Global Electrophysiology Devices Market Expected To Reach US$ 16,730.2 Mn By 2026
The latest market report published by Credence Research, Inc. “Electrophysiology Devices Market Growth, Future Prospects, and Competitive Analysis, 2018–2026” the electrophysiology devices market was valued at US$ 6,513.3 Mn in 2017 and projected to reach US$ 16,730.2 Mn by 2026 at a CAGR of 10.9% over the forecast period from 2018 to 2026.
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The electrophysiology (EP) devices market is likely to witness a phenomenal CAGR during the forecast period from 2018 to 2026. Electrophysiology, the branch of physiology is a test executed to assess the electrical system/activity of the heart and to diagnose abnormal heartbeats or arrhythmia. Growing aging population coupled with rising prevalence of atrial fibrillation (AF) & cardiovascular diseases (CVDs), technological advancements in electrophysiology devices, and the presence of favorable government initiatives are the factors driving the market growth.
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Technological developments in electrophysiology devices such as fluoroscopy integrated 3D mapping technology in ablation, bidirectional duodecapolar diagnostic catheter, irrigated-tip RF catheters, and remote steering systems are fuelling the demand for adoption of EP devices. In addition, novel techniques including convergent procedure, WATCHMAN left atrial appendage closure (LAAC) procedure, and focal impulse and rotor modulation (FIRM) ablation are gaining the momentum among patients and healthcare professionals (HCPs). On the contrary, high costs of electrophysiology devices and the availability of alternative therapies are anticipated to hinder the market growth during the forecast period.
The introduction of the Million Hearts CVD Risk Reduction model that will bridge a gap in cardiovascular care by means of offering targeted incentives for healthcare providers (HCPs) or practitioners in order to engage in beneficiary cardiovascular disease (CVD) risk calculation and population-level risk management is expected to support the market growth.
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Key Market Movements:
- Globally, the electrophysiology devices market to witness a profitable growth with a CAGR of 10.9% during the forecast period from 2018 to 2026
- On the basis of product, the electrophysiology ablation catheters segment would follow the electrophysiology laboratory devices in terms of revenue. The cardiac monitors segment will exhibit fastest CAGR during the forecast period due to the advent of implantable cardiac monitors to monitor the atrial fibrillation. Other cardiac monitors including holter monitor, event recorder, and mobile cardiac telemetry (MCT) are also supporting the market growth.
- Rising prevalence of atrial fibrillation (Afib) across the world coupled with increasing adoption of electrophysiology devices and procedures would support the supremacy of the atrial fibrillation indication throughout the forecast period
- North America commanded the market in 2017 and would retain its status quo throughout the forecast period due to the presence of key market participants & target population, and favorable reimbursement & coverage scenario for electrophysiology procedures in the U.S. and Canada
- Asia Pacific is foreseen to demonstrate comparatively higher CAGR during the forecast period between 2018 & 2026 due to surging elderly population base coupled with increasing prevalence of atrial fibrillation, Wolff-Parkinson-White (WPW) syndrome, and cardiovascular diseases in India, China, Japan, and Australia
- Major players in this vertical are Siemens Healthineers; Medtronic plc; Boston Scientific Corporation; Abbott Laboratories; Biosense Webster, Inc. (Johnson & Johnson Services, Inc.); BIOTRONIK SE & Co. KG; Nihon Kohden Corporation; MicroPort Scientific Corporation; CardioFocus, Inc.; and Stereotaxis, Inc.