The global cardiac rhythm management devices batteries market is mildly fragmented with players such as Boston Scientific Corporation, Medtronic, St. Jude Medical, Inc., EaglePicher Technologies, LLC, and Greatbatch, Inc. (Integer) leading in the market. These leading players are concentrating on innovation and developing good quality batteries through advancements in technology. Players are also increasing their investments and developing products that offer therapy efficacy, streamlined clinical workflow, and have an improved life, states a new report published by Transparency Market Research (TMR). Companies are also participating in merger and acquisition activities so as to strengthen their position in the market and also benefit from geographical expansion.
According to the TMR report, the global opportunity in the cardiac rhythm management (CRM) devices batteries market is expected to rise from US$397.3 mn in 2015 to reach US$518.4 mn by 2024, expanding at a modest CAGR of 3% from 2016 to 2024. By geography, North America is anticipated to lead and acquire 38.2% of the market by 2024. The CRM batteries market in Asia Pacific is also slated to witness a significant growth on account of the growing prevalence of various health ailments such as high cholesterol, hypertension, and diabetes, thus increasing the occurrence of cardiovascular diseases in the region.
Cardiac Resynchronization Therapy Devices to Witness High Demand
On the basis of product, the cardiac resynchronization therapy devices (CRT-D’s) segment is anticipated to expand at a 4.1% CAGR between 2016 and 2024. These devices manage heart failure cases by reducing the risks pertaining to irregular heartbeat and are thus highly in demand. As per TMR analysts, the markets for implantable cardioverter defibrillator (ICD) and implantable cardiac pacemakers (ICP) are also expected to witness remarkable growth in the coming years.
Reliability and Long Service Life to Bolster Demand
According to the expert analysts at TMR, the demand for CRM devices batteries has increased in the past few years on account of the shift of power sources from nickel-cadmium batteries to lithium ones. These lithium batteries are sophisticated and can power complicated pacing devices such as implantable cardioverter defibrillator (ICD’s), and CRT-Ds. The demand for CRM devices batteries is also growing owing to their characteristics such as reliability, light-weight, small size, long service life, and high energy density. Thus, many CRM device manufacturers are making use of these batteries in ICD, pacemakers, and CRTs, driving the global CRM devices batteries market.
Another factor boosting the global demand for CRM devices batteries is the pressing need for telemetry, data logging, and biventricular pacing. In addition to this, the growing population of elderly people across the globe is another important factor boosting the demand for CRT, ICD, and pacemakers. This in turn is creating a heightened demand for CRM devices batteries. Bradycardia, congestive heart failure, and tachycardia are some of the health issues that can be managed using these devices, thus bolstering their demand.
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Product Recalls to Threaten Growth of CRM Devices Batteries Market
While the sales of cardiac rhythm management devices batteries have increased steadily over the past few years, there are a few challenges faced by players in this industry. Product recalls is one of the major issues gripping the global CRM devices batteries market. “Numerous product recalls as a result of failure of these batteries have created a negative impact on the market’s growth,” says a TMR analyst. A reduction in capital expenditure and a lack of reimbursement policies are some of the factors restricting the growth of the market.
This review is based on Transparency Market Research’s report, 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.”