Electrophysiology Market
Global Electrophysiology Market Overview:
Electrophysiology market is expected to record a 6.5 percent CAGR during the forecast period. Some factors driving market growth are increasing target disease prevalence, technological advances in electrophysiology, and increasing demand for catheter ablation procedures. In Europe and North America, heart failure accounts for 1-2% of total healthcare expenditure. In the U.S., around 5.5 million individuals were diagnosed with heart failure in 2016. The American Heart Association expects this number to rise to 8 million by 2030. As electrophysiology instruments have a significant application to detect heart failure rates, the growing amount of heart defects is anticipated to drive the market over the forecast period. In addition, a fast rise in the aging population was discovered to be liable for growing rates of heart failure, which further contributed to the electrophysiology market growth. However, as of 2017 in the U.S., only 6-8 percent of cardiologists have electrophysiology specialization. Although not a favourable proportion, the U.S. EP workforce is more or less stable. Due to lack of mobility among the majority of established electrophysiologists, there is a distinct lag in the geographic dispersion of EPs, resulting in a rift between demand and supply, and a visible disparity between electrophysiologists. Thus, the lack of skilled electrophysiologists acts as a major restraint for the electrophysiology market. Additionally, unfavorable healthcare reforms and lack of proper reimbursement policies are also responsible for hindering market growth.
Global Electrophysiology Market Scope of the Report:
Electrophysiology is the biomedical field studying electrical activity in the body. Electrophysiology involves studying electrical activity generation and its impacts on the body. As per the scope of this report, the various types of electrophysiology products and the diseases they target were taken into account in calculating the total market size.
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Global Electrophysiology Market Key trends: –
Ablation Catheters are expected to maintain the highest product-type market share:
Ablation catheters are useful in removing anomalous heart tissue that can cause irregular heartbeats. These instruments operate on ablation, a minimally invasive procedure that uses catheters to demolish the hearts faulty electrical circuits. Radiofrequency ablation and cryoablation are the most widely used ablation catheter kinds and both are anticipated to retain important market shares, supported by technology advances. Radiofrequency RF ablation utilizes local, high-energy RF signals to create scars. However, cryoablation utilizes highly cold temperatures to make scars. Laser light power is also used sometimes.
North America Dominates the Market and it is Expected to Continue So during the Forecast Period:
Currently, North America dominates the electrophysiology industry, and the region is anticipated to continue its powerful grip for a few years. This region is anticipated to boost its market share in the future due to the existence of well-established healthcare centres and the number of instances of arrhythmia and heart failure in the region. Asia-Pacific is also anticipated to boost the market in electrophysiology due to variables such as increased accessibility to regional health care facilities, increased medical tourism, and increased incidences of heart failure.
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Global Electrophysiology Market Competitive Landscape:
The extremely competitive electrophysiology market comprises several significant players. On market share, few significant players presently dominate the market. Companies, including Abbott Laboratories, Boston Scientific Corporation, and Medtronic, have significant market share in the electrophysiology market. There have recently been numerous market developments. For example, in January 2018, BioSig Technologies, a medical device manufacturer involved in developing a biomedical signal processing platform intended to tackle market demand for electrophysiology, partnered with Mr. Charles Austin and JK Advisors to expand operational operations.
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