Cardiac Resynchronization Therapy Systems Market: Snapshot
Heart failure is one of the most common chronic condition in which pumping action of our heart is affected. Improper contraction and relaxation of heart muscles renders it unable to pump blood efficiently. Prevalence of heart failure is expected to increase exponentially worldwide due to change in lifestyle and various factors such as malnutrition, genetic mutations, and others. Globally 26 million people are affected by heart failure.
Cardiac resynchronization therapy (CRT) systems are used to treat conditions such as heart failure. The global cardiac resynchronization therapy systems market was valued approximately US$ 3.1 Bn in 2016 and is anticipated to register CAGR of over 5.3% from 2017 to 2025 to reach value of approximately US$ 4.8 Bn by 2025. There are two types of cardiac resynchronization therapy devices; cardiac resynchronization therapy pacemaker and cardiac resynchronization therapy defibrillator. The cardiac resynchronization therapy system device works by resynchronizing the contractions of heart ventricles by sending the electrical signals to the heart muscle.
The cardiac resynchronization therapy devices have been evolved from pacemaker technology. This therapy has significantly reduce the mortality rate caused due to heart failure. Due to use of cardiac resynchronization therapy for treatment of heart failure patients, there are lower number of deaths occurring as a result of sudden cardiac arrest in heart failure patients.
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Cardiac Resynchronization Therapy Systems Market: Segment outlook
The global cardiac resynchronization therapy systems market has been segmented based on product type and geography. Considering the product type the global Cardiac Resynchronization Therapy Systems Market is classified in to major segments- Cardiac Resynchronization Therapy Pacemaker and Cardiac Resynchronization Therapy Defibrillator. In 2016 cardiac resynchronization therapy defibrillator accounted for the major market share in terms of revenue. Growth in incidence of heart failure cases and development of innovative technology for cardiac resynchronization is likely to drive the market during forecast period.
Moreover, technological advancements foster the growth of the global cardiac resynchronization therapy systems market. There is a growing need for MRI-compatible pacemakers in the market. Development of MRI-compatible technology and increasing regulatory approvals would fulfill the unmet needs of patients and propel the cardiac resynchronization therapy systems market growth during the forecast period.
Cardiac Resynchronization Therapy Systems Market: Regional outlook
Geographically, the cardiac resynchronization therapy systems market has been segmented into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America contributed for the largest share of 43.0% of the global cardiac resynchronization therapy systems market in 2016, followed by Europe with 30.4% market share. This is attributed to developed economy and advanced health care infrastructure coupled with awareness of population regarding the treatment of heart failure and associated diseases.
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In North America and Europe the cardiac resynchronization therapy defibrillator segment of cardiac resynchronization therapy systems market contributes the maximum share. Asia Pacific may show a promising market for the cardiac resynchronization therapy systems business because of increasing population and increasing healthcare facilities and developing economy. Additionally the Asia pacific, is focusing on increasing cardiac care clinics which will be driving the market during forecast period. Apart from Asia-Pacific, growth in the Middle-East and Latin American market is also encouraging the manufacturers to expand their business in this geography. The impact of business of cardiac resynchronization therapy systems in the emerging markets is expected to be high throughout the forecast period.
In the global Cardiac Resynchronization Therapy Systems Market the major operating players are Medtronic, Boston Scientific Corporation, Abbott, LivaNova PLC, BIOTRONIK SE & Co. KG and others. These players are adopting organic and in-organic growth strategies to expand their product offerings, strengthen their geographical reach, increase customer base and garner market share. For instance, Abbott has successfully completed the acquisition of St. Jude Medical, Inc. on 4th January 2017. This acquisition strengthens the Cardiac Rhythm Management product portfolio. These are the major players of Cardiac Resynchronization Therapy Systems Market and exhibit the largest geographical outreach with presence of range of worldwide.
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