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Press Release: Cardiac Rhythm Management Devices Batteries Market to Surpass US$ 580 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Cardiac Rhythm Management Devices Batteries Market – Insights
Implantable biomedical devices batteries are used in cardiac rhythm management (CRM) devices. CRM devices are used in the treatment of cardiovascular diseases (CVDs). Some of the implantable cardiac devices include, implantable cardiac pacemakers (ICP), implantable cardioverter defibrillators (ICD), and cardiac resynchronization therapy devices (CRT).
Statistics:
The global cardiac rhythm management devices batteries market is estimated to account for US$ 446.1 Mn in 2019 and is expected to reach US$ 581.0 Mn by 2027.
Global Cardiac Rhythm Management Devices Batteries Market: Drivers
Increasing adoption and advancement in lithium anode batteries is expected to boost growth of the global cardiac rhythm management devices batteries market over the forecast period. This is attributed to various advantages of lithium anode batteries such as light weight, high reliability and predictability, high energy density, small size, and long service life. Major institutes are focused on R&D in lithium anode batteries. For instance, in July 2018, a study, ‘Ionic Liquid-Based Electrolyte Membranes for Medium-High Temperature Lithium Polymer Batteries’ published in the journal MDPI Membranes, reported development of PEO-LiTFSI Li+-conducting membranes, containing the PYR14TFSI ionic liquid, as electrolyte separators for all-solid-state lithium polymer batteries operating at medium-high temperatures. The novel system demonstrated improved thermal, ion transport and interfacial properties with respect to the ionic liquid-free electrolytes.
Moreover, improvements in CRM devices is also expected to propel growth of the market over the forecast period. For instance, in October 2019, a study, ‘Microengineered biosynthesized cellulose as anti-fibrotic in vivo protection for cardiac implantable electronic devices’ published in the journal Biomaterials, reported development of a special protective membrane made of cellulose that decreases the build-up of fibrotic tissue around cardiac pacemaker implants.
Statistics:
North America region held dominant position in the global cardiac rhythm management devices batteries market in 2018, accounting for 37.7% share in terms of value, followed by Europe region.
Global Cardiac Rhythm Management Devices Batteries Market: Restraints
Increasing product recall associated with CRM devices is expected to hinder growth of the global cardiac rhythm management devices batteries market. For instance, in February 2019, Medtronic, Inc. recalled 13,440 dual chamber implantable pulse generators in the U.S. due to the possibility that a software error could cause the devices to lose pacing function.
Li-Ion batteries are prone to explosion and thus require protection from being overcharged and discharged too far. Such drawbacks are also expected to hamper growth of the market over the forecast period.
Global Cardiac Rhythm Management Devices Batteries Market: Opportunities
Key players in the market can focus on R&D in sodium-ion batteries. Although lithium-ion batteries are considered a major source of energy storage, depleting resources for lithium and high cost associated with mining and refining, may pave a way for other alternatives. Sodium-ion batteries are cheaper and offer effective operation. Therefore, increasing adoption of sodium-ion batteries in CRM devices is expected to offer lucrative growth opportunities to market players.
Moreover, increasing prevalence of CVDs and other heart-related diseases due to ganging lifestyle among the populace is expected to increase demand for CRM devices, thereby boosting growth of the global cardiac rhythm management devices batteries market. For instance, according to American Heart Association’s Heart Disease and Stroke Statistics 2018 At-a-Glance, CVDs accounted for nearly 836,546 deaths in the U.S. Moreover, around 2,300 deaths are registered in the U.S. due to CVDs each day, an average of 1 death every 38 seconds.
Statistics:
For any segment information:
Product type segment in the global cardiac rhythm management devices batteries market was valued at US$ 431.6 Mn in 2018 and is expected to reach US$ 581.0 Mn by 2027 at a CAGR of 3.4% during the forecast period.
Market Trends/Key Takeaways
Increasing production of lithium has led to decrease in cost of lithium batteries. Moreover, manufacturers of lithium batteries are focused on investing in land purchase and drilling to further increase production of lithium.
Moreover, cathode materials may lead to increased risk of developing serious complications, which has prompted manufacturers to focus on the use of less toxic battery chemistry. The demand for silver vanadium oxide as cathode material is increasing for use in CRM devices. Such scenarios are expected to aid in growth of the global cardiac rhythm management devices batteries market over the forecast period.
Global Cardiac Rhythm Management Devices Batteries Market: Competitive Landscape
Major players operating in the global cardiac rhythm management devices batteries market include, Medtronic, Inc., Boston Scientific Corporation, St. Jude Medical, Inc., Greatbatch, Inc. (Integer), EaglePicher Technologies, LLC, Quallion LLC, and BIOTRONIK SE & Co. KG.
Key Developments
Increasing product recall and warnings are expected to hinder growth of the market. For instance, in May 2019, The U.S. Food and Drug Administration (FDA) raised alarm about premature battery depletion in Azure, Astra, Percepta, Serena, and Solara pacemaker models of Medtronic, Inc.
In November 2018, the U.S. FDA warned Zeller Power Products, a replacement battery producer for Cardiac Science's PowerHeart Automated External Defibrillator (AED) G3 over unavailability of design validation documentation to justify the battery's five-year shelf life.
Battery systems consists of one or more storage batteries and battery chargers, and includes inverters, converters, and associated electrical equipment. As instruments are increasingly becoming computerized and mobile, systems’ performance and reliability depends on its battery. There are three major types of batteries used in medical devices based on their chemical composition, which includes lithium batteries, nickel-metal hydride batteries, and zinc-air batteries. Demand for medical batteries has increased significantly in the recent past, due to advancements in technology in lithium ion batteries for better performance and durability. For instance, in December 2017, Hong Kong-based company, Surwon Technology, has successfully completed the grapheme layering process to conduct energy through lithium-ion battery.
Manufacturers are focusing on manufacturing battery, which can provide high performance and have long-life span. For instance, CONMED launched Hall lithium battery system in 2013, which has double power storage capability than standard batteries and can be used in reconstructive orthopedic procedures for uninterrupted surgery procedure. Furthermore, increasing demand for implantable devices to cater to rising population suffering from chronic diseases such as diabetes and cardiovascular, is expected to aid in high demand for implantable batteries.
Restraints of the Global Cardiac Rhythm Management Device Batteries
However, safety concerns related to lithium batteries is a major factor restraining growth of cardiac rhythm management device batteries market. Lithium rechargeable batteries have the potential to overheat and even catch fire, this can occur due to overcharging, overloading, or by over-stressing due mechanical or environmental pressure.
Key features of the study:
Detailed Segmentation
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
*Browse 37 market data tables and 25 figures on “Cardiac Rhythm Management Device Batteries – Global forecast to 2027.
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