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Western European Market for Cardiac Rhythm Management
Frost & Sullivan, Jan 2009, Pages: 217
This Frost & Sullivan research titled Western European Cardiac Rhythm Management Market provides market dynamics, revenue forecasts and strategic recommendations. In this research, Frost & Sullivan's expert analysts thoroughly examine the following markets: pacemakers, implantable cardioverter defibrillators, cardiac resynchronisation devices and ablation catheters and leads.
Market Overview
Advanced Technologies to Support Expansion of European Cardiac Rhythm Management
The incidence of cardiovascular disease is rising due to factors such as ageing, obesity, smoking and other cardiac ailments. Each year cardiovascular diseases cause over 4.3 million deaths, accounting for 48 per cent of all mortalities in Europe. As a result, the European cardiac rhythm management (CRM) market offers significant growth potential. The approval of implantable CRM therapy for congestive heart failure by means of cardiac resynchronisation therapy devices; regulatory approval of advanced technologies such as ablation catheters and cost benefits accrued to the national healthcare system are invigorating the expansion of the CRM market.
The major segments of the CRM market are achieving rapid penetration, indicative of a flourishing space for CRM devices. Certain segments such as CRT-P and leads, while expanding gradually, are still exhibiting a positive growth rate. The CRM industry reveals natural, organic growth with all market participants set to make revenue gains. Overall, the western European CRM market earned revenues of $3.4 billion in 2008 and is estimated to reach $7.3 billion in 2015. 'Collaborative partnerships, technological innovation and device scalability will determine the future of the European CRM market,' notes the analyst of this research. 'To position a company for future growth, building an effective channel to profitably distribute lower cost equipment to new, emerging users is absolutely essential.' At the same time, international manufacturers should aim to establish alliances with smaller participants for the sale and distribution of their products.
Product Differentiation and Innovation Critical to Competitive Success
The CRM market consists of a select few market participants trying to sell high-cost, life-saving devices. Each manufacturer utilises bipolar leads, bi-ventricular pacing devices, high rate adaptive pacing, and sophisticated programmers to capture and translate data. The price difference between these devices is marginal. The inability of niche participants to distinguish themselves is a characteristic of the market. Without product differentiation, they have been unable to capture the attention of consumers. 'Each manufacturer strives to introduce their own device features and innovations to differentiate their devices; it essentially amounts to how these devices are perceived in the mind of specialists,' explains the analyst of this research. 'It is critical for companies to brand their technology and establish themselves in the minds of consumers.'
Device mortality remains a concern for end users. Battery life is one of the key factors that contribute to device longevity. Trends related to thin-film battery technology and high-energy batteries are positive, auguring well for market prospects. However, there needs to be greater focus on developing the durability of batteries and the factors that contribute to device longevity. Moreover, manufacturers should continually monitor the market and steadily invest in R&D to promote product innovation and differentiation.
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
- Pacemakers
- Implantable cardioverter defibrillators
- Cardiac resynchronisation devices
- Ablation catheters
- Leads
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