Cardiac Rhythm Management Devices Batteries Market Research Report Forecast to 2024
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%.
This 154 page report gives readers a comprehensive overview of the Cardiac Rhythm Management Devices Batteries Market. Browse through 31 data tables and 42 figures to unlock the hidden opportunities in this market: http://www.transparencymarketresearch.com/cardiac-rhythm-management-devices-batteries-market.html
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.
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 (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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