances, aging population, and increased awareness, boosting CRT device usage worldwide.

BlueWeave Consulting, a leading strategic consulting, and Market research firm, in its recent study, estimated the Global Cardiac Resynchronization Therapy (CRT) Devices Market size by value at USD 6.59 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Global Cardiac Resynchronization Therapy (CRT) Devices Market size to expand at a CAGR of 8.4% reaching a value of USD 11.59 billion in 2030. The Global Cardiac Resynchronization Therapy (CRT) Devices Market is driven by the increasing burden of heart failure and cardiac disorders, the geriatric population, and the sedentary lifestyle. The global population is aging rapidly, leading to reduced birth rates and increased life expectancy. The geriatric population's rise in cardiovascular and heart failure cases increases the demand for CRT, boosting market growth during the period in analysis.

Opportunity – Growing adoption of Big Data in healthcare

The Global Market for Cardiac Resynchronization Therapy (CRT) Devices is prospering as a result of proactive measures incorporated by major healthcare businesses. These measures include accelerating product development, broadening market reach, and improving patient outcomes. Major corporations are focused on sophisticated technologies to develop breakthrough goods for cardiac patients. They also work with healthcare providers and academic organizations on clinical research. These firms are extending their market presence through strategic collaborations and marketing activities, to improve global patient access to CRT devices and drive market growth.

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Impact of Escalating Geopolitical Tensions on Global Cardiac Resynchronization Therapy (CRT) Devices Market  

Intensifying geopolitical tensions across regions impact the Global Cardiac Resynchronization Therapy (CRT) Devices Market through supply chain disruptions, trade restrictions affecting essential technologies, increased costs due to unstable currency exchange rates, slowed innovation from uncertain R&D investments, and reduced market size in regions with unstable healthcare infrastructure.

Global Cardiac Resynchronization Therapy (CRT) Devices Market  

Segmental Coverage

Global Cardiac Resynchronization Therapy (CRT) Devices Market – By Product Type

Based on product type, Global Cardiac Resynchronization Therapy (CRT) Devices Market is split into CRT-Pacemakers and CRT-Defibrillators segments. CRT-D devices dominate the market. CRT-D devices synchronize heart rhythm and provide life-saving defibrillation shocks. Their dual functionality is preferred for high risk patients. Advancements in technology like improved battery life increase adoption. CRT-D devices, despite being costly and complex, have a larger market share due to their critical role in severe cardiac conditions.

Global Cardiac Resynchronization Therapy (CRT) Devices Market – By Age

Based on age, the Global Cardiac Resynchronization Therapy (CRT) Devices Market is divided into Below 44 years, 45–64 years, 65–84 years, and Above 85 years segments. The 65–84 age group dominates the Global CRT Devices Market due to its high heart-related conditions. Aging populations in developed countries drive this trend as cardiovascular issues rise with age. This group's access to healthcare contributes to CRT device adoption, influencing market dynamics and prompting manufacturers to focus on tailored innovations for older patients.

Competitive Landscape

Global Cardiac Resynchronization Therapy (CRT) Devices Market is fiercely competitive. Major companies in the market include Medtronic, Abbott, Boston Scientific Corporation, Biotronik, MicroPort Scientific Corporation, Livanova plc, Integer Holdings Corporation, Lepu Medical Technology Co., Ltd, Mayo Clinic, and Osypka Medical. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Global Cardiac Resynchronization Therapy (CRT) Devices Market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Cardiac Resynchronization Therapy (CRT) Devices Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Cardiac Resynchronization Therapy (CRT) Devices Market and industry insights to help decision-makers make sound strategic decisions. Further, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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