According to a new market report published by Transparency Market Research based on "Electrophysiology Devices Market (ECG, EEG, Holter Monitoring Systems, Diagnostic Electrophysiology Catheters, Pacemaker, Imaging and 3D Mapping Systems) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," the global electrophysiology devices market was valued at $2,500.0 million in 2012 and is estimated to reach a market worth $5,496.6 million in 2019. The market will rise at a CAGR of 12.1% from 2013 to 2019.
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This report includes analysis and estimations of the electrophysiology devices market in terms of value (USD million) for the forecast period 2011 – 2019, regarding 2012 as the base year. The report also discusses the global market size, forecasts for each segment, geographic regions and sub-segments with CAGR in percent for the forecast within the electrophysiology devices sector.
Since, electrophysiology is a stream that is used to study the properties of biological cells; electrophysiology devices play a vital role in the treatment and diagnosis of abnormal electrical activities in the heart, brain, and eyes. The market for electrophysiology devices is expected to increase exponentially due to the rise in healthcare expenditure, prevalence of cardiac diseases, and other technological advancements. In addition, electrophysiology devices have its presence in applications such as, the management of cardiac arrhythmias.
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Owing to rising adoption of ablation techniques, particularly for the treatment of atrial fibrillation, the electrophysiology devices segment is expected to grow and expand rapidly across the globe. However, high costs of devices and strict regulatory approvals with readiness of alternate medications are some of the restraining factors the market for electrophysiology devices is likely to witness over the forecast period, 2013 – 2019.
Considering the electrophysiology treatment devices market, by segments analysis, the market primarily consists of electrophysiology monitoring devices and treatment devices. However, a few other vital electrophysiology devices within this market segment are Implantable Cardioverter Defibrillators (ICD's), Pacemaker, Cardiac Resynchronization Therapy Devices (CRT), and Catheters. Some of the monitoring devices used in electrophysiology include electromyography, x-ray systems, diagnostic electrophysiology catheters, Holter monitoring devices, imaging and 3D mapping systems, electroretinograph, electrocardiograph, electroencephalograph, and diagnostic catheters among others. All these devices enable doctors and physicians to diagnose the problem and understand the origin and nature of abnormal electrical impulses generating in the body.
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With accurate outcomes physicians can then take proper decisions regarding the patient’s conditions and treatment options, or whether the patient should opt for catheter assisted ablation, cardiac arrhythmic device implantation, or usual medication.
A further segmentation of the electrophysiology devices market comprises all those devices that are broadly utilized in the diagnosis of atrial flutter, epilepsy, ventricular tachycardia, atrial fibrillation, and retinal disorders. The report also includes details of different technological advancements taking place within this segment.
Some of the key market players profiled in the global electrophysiology devices market include Philips Healthcare, St. Jude Medical, Medtronic, Inc., Boston Scientific, and others. However, the report mentions names of some more companies that are included in the market study and they are Boston Scientific, Abbott Laboratories, GE Healthcare, Medtronic, Inc., Philips Healthcare, and St. Jude Medical, among others. In order to achieve lucrative market share, worldwide manufacturers of electrophysiology devices are coming up with innovative products periodically.
Geographically, North America is the largest market for electrophysiology devices due to the rising prevalence of diseases such as, ophthalmic disorders, cardiac arrhythmias, and epilepsy that need electrophysiology monitoring. The region also shows high growth in this market due to well-established healthcare policies and presence of well-equipped healthcare facilities that provides access to better healthcare facilities.
In addition, various emerging nations such as China, India, Brazil, Mexico, Russia, and South Africa are growing in terms of economic liberalization and hence, the market share of electrophysiology devices will increase during the forecast period. Rest of the World (RoW) and Asia-Pacific has been anticipated to emerge as the fastest growing regions in the forecast period, 2013 to 2019.