The MRI-safe CRT devices market, which is valued at USD 550.5 million as of 2022, is anticipated to be valued at USD 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) | USD 550.5 million |
| MRI-Safe CRT Devices Market Anticipated Value (2032) | USD 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.
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 | Product Type, Age Group, Indication, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East and Africa |
| Key Countries Profiled | United States of America, Canada, Brazil, Argentina, Germany, United Kingdom, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASIAN, GCC Countries, South Africa |
| Key Companies Profiled | St. Jude Medical; Abbott; Medtronic; Boston Scientific Corporation; Cook Group, Scranton Gillette Communications; Philips; LivaNova; MicroPort Scientific; BIOTRONIK; Medico; Qinming Medical |
| 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 USD 550.5 million as on 2022.
The MRI-safe CRT devices market is expected to be valued USD 1511 million in 2032.
| Estimated Size, 2024 | USD 168.13 million |
|---|---|
| Projected Size, 2034 | USD 227.56 million |
| Value-based CAGR (2024 to 2034) | 3.1% |
| Estimated Market Size (2022) | USD 234.8 Million |
|---|---|
| Projected Market Size (2032) | USD 580.3 Million |
| Value-based CAGR (2022 to 2032) | 9.5% |
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MRI-Safe CRT Devices Market
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