Albany, NY -- (SBWIRE) -- 09/18/2017 -- 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%.
Aging Population Triggers Demand for CRM Devices Batteries for Disease Management
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.
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Product Recalls Lead to Declining Sales of CRM Devices Batteries
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.
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.
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High Prevalence of Chronic Conditions across Asia Pacific Boosts Regional Demand
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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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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