Global Electrophysiology Market revenue is expected to surpass USD 6.5 billion by 2024; as per a new research report published by Global Market Insights, Inc. Technological advancements pertaining to advancing mapping, navigational and ablation techniques used in electrophysiology should accelerate EP devices adoption rate during the forecast period. Furthermore, on-going clinical studies focusing on developing innovative ablation solutions will positively impact business growth.
Growing preference towards early disease diagnosis and treatment will further accelerate demand for electrophysiology diagnostic catheters. Moreover, on-going research activities pertaining to investigating appropriateness and applicability of different ablation modalities to treat and reduce recurrence rate of cardiac arrhythmias should boost industry size growth over the coming years. However, dearth of skilled electrophysiologists, high cost and high reuse rate in countries such as India will hamper business growth during the forecast period.
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EP diagnostic catheters product segment is estimated to witness around 5.4% CAGR during the forecast period owing to rising awareness about cardiovascular diseases and growing preference towards early disease diagnosis and treatment. Application of diagnostic catheters in cardiac ablation procedures as well as procedures not involving ablation such as pacemaker, or CRT device implantation will further drive business growth.
Product segment of the market includes ablation catheters, diagnostic catheters and electrophysiology laboratory devices. EP ablation catheters held largest market share of around 48.2% in 2017 owing to increasing prevalence of atrial fibrillation, technological advancements and growing application of ablation catheters for cardiac rhythm management especially in developing countries such as China and India.
Browse key industry insights spread across 220 pages with 370 market data tables & 7 figures & charts from the report, “Electrophysiology (EP) Market” in detail along with the table of contents:
U.S. electrophysiology market dominated the global industry with around 32% market share in 2017 and is estimated to show lucrative growth during the forecast period. Technological advancements coupled with increasing research activities pertaining to development of innovative ablation techniques will drive U.S. electrophysiology market. Rising awareness about early disease diagnosis and treatment along with rising number of people suffering from cardiac arrhythmia condition such as atrial fibrillation in the country will further accelerate industry growth.
Japan market is primarily driven by growing geriatric population base and rising number of people suffering from chronic conditions including cardiovascular diseases, obesity and diabetes. Government support coupled with technological advancements in EP devices will further drive Japanese electrophysiology industry.
Few notable industry players operating in electrophysiology market include Biotronik SE & Co. KG, Abbott Laboratories, Johnson & Johnson, Koninklijke Philips, Magnetecs Corporation, Japan Lifeline, Stereotaxis, Topera, Boston Scientific Corporation, GE Healthcare, Microport Scientific Corporation, Medtronic, and Siemens AG. Market players are currently focusing on geographical expansion by adopting various strategies such as acquisition, merger, strategic collaboration and partnership to gain significant market share and sustain market competition.
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