CHICAGO, April 17, 2019 /PRNewswire/ -- According to the new market research report "Cardiac Resynchronization Therapy Market by Product Type (Cardiac Resynchronization Therapy Defibrillator and Cardiac Resynchronization Therapy Pacemaker), End User (Hospitals & Cardiac Centers and Ambulatory Surgery Centers) - Global Forecast to 2024", published by MarketsandMarkets, the Cardiac Resynchronization Therapy (CRT) Market is projected to reach USD 5.1 billion by 2024 from USD 4.1 billion in 2019, at a CAGR of 4.4%.
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The growth of the CRT systems market is mainly driven by the increasing incidence of target disease and growth in the geriatric population. Rising investments and support, along with technological advancements, are also contributing to the growth of the market.
By product type, the cardiac resynchronization therapy defibrillators (CRT-Ds) segment accounted for the largest share market in 2018
On the basis of product type, the CRT market is segmented into cardiac resynchronization therapy defibrillators (CRT-Ds) and cardiac resynchronization therapy pacemakers (CRT-Ps). The CRT-Ds segment accounted for the largest share of the market in 2018. This is majorly attributed to the increasing acceptance of CRT-Ds over pacemakers and the launch of technologically advanced devices. Furthermore, growth in this market segment is largely driven by the increasing incidence of target diseases.
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In 2018, the hospitals & cardiac centers segment dominated the CRT market
On the basis of end user, the market is segmented into hospitals & cardiac centers and ambulatory surgery centers. Hospitals & cardiac centers accounted for the largest share of the market in 2018. The increasing prevalence of CVD, rising number of surgical procedures performed, favorable reimbursement scenario, and the increasing number of critical care and intensive care units are some of the key factors driving the growth of the hospitals & cardiac centers segment.
North America to dominate the CRT market during the forecast period
In 2018, North America dominated the CRT market, followed by Europe. Increasing incidence of CVDs, increasing healthcare expenditure, and availability of technologically advanced devices are the factors propelling the growth of the market in the region.
The Asia Pacific region is projected to register the highest growth rate in the CRT market during the forecast period. Favorable reimbursement scenario in Japan, rising geriatric population in China, rising incidence of CVDs, improving healthcare infrastructure, growing middle-class population, and rising disposable income levels in India are some of the key factors driving the growth of the market in the Asia Pacific.
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CONMED Corporation (US), Medtronic Plc (Ireland), Olympus (Japan), Ethicon (US), Erbe Elektromedizin GmbH (Germany), KLS Martin (Germany), Stryker Corporation (US), I.C Medical (US), Symmetry Surgical Inc. (US), Utah Medical Products Inc (US), Zimmer Biomet (US), Pall Corporation (US), Ecolab (US), and Deroyal (US) are some major players in the global Smoke Evacuation System Market.
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