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.
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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
