A new quadripolar cardiac resynchronization therapy pacemaker (CRT-P) was introduced recently. The devices have showcased tremendous promise in mitigating cardiovascular irregularities and preventing cardiac failure. As these devices get approval from healthcare organisations, the demand for cardiac resynchronization therapy is poised to increase proportionately. The cumulative force of these factors is forecasted to lead the global cardiac resynchronization therapy market to maturity during the study period.
Cardiovascular diseases are a leading cause of death and a major healthcare challenge across the globe. Unhealthy lifestyles, a growing geriatric population, and increasing pollution are some of the leading causes of high cardiovascular disease incidence. In the recent past, many governments and other healthcare organisations are investing in technologies to overcome these challenges. Cardiac resynchronization therapy is one such breakthrough in the medical field.
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High Occurrence of Cardiovascular Disorders to Create Growth Prospects
Despite improvements in diagnosis and intervention, unexpected cardiac death remains the primary cause of cardiovascular-related fatalities. With the increasing occurrence of heart diseases and comorbidities, the demand for cardiac resynchronization therapy devices is expected to rise. Heart failure is a leading cause of death globally, and the instance of younger and more active patients suffering from cardiovascular issues is also increasing. Poor dietary habits, smoking, and sedentary lifestyles are intensifying heart health condition problems across several population sections. As these healthcare challenges continue to mount, industry stakeholders are expected to fund more focused R&D activities around the therapy. These prerequisites are steeping the growth curve of the global cardiac resynchronization therapy market.
Paced Development of Healthcare Infrastructure to Aid Global Cardiac Resynchronization Therapy Market Expansion
Of late, investments to improve the healthcare infrastructure is expected to increase in the foreseeable future. Several developed and developing economies are actively exploring possibilities to improve healthcare delivery and decrease the burden of cardiovascular diseases. Moreover, the incomes and healthcare expenditures per capita are growing steadily across economies. Such trends are supporting the adoption and innovation in cardiac resynchronization therapy.
In addition to this, the demand for advanced pacemaker products is also soaring in such a business environment. All these factors are set to operate in conjunction to create promising business opportunities for the global cardiac resynchronization therapy market in the future.
North America to Lead in Revenue Share on Account of Growing Healthcare Awareness
North America is poised to boast the highest revenue share in the cardiac resynchronization therapy market in the forecast period. Growing awareness of cardiovascular health, increasing disposable income rates, and greater availability of advanced healthcare facilities are some of the leading contributing factors. Besides, the high concentration of major market players coupled with progressive healthcare infrastructure development and policymaking is further nurturing a market-friendly business landscape.
On the other side of the globe, Asia Pacific is set to grow at the fastest rate due to the robust development of healthcare infrastructure and increased cardiovascular disease occurrence.
Key Market Entities
Some of the most notable players currently participating in the global cardiac resynchronization therapy market include Abbott Laboratories (US), Medtronic (Ireland), Biotronik (Germany), Boston Scientific (US), MicroPort Scientific Corporation (China), and Medico S.p.a (Italy).
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