CRT-D: Key market research findings
- Regulatory approvals to drive market growth
- Americas to dominate the market geographically
- Key vendors – Medtronic, St. Jude Medical, Boston Scientific, and LivaNova
Technavio’s market research analysts predict the global CRT-D market to grow at a CAGR of more than 8% between 2016 and 2020. The recent rise in the number of regulatory approvals is the fundamental driving force behind the growth in this market. Manufacturers are seeking regulatory approvals for their products with an increased emphasis on international sales, which require support from country-specific regulatory boards. The ongoing upsurge in regulatory approvals is positively influencing the launch of new products in the market as it will increase the availability and affordability of newly approved drugs for the patients. During 2015, the Americas dominated the global cardiac resynchronization therapy defibrillator (CRT-D) market by accounting for almost 56% of the overall market share. The market is flourishing in the region owing primarily to the high incidence of hypertension, diabetes, and high cholesterol in the US. Also, the presence of a large number of implant centers in the area and advances in technology coupled with the advantages that CRT-D devices offer over traditional defibrillators are some of the factors that are likely to fuel growth in the CRT-D market in the Americas during the forecast period.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“An increase in the use of magnetic resonance imaging (MRI) in clinical applications is the latest trend in the CRT-D market across the globe. MRI technology is progressively being used to detect internal injuries as they allow better diagnosis and understanding of the injury. With the augmented use of cardiac implantable electronic devices and the 3D-MRI technique, the popularity of MRI procedures will rise as they help in better imaging,” says Barath Palada, Lead Analyst, Healthcare & Lifesciences, Technavio Research.
The transition from cardiac resynchronization therapy pacemaker (CRT-P) to CRT-D, owing to clinical considerations plays a vital role in the growth of the global CRT-D market. Clinical research studies show that the CRT-D devices can reduce the re-admission rate for individuals with heart failure. For people exhibiting ischaemic cardiomyopathy or ischemic etiology, CRT-D implantation has proven to be an effective procedure to improve the survival rate. In comparison to CRT-P devices, CRT-D devices showcase several incremental benefits as they reduce the risk of sudden cardiac death (SCD) and improves the left ventricular function.
The key vendors in the global CRT-D market include Medtronic, St. Jude Medical, Boston Scientific, and LivaNova. Intense competition prevails in this market with increased product portfolio extensions, advances in technology, and reduced average selling prices. To gain a competitive edge over their peers, vendors are developing devices with long-lasting batteries. Additionally, some large vendors are also acquiring small companies to increase their market share and their geographic reach. The market is also anticipated to witness the entry of several multinational companies during the forecast period.
A more detailed analysis is available in the Technavio report, Global CRT-D Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
- Global Cardiac Resynchronization Therapy Pacemaker Market 2016-2020
- Cardiac Medical Devices Market in the US 2016-2020
- Cardiac Rhythm Management Devices Market in China 2016-2020
- Cardiac Resynchronization Therapy Devices Market in Europe 2015-2019
- Global Cardiac Resynchronization Therapy (CRT) Devices Market 2015-2019
