The global cardiac resynchronization therapy (CRT) market size was valued at USD 4.74 billion in 2016 and is expected to grow at a CAGR of 7.9% over the forecast period. Increasing incidence of heart failure(s) & other cardiac disorders, stable R&D investment for technological advancements by players, and rising sedentary lifestyle amongst the population are expected to promote growth over the forecast period.
For instance, Medtronic Plc., one of the prominent players, makes huge investments for their cardiac and vascular business units to remain abreast of global advancements and cater to the needs of the patients. As of 2015, it has reported an investment of USD 1.64 billion towards R&D activities.
An ancillary factor supporting the growth of this industry is the increasing volume of geriatric patients across the globe. They are more susceptible to illness and are anticipated to require these resynchronization therapy products to facilitate healthy activity of the heart. Apart from heart failure, certain conditions such as arrhythmias, congenital heart disease, and atrial fibrillation also demand the usage of these devices.
In order to raise awareness and promote the developments in this market, guidelines have been formulated by agencies such as the European Society of Cardiology and the European Heart Rhythm Association. These guidelines have been documented into three subsets depending on the type of patient to provide accurate decision making.
In terms of technological advancements, as of 2016, first, as well as second-generation products of the CRT market are available. Furthermore, a third-generation product is underway and Medtronic has become a pioneer by gaining FDA approval for two MRI-Safe CRT-D devices in 2016. The third-generation products are aimed at facilitating MRI testing of patients implanted with these devices without the fear of incurring any complications or fatalities.
Based on the product, the CRT market has been segmented into CRT Defibrillator (CRT-D) and CRT Pacemaker (CRT-P). CRT-P was introduced first within the healthcare industry. These products are implanted below the collarbone and are connected to the heart by means of wires (leads) to the right chambers of the heart.
As of 2016, CRT-D is expected to dominate owing to their higher performance of pacing activity and the ability to timely report adverse conditions, thereby limiting the death rate. Nonetheless, key players are working toward further improvement. For instance, in 2015, LivaNova launched a new generation of its CRT products under the brand name PLATINUM. According to the company, these products are expected to provide enhanced longevity of over 10 years.
The North American region is expected to contribute the highest revenue over the forecast period due to rising approvals by the U.S. FDA for new products and increasing the growth of the geriatric population suffering from cardiac dysfunction. As of 2016, it held more 36.0% of the global market share.
Europe also held a substantial share and is predicted to witness lucrative growth with CAGR of more than 7.4% over the next nine years. Higher stringency being implemented by the healthcare agencies toward R&D, safety guideline follow-up, and product approvals are expected to drive the growth.
For instance, in December 2015, Medicines and Healthcare Products Regulatory Agency issued an action guideline for all Medtronic products, urging them to undertake follow-up of patients implanted with CRT devices within the UK. The action was ordered after the realization of the possibility of dipping of battery voltage that may render it nonfunctional.
Major players of the CRT market include Medtronic, St. Jude Medical, Biotronik, LivaNova Plc., Boston Scientific, and others. Companies such as LivaNova are undertaking strategic plans such as reorganization of their business houses in order to strengthen their current position and proactively keep up with the pace of the global dynamics of the market.
Other strategies include gaining entry in new geographical segments, development of advanced products, and instilling production efficiency by hiring experienced personnel and industry experts. These are actions being taken as of 2015, expected to showcase a positive impact for the CRT market in the next five years.
Report Attribute |
Details |
Market size value in 2020 |
USD 6.20 billion |
Revenue forecast in 2025 |
USD 9.2 billion |
Growth Rate |
CAGR of 7.9% from 2017 to 2025 |
Base year for estimation |
2016 |
Historical data |
2014 - 2015 |
Forecast period |
2017 - 2025 |
Quantitative units |
Revenue in USD million and CAGR from 2017 to 2025 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Product, region |
Regional scope |
North America; Europe; APAC; Latin America; MEA |
Country scope |
The U.S.; Canada; The U.K.; Germany; Japan; China; Brazil; Mexico; South Africa |
Key companies profiled |
Medtronic; St. Jude Medical; Biotronik; LivaNova Plc.; Boston Scientific |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth and provides an analysis of the latest trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the cardiac resynchronization therapy market report on the basis of product and region:
Product Outlook (Revenue, USD Million, 2014 - 2025)
CRT-Defibrillator (CRT-D)
CRT-Pacemaker (CRT-P)
Regional Outlook (Revenue, USD Million, 2014 - 2025)
North America
The U.S.
Canada
Europe
Germany
The U.K.
Asia Pacific
Japan
China
Latin America
Brazil
Mexico
Middle East and Africa (MEA)
South Africa
b. The global cardiac resynchronization therapy (CRT) market size was estimated at USD 5.78 billion in 2019 and is expected to reach USD 6.20 billion in 2020
b. The global cardiac resynchronization therapy (CRT) market is expected to grow at a compound annual growth rate of 8.4% from 2019 to 2027 to reach USD 10.87 billion by 2027
b. North America dominated the cardiac resynchronization therapy (CRT) market with a share of 28.9% in 2019. This is attributable to rising approvals by the U.S. FDA for new products and increasing the growth of geriatric population suffering from cardiac dysfunction.
b. Some key players operating in the cardiac resynchronization therapy (CRT) market include Medtronic, St. Jude Medical, Biotronik, LivaNova Plc., Boston Scientific, and others.
b. Key factors that are driving the market growth include increasing incidence of heart failure(s) & other cardiac disorders, stable R&D investment for technological advancements by players, and rising sedentary lifestyle amongst the population are expected to promote growth over the forecast period.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.