Increasing use of electrophysiology devices in the diagnosis and treatment of cardiovascular diseases such as arrhythmias and atrial fibrillation and the growing global geriatric population base are some high impact rendering growth drivers of the electrophysiology devices market. These target diseases have witnessed a rapid growth in incidence rates owing to the growing prevalence of disease causing lifestyle habits such as smoking and excessive alcohol consumption.
Global electrophysiology devices market, by application, 2012 - 2020 (USD Million)
As per the WHO, cardiovascular diseases caused 17.5 million deaths globally in 2012, thereby, becoming the leading cause of non communicable disease (NCD) deaths. Electrophysiology devices are cardiology specialty devices used mainly in the diagnosis and treatment of cardiac arrhythmias and therefore, the growing prevalence of cardiovascular diseases is expected to serve this market as a driver. The global electrophysiology devices market was valued at USD 2,763.9 million in 2013 and is expected to grow at a CAGR of 12.4% during the forecast period.
Introduction of new technologies such as cryo-ablation, laser ablation and ultrasound ablation and advanced mapping technologies are also expected to boost the demand for electrophysiology devices over the next six years. However, high costs associated with electrophysiology devices, presence of strict regulations and availability of alternate therapies are some factors expected to impede market growth.
Electrophysiology treatment devices and electrophysiology monitoring devices are two application segments analyzed in this study. Electrophysiology monitoring devices accounted for over 60.0% of the revenue in 2013. High usage rates of ECG as a standard diagnostic and monitoring tool for arrhythmias is one of the factors attributing to its large share. This segment includes electrocardiograph (ECG), X-ray systems, holter monitoring devices, electromyograph (EMG), diagnostic electrophysiology catheters and electrocorticograph (ECOG). X-ray systems emerged as the largest electrophysiology monitoring segment in 2013. Growing use of these devices in interventional medical procedures such as catheter placement and the introduction of portable and digital systems are some factors expected to drive segment growth during the forecast period. Technological innovations such as GE Healthcare’s Innova IGS 520 and Optima IGS 320 are expected to present this market with lucrative future growth opportunities. These products are dose efficient interventional X-ray systems and enable physicians to perform complex interventional procedures with ease and accuracy.
The electrophysiology treatment devices segment comprises implantable cardioverter defibrillators (ICD), catheters, and pacemakers. Catheters were the largest sub-segment of this market and are also expected to grow at the highest rate during the forecast period. Growing demand for minimally invasive surgeries such as catheter ablation is one of the factors accounting for its rapid growth. ICD is also expected to grow at a healthy rate during the forecast period. As per the U.S. FDA, the use of ICD has expanded greatly over the years to clinically prevent conditions that lead to sudden cardiac deaths.
North America was the largest regional electrophysiology devices market in 2013 owing to growing prevalence of cardiac arrhythmia in this region majorly as a result of people leading unhealthy lifestyle habits. Presence of sophisticated healthcare infrastructure and favorable reimbursement policies are also expected to drive regional growth over the next six years. The Asia Pacific electrophysiology devices market has a large presence of untapped opportunities in terms of unmet medical needs and rapidly growing incidence rates of target diseases. Improving healthcare infrastructure and growing patient awareness and healthcare expenditure levels in the region is expected to assist manufacturers in capitalizing on these available opportunities.
The electrophysiology devices market is highly competitive with companies adhering to new product development and extensive R&D investments as sustainability strategies. Entering into the untapped markets of India and China through mergers and acquisitions is also expected to help players gain share during the forecast period. Some key manufacturers of electrophysiology devices include Siemens Healthcare, Boston Scientific, Abbott Laboratories, GE Healthcare, St. Jude Medical Inc. and Biotronik SE & Co. KG.
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