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  • Published On : Jan 2024
  • Code : CMI3173
  • Pages :165
  • Formats :
      Excel and PDF
  • Industry : Medical Devices

The global cardiac rhythm management devices batteries market size is estimated to be at US$ 520.3 Mn in 2023 and is expected to reach US$ 700.7 Mn by 2030, growing at a compound annual growth rate (CAGR) of 4.3% from 2023 to 2030.

The global cardiac rhythm management devices batteries market has been experiencing a phase of steady growth over the past decade, driven by the rising prevalence of cardiac abnormalities worldwide. Cardiac rhythm management (CRM) devices help regulate heartbeat rhythm disorders and include pacemakers, implantable cardioverter defibrillators (ICDs), and cardiac resynchronization therapy devices (CRT-Ds). Powering these implantable and life-saving devices are lithium-ion batteries that require periodic replacement. Advances in battery technology have allowed the development of smaller, longer-lasting batteries, expanding the potential patient pool for CRM devices. Growing geriatric population that is more susceptible to arrhythmias, rising economic ability to afford these devices, and increasing awareness about effective cardiac condition management are the key factors expected to propel the demand for CRM device batteries in the coming years.

Global Cardiac Rhythm Management Devices Batteries Market Regional Insights

  • North America: North America is the largest market for global cardiac rhythm management devices batteries, which accounted for a market share of over 45.0% in 2022. North America, particularly the U.S., has a well-developed healthcare system and advanced medical technologies, contributing to a significant share of the global cardiac rhythm management devices batteries market. The region has technological advancements in devices featuring remote monitoring capabilities and miniaturization are increasing the energy needs, propelling the need for high-capacity batteries. The aging population profile of countries like the U.S. and Canada has contributed further to the growth of implants for cardiac conditions, creating sustained opportunities for batteries over the forecast period.
  • Europe: Europe is the second-largest market for global cardiac rhythm management devices batteries, which accounted for a share of over 30.3% in 2022. Europe is another prominent market for global cardiac rhythm management devices batteries due to its well-established healthcare infrastructure, advanced diagnostic capabilities, and focus on cardiac health. Countries like the U.K., Germany, and France have comprehensive healthcare systems that enable efficient diagnosis, treatment, and management of cardiac diseases. The region also emphasizes research and development, leading to advancements in product manufacturing.
  • Asia Pacific: Asia Pacific is the fastest-growing market for global cardiac rhythm management devices batteries, which accounted for a share of over 20.4% in 2022. The global cardiac rhythm management devices batteries is witnessing significant growth in the Asia Pacific region due to a combination of factors. Rapid urbanization, lifestyle changes, and increasing industrialization contribute to a higher incidence of cardiac diseases. Countries like China, India, and Japan are investing in improving healthcare infrastructure and access to quality care, leading to the increased demand for cardiac rhythm management devices batteries.

Figure 1. Global Cardiac Rhythm Management Devices Batteries Market Share (%), by Region, 2023

CARDIAC RHYTHM MANAGEMENT DEVICES BATTERIES MARKET

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Analyst’s Views

The global cardiac rhythm management devices batteries market is expected to witness steady growth over the forecast period. The growing prevalence of cardiovascular diseases worldwide will be a key driver for the increased demand of devices like pacemakers and implantable cardioverter defibrillators. Technological advancements leading to development of miniaturized devices with enhanced features will further propel the market growth. The growing preference for magnetic resonance imaging (MRI)-conditional devices having battery life of over 10 years also creates opportunities for battery manufacturers.

However, the high cost of CRM devices along with their procedures could hinder the market growth. Stringent regulatory framework and longer timelines for new product approvals also pose challenges. Lack of awareness regarding treatment options in developing regions also restrains the market growth.

Global Cardiac Rhythm Management Devices Batteries Market Drivers:

  • Growing geriatric population: Older individuals are more prone to developing cardiovascular issues like arrhythmias, hypertension, and heart failure. They also have a higher risk of requiring implantable devices like pacemakers, implantable cardioverter defibrillators (ICDs), and cardiac resynchronization therapy (CRT) systems to manage irregular heart rhythms. For instance, the World Health Organization (WHO) data indicates that the number of people aged 65 years and above is projected to increase from 727 million in 2020 to 1.5 billion in 2050 globally. This rise in geriatric population is one of the key factors fueling the demand for cardiac rhythm management devices and their batteries.
  • Increasing prevalence of cardiovascular diseases: Increasing prevalence of cardiovascular diseases, such as arrhythmia and atrial fibrillation, among others is one of the major factors fueling the growth of global cardiac rhythm management devices batteries market. Cardiovascular diseases have become one of the leading causes of mortality and morbidity across the world. According to the Centers for Disease Control and Prevention (CDC), around 12.1 million people in the U.S. are expected to suffer from atrial fibrillation (AFib) by 2030.
  • Technological advancements: Technological advancements have significantly contributed to the growth of the global cardiac rhythm management devices batteries market in recent years. Advanced battery technologies that allow for smaller, more efficient, and longer-lasting batteries have enabled the miniaturization of implantable cardiac devices. Devices, such as implantable cardioverter defibrillators (ICDs) and cardiac resynchronization therapy (CRT), devices that were previously much larger can now be made significantly smaller due to improvements in lithium-ion and lithium-polymer battery technology. The adoption of such smaller, more comfortable devices has led to a considerable increase in procedure volumes and patient acceptance.
  • Government awareness programs: Government awareness programs around the world are putting significant emphasis on minimizing cardiac issues and improving the heart health. This is a major factor propelling the global cardiac rhythm management devices batteries market forward. Many nations now have public health initiatives specifically targeting cardiovascular diseases, which are among the leading causes of mortality. These programs aim to spread awareness about heart conditions, their symptoms, and risk factors.

Global Cardiac Rhythm Management Devices Batteries Market Opportunities:

  • Emerging markets: Emerging markets present a huge opportunity for growth in the global cardiac rhythm management devices batteries market. These markets which include countries in Asia, Africa, South America, and Eastern Europe are experiencing rapid economic development and rise in disposable incomes. As living standards improve in these regions, access to advanced healthcare is also increasing. Chronic diseases and cardiovascular conditions traditionally associated with developed nations are also rising in emerging countries due to changes in diets, lifestyle, and increased life expectancy, which will create opportunities for the global cardiac rhythm management devices batteries market.
  • New product launches: Product launches with new and advanced technologies have been a major factor contributing to the growth of the cardiac rhythm management devices batteries market. In recent years, there has been a significant rise in the number of new product approvals and launches catering to the evolving needs of patients. For instance, in November 2022, Resonetics, a medtech and life science company, announced the launch of the new Contego 20 mAh lithium ion battery, an implantable, lightweight, miniature D-shaped cell. The rechargeable off-the-shelf Contego 20 offers superior rate capability and cycle life.
  • Remote monitoring capabilities: Remote monitoring capabilities offer a promising opportunity to drive ubiquitous, proactive care for cardiac rhythm management recipients. It ensures the continuity of care while reducing burden on healthcare systems. With growing advancements, remote monitoring technologies are projected to play a catalytic role in shaping the future growth trajectory of the global cardiac rhythm management devices batteries market. For instance, in October 2020, Abbott, a medical device company, launched its new implantable cardioverter defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CAR-D) devices, bringing the most advanced heart rhythm management capabilities along with a new set of benefits to people in India with abnormal heart rhythms and hearth failure. The devices offer new opportunities for patient engagement and remote monitoring through smartphone connectivity and connected applications.

Cardiac Rhythm Management Devices Batteries Market Report Coverage

Report Coverage Details
Base Year: 2022 Market Size in 2023: US$ 520.3 Mn
Historical Data for: 2018 to 2021 Forecast Period: 2023 - 2030
Forecast Period 2023 to 2030 CAGR: 4.3% 2030 Value Projection: US$ 700.7 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Product Type: Implantable Cardiac Pacemaker, Implantable Cardioverter Defibrillator, and Cardiac Resynchronization Device
  • By Power Source: Lithium-Iodine Cells, Lithium-Silver Vanadium Oxide Cell, Lithium-Carbon Monofluride Cells, and Lithium-Manganese Dioxide 
Companies covered:

Medtronic, Inc., Boston Scientific Corporation, St. Jude Medical, Inc., Greatbatch, Inc. (Integer), EaglePicher Technologies, LLC, Quallion LLC, and BIOTRONIK SE & Co. KG.  

Growth Drivers:
  • Growing geriatric population
  • Increasing prevalence of cardiovascular diseases
  • Technological advancements
  • Government awareness programs
Restraints & Challenges:
  • High cost of devices 
  • Limited reimbursements
  • Stringent regulatory approval process

Global Cardiac Rhythm Management Devices Batteries Market Trends:

  • Miniaturization of devices: The trend of miniaturization of devices has significantly influenced the global cardiac rhythm management devices batteries market in recent years. With advancements in microchip technology, battery and medical device manufacturers are able to pack more computing power and battery capacity into increasingly smaller form factors. This allows for the development of significantly smaller implantable cardiac devices like pacemakers and defibrillators.
  • Battery capacity improvement: The continual advancement in battery technology is significantly impacting the cardiac rhythm management devices batteries market. Medical device manufacturers are focusing on developing miniature batteries with higher power density, and longer lifespan to keep pace with the miniaturization of cardiac devices. The demand for implantable cardioverter defibrillator and pacemaker replacement has been rising in recent years mainly due to improvements in battery longevity.
  • Integration of AI into devices: The integration of artificial intelligence (AI) capabilities into cardiac rhythm management devices is significantly impacting the global cardiac rhythm management devices batteries market for these products. AI functionalities allow for more advanced monitoring, diagnostics, and personalization of therapy which improves patient outcomes. However, it also increases the computational and power requirements of the devices. Manufacturers are having to design batteries with higher energy densities that can last longer while supporting new AI-backed features.

Global Cardiac Rhythm Management Devices Batteries Market Restraints:

  • High cost of devices: The high cost of cardiac rhythm management devices and their batteries is a major barrier to the growth of the global cardiac rhythm management devices batteries market. The cost of these medical devices and their batteries is quite high which limits their widespread adoption. The exceedingly high total cost of owning and maintaining cardiac rhythm management devices especially the recurring costs of battery replacements is a major restraint on the overall market's growth trajectory globally.
  • Limited reimbursements: Limited reimbursements from both government and private insurance companies has been a major barrier restricting the growth of the global cardiac rhythm management devices batteries market. Cardiac rhythm management devices like pacemakers and implantable cardioverter defibrillators (ICDs) provide critical support to patients suffering from heart rhythm disorders and conditions like bradycardia and tachycardia. However, the high costs associated with these devices and their replacement batteries has made it difficult for many patients to afford them, especially in developing nations.
  • Stringent regulatory approval process: Stringent regulatory approval process for cardiac rhythm management devices batteries is significantly restraining the growth of the global cardiac rhythm management devices batteries market. These devices are classified as class III medical devices by the U.S. Food and Drug Administration (FDA), which subjects them to a rigorous premarket approval (PMA) pathway. Obtaining a PMA is a long, costly, and complex process that necessitates extensive clinical data to demonstrate the safety and efficacy of the product.

Recent Developments

New product approvals/launches

  • On October 23, 2023, Medtronic plc, a global leader in healthcare technology, had received the U.S. Food and Drug Administration (FDA) approval for the Aurora EV-ICD MRI SureScan (Extravascular Implantable Cardioverter-Defibrillator) and Epsila EV MRI SureScan defibrillation lead to treat dangerously fast heart rhythms that can lead to sudden cardiac arrest (SCA)
  • On July 5, 2023, Abbott, a medical device company, announced that the U.S. Food and Drug Administration (FDA) has approved the AVEIR dual chamber (DR) leadless pacemaker system, the world's first dual chamber leadless pacing system that treats people with abnormal or slow heart rhythms
  • In April 2022, BIOTRONIK, Inc., a medical device company, announced that it has received the U.S. Food and Drug Administration (FDA) approval of Renamic Neo, the company’s state-of-the-art programmer for implanted cardiac rhythm management devices such as ICDs, pacemakers, and implantable cardiac monitors

Collaboration, partnership, and agreements

  • On January 16, 2023, Ilika, a battery manufacturing company, and Cirtec Medical, provides design, development, manufacturing and product transfer services for the medical device industry, announced that they have deepened and broadened their relationship by entering into a partnership which outlines the transfer of Stereax mm-scale battery manufacturing to Cirtec Medical’s facility in Lowell, MA. This will reinforce Cirtec Medical’s ongoing activities in system level miniaturization for the medical device industry.
  • In December 2021, LifeTech Scientific Corporation, a healthcare solution provider, announced that it had extended its agreements with Medtronic Plc., a medical device company, to further the strategic collaboration on the HeartTone domestic pacemaker project and to start the collaboration on domestically-made MRI-conditional pacemakers.

Figure 2. Global Cardiac Rhythm Management Devices Batteries Market Share (%), by Product Type, 2023

CARDIAC RHYTHM MANAGEMENT DEVICES BATTERIES MARKET

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Top Companies in the Global Cardiac Rhythm Management Devices Batteries Market

  • Medtronic, Inc.
  • Boston Scientific Corporation
  • Jude Medical, Inc.
  • Greatbatch, Inc. (Integer)
  • EaglePicher Technologies, LLC
  • Quallion LLC
  • BIOTRONIK SE & Co. KG.

Definition: Cardiac rhythm management device batteries are specialized batteries used to power devices that manage heart rhythms such as pacemakers and implantable cardioverter defibrillators (ICDs). These batteries need to be highly reliable and long-lasting, as they are responsible for maintaining the regular rhythm of the heart. They are designed to deliver a constant level of energy for a prolonged period, typically between 5 to 15 years, depending on the device and the patient's condition. The battery life is crucial as replacing the battery involves a surgical procedure.

Frequently Asked Questions

High cost of devices, limited reimbursements, and stringent regulatory approval process are the key factors that can hamper the growth of the global cardiac rhythm management devices batteries market.

The major factors driving the global cardiac rhythm management devices batteries market growth include growing geriatric population, increasing prevalence of cardiovascular diseases, technological advancements, and government awareness programs.

The leading product type segment is the implantable cardioverter defibrillator in the global cardiac rhythm management devices batteries.

The major players operating in the global cardiac rhythm management devices batteries are Medtronic, Inc., Boston Scientific Corporation, St. Jude Medical, Inc., Greatbatch, Inc. (Integer), EaglePicher Technologies, LLC, Quallion LLC, and BIOTRONIK SE & Co. KG. 

North America is the largest market for global cardiac rhythm management devices batteries, followed by Europe and the Asia Pacific region.

The CAGR of the global cardiac rhythm management devices batteries is projected to be 4.3% from 2023 to 2030.

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