Published: Mar, 2017
In the relatively fragmented vendor landscape of the global cardiac rhythm management (CRM) devices batteries market, focus on the development of customized power source solutions to meet the unique requirements of consumers is becoming one of the most preferred strategy to stay ahead of competition, observes Transparency Market Research in a recent report. Some of the leading vendors in the market are EaglePicher Technologies, LLC, Boston Scientific Corporation, Medtronic, Greatbatch, Inc. (Integer), St. Jude Medical, Inc.
Transparency Market Research states that the global market for cardiac rhythm management devices batteries will exhibit a moderate 3.0% CAGR from 2016 through 2024, rising from a valuation of US$397.3 mn in 2015 to US$518.4 mn by 2024.
Of the various products available in the market, including batteries for CRM devices such as implantable cardioverter defibrillators (ICDs), implantable cardiac pacemakers (ICPs), and cardiac resynchronization therapy devices (CRT-Ds), the segment of CRT-D batteries is expected to exhibit growth at the maximum pace over the report’s forecast period. The segment is expected to surge at a 4.1% CAGR from 2016 through 2024. The high demand for CRT devices on account of their ability to reduce risks associated with irregular heartbeats will boost the demand for CRT devices batteries.
From a geographical perspective, the global market for CRM devices batteries presently earns a massive share in revenue from the North America market. The North America market is expected to acquire a significant 38.2% of the global CRM devices batteries market by 2024. The Asia Pacific market is also expected to account for a significant share in the global market over the report’s forecast period owing to the rising incidence rate of cardiovascular diseases.
Rising Geriatric Population Key to Heightened Demand for CRM Devices
Significant advancements in battery technologies leading to the gradual enhancement of energy density of batteries and reduction in battery sizes has been one of the key factors to have driven the market for batteries that power precise and complex CRM devices such as ICDs and CRTs. Technological advancements in battery technologies will continue to be one of the key factors driving the global CRM devices batteries market.
Moreover, As the demand for these and other CRM devices increases owing to the rising global population of geriatrics, a dynamic which is highly vulnerable to a number of cardiovascular diseases, the demand for batteries will also rise. This factor will allow the CRM devices batteries market to gain promising growth opportunities in regions such as Europe, North America, and Asia Pacific, all of which are expected to see the geriatrics demographic accounting for a significant share in the overall population in the next few years.
Product Recalls to Lower down Potential Sales of CRM Devices Batteries
Although CRM devices batteries have witnessed immense popularity and have seen a continuous rise in demand over the past few years, the concerns surrounding the rising number of product recalls in the past few years have raised suspicions about the overall reliability of certain products. Failure of batteries has been one of the key factors leading to such recalls, leading to the extra burden on manufacturers in terms of penalties and reimbursements. This has hampered the overall growth prospects of the market to a certain extent and will continue to be one of the key challenges for the market.
This review of the market is based on a recent market research report published by Transparency Market Research 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.”
For the study, the global cardiac rhythm management devices batteries market has been segmented as follows:
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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