The global electrophysiology devices market was valued at US$ 5,271 Mn in 2018. The global electrophysiology devices market is projected to register a cumulative annual growth rate (CAGR) of more than 8% from 2019 to 2027, according to a new report published by Transparency Market Research (TMR) titled, ‘Electrophysiology Devices Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027′.
Expansion of the healthcare industry, increase in healthcare expenditure, government initiatives, rise in product approvals, and increase in patient population are projected to augment the global electrophysiology devices market from 2019 to 2027. North America and Western Europe are likely to account for prominent shares in the global electrophysiology devices market, owing to the advancements in healthcare and products, and business expansion by various electrophysiology devices market leaders.
Development of healthcare infrastructure and high medical expenditure by governments in emerging markets such as China and India are likely to boost the electrophysiology devices market in Asia Pacific at a CAGR of around 9.0% from 2019 to 2027.
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Rising Incidences of Cardiac Arrhythmias Expected to Propel the Electrophysiology Devices Market
Arrhythmias is a major indication for the need of an electrophysiology examination. Globally, rising incidences of different types of arrhythmias, such as atrial fibrillation, atrial flutter, ventricular tachycardia, and atrial tachycardia, are playing key roles in boosting the electrophysiology devices market.
The geriatric population, and people with high blood pressure, diabetes, obesity, and other cardiovascular diseases are at high risk of developing arrhythmias. This factor is likely to boost the electrophysiology devices market.
- According to the National Center for Biotechnology Information (NCBI), Center for Disease Control and Prevention (CDC), and the ‘Sign Against Stroke in Atrial Fibrillation’ campaign, atrial fibrillation is a highly common arrhythmia, which affected more than 2.6 million people in the U.S., around 6 million in Europe, and nearly 8 million in China, in the year 2016.
- It has been predicted that this toll is likely to increase 2.5 times by 2050, due to the influence of the globally rising geriatric population and changing lifestyle-related diseases. These factors are expected to boost the demand for electrophysiology devices at present, as well as in the near future.
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Technological Advancements to Boost the Electrophysiology Devices Market
Significant technological advancements in the field of electrophysiology devices have dramatically changed the way physicians treat their patients, leading to improved outcomes. Minimally invasive surgeries offer shorter hospital stay, minimal incision, less post-surgery complications, and shorter recovery time. Pacemaker lead is a major factor causing complications in patients implanted with pacemakers.
- Nanostim, Inc. addressed this issue by producing a leadless pacemaker, the size of a pen tip, which is implanted with the help of a catheter. The introduction of other advanced electrophysiological products, such as MRI-compatible pacemakers, irrigated-tip catheters, 3D mapping systems, real-time digital Holter monitors, and steerable curve diagnostic catheters, has further enhanced the productivity of electrophysiology treatment, ultimately boosting the electrophysiological devices market.
- Hence, increasing technological advancements and growing demand for minimally-invasive surgeries attract patients and help manufacturers increase patient throughput.
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Prominent Electrophysiology Devices Market Players – Biosense Webster, Inc., Abbott, Medtronic plc, and Boston Scientific Corporation
The electrophysiology devices market report also provides the profiles of leading players operating in the global electrophysiology devices market. These include Biosense Webster, Inc., Abbott, Medtronic plc, and Boston Scientific Corporation. Increase in mergers & acquisitions, strategic collaborations, and new product launches are expected to drive the global electrophysiology devices market during the forecast period. Additionally, strong product portfolio, high brand recognition, and strong geographic presence are expected to boost the electrophysiology devices market during the forecast period.
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