The MRI-safe CRT devices market, which is valued at US$ 550.5 million as of 2022, is anticipated to be valued at US$ 1511 million by 2032 and is expected to grow at a CAGR of 9.6% during the forecast period.
Increasing cases of heart failure leading to increased hospitalization cases along with many other factors are expected to increase the demand for MRI-safe CRT devices.
| Report Attribute | Details |
|---|---|
| MRI-Safe CRT Devices Market Valuation as on 2022 | US$ 550.5 million |
| MRI-Safe CRT Devices Market Anticipated Value (2032) | US$ 1511 million |
| MRI-Safe CRT Devices Market Anticipated Growth Rate | 9.6% |
The MRI-safe CRT devices are primarily used to improve the heart’s efficiency by improving the oxygen and blood flow rate in the body.
The sales of MRI-safe CRT devices are expected to surge as these help patients who suffer from heart disease syndromes like shortness of breath, arrhythmia, fatigue, depression, or related symptoms.
Even the statistics suggest that the demand for MRI-safe CRT devices is expected to surge. Previously, the CAGR for the market was 7.8%. But, with the increasing usage, the anticipated CAGR has risen to 9.6%.
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The MRI-safe CRT devices have the ability to treat moderate to severe symptoms associated with heart failure. This kind of flexibility provided by these devices is expected to increase the MRI-safe CRT devices market size.
These devices are pocket-sized pacemakers, which are implanted just below the collarbone. This allows the patients to move around normally. Apart from that, these devices also detect heart rate abnormalities, as a result of which they transmit small pulses to synchronize the heart’s ventricles. This is expected to increase MRI-safe CRT device's market share.
A rapid increase in urbanization and improvement in healthcare infrastructure has also led to the penetration of hospitals in many parts of the world. This is expected to increase the sales of MRI-safe CRT devices. The increased urbanization has also led to an increase in disposable income, which makes MRI-safe CRT devices relatively affordable.
A number of studies have even suggested that the application of MRI-safe CRT devices has reduced the hospitalization case as well as the morbidity rate and has gradually led to an improvement in the patient’s health. This is expected to boom the demand for MRI-safe CRT devices.
There are a number of awareness programs on cardiovascular health being conducted by health regulatory bodies and governments across the world. This as well is expected to increase the sales of MRI-safe CRT devices. However, there are a few challenges that are being encountered by the MRI-safe CRT devices market. One of them is the scarcity of skilled professionals in the market.
The cost associated with these devices is also a factor that is acting as a barrier to market growth. Though there has been an increase in disposable income, not everybody can afford to buy this device.
One of the most critical barriers to the growth of the MRI-safe CRT devices market is the infection at the surgical site or the sensitivity to the device material. This is something that health professionals should take into consideration and come up with a suitable alternative.
North America is currently the largest market for MRI-safe CRT devices and currently has a market share of 39.9%, and during the forecast period as well, it is expected to grow at a higher rate.
One of the major drivers of MRI-safe CRT devices in this region is the rate at which heart-based ailments are increasing amongst the masses in this region. Moreover, rapid advancements in the field of healthcare, along with relatively high disposable income, are expected to surge the adoption of MRI-safe CRT devices in North America.
Europe, which currently has a market share of 30%, is the second largest market for MRI-safe CRT devices and, during the forecast period as well, is estimated to be one of the most significant markets.
Apart from the disposable income and rapid developments in the field of healthcare, the healthcare authorities and the governments are actively spreading awareness regarding the benefits of MRI-safe CRT devices and sound cardiovascular health as well.
Principal Consultant
With a rise in heart-based ailments and even the authorities participating proactively to spread awareness regarding the same, the start-up ecosystem of the MRI-safe CRT devices market is looking for ways to provide a simple and effective solution to counter heart ailments.
One of the start-ups which are literally working towards creating an effective CRT device is ‘Cardiac Dimensions’. The Percutaneous mitral annuloplasty device leaves free access to cardiac veins for resynchronization therapy. This start-up has made it possible to implant the Carillon device prior to the CRT device in HF patients with low ejection fraction, wide QRS, and FMR.
Some of the key players in the MRI-safe CRT devices market are St. Jude Medical, Abbott, Medtronic, Boston Scientific Corporation, Cook Group, Scranton Gillette Communications, Philips, LivaNova, MicroPort Scientific, BIOTRONIK, Medico, and Qinming Medical.
The key players are now developing CRT devices in such a manner that the patients will be able to track their heart rates through smartphone connectivity and connected applications. This move is expected to make the tracking process simpler.
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| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 9.6% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2016 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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| Customization | Available Upon Request |
The MRI-safe CRT devices market is projected to grow at a CAGR of 9.6% during the forecast period.
The MRI-safe CRT devices market has a valuation of US$ 550.5 million as on 2022.
The MRI-safe CRT devices market is expected to be valued US$ 1511 million in 2032.
1. Executive Summary | MRI-Safe CRT Devices Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032
4.1. Historical Market Size Value (US$ Million) Analysis, 2017 to 2021
4.2. Current and Future Market Size Value (US$ Million) Projections, 2022 to 2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Product Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Product Type, 2017 to 2021
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Product Type, 2022 to 2032
5.3.1. Defibrillator
5.3.2. Pacemaker
5.4. Y-o-Y Growth Trend Analysis By Product Type, 2017 to 2021
5.5. Absolute $ Opportunity Analysis By Product Type, 2022 to 2032
6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Age Group
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Age Group, 2017 to 2021
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Age Group, 2022 to 2032
6.3.1. Paediatric
6.3.2. Geriatric
6.4. Y-o-Y Growth Trend Analysis By Age Group, 2017 to 2021
6.5. Absolute $ Opportunity Analysis By Age Group, 2022 to 2032
7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Indication
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) Analysis By Indication, 2017 to 2021
7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Indication, 2022 to 2032
7.3.1. Cardiomyopathy
7.3.2. Bradycardia
7.3.3. Electrocardiography
7.3.4. Congestive Heart Failure
7.4. Y-o-Y Growth Trend Analysis By Indication, 2017 to 2021
7.5. Absolute $ Opportunity Analysis By Indication, 2022 to 2032
8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ Million) Analysis By Region, 2017 to 2021
8.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2022 to 2032
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa
8.4. Market Attractiveness Analysis By Region
9. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
9.2.1. By Country
9.2.1.1. United States of America
9.2.1.2. Canada
9.2.2. By Product Type
9.2.3. By Age Group
9.2.4. By Indication
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Product Type
9.3.3. By Age Group
9.3.4. By Indication
9.4. Key Takeaways
10. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
10.2.1. By Country
10.2.1.1. Brazil
10.2.1.2. Mexico
10.2.1.3. Rest of Latin America
10.2.2. By Product Type
10.2.3. By Age Group
10.2.4. By Indication
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Product Type
10.3.3. By Age Group
10.3.4. By Indication
10.4. Key Takeaways
11. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
11.2.1. By Country
11.2.1.1. Germany
11.2.1.2. United Kingdom
11.2.1.3. France
11.2.1.4. Spain
11.2.1.5. Italy
11.2.1.6. Rest of Europe
11.2.2. By Product Type
11.2.3. By Age Group
11.2.4. By Indication
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Product Type
11.3.3. By Age Group
11.3.4. By Indication
11.4. Key Takeaways
12. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
12.2.1. By Country
12.2.1.1. China
12.2.1.2. Japan
12.2.1.3. South Korea
12.2.1.4. India
12.2.1.5. Malaysia
12.2.1.6. Singapore
12.2.1.7. Australia
12.2.1.8. New Zealand
12.2.1.9. Rest of Asia-Pacific
12.2.2. By Product Type
12.2.3. By Age Group
12.2.4. By Indication
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Product Type
12.3.3. By Age Group
12.3.4. By Indication
12.4. Key Takeaways
13. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
13.2.1. By Country
13.2.1.1. GCC Countries
13.2.1.2. South Africa
13.2.1.3. Israel
13.2.1.4. Rest of Middle East and Africa
13.2.2. By Product Type
13.2.3. By Age Group
13.2.4. By Indication
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Product Type
13.3.3. By Age Group
13.3.4. By Indication
13.4. Key Takeaways
14. Key Countries Market Analysis
14.1. United States of America
14.1.1. Pricing Analysis
14.1.2. Market Share Analysis, 2021
14.1.2.1. By Product Type
14.1.2.2. By Age Group
14.1.2.3. By Indication
14.2. Canada
14.2.1. Pricing Analysis
14.2.2. Market Share Analysis, 2021
14.2.2.1. By Product Type
14.2.2.2. By Age Group
14.2.2.3. By Indication
14.3. Brazil
14.3.1. Pricing Analysis
14.3.2. Market Share Analysis, 2021
14.3.2.1. By Product Type
14.3.2.2. By Age Group
14.3.2.3. By Indication
14.4. Mexico
14.4.1. Pricing Analysis
14.4.2. Market Share Analysis, 2021
14.4.2.1. By Product Type
14.4.2.2. By Age Group
14.4.2.3. By Indication
14.5. Germany
14.5.1. Pricing Analysis
14.5.2. Market Share Analysis, 2021
14.5.2.1. By Product Type
14.5.2.2. By Age Group
14.5.2.3. By Indication
14.6. United Kingdom
14.6.1. Pricing Analysis
14.6.2. Market Share Analysis, 2021
14.6.2.1. By Product Type
14.6.2.2. By Age Group
14.6.2.3. By Indication
14.7. France
14.7.1. Pricing Analysis
14.7.2. Market Share Analysis, 2021
14.7.2.1. By Product Type
14.7.2.2. By Age Group
14.7.2.3. By Indication
14.8. Spain
14.8.1. Pricing Analysis
14.8.2. Market Share Analysis, 2021
14.8.2.1. By Product Type
14.8.2.2. By Age Group
14.8.2.3. By Indication
14.9. Italy
14.9.1. Pricing Analysis
14.9.2. Market Share Analysis, 2021
14.9.2.1. By Product Type
14.9.2.2. By Age Group
14.9.2.3. By Indication
14.10. China
14.10.1. Pricing Analysis
14.10.2. Market Share Analysis, 2021
14.10.2.1. By Product Type
14.10.2.2. By Age Group
14.10.2.3. By Indication
14.11. Japan
14.11.1. Pricing Analysis
14.11.2. Market Share Analysis, 2021
14.11.2.1. By Product Type
14.11.2.2. By Age Group
14.11.2.3. By Indication
14.12. South Korea
14.12.1. Pricing Analysis
14.12.2. Market Share Analysis, 2021
14.12.2.1. By Product Type
14.12.2.2. By Age Group
14.12.2.3. By Indication
14.13. Malaysia
14.13.1. Pricing Analysis
14.13.2. Market Share Analysis, 2021
14.13.2.1. By Product Type
14.13.2.2. By Age Group
14.13.2.3. By Indication
14.14. Singapore
14.14.1. Pricing Analysis
14.14.2. Market Share Analysis, 2021
14.14.2.1. By Product Type
14.14.2.2. By Age Group
14.14.2.3. By Indication
14.15. Australia
14.15.1. Pricing Analysis
14.15.2. Market Share Analysis, 2021
14.15.2.1. By Product Type
14.15.2.2. By Age Group
14.15.2.3. By Indication
14.16. New Zealand
14.16.1. Pricing Analysis
14.16.2. Market Share Analysis, 2021
14.16.2.1. By Product Type
14.16.2.2. By Age Group
14.16.2.3. By Indication
14.17. GCC Countries
14.17.1. Pricing Analysis
14.17.2. Market Share Analysis, 2021
14.17.2.1. By Product Type
14.17.2.2. By Age Group
14.17.2.3. By Indication
14.18. South Africa
14.18.1. Pricing Analysis
14.18.2. Market Share Analysis, 2021
14.18.2.1. By Product Type
14.18.2.2. By Age Group
14.18.2.3. By Indication
14.19. Israel
14.19.1. Pricing Analysis
14.19.2. Market Share Analysis, 2021
14.19.2.1. By Product Type
14.19.2.2. By Age Group
14.19.2.3. By Indication
15. Market Structure Analysis
15.1. Competition Dashboard
15.2. Competition Benchmarking
15.3. Market Share Analysis of Top Players
15.3.1. By Regional
15.3.2. By Product Type
15.3.3. By Age Group
15.3.4. By Indication
16. Competition Analysis
16.1. Competition Deep Dive
16.1.1. Abbott
16.1.1.1. Overview
16.1.1.2. Product Portfolio
16.1.1.3. Profitability by Market Segments
16.1.1.4. Sales Footprint
16.1.1.5. Strategy Overview
16.1.1.5.1. Marketing Strategy
16.1.2. Medtronic
16.1.2.1. Overview
16.1.2.2. Product Portfolio
16.1.2.3. Profitability by Market Segments
16.1.2.4. Sales Footprint
16.1.2.5. Strategy Overview
16.1.2.5.1. Marketing Strategy
16.1.3. Boston Scientific
16.1.3.1. Overview
16.1.3.2. Product Portfolio
16.1.3.3. Profitability by Market Segments
16.1.3.4. Sales Footprint
16.1.3.5. Strategy Overview
16.1.3.5.1. Marketing Strategy
16.1.4. Cook Group
16.1.4.1. Overview
16.1.4.2. Product Portfolio
16.1.4.3. Profitability by Market Segments
16.1.4.4. Sales Footprint
16.1.4.5. Strategy Overview
16.1.4.5.1. Marketing Strategy
16.1.5. Philips
16.1.5.1. Overview
16.1.5.2. Product Portfolio
16.1.5.3. Profitability by Market Segments
16.1.5.4. Sales Footprint
16.1.5.5. Strategy Overview
16.1.5.5.1. Marketing Strategy
16.1.6. LivaNova
16.1.6.1. Overview
16.1.6.2. Product Portfolio
16.1.6.3. Profitability by Market Segments
16.1.6.4. Sales Footprint
16.1.6.5. Strategy Overview
16.1.6.5.1. Marketing Strategy
16.1.7. MicroPort Scientific
16.1.7.1. Overview
16.1.7.2. Product Portfolio
16.1.7.3. Profitability by Market Segments
16.1.7.4. Sales Footprint
16.1.7.5. Strategy Overview
16.1.7.5.1. Marketing Strategy
16.1.8. BIOTRONIK
16.1.8.1. Overview
16.1.8.2. Product Portfolio
16.1.8.3. Profitability by Market Segments
16.1.8.4. Sales Footprint
16.1.8.5. Strategy Overview
16.1.8.5.1. Marketing Strategy
16.1.9. Medico
16.1.9.1. Overview
16.1.9.2. Product Portfolio
16.1.9.3. Profitability by Market Segments
16.1.9.4. Sales Footprint
16.1.9.5. Strategy Overview
16.1.9.5.1. Marketing Strategy
16.1.10. Qinming Medical
16.1.10.1. Overview
16.1.10.2. Product Portfolio
16.1.10.3. Profitability by Market Segments
16.1.10.4. Sales Footprint
16.1.10.5. Strategy Overview
16.1.10.5.1. Marketing Strategy
17. Assumptions & Acronyms Used
18. Research Methodology
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MRI-Safe CRT Devices Market
