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.
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About Grand View Research
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, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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