According to the research report, the global CRM devices batteries
market is expected to worth US$518.4 mn by the end of 2024 as
compared to US$397.3 mn in 2015. During the forecast years of 2016
and 2024, the global market is estimated to progress at a CAGR of
3.0%.
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The various products available in the global CRM devices batteries
market are implantable cardiac pacemakers (ICP’s), implantable
cardioverter defibrillator (ICD’s), and cardiac resynchronization
therapy devices (CRT-D’s). Of these, the CRT-D’s are expected to
show the maximum growth in the forecast period as the segment surges
at a CAGR of 4.1%. The ability of these devices to manage heart
failure cases and reduce the number of risks associated with
irregular heartbeats are expected to boost their demand in the
forecast period. Analysts projected that ICD will also be a lucrative
segment for the global market in the coming years.
In terms geography, the global CRM devices batteries market is
segmented into North America, Europe, Asia Pacific, Latin America,
and the Middle East and Africa. Of these, North America is the most
attractive market for CRM batteries as the region is slated to
acquire a share of 38.2% by the end of 2024. Analysts estimate that
Asia Pacific is also expected to gain a significant share in the
overall market due to high prevalence of health conditions such as
high cholesterol, diabetes, and hypertension that have spiked the
number of cardiovascular disease cases in recent years.
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The demand for CRM devices batteries has grown to a significantly in
the past few decades as power sources have graduated from
nickel-cadmium batteries to lithium ones. These sophisticated
batteries are capable of powering complicated pacing devices such as
CRT devices and ICDs. These batteries are known to be light weight,
highly predictable and reliable, high energy density, small in size,
and come with a long service life. Owing to these regions, several
CRM devices manufacturers are using them in ICD, CRT devices, and
pacemakers. The demand for CRM devices batteries is also being fueled
by the increasing need for data logging, biventricular pacing, and
telemetry.
The report indicates that growing pool of geriatrics is also likely
to boost the demand for ICD, CRT devices, and pacemakers, which, in
turn, is expected to reflect positively on the sales of CRM devices
batteries. These devices will be extensively used for managing
diseases such as bradycardia, tachycardia, and congestive heart
failure amongst the ageing population.
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Though the batteries have gained popularity and demand over the past
few years, the growing number of product recalls have resulted in
decline of sales of these devices. Failure of device batteries have
been the predominant reason for recalls in recent past. The market is
also likely to suffer due to the changes in purchasing patterns.
These are attributable to the declining reimbursements, lower patient
volumes, and a significant drop in capital expenditure since the
economic recession of 2008.
Transparency Market Research states that the competitive landscape in
the global cardiac rhythm management devices batteries market is
mildly fragmented. The leading players such as Medtronic, Boston
Scientific Corporation, St. Jude Medical, Inc., Greatbatch, Inc.
(Integer), and EaglePicher Technologies, LLC are focusing on
developing unmatched quality of batteries through state-of-art
technological development. Furthermore, companies are also expected
to strengthen their position across the globe through geographical
expansion. “In the coming years, these players are expected to
increase their investments to develop products that are aimed toward
increasing streamlining clinical workflow, therapy efficacy, and
improving quality of life,” states the lead author of this research
report.
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