Cardiac Resynchronization Therapy Market report contains detailed information on factors influencing demand, growth, opportunities, challenges, and restraints. It provides detailed information about the structure and prospects for global and regional industries. In addition, the report includes data on research & development, new product launches, product responses from the global and local markets by leading players. The structured analysis offers a graphical representation and a diagrammatic breakdown of the Cardiac Resynchronization Therapy Market by region.
The global cardiac resynchronization therapy market was valued at US$4 billion in the year 2020. The market is anticipated to reach US$5.9 billion by 2030 by growing at a compound annual growth rate (CAGR) of 4% during the forecast period from 2021 to 2030.
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
Cardiac resynchronization therapy, also called biventricular pacing, is a heart treatment procedure. This procedure helps treat symptoms of arrhythmia (irregular rhythms of heartbeat). In this procedure, a pacemaker is inserted near the left and right ventricle of the heart. The pacemaker emits small pulses of electricity to correct irregular rhythms.
Factors Influencing
An increasing number of arrhythmia cases in recent years has resulted in increasing demand for the global cardiac resynchronization therapy market.
There has been a growth in the number of elderly populations who suffer from various chronic conditions including, heart arrhythmia. It has resulted in increasing demand for the global cardiac resynchronization therapy market.
Due to advancements in medical technology, pacemakers are coming with better features such as longer battery life, better data recording, and monitoring of patients’ health. Due to which there is an increase in demand for the global cardiac resynchronization therapy market.
The prices of machines like pacemakers and defibrillators are very high. As a result, it may reduce the demand of the global cardiac resynchronization therapy market.
Cardiac resynchronization therapy requires surgery. However, the risk of infection may slow down the growth of the global cardiac resynchronization therapy market.
Impact Analysis of Covid-19
With the outbreak of the Covid-19 pandemic, all invasive medical procedures were canceled. Hospitals gave priority to the treatment of patients infected with the Covid-19 virus. Furthermore, the nationwide lockdown in various countries restricted production and trade activities. Thus, it led to low production and distribution of the pacemakers. These factors decreased the demand for pacemakers and ultimately slowed down the growth of the global cardiac resynchronization therapy market growth.
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Regional Analysis
In terms of region, North America dominates the global cardiac resynchronization therapy market. High expenditure on health infrastructure and better and constantly developing medical technology has resulted in increased acceptance for pacemakers. These factors contribute to the growth of the global cardiac resynchronization therapy market.
In recent years, the Asia-Pacific region has witnessed promising growth in global cardiac resynchronization therapy. There has been a shift towards a sedentary lifestyle which has resulted in increasing cases of heart arrhythmia. There has been the introduction of policies favoring healthcare, like reduced prices of pacemakers in India. Moreover, Japan also launched a health reimbursement plan to help the patients. There has been an increasing awareness about the condition of irregular heart rhythms. These factors are expected to contribute to the growth of the global cardiac resynchronization market.
Competitive Landscape
The following companies are key players in the global cardiac resynchronization therapy market:
Abbott Laboratories
BIOTRONIK
Boston Scientific Corporation
Lepu Medical Technology Co. Ltd.
MEDICO S.p. A.
Medtronic Plc
Microport Scientific Corporation
St. Jude Medical
LivaNovaPlc.
Nihon Kohden Corporation
Koninklijke Philips N.V.
Japan Lifeline Co. Ltd.
Merit Medical System
Osypka Medical GmbH
OSCOR Inc.
Other prominent players
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Scope of the Report
The global cardiac resynchronization therapy market segmentation focuses on Product, End-User, and Region.
By Product Type
Cardiac Resynchronization Therapy Pacemakers
Cardiac Resynchronization Therapy Defibrillators
By End-User
Ambulatory Surgery Centers
Hospitals & Cardiac Centers
By Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
What are the aspects of this report that relate to regional analysis?
The report’s geographical regions include North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The report provides a comprehensive analysis of market trends, including information on usage and consumption at the regional level.
Reports on the market include the growth rates of each region, which includes their countries, over the coming years.
What is the key information extracted from the report?
Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
The report offers the present scenario and future growth prospects Market in various geographical regions.
The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
The SWOT analysis is conducted along with Porter’s Five Force analysis.
The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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