The cardiac rhythm management (CRM) device market has recovered after a slump caused by several device recalls that began in 2005, according to a new report from Millennium Research Group (MRG).
The report noted that the market will continue its recovery and growth over the next five years due largely to implantable defibrillator sales, including implantable cardioverter defibrillators (ICDs) and cardiac resynchronization therapy defibrillators (CRT-Ds). While growth of the CRM device market will be less aggressive than was expected prior to the device recalls, MRG said the global market will grow to reach more than $11.5 billion by 2013.
Following recalls in 2007, which were the result of safety concerns over malfunctioning devices, the report said that the CRM device market has exhibited strong signs of recovery, with 2008 market revenues trending significantly higher than the previous year. With manufacturers and consumers making adjustments in response to safety concerns and no recalls occurring since late 2007, public and physician confidence in these products is on the rebound. The use of implantable defibrillators, particularly CRT-D replacement and upgrade procedures, will allow the CRM device market to resume expansion.
“Over the next five years, the CRM market will continue to grow,” according to Anuk Karunaratne, senior analyst at MRG. “ICDs and particularly CRT devices will account for much of this growth as replacement procedures will begin to contribute to procedure volumes. Also, CRT devices will be increasingly adopted over simpler single- and dual-chamber models due to the perceived benefits of biventricular pacing.”