Transparency Market Research presents this most up-to-date research on “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“
Global CRM Devices Batteries Market: Overview
Irregular heartbeats, also known as arrhythmias, are often treated using cardiac rhythm management (CRM) devices. CRM devices are powered by batteries that help in regularizing heart beats in a regular rhythm. Currently, batteries, especially lithium anode batteries with different cathode chemistry, are used for powering CRM devices. The growing number of cardiovascular diseases have spurred these demand for CRM devices batteries in recent years. According to the research report, the global market for cardiac rhythm management (CRM) devices batteries is expected to be worth US$518.4 mn by the end of 2024 from US$397.3 mn in 2015. Between the forecast years of 2016 and 2024, the global market is expected rise at a CAGR of 3.0%.
Global Cardiac Rhythm Management (CRM) Devices Batteries Market: Research Methodologies
Primary research formed the bulk of our research efforts, with information collected from telephonic interviews and interactions via e-mail. Secondary research involved study of company websites, annual reports, press releases, stock analysis presentations, and various national and international databases. The report provides market size in terms of US$ Mn for each segment for the period from 2016 to 2024, considering the macro and micro-environmental factors. Growth rates for each segment within the cardiac rhythm management devices batteries market have been determined after a thorough analysis of past trends, demographics, future trends, technological developments, and regulatory framework.
The market overview section of the report includes qualitative analysis of the cardiac rhythm management devices batteries market including the determining factors and market dynamics such as drivers, restraints, market trends and opportunities, along with white space analysis. In addition, market attractiveness analysis by country, by product type and power source along with competitive landscape by key players have been provided which explain the intensity of competition in the market considering different geographical locations. The competitive scenario between market players has been evaluated through market share analysis. These factors would help the market players take strategic decisions in order to strengthen their positions and increase their shares in the global market.
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.
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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