The electrophysiology devices market is set to achieve around USD 6.3 billion by 2020. It was valued about USD 2, 763 million in 2013. The market is estimated to record 12.3 percent CAGR in the forecast period (2014 to 2020). Atrial fibrillation and cardiac arrhythmia incidences globally are the prime market drivers.
Usage of electrophysiology devices in the management & detection of cardiac illnesses and burgeoning old population propel the market. The aforementioned illnesses mainly result from poor lifestyles like excessive smoking or drinking. They can also result from faulty diet. Thus, poor lifestyles and faulty diet contribute increased cardiac ailments, driving the electrophysiology devices market.
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Novel technologies like cryo-ablation, ultrasound ablation, and laser ablation should raise market demand in the six years ahead. Advanced mapping technology and its equivalents could propel market revenues. However, the high costs of electrophysiology devices, optional treatments, and tight regulations will prevent the electrophysiology devices market from further progress.
The market is fragmented on the basis of applications and geographies. Application segments comprise electrophysiology monitoring devices and electrophysiology treatment devices. The former captured more than 60 percent of the total incomes in 2013. High ECG usage for monitoring & diagnosing arrhythmias is the main factor, fuelling this segment.
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Electrophysiology treatment devices consist of pacemakers, catheters, and implantable cardioverter defibrillators. Demand for surgeries with minimal incisions could drive this application. With respect to geographies, North America, Europe, Asia Pacific, and rest of the world are the four regions. North America was the largest electrophysiology devices market in 2013.
This was on account of unhealthy lifestyles and cardiac arrhythmias in the region. High-tech healthcare infrastructure and favourable reimbursement regulations can propel this region in the coming six years. Asia Pacific has multiple unused prospects in relation to target illnesses and unmet medical demands. Growing regional medical expenditures & infrastructure and patient awareness are predicted to aid manufacturers to capitalize on these prospects.
The worldwide electrophysiology devices market is very competitive. Its players make huge research investments and develop innovative products to expand their reach. Entry into the available Chinese and Indian markets via mergers & acquisitions would assist players in gaining shares.
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