Electrophysiology Market will reach over USD 6.5 billion by 2025; as per a new research report.
Increasing technological advancements and rising investment in research and development activities by leading industry players will stimulate the global electrophysiology market growth over forecast period. Advancements in electrophysiology devices include diagnostic and ablation catheters with sensors, for remote monitoring of patients that offers access to physicians to effectively track disease conditions. Such advancements will escalate adoption rate of electrophysiology market growth in upcoming years.
Growing incidence of various cardiac disorders will stimulate the global electrophysiology market growth in the forthcoming years. Cardiac disorders are the most common problems among geriatric population and middle-aged people. According to the Centre for Disease Control and Prevention, approximately 750,000 hospitalizations occur each year due to atrial fibrillation. It is most common cause of necrosis in heart muscle and causes irregular heartbeats. Thus, growing incidence of risk factors leading to various cardiac arrhythmias will generate greater demand for electrophysiological monitoring devices in the future years.
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However, dearth of skilled electrophysiologists, increasing cost of electrophysiological devices and high investment in research and development will hamper the overall electrophysiology market growth.
Electrophysiology laboratory devices segment accounted for 12.4% revenue share in 2018. Increasing prevalence of cardiovascular diseases due to sedentary lifestyle and obesity are major factors for development of cardiovascular disorders. Electrophysiology assists the patients by early diagnosis and treatment of cardiovascular diseases, thereby boosting its adoption rate. Moreover, rising awareness of technologically advanced electrophysiology laboratory devices for continuous monitoring and accurate diagnosis of cardiac diseases will drive electrophysiology laboratory device segment growth in projected period.
Electrophysiology market for atrial flutter is estimated to progress at over 7.0% CAGR over analysis period. Electrophysiology devices target the origin of atrial contraction and prevent excessive palpitations and hence require early diagnosis. Thus, increasing number of patient and growing risk factors for atrial flutter will boost the segmental growth in upcoming years.
Canada electrophysiology market account for more than USD 222.0 million revenue size in 2018. Lucrative market growth is owing to large number of medical device manufacturing companies continuously investing in R&D for electrophysiological devices that lead to constant enhancement in cardiovascular treatment and diagnostic procedures. Moreover, new product approvals and continuous advancement in treatment procedure will drive the Canadian electrophysiology market growth.
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Japan electrophysiology market will expand at 5.9% CAGR over the estimated period. Robust growth can be attributed to growing geriatric population base and increasing number of patients suffering from cardiovascular diseases along with obesity and diabetes. Furthermore, increasing government initiatives and technological advancements for diagnosis of cardiovascular diseases will impel the Japanese electrophysiology market growth in forthcoming years.
Major notable industry players operating in the global electrophysiology industry include: Abbott Laboratories, Biotronik SE & Co. KG, Johnson & Johnson, Koninklijke Philips and Boston Scientific Corporation, among others. Market players are focusing on business expansion strategies by undertaking collaboration, acquisition, and partnership strategies to gain competitive advantage and sustain market competition.