Cardiac Rhythm Management (CRM) Devices: A Global Strategic Business Report
San Jose, California (PRWEB) November 10, 2011
Follow us on LinkedIn - Incidences of heart failure, sudden cardiac arrest, and cardiac arrhythmias have been increasing at an alarming rate across the globe. Over 4.5 million people in the US alone suffer from cardiac disorders. Heart disease is one of the world’s leading life-threatening conditions, affecting a large part of the population, particularly among aged persons. Cardiac rhythm related disorders in acute cases require medical intervention in the form of cardiac resynchronization therapies, ablation therapies, and surgical implantation of pacemakers, and defibrillators. Technological innovations in CRM devices, such as, product miniaturization, development of durable batteries, and biocompatible materials, are expected to spur new opportunities in the market. Widespread adoption of CRM devices among the eligible patient base, which until now had been hampered by high prices, is expected to ease in the upcoming years, given the imminent fall in prices- a direct fallout of technology moving up the learning curve. The strongest growth is expected to stem largely from developing regions, such as, Asia-Pacific, Latin America, and Eastern Europe, while the developed markets, such as United States and Europe begin to hit the maturity note.
World market for CRM devices, over the last few years, has been negatively impacted by product recalls of devices manufactured by leading players. The recalls have whittled down patient confidence and potential market revenues. However, putting behind the shock of product recalls that ravaged manufacturer revenues, and shaved market growth, the CRM market is presently shaping up with the beleaguered players stepping up their emphasis on product safety and technology developments. The damage caused by high profile recalls, over the last few years, is likely to be offset by the unabated rise in heart treatment procedures, across the US, Europe, and other developing regions. The immense reduction in the number of deaths caused by heart-related diseases, as a result of advanced cardiac interventions have upheld patient confidence despite instances of faulty cardiac devices, and malfunctioning.
Spurred into action by the magnitude of the recent recalls of CRM devices, regulatory authorities, including the FDA and Heart Rhythm Society (HRS), are tightening approval norms, standards, and are taking necessary steps to ensure optimum product reliability. Major CRM devices developers are additionally pitching in with voluntary investments in research projects revolving around product safety, efficiency and efficacy, in a bid to recapture the trust of physicians and patients. Further, manufacturers are designing new devices that are more effective and safer than the previous models. All of these steps would help ensure recovery of lost revenues in the upcoming years.
The US commands the leading position as the largest region, garnering a significant share in the worldwide CRM market, as stated by the new research report on Cardiac Rhythm Management Devices. The market for CRM devices, although mature in the United States, is forecast to depict steady growth patterns thanks to the rising number of cardiac related disorders. The Asian market for cardiac rhythm management devices on the other hand, displays immense potential for future growth, primarily emanating from South Korean and China. The Asia-Pacific CRM market is poised to expand over the years at the fastest CAGR of about 12% over the analysis period. By product segment, market for Pacemaker accounts for a significant chunk of the global CRM market. Other product segments including EP catheterization, mapping, and ablation (CMA) and external defibrillators are also expected to display significant growth potential in the future.
Apart from the Big Three - Medtronic, Boston Scientific and St. Jude Medical, the CRM industry is largely fragmented with a large number of active medium and small domestic manufacturers in each region. Other key market participants profiled in the report include, Bard Electrophysiology, Biosense Webster Inc., Biotronik GMBH & Co. KG, Philips Healthcare, and Sorin Group.
The research report titled “Cardiac Rhythm Management (CRM) Devices: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides useful market insights as well as comprehensive review of key market trends, industry overview, product introductions, recent industry activity and profiles of market players worldwide. The report profiles the international competition arena and is peppered with pertinent market share data and product share tables. Analytics are presented in dollar value for major geographic markets such as United States, Europe, Asia-Pacific and Rest of World. Major product segments analyzed include Implantable Cardioverter Defibrillators; Pacemakers; External Defibrillators; and EP Catheterization, Mapping, & Ablation (CMA). The study also provides historic data for an insight into market evolution over the period 2003 through 2008.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Cardiac_Rhythm_Management_CRM_Devices_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
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