global-electrophysiology-market-industry
Published

MAR 2018

Global Electrophysiology Market - Segmented by Type of Product and Geography - Growth, Trends, and Forecast (2018 - 2023)

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The global electrophysiology market is expected to register a CAGR of 6.5% during the forecast period, 2018 to 2023. Although North America dominates the market due to increasing incidences of heart failure and rapid technological advancements, APAC is expected to register the highest CAGR due to increasing cases of arrhythmia and high adoption rates in emerging markets.

Growing Incidence of Arrhythmia and Heart Failure

In Europe and North America, 1-2% of the total healthcare expenditure is attributed to heart failure. In 2016, around 5.5 million people were diagnosed with heart failure in the United States. It is expected that this number would increase to 8 million 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 over the forecast period.

In addition, rapid increase in aging population is responsible to increase heart failure rates, which is further attributed to contribute to the growth of the global electrophysiology market.

Lack of Skilled and Experienced Electro physiologists

As of 2017, in the United States, approximately 6-8% of cardiologists hold a specialization in electrophysiology. Although not a favorable percentage, the EP workforce is more or less stable in the United States. 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 global electrophysiology market.

Additionally, unfavorable healthcare reforms, along with lack of proper reimbursement policies, are also responsible for hindering the growth of the market.

North America to Dominate the Market

The electrophysiology market is segmented by product type and geography. By geography, it is segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

North America dominates the electrophysiology market due to the presence of well-established healthcare facilities and rise in the number of arrhythmia and heart failure cases in the region. Asia-Pacific is also expected to propel the electrophysiology market, owing to factors, such as increasing accessibility to healthcare facilities in the region, rising medical tourism, and increasing incidences of heart failure cases.

Key Developments in the Market

  • January 2018: BioSig Technologies, a medical device company, which is developing a biomedical signal processing platform designed to address the demand for electrophysiology market, has partnered with Mr. Charles Austin and JK advisors to scale up operational activities.
  • January 2018: Rhythmlink announced patent license agreement with Dignity Health for improving and expanding brain health monitoring options. The proprietary technology by Dignity Health allows quick and easy collection of EEG data, which can be further distributed to healthcare personnel for analysis and intervention.

Major Players: Abbott Laboratories, Boston Scientific, Biotronik SE & Co. KG, GE Healthcare, Hansen Medical, Johnson & Johnson, Medtronic Inc., Siemens Healthcare, Nihon Kohden Corporation, and Microport, among others.

Reasons to Purchase this Report

  • Market analysis of the global electrophysiology market, with region-specific assessments and competition analysis on a global and regional scale
  • Analyze various perspectives of the industry with the help of Porter’s five forces analysis
  • The treatment type that is expected to dominate the market
  • Regions that are expected to witness fastest growth during the forecast period
  • Identify the latest developments, market shares, and strategies employed by the major market players
  • 3 months analyst support, along with the Market Estimate sheet (in excel)

Customization of the Report

  • This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
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