Westford, USA, Oct. 10, 2022 (GLOBE NEWSWIRE) -- As the population ages, the demand for electrophysiology market is expected to grow. This growth is being driven by the increasing prevalence of heart disease and the need for more sophisticated treatment options. Electrophysiology is a branch of cardiology that deals with the diagnosis and treatment of heart rhythm disorders. These disorders can range from simple irregularities like atrial fibrillation to more complex conditions like ventricular tachycardia.
As the population ages, the incidence of cardiovascular diseases increases. The most common type of cardiovascular disease is coronary heart disease, which often leads to arrhythmias. Globally, more than 17.1 million people die of the cause. In fact, over 20 million adults in the US are having CAD. Arrhythmias are disorders of the heart's electrical system that can cause irregular heartbeats.
The growing demand for electrophysiology market is being met by an increase in the number of electrophysiologists. According to the American College of Cardiology, there are currently about 3,500 electrophysiologists in the United States. This number is expected to grow to 4,500 by 2025.
Electrophysiology procedures are typically performed using catheters that are inserted into the veins or arteries. Once in place, these catheters can be used to deliver electrical impulses to specific areas of the heart. These impulses can help regulate heart rhythm or even stop abnormal heartbeat altogether.
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SkyQuest Analysis
SkyQuest report on global electrophysiology market notes that the majority of electrophysiology procedures are performed in hospitals, but that an increasing number are being performed in outpatient settings. This trend is being driven by factors such as advances in technology (allowing for more procedures to be performed on an outpatient basis), the desire to avoid hospital stays, and cost considerations.
SkyQuest advises vendors in the global electrophysiology market to focus on developing innovative products and technologies that will allow for more outpatient procedures to be performed safely and effectively. The report also recommends that vendors work to improve reimbursement rates for outpatient procedures and develop relationships with key opinion leaders in order to increase awareness of their products and services.
The report includes a comprehensive overview of the market, including segmentation, sizing, and forecast data. In addition, the report provides an in-depth analysis of the key players in the market, their products, and strategies.
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Diagnostics Devices to Generate Revenue of 6.50 Billion by 2028
There is a high demand for diagnostics devices in electrophysiology market. As per SkyQuest study, the segment is projected to generate around 53% of the global revenue. Today, these devices are increasingly being used to diagnose cardiac arrhythmias, which are irregular heartbeats that can cause serious health problems. Electrophysiology deals with the diagnosis and treatment of cardiac arrhythmias and allow doctors to accurately identify and treat these conditions.
There are many different types of diagnostics devices available on the electrophysiology market today. Some of the most popular ones include electrocardiographs (ECGs), Holter monitors, ambulatory blood pressure monitors (ABPMs), implantable cardioverter defibrillators (ICDs), and event recorders. ECGs are used to measure the electrical activity of the heart and can be used to detect arrhythmias. Holter monitors are wearable devices that continuously monitor the heart for arrhythmias over a period of time. Event recorders are used to capture episodic events, such as abnormal heart rhythms, that may be difficult to detect with other types of diagnostic tests.
With the increasing prevalence of cardiac arrhythmias, there is a growing need for diagnostics devices in the electrophysiology market that can accurately detect these conditions. Electrophysiology is a rapidly expanding field, and diagnostic devices play an essential role in its continued growth.
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Top 5 Players Holds 34% Market Share
There are a large number of companies that participate in the electrophysiology market. The major players in this industry include Boston Scientific, Biotronik, Medtronic, Abbott, and Philips. These companies have a significant market share in the electrophysiology market and are expected to continue to grow at a rapid pace. As per SkyQuest, these five companies are responsible for generating around 34% market revenue in 2021 and we expect them to continue having stronghold over the market in the years to come.
These companies offer a wide range of products that cater to the needs of different patients across global electrophysiology market. They also have a strong presence in different regions across the globe. This gives them a competitive edge over other companies operating in this domain.
Some of the key products offered by these companies include implantable cardioverter defibrillators (ICDs), cardiac resynchronization therapy (CRT) devices, pacemakers, catheters, ablation systems, and accessories. These products are used for treating various cardiac conditions such as arrhythmias, heart failure, and coronary artery disease.
Biotronik is a German company that has been in business for over 60 years. They are one of the world's leading manufacturers of cardiac pacemakers and implantable cardioverter defibrillators (ICDs) in the global electrophysiology market. Biotronik also produces a number of other electrophysiology devices, including catheters, ablation systems, and monitoring devices.
Medtronic is an American company that is the largest player in the electrophysiology market. Medtronic acquired Boston Scientific's cardiac rhythm management division in 2007, making them the clear market leader. Medtronic offers a wide range of electrophysiology products, including pacemakers, ICDs, catheters, ablation systems, and monitoring devices.
Boston Scientific is another US based company that is one of the largest medical device manufacturers in the world as well as a leading player in the global electrophysiology market. Boston Scientific offers a wide range of medical devices, including those for cardiology, urology, and oncology. While they are not the largest player in the electrophysiology devices industry, they have a significant share of the market. Boston Scientific offers a variety of electrophysiology products, including pacemakers, ICDs, and catheters, among others.
Top Players in Global Electrophysiology Market
- Abbott Laboratories (US)
- Biotronik SE & Co.KG (Germany)
- Boston Scientific Corporation (US)
- GE Healthcare (US)
- Johnson & Johnson (US)
- Medtronic PLC (Ireland)
- Microport Scientific Corporation (China)
- Koninklijke Philips N.V. (Netherlands)
- Siemens Healthineers (Germany)
- Stereotaxis (US)
- Imricor Medical Systems (US)
- OSYPKA AG (Germany)
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