Global Electrophysiology Devices Market is expected to reach USD 6.19 billion by 2020, according to a new study by Grand View Research, Inc. Increasing incidence rates of cardiac arrhythmias clubbed with growing global geriatric population base are some major drivers of this market. Though still in the budding stage, the electrophysiology devices market has witnessed a significant rise in usage rates in the recent times, with physicians increasingly gaining experience in ablation and diagnostics techniques. Introduction of technological advancements such as the development of nanostim leadless pacemaker, improvements in catheter diagnostics and imaging modalities are also expected to improve device usage rates.
Diagnostic electrophysiology catheters are expected to grow at a healthy rate of over 15.0% during the forecast period. Rapid growth witnessed in this segment is attributed to catheter ablation becoming the first line of treatment for many rhythm disorders owing to its ability to render success rates of over 95.0%.
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Further key findings from the study suggest:
- X-ray systems were the leading electrophysiology monitoring segment in 2013. Growing usage rates of digital and portable systems enhancing diagnostic and interventional capabilities of healthcare practitioners is one of the key growth drivers of this market.
- Catheters emerged as the largest treatment devices sub-segment in 2013. Extensive use of these devices in electrophysiology studies and rapidly rising volume of interventional procedures are some factors accounting for its large share.
- North America was the largest regional market in 2013, accounting for a share of over 30.0% in 2013. Presence of sophisticated healthcare infrastructure supporting large volumes of interventional procedures and high patient awareness levels are some factors attributing for its large share.
- Asia Pacific is expected to present this market with lucrative future growth opportunities. The region has a large prevalence of patients with unmet medical needs. Rapidly improving healthcare infrastructure and expenditure levels in the emerging markets of India and China have now opened up new avenues for the manufacturers to capitalize on during the forecast period.
- Some key manufacturers of electrophysiology devices include Abbott Laboratories, Medtronic Inc., St. Jude Medical, Boston Scientific Corporation, and Biotronik SE & Co. KG.
- New product development via extensive R&D investments and expanding patient base by entering the untapped markets of India, China and Brazil are some key sustainability strategies adopted by these market players.
For the purpose of this study, Grand View Research has segmented the global electrophysiology devices market on the basis of application and region:
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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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