The global Electrophysiology Devices Market size is expected to reach USD 12.2 billion by 2026, according to a new report by Grand View Research, Inc. expanding at a CAGR of 11.70% over the forecast period. The demand for electrophysiology devices is expected to increase owing to growing old age population and frequent cardiac arrhythmias incidents. Adoption of ablation and diagnostics techniques among physicians has resulted in increased usage of the product in the past few years and is likely to drive market growth. Development of new devices such as Nanostim-dual-chamber leadless pacemaker is also anticipated to fuel demand in the market.
Cardiac ablation has gained popularity as the first-line treatment,
rendering a 95% success rate for several rhythm disorders and is anticipated to
be a key driving factor for growth. Diagnostic electrophysiology catheters are
estimated to grow at high CAGR in the foreseeable future. Technological
developments such as laser ablation, cryo-ablation, and ultrasound ablation,
coupled with optimized mapping techniques are anticipated to augment market
growth over the forecast period.
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Further Key Findings from the Study Suggest:
·
Electrophysiology diagnostic devices held a
major share in the application segment in 2018. Collectively, cardiac monitors
held the largest market share in electrophysiology diagnostic segment. The
devices include Holter monitors, ECG monitors, and Insertable Cardiac Monitors
(ICM). Growth can be attributed to increasing usage of digital and portable
systems in the ambulatory setting and improving diagnostic interventional
capabilities of healthcare consultants.
·
EP mapping and imaging systems are
anticipated to grow rapidly during the forecast period. Technological
improvements such as Optima IGS 320 and GE Healthcare’s Innova IGS 520 are
projected to provide future opportunities for growth. These are dose efficient
products and cardiac imaging systems that allow interventional cardiologist to
perform compound interventional procedures with accuracy and ease.
·
Electrophysiology treatment devices include
pacemakers, implantable cardioverter defibrillators (ICD) and catheters.
Pacemakers emerged as the largest treatment devices segment in 2018 owing to
rising prevalence of different types of arrhythmia among the population and
extensive usage of cardiac rhythm management devices. However, rising costs
related to the product, existence of strict regulations and accessibility of
substitute therapies are anticipated to hamper the growth. Automated external
defibrillators (AEDs) are expected to witness high growth rate during the
forecast period attributed to increasing use in treating out-of-hospital cases
of cardiac arrest.
·
North America held the largest market share
in 2018 owing to a high patient base of cardiac arrhythmia resulting from
unhealthy lifestyle habits. Increasing demand for the latest healthcare
infrastructure and rising consumer awareness are anticipated to propel growth.
·
Asia-Pacific is a lucrative market owing to
the high rate of unmet medical requirements leading to an increase in the
number of patients. Rapid developments in healthcare infrastructure and
increase in disposable income in emerging economies such as India and China are
expected to provide new avenues and opportunities for companies to capitalize
over the forecast period.
·
There are top 4 players who command around
60% of the electrophysiology devices market. Boston Scientific Corporation,
Medtronic Plc., Abbot Laboratories, and Biosense Webster, Inc., is
predominantly led by powerful product portfolios and significant brand
recognition. Other players include Biotronik SE & Co. KG.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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