Cardiac Rhythm Management Devices Batteries Market is estimated to progress at a CAGR of 3.0% till 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%.
Emphasis on Improving Batteries Bodes Well for Global Market
The growing emphasis of battery manufacturers to design batteries that come with improved longevity is the key factor driving the CRM device batteries market over the forecast period. Furthermore, several manufacturers are also aiming at making a few value additions to the devices. Some of the foreseeable advancements in these devices will be the reduction in the size and increase the functionality, reliability, and longevity.
The global market will be mainly fueled by the growing pool of geriatrics who will are require CRT devices, ICDs, and pacemakers for disease management. These devices are mainly used for managing conditions such as tachycardia, bradycardia, and congestive heart failure. The rampant prevalence of cardiovascular conditions has resulted in increased penetration of such devices in the healthcare sector. The remarkable improvement in these devices due to the evolution of batteries that are made them reliable over the years has also created tremendous scope for growth of the global market.
The various types of power sources being used in the global market are 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). Of these, the Li/SVO is expected to dominate the global market in the coming years, which will be closely followed by Li/I2. The demand for these power sources will be driven by the growing adoption of ICD and ICP devices and usage of ICD devices with pacemaker technology for disease management in the coming few years. The launch of leadless pacing is also fuelling manufacturers to develop batteries that are small in size and have improved longevity.
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Asia Pacific Shows Promise of Growth over Forecast Period with Vast Unmet Medical Needs
On the basis geography, the global market is divided into North America, Europe, Asia Pacific, Latin America and the Middle East and Africa. Currently, North America holds a leading position the global market due to better healthcare infrastructure in the region. According to the American Heart Foundation, about 10,000 Americans receive an ICD device implant every month. This statistic is expected to push the ability of battery manufacturers to increase their sales and drive revenues in the region over the forecast period. However, analysts anticipate that Asia pacific will also rise with a significant CAGR due to vast unmet medical needs pertaining to cardiac disorders and a strong presence of battery manufacturers in the region.
Some of the leading players operating in the global CRM devices batteries market are BIOTRONIK SE & Co. KG, Medtronic, Boston Scientific Corporation, St. Jude Medical, Inc., EaglePicher Technologies, LLC, Greatbatch, Inc. (Integer), and Quallion LLC.
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