According to a new research analysis from Frost and Sullivan, “Cardiac Rhythm Management (CRM) Devices - Demand to Manage Global R&D Efforts,” continuous product updates and less invasive medical procedures can drive the adoption of CRM devices.
The growing rate of acute cardiac rhythm-related disorders is driving medical device manufacturers to innovate and make their cardiac rhythm management devices more effective. Latest technological advances, like the development of smaller and more durable batteries, device miniaturization and powerful biocompatible material casings – are enhancing the patient’s level of comfort, thus reducing morbidity and mortality rate in them.
The latter half of the 20th century faced a revolution in advanced medical devices, with smaller sizes and enhanced capabilities and features. The introduction of implantable cardioverter defibrillators, implantable pacemakers and cardio resynchronization therapy enhanced the diagnostic capabilities of the physicians.
Darshana De, a research analyst at Frost and Sullivan feels that the new technology advancements now allow medical professionals and clinicians to accurately monitor the patients on a continuous basis, without the need for frequent visits, reducing the burden of follow-up care.
With the increasing baby boomer population and inactive European and American lifestyles resulting in health complications like diabetes, obesity and cardiovascular disorders, these new healthcare devices will definitely find a high uptake.
Frost and Sullivan also claimed that despite the significantly high prices of these CRM devices, which tend to hamper the prospective market, effective utility will ensure continuous demand and adoption, eventually lowering the prices.
Device-related deaths and device recalls by the manufacturers, however, may make end users a little apprehensive about buying right away. Hence, to avoid such cases in future, medical health regulatory bodies have initiated a stricter approval process for enhanced product reliability and demand.
According to the latest analysis by Frost and Sullivan, advanced CRM device technology is highly driven by brand recognition. While the giant manufacturers have hold on to their market shares in a consistent manner, several startup companies are finding it very difficult to penetrate the competitive market.
It is recommended for the larger players to establish alliances with these emerging enterprises to enhance the sale and distribution of CRM devices.
Darshana De also said that on an overall basis, CRM is a growing market with ablation catheters, ICDs and CRT-defibrillator devices showing high potential. She added that collaborative partnerships, technological innovations and scalability will determine the future of this market.
“Cardiac Rhythm Management (CRM) Devices – Demand to Manage Global R&D Effort” is an important part of Technical Insights Growth Partnership Services program.
Edited by Braden Becker