Cardiac Resynchronization Therapy Devices Market Poised to grow at a CAGR of 7.6% by 2024
Infinium Global Research has added a new report on Cardiac Resynchronization Therapy Devices Market. The report presents an analysis of global as well as regional markets of cardiac resynchronization therapy devices market over the period of 2016 to 2024. The rising incidence rate of heart diseases such as sick sinus syndrome, cardiac arrest, and bradycardia worldwide are driving the growth of CRT devices market. The demand for invasive techniques in the treatment of heart diseases is increased and changes in the life style are likely to boost the growth of this market. Additional, growing geriatric patients worldwide are likely to support the growth of the market. Moreover, technological advancements and raising awareness of the CRT devices are driving the market of the CRT devices. On the other hand, surgical site infection, failure in delivering the optimum therapy when it is needed, sensitivity towards the device material are the risk associated CRT devices that are likely to hamper the growth of CRT devices market.
North America is expected to be the largest market for CRT devices, followed by Europe. There is intense competition among these regions. North America accounted for the highest market share owing to the presence of advance healthcare infrastructure in countries like the U.S and Canada. The demand for advanced technology, increasing growth of geriatric population suffering from cardiac and increasing awareness concerning the treatment of heart failure dysfunction has boosted the market in this region. The U.K. and Germany are the largest revenue generating countries in the Europe region. Moreover, product approval and well-established healthcare infrastructure are expected to drive the growth in the Europe CRT device market.
The new product launch and investment in research and development are the key strategies of the leading player in this market. For instance, Medtronic Plc., one of the leading players, investment a huge revenue for their cardiac and vascular business units to remain up-to-date and deliver the needs of the patients. In 2016, Medtronic received approval from the FDA for two MRI-Safe CRT-D devices. The third-generation products are enabled to do MRI testing of patients implanted with these devices without the fear of incurring any complications or fatalities. In January 2017, Abbott laboratories acquired St. Jude Medical, Inc., for the future growth and to develop a varied and strong portfolio of medical devices, nutritionals, diagnostics and established branded generic pharmaceuticals. Moreover, the growth matrix presented by Infinium Global Research identifies the key investment markets in the near future, this will not only help the companies to understand the competitive position in the global cardiac resynchronization therapy devices market but also make strategic decisions to capture the most lucrative markets in the near future.
The market size is presented in terms of value for the historic year 2016 and estimated for the forecast period of 2018-2024.
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The recent report identified that North America dominated the global cardiac resynchronization therapy devices market over the last couple of years while emerging markets of Asia-Pacific and Latin America are anticipated to contribute significantly to the growth in the cardiac resynchronization therapy devices market worldwide.
The report segments the global cardiac resynchronization therapy devices market on the basis of Product.
Global Cardiac Resynchronization Therapy Devices Market by Product
· Cardiac Resynchronization Therapy Pacemakers (CRT-P)
· Cardiac Resynchronization Therapy Defibrillators (CRT-D)
Companies Profiled in the Report
· Abbott Laboratories
· St. Jude Medical
· LivaNova Plc
· Boston Scientific
· Cook Group, Inc.
· Johnson & Johnson
About Infinium Global Research
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