The global cardiac rhythm management devices batteries market is considered as a moderately fragmented market with a high level of competition among the key players, states a new market research study by Transparency Market Research. In order to maintain their leading position and attract a large number of consumers, the key players are focusing on the development of new products and technological advancements, which are projected to accelerate the growth of the overall market in the next few years. In addition to this, the rising investments and the rapid development of the medical industry are further predicted to accelerate the growth of the cardiac rhythm management devices batteries market across the globe in the next few years. Some of the key players operating in the market across the globe are Boston Scientific Corporation, Medtronic, St. Jude Medical, Inc., EaglePicher Technologies, LLC, and Greatbatch, Inc. (Integer).
According to the market research report by Transparency Market Research, in 2015, the global market for cardiac rhythm management CRM devices batteries was worth US$397.3 mn and is estimated to reach a value of US$518.4 mn by the end of 2024. Furthermore, the market is likely to register a healthy 3.0% CAGR between 2016 and 2024.
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North America and Asia Pacific to Witness High Growth in Near Future
Among the key regional segments, North America led the global market and is projected to remain in the leading position in the next few years. The strong growth of this region can be attributed to the rapid development of the healthcare infrastructure and the rising incidence of arrhythmias. In addition to this, the increasing number of cardiac rhythm management implants is another major factor, which is likely to accelerate the growth of this region in the coming few years. On the other hand, Asia Pacific is predicted to register a healthy growth rate in the near future. The rising spending of governments on healthcare and the rising disposable income of consumers are considered as the major factors that are likely to enhance the growth of this segment in the coming few years.
On the basis of product type, the global market for cardiac rhythm management devices batteries has been classified into implantable cardiac pacemakers, cardiac resynchronization therapy devices, and implantable cardioverter defibrillator. Among these, the implantable cardioverter defibrillator segment is projected to hold a major share of the market and lead throughout the forecast period. On the other hand, the implantable cardiac pacemakers segment is likely to offer potential growth opportunities for the market players in the coming few years.
Rising Number of Applications to Enhance Growth of Global CRM Devices Batteries Market
The growing demand for cardiac rhythm management devices batteries, owing to its rising use in powering complicated pacing devices, including ICDs and CRT devices is considered as one of the key factors that is predicted to enhance the growth of the market in the near future. In addition to this, the rising need for telemetry, biventricular pacing, and data logging is another key factor that is likely to boost the demand for cardiac rhythm management devices batteries throughout the forecast period. On the flip side, the rising number of product recalls and the failure of device batteries are estimated to hamper the growth of the overall market in the next few years. Nonetheless, the rising geriatric population and the increasing use of these batteries for several diseases are projected to encourage the growth of the cardiac rhythm management devices batteries market in the next few years.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Cardiac Rhythm Management (CRM) Devices Batteries Market (Product – Implantable Cardiac Pacemakers (ICPs), Implantable Cardioverter Defibrillator (ICDs), and Cardiac Resynchronization Therapy Devices (CRT-Ds); Power Source – Lithium-iodine Cells (Li/I2), Lithium-silver Vanadium Oxide Cell (Li/SVO), Lithium-carbon Mono-fluoride Cells (Li/CFx), and Lithium-manganese Dioxide Cells (Li/MnO2) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
- The rapid development of the medical industry and the rising focus on technological developments are projected to enhance the growth of the market in the next few years.
- North America to lead the global cardiac rhythm management devices batteries market and further followed by Asia Pacific in the next few years.
The global cardiac rhythm management devices batteries market has been segmented as below:
Global Cardiac Rhythm Management (CRM) Devices Batteries Market, by Product Type
- Implantable cardiac pacemakers (ICP’s)
- Implantable cardioverter defibrillator (ICD’s)
- Cardiac Resynchronization Therapy Devices (CRT-D’s)
Global Cardiac Rhythm Management (CRM) Devices Batteries Market, by Power Sources
- Lithium-iodine cells (Li/I2)
- Lithium-silver vanadium oxide cell (Li/SVO)
- Lithium-carbon mono-fluoride cells (Li/CFx)
- Lithium-manganese dioxide cells (Li/MnO2)
Global Cardiac Rhythm Management (CRM) Devices Batteries Market, by Geography
- North America
- Asia Pacific
- Latin America
- MEA (Middle East & Africa)
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