San Francisco, March 10, 2016 (GLOBE NEWSWIRE) -- According to a new report by Grand View Research, the global electrophysiology devices market is projected to reach $6.18 billion by 2020 with a CAGR of 5%. Growing occurrence of cardiac arrhythmias and elderly population base are the key market drivers. The global market has witnessed a huge rise in the usage rates of the electrophysiology devices in the recent years, with physicians increasingly getting experience in diagnostics & ablation techniques. The advent of technological advancements, like nanostim leadless pacemaker development, is also projected to boost the device usage rates.
Diagnostic electrophysiology catheters are projected to grow at the rate of 15% in the forecast period (2014–2020). Fast-paced growth witnessed in this segment, mainly because catheter ablation has become the first line of treatment for various rhythm disorders due to its ability to render success rates of about 95 percent.
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Electrophysiology monitoring devices & electrophysiology treatment devices are the two application sectors analyzed in this report. Electrophysiology monitoring devices accounted for about 60% of the total share in 2013. X-ray systems came up as the topmost electrophysiology monitoring sector in 2013. Increased portable & digital systems usage, improving interventional & diagnostic abilities of healthcare practitioners, is one of the major market growth drivers. The electrophysiology treatment devices sector includes pacemakers, implantable cardioverter defibrillators (ICD), & catheters. In 2013, catheters came up as the biggest treatment devices sub-segment. Widespread usage of treatment devices in electrophysiology studies & increasing interventional procedures’ volume are some of the key factors accounting for the segment’s biggest share.
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In 2013, North America was the biggest regional market accounting for over 30% of the total share. Increased awareness levels amongst patients and sophisticated healthcare infrastructure supporting large interventional procedures volumes are some of the major aspects accounting for the region’s large share. On the other hand, Asia-Pacific is projected to witness huge growth opportunities, mainly because of the great prevalence of patients with highly unmet medical requirements. Moreover, increase expenditure levels & rapidly developing healthcare infrastructure in the rising markets of China & India are providing great opportunities for the companies to capitalize on in the forecast period.
Some of the major electrophysiology devices manufacturers are Medtronic Inc., Abbott Laboratories, St. Jude Medical, Biotronik SE & Co. KG, and Boston Scientific Corporation.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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