SELBYVILLE, Del. - January 10, 2021 - (Newswire.com)
According to the latest report “Electrophysiology Market by Product (EP Ablation Catheters, EP Diagnostic Catheters, EP Laboratory Devices), By Indication (Atrial Fibrillation, Ventricular Tachycardia, Atrial Tachycardia, Atrial Flutter, WOLFF-Parkinson-White (WPW) Syndrome, Atrioventricular Nodal Re-entry Tachycardia), End-use (Hospitals, Catheterization Laboratories/EP Laboratories, Ambulatory Surgical Centers), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of electrophysiology will cross $10 billion by 2026. Rising focus on the development of electrophysiology devices by firms to strengthen their business revenue will spur the market growth.
A strong focus of manufacturers on technological advancements in electrophysiology devices will impel the market expansion in the coming years with several new product launches. Market players are continuously expanding their offerings in various geographies across the globe to cater to a broader patient population. The product enhanced the monitoring and mapping capabilities of physicians during the diagnosis and treatment of patients with complex cardiac arrhythmia. With increasing product launches leading to exponential growth in product offerings.
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In addition to development efforts by organizations, the rising global burden of arrhythmia will drive product demand. The rise in the number of hospitalizations associated with severe cardiac conditions will also positively impact the product supply in healthcare facilities. Growing disease prevalence is attributable to several factors such as eating habits, changing lifestyle,s and rising elderly population in developed as well as developing regions. Improved treatment accessibility in developing countries will further contribute to the market revenue.
The EP diagnostic catheters segment held more than 35% of the electrophysiology market share in 2019. Expanding applications of diagnostic catheters in intra-cardiac mapping and sensing will foster the segment growth. The product advancements have resulted in greater stability and efficiency, leading to superior disease diagnosis. Integration of robotic technology has further offered tremendous growth opportunities to the segment and will continue to propel the segment revenue with rising acceptance of innovative technologies in the coming years.
The electrophysiology market for ventricular tachycardia segment valued at over USD 450 million in 2019. Damaged heart flow, insufficient blood flow and severe sepsis leads to ventricular fibrillation resulting in sudden cardiac arrest. To minimize the risk of stroke and offer accurate treatment for patients with ventricular tachycardia, medical devices companies are innovating new products. The advantage of early diagnosis and continuous monitoring through these products will augment the product adoption in the treatment of ventricular tachycardia.
Hospitals' end-use segment in the electrophysiology market exceeded around USD 3.5 billion in 2019. As per the American Heart Association Journal, the atrial fibrillation hospitalizations account for over 450,000 every year. These hospital admissions are responsible for 75% of spending on atrial fibrillation treatment in the U.S. Moreover, the availability of advanced technological treatment solutions and highly skilled specialists in hospitals will influence patient preference. Thus, with an increase in atrial fibrillation-associated hospitalizations, disease prevalence and spending, the segment will witness momentous growth.
Europe's electrophysiology market is anticipated to register a growth rate of 10.1% till 2026, owing to the growing geriatric population in the region. The significant number of elderly people with reported atrial fibrillation will impact product demand. Furthermore, treatment affordability with increasing healthcare spending fosters regional growth. The rising number of cardiac centers in several European countries and the emergence of market players will further boost the market value.
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Major companies operating in the market include Abbott Laboratories, Boston Scientific Corporation, GE Healthcare, Medtronic Plc., and Johnson & Johnson among other players. Established leaders are broadening their market presence by adopting several strategies such as augmentation of their products, partnerships and collaborations.
Table of Contents (ToC) of the report:
Chapter 3 Electrophysiology Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2015- 2026 (USD Million)
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By indication
3.4.3 By end-use
3.5 COVID-19 impact analysis
3.6 Competitive landscape, 2019
3.7 Regulatory landscape
3.8 Porter’s analysis
3.9 PESTEL analysis
Browse the Complete Table of Contents (ToC) at
https://www.gminsights.com/toc/detail/electrophysiology-market
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Related Links
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Reprocessed Medical Devices Market
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Original Source: Electrophysiology Market Revenue to Cross USD 10 Bn by 2026: Global Market Insights, Inc.
