The Europe electrophysiology market is expected to register a good CAGR during the forecast period, 2018 to 2023. The electrophysiology is a biomedical field, which deals with the study of electric activity in the human body.
In Europe, 1-2% of the total healthcare expenditure is attributed to heart failure. According to European Heart Network AISBL, it is estimated that around 3.9 million deaths in Europe and over 1.8 million deaths in the European Union occur due to cardiovascular diseases each year. It is expected that this number would increase further more by 2030. Since, electrophysiology devices have their major applications in detecting heart failure rates, the increasing number of heart failures is expected to drive the market during the forecast period. The other factors, such as high adoption rates in emerging markets due to technological advancements, rapid growth in aging population, increasing demand for catheter ablation procedures are also driving the market.
According to European Union of Medical Specialists only a few percent of cardiologists hold a specialization in electrophysiology. Although not a favorable percentage, the electrophysiology workforce is more or less stable in the Europe. However, due to lack of mobility among the majority of established electro physiologist, there exists a distinct lag in geographical dispersion of the EPs, resulting in a rift between the demand and supply, and a visible disparity among electro physiologists. The lack of skilled electro physiologists is acting as a major restraint for the Europe electrophysiology market.
Additionally, unfavorable healthcare reforms, is also responsible for hindering the growth of the market.
The Germany electrophysiology market holds the largest market share in 2017 in Europe region due to the presence of well-established healthcare facilities and rise in the number of arrhythmia and heart failure cases in the region.
The major players include - Abbott Laboratories, Boston Scientific, Biotronik SE & Co. KG, GE Healthcare, Hansen Medical, Johnson & Johnson, Medtronic Inc., Siemens Healthcare, and Nihon Kohden Corporation, among others.
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