Cardiac Resynchronization Therapy Market: Drivers, Challenges, and Forecasts

Cardiac Resynchronization Therapy Industry Overview

The cardiac resynchronization therapy market size was valued at USD 4.26 billion in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 4.8% from 2023 to 2030. Growing product developments, an aging population, initiatives by key companies, and the prevalence of cardiovascular diseases are some of the key drivers of this market. Boston Scientific, for instance, reported cumulative distribution of around 389,000 CRT-Ds globally as of January 2021. During 2020, the company sold around 33,000 CRT-Ds; out of which, about 16,500 were registered in the U.S., which is indicative of high demand.

The COVID-19 pandemic adversely impacted the cardiac resynchronization therapy market with dampened demand and sales. This was due to pandemic-induced deferred or canceled elective procedures, delays in clinical trials, supply chain challenges, and reduced sales and marketing activities. Several key companies such as Medtronic, Boston Scientific, and Microport reported a negative impact of COVID-19 on their financial performance and business activities. For instance, Microport reported a 16.2% decline in its cardiac rhythm management business in 2020. The company attributed the decline to postponed outpatient visits and surgical procedures due to COVID-19, thus resulting in a decreased number of implants.

Gather more insights about the market drivers, restrains and growth of the Cardiac Resynchronization Therapy Market

After the initial shock and confusion about COVID-19 effects, companies and governments began taking corrective actions to help the economy and businesses recover. These initiatives included lowering conditional exemptions, limitations, and other tactical steps, in addition to policy and monetary support. In April 2020, COVID-19 task force update, the Heart Rhythm Society released guidelines for managing patients with cardiac implantable electronic devices with an emphasis on limiting exposure to patients and providers. It indicated that only major issues involving device leads, generators, or reprogramming need in-person visits. This was used by Biotronik to promote its line of implanted devices for cardiac rhythm management that feature home monitoring technology for continuity of care. Following the peak of COVID-19, the American College of Cardiology (ACC), the Canadian Association of Interventional Cardiology (CAIC), and other North American cardiology organizations presented suggestions for ethically and safely resuming invasive cardiovascular procedures. The market for CRT devices was aided by these regulations.

The aging population is a key factor estimated to fuel market growth. Statistics Korea estimated that about 8.53 million individuals are aged 65 years and older in 2021. This number is expected to reach 12.98 million by 2030. The aging population indicates a growing number of people at risk of chronic diseases, such as congestive heart failure, hypertension, and arrhythmia. This is anticipated to contribute to market growth in the country. According to a survey conducted by the European Society of Cardiology and published in the Archives of Cardiovascular Diseases in 2019, French patients were found to be more likely to receive a CRT-P implant compared to the rest of Europe. The patients were identified to be comparatively older, with about 44.7% aged 75 years and above, had fewer co-morbidities, and less severe heart failure symptoms.

Rising product improvements, R&D initiatives by market players, and the prevalence of cardiovascular diseases are expected to fuel market growth. For instance, in February 2020, Abbott received CE Marking for its Gallant ICDs and CRT-D devices. These technologies enhance the company's solutions by enabling remote monitoring through Abbott's myMerlinPuls App. MultiPoint Pacing and SyncAV feature further enhance the Gallant CRT-D system to improve patient response to CRT therapy. This supported the company’s growth objectives. The Spanish Pacemaker Registry reported that, in 2020, about 3,850 CRT devices were implanted in Spain. Out of the implanted devices, 2,387 were CRT-D devices and 1,463 were CRT-P devices. It was reported that recipients were 78.8 years old on average. Syncope was found to be the symptom that led to implantation in 41.8% of cases. Dizziness and heart failure were found to be the other symptoms.

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Key Companies profiled:

• Medtronic

• Abbott

• Boston Scientific Corporation

• Biotronik SE & Co., KG

• MicroPort Scientific Corporation

• Livanova plc.