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.
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.
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.
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.
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.
Looking to Customize Report?