The global cardiac resynchronization therapy market size is anticipated to reach USD 10.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a lucrative CAGR of 7.3% over the forecast period. The key factors driving the market include constant product advancements, growing initiatives by key companies, and increasing product adoption by end-users. The market was significantly impacted by the COVID-19 pandemic. Some of the major impacts of the pandemic on the market include supply chain disruptions, fall in sales, demand slowdown due to cancellation of elective procedures, and operational hurdles. For instance, Abbott, a market leader in the cardiac rhythm management device industry, reported a decline in revenue growth of the cardiovascular business in 2020.
Boston Scientific also reported a decline in sales growth across all regions in 2020. By Q3 2021, the company’s sales recovered gradually with the cardiac rhythm management segment accounting for USD 1.5 billion in total revenue. Medtronic also reported a negative impact of the COVID-19 pandemic on its fourth-quarter financial results ending April 24, 2020. The company was impacted by postponed elective and semi-elective procedures that use Medtronic products. The reluctance of people to undergo non-COVID-19 emergency procedures affected the company’s emergent product lines. However, by 2021, the company returned to positive sales growth.
Its cardiac & rhythm management portfolio sales grew by 11% during a 6-month year-on-year period ending in October 2021. Constant product advancements and initiatives by key market players are expected to propel market growth in the coming years. For instance, in May 2017, Medtronic received FDA clearance for its MR-Conditional Quadripolar CRT-Ps. This extended the company’s lineup. In April 2018, MicroPort acquired the cardiac rhythm management portfolio from LivaNova PLC, including Platinum CRT-Ds and Reply CRT-Ps. This established MicroPort CRM as the fifth-largest CRM business globally. In addition, the company strengthened its market position by becoming the market leader in the CRM segment in China.
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Cardiac Resynchronization Therapy Market Report Highlights
- Rapid technological advancements are among the key trends driving market growth. Increasing geriatric population, sedentary lifestyles, and rapidly increasing prevalence of Cardiovascular Diseases (CVDs) are also stimulating the market growth
- The CRT-D product segment dominated the market in 2021 owing to the high adoption and wider application scope of these devices
- The CRT-P segment is projected to grow at the fastest CAGR over the forecast period owing to the growing indications and high prevalence of heart failure across the globe
- The hospital end-user segment held the largest market share in 2021 as these facilities are the main point of care for CRT device implantation post-diagnosis
- Furthermore, hospitals offer multiple reimbursement facilities for surgery, consultation, treatment, and more, thus driving the product adoption and leading to a higher footfall of patients
Key Companies & Market Share Insights
Competition in the market is expected to be moderate during the forecast period. The top 5 companies take up approximately 90% of market shares. In addition, these companies have extensive resources, market expertise, distribution network, and are involved in deploying strategic initiatives to increase market share and profits. These strategies include mergers & acquisitions, geographic expansion, partnerships, the launch of new products, and R&D activities. Some of the key players in the global cardiac resynchronization therapy market include: Medtronic, Abbott, Boston Scientific Corp., Biotronik SE & Co. KG, MicroPort Scientific Corp.
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