Pune, Aug. 03, 2020 (GLOBE NEWSWIRE) -- The global electrophysiology devices market size is projected to reach USD 9.71 billion by 2027, exhibiting a CAGR of 10.8% during the forecast period. The COVID-19 pandemic is expected to stoke the adoption of these devices owing to its close linkage with heart conditions, postulates Fortune Business Insights™ in its report, titled “Electrophysiology Devices Market Size, Share & COVID-19 Impact Analysis, Type (Ablation Catheters, Diagnostic Catheters, Mapping Systems, Accessories, and Others), By Application (Atrial Fibrillation, Supraventricular Tachycardia (SVT), Ventricular Tachycardia, and Others), By End User (Hospitals & ASCs, and Specialty Clinics & Diagnostic Centers), and Regional Forecast, 2020-2027”.
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As per the market report, the global market value stood at USD 5.10 billion in 2019. The report contains the following:
- Qualitative and quantitative insights into the factors shaping the market share, size, revenue, and growth;
- Detailed analysis of the market restraints;
- Careful examination of all market segments; and
- Comprehensive evaluation of the regional and competitive dynamics influencing the market.
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Market Driver
Growing Incidence of Cardiovascular Diseases Worldwide to Propel the Market
One of the central factors propelling the electrophysiology devices market growth is the rising incidence of cardiovascular diseases (CVDs) across the globe. The World Health Organization (WHO) estimated that worldwide, approximately 17.9 million people died from CVDs in 2016, making it the number one cause of death globally. Of these, roughly 85% died of heart attack and stroke.
Electrophysiology devices such as pacemakers and implantable defibrillators play an instrumental role in detecting, monitoring, and preventing an adverse cardiovascular event in a patient. For example, an implantable defibrillator is designed to inhibit the occurrence of a rapid, life-threatening rhythmic irregularity in the heart. Thus, widening spread of CVDs is expected to boost the growth of the global market in the coming years.
According to a research study published by the American Heart Association (AHA), in Wuhan, the epicenter of the coronavirus pandemic, 16.7% of the hospitalized COVID patients and 44.4% in the intensive care unit were suffering from arrhythmias. The report from Wuhan also revealed that patients in recovery experienced ventricular fibrillation and late myocardial dysfunction. In July 2020, the University of Edinburgh’s survey of heart scans of over 1,000 COVID patients from 69 countries showed that 55% of them displayed varying degrees of heart damage and nearly 13% with no previous heart condition developed severe cardiac disease. With heart disease being a high risk factor for COVID-19, the demand for electrophysiology devices is set to skyrocket during 2020.
Click here to get the short-term and long-term impact of COVID-19 on this market.
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Regional Insights
Increasing Prevalence of Heart Disorders to Drive Market Growth in North America
North America, where the market size was at USD 1.82 billion in 2019, is slated to command the electrophysiology devices market share during the forecast period on account of increasing prevalence of heart diseases in the region. The main reasons attributable to this development include unhealthy diet regimes and lack of physical activity among the working population in the region.
In Asia Pacific, the market is expected to register an impressive CAGR as a result of rising health complications associated with heart diseases. Furthermore, improvements in healthcare technologies in the region will also feed the regional market growth. In Europe, the primary growth drivers are anticipated to be rapidly aging population and quick uptake of advanced medical devices.
Competitive Landscape
Active Collaborations Aimed at Innovation to Intensify Market Competition
Leading competitors in this market are actively collaborating with each other to enhance their innovation capacities and enable mutual strengthening of product portfolios. This strategy is allowing players to deepen and broaden their presence in the market and substantially elevate the potential of the market.
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Industry Developments:
- May 2019: Biosense Webster, part of the Johnson & Johnson family, released Caronet, the world’s premier cloud networking and data analytics solution in the field of electrophysiology. The software is designed to aid hospitals and healthcare workers to share data and improve patient outcomes in catheter ablation procedures.
- May 2019: Medtronic joined forces with Philips to boost sales of the KODEX-EPD cardiac imaging and navigation system developed by Philips to facilitate cryoablation procedures with lower need of X-ray imaging. The collaboration is aimed at furthering the treatments of paroxysmal atrial fibrillation, a common heart disorder.
List of Key Players Profiled in the Electrophysiology Devices Market Research Report are:
- Biotronik, Inc. (Berlin, Germany)
- AtriCure, Inc. (Ohio, U.S.)
- Johnson & Johnson Services, Inc. (New Jersey, U.S.)
- Medtronic (Dublin, Ireland)
- AngioDynamics (New York, U.S.)
- Stereotaxis, Inc. (Missouri, U.S.)
- Boston Scientific Corporation (Massachusetts, U.S.)
- Abbott (Chicago, U.S.)
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- New Product Launches by Key Market Players
- Prevalence of Tachycardia by Key Regions/ Key Countries, 2019
- Technological Advancements in Electrophysiology Devices
- Key industry Developments - Mergers, Acquisitions and Partnerships
- Impact of COVID-19 on Electrophysiology Devices Market
- Global Electrophysiology Devices Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Ablation Catheters
- Diagnostic Catheters
- Mapping System
- Accessories
- Others
- Market Analysis, Insights and Forecast – By Application
- Atrial Fibrillation
- Supraventricular Tachycardia (SVT)
- Ventricular Tachycardia
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals & ASC’s
- Specialty Clinics & Diagnostic Centers
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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