Electrophysiology devices are used to diagnose, evaluate, and treat electrical activities of the heart. The market for electrophysiology devices has witnessed significant growth in recent years owing to increasing incidences of cardiac arrhythmias. Electrophysiology devices find a wide-range of applications in the assessment and management of arrhythmias and comprise all those devices that are used for the diagnosis and treatment of epilepsy, atrial fibrillation, ventricular tachycardia, retinal disorders, and atrial flutter.
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Electrophysiology devices market: Growth drivers and inhibitors
An expanding geriatric population base and growing incidences of cardiac arrhythmias primarily drive the worldwide market for electrophysiology devices. This is supported by technological advancements in the field of medicine and healthcare. In addition to this, there is a high level of unmet medical needs in emerging countries that holds huge potential for growth. Consolidated efforts by government, healthcare providers and manufacturers in the field of electrophysiology are also expected to fuel the market.
In contrast, high cost of implantable electrophysiology devices, strict and lengthy approval procedures from regulatory bodies, availability of other treatment alternatives, and the Patient Protection and Affordable Care Act are factors that restrain the growth of the market.
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Scope of the electrophysiology devices market
The global market can be segmented on the basis of type of device and geography. Electrophysiology devices are bifurcated into two main types: electrophysiology monitoring devices and electrophysiology treatment devices. The major types of electrophysiology monitoring devices are electromyograph (EMG), electrocardiograph (ECG), electroretinograph (ERG), Holter monitoring devices, x-ray systems, electroencephalograph (EEG), electrooculograph (EOG), electrocorticograph (ECoG), diagnostic electrophysiology catheters, and imaging and 3D mapping systems.
Electrophysiology treatment devices include pacemaker, catheters, implantable cardioverter defibrillators (ICD’s), and cardiac resynchronization therapy devices (CRT).
Geographically, the electrophysiology devices market can be divided into North America, Europe, Asia-Pacific, and Rest of the World.
Global electrophysiology devices market: Regional analysis
North America dominates the global electrophysiology devices market and generates the most revenue among other regional markets. Leading manufacturers such as Boston Scientific, Medtronic Inc., and St. Jude Medical, Inc. are based in the U.S., which is a major growth driver for the North American market for electrophysiology devices. The prevalence of diseases such as epilepsy, ophthalmic disorders, and cardiac arrhythmia has grown in recent years and these diseases require steady monitoring, increasing the demand for electrophysiology devices. In addition to this, growing presence of well-equipped healthcare units, improved healthcare facilities, favorable policies, and rising investments in the field have aided the growth of the electrophysiology devices market in North America.
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Electrophysiology devices manufacturers have found attractive opportunities for growth in emerging economies such as China, India, Mexico, Brazil, Russia, and South Africa. As a result, many of them have shifted focus and base to these regions and targeted a major chunk of their efforts and investments here, thereby supporting the electrophysiology devices market in Asia-Pacific and Rest of the World. Market analysis suggests that Asia-Pacific will be the fastest-growing regional market for electrophysiology devices during the forecast period.
Competitive landscape of the electrophysiology devices market
The global electrophysiology devices market has many key players who compete against each other to gain proficient market share. These companies are driven by innovation and technology to develop new and efficient electrophysiology devices. Some of the leading manufacturers in the electrophysiology devices market are GE Healthcare, Philips Healthcare, Biotronik SE & Co. KG, Boston Scientific, Abbott Laboratories, Microport, Siemens Healthcare, Nihon Kohden Corporation, St. Jude Medical, Inc., Johnson & Johnson, and Medtronic Inc.
Based on statistics provided by a market intelligence firm, the global electrophysiology devices market was worth US$2,500.0 million in 2012 and, growing at a 12.1% CAGR, will be worth an estimated US$5,496.6 million by 2019.