Electrophysiology Devices Market Size to Surpass Around US$
25 Jun 2021
Acquisition
OTTAWA, June 25, 2021 (GLOBE NEWSWIRE) -- The global electrophysiology devices market was valued at US$ 5.54 billion in 2019. The Electrophysiology (EP) study aids in the assessment of electrical impulses of the heart as well as to evaluate abnormal heartbeats. In addition, the prominent advancement in the electrophysiology technologies has improved the ability to focus the areas of the heart perpetuating that causes to atrial fibrillation (AF). The increasing development has enhanced the treatment and diagnosis of other cardiac arrhythmias too that include atrioventricular nodal reentry tachycardia (AVNRT), Wolff-Parkinson-White Syndrome (WPW), atrial flutter, and others.
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Growth Factors
As the prevalence of cardiac arrhythmia is constantly increasing on the global level, electrophysiology devices accounted for substantial recognition in the forthcoming years. Distinctive modalities of electrophysiology devices that include cardiac magnetic resonance imaging (CMR), cardiac computerized tomography (CT), echocardiography, fluoroscopy, and electro-anatomic mapping; support healthcare professionals to prodigiously analyze the principal mechanisms of multiple cases of arrhythmia.
In addition, worldwide penetration of electrophysiology devices is likely to encounter a tectonic upshift by the year 2027 because of remarkable technological disruption in the healthcare industry. The strategic expansion plans of market participants remains aligned toward matured markets that are already consolidated by the significant presence of large companies. While matured markets will continue to provide substantial revenue-generating opportunities for aspiring brands in the global electrophysiology devices market, evolving markets are likely to promise alluring opportunities for these brands to increase their sales revenues.
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Regional Snapshots
In 2019, North America led the global electrophysiology devices market owing to unhealthy lifestyle oriented such as smoking and excessive alcohol consumption leads to increased rate of cardiac arrest cases, Heart Failure (HF), and cardiac arrhythmia. Presence of sophisticated healthcare infrastructure and favorable policies for reimbursement propels the growth of electrophysiology devices in the region.
On the other side, the electrophysiology market in the Asia Pacific, particularly in Japan, China, and India expected to register high growth in the forthcoming years. India and China are the most lucrative regions compared to other Asian countries because of rapidly changing eating habits and lifestyles, increasing stress, fast adoption of western culture, and habitual drinking and smoking in these countries have resulted in the increasing health-related problems that include heart disease, obesity, and other chronic diseases.
Factors such as increasing geriatric population, large population, rising healthcare spending, growing incidence of chronic diseases, rising emphasis of prominent players on emerging markets, increasing demand for advanced technologies, healthcare reforms for infrastructural development, and less stringent regulations related to consumption of alcohol and other disease triggering products fuel the demand for electrophysiology devices in this region.
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Key Players & Strategies
The global electrophysiology devices market is highly competitive with increased focus of market players on new product development along with extensive investment on Research & Development (R&D) as a part of sustainability strategy. These industry participants also follow inorganic growth strategies to establish a strong footprint in the market coupled with extended range of product portfolio, thereby enhancing their brand recognition. For instance, in July 2018, Boston Scientific Corporation acquired Cryterion Medical, Inc., a privately held firm focused developing treatment for atrial fibrillation (AF) using its single-shot cryoablation platform. The acquisition helped the company to have a diverse product portfolio for electrophysiology devices.
Similarly, in November 2018, Boston Scientific Corporation acquired BTG plc, a UK based company that involved in the commercialization and development of minimally invasive surgical (MIS) products for vascular diseases and cancer.
Some of the key players operating in the market are Medtronic Plc, Abbot Laboratories, Boston Scientific Corporation, Biotronik SE & CO. KG, Biosense Webster, Inc., Nihon Kohden Corporation, GE Healthcare, Microport Scientific Corporation, Siemens AG, and Koninklijke Philips N.V. among others.
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