New Delhi: According to a latest market intelligence report, the global electrophysiology devices market was valued at US$ 5,271 Mn in 2018. The global electrophysiology devices market is projected to register a cumulative annual growth rate (CAGR) of more than 8% from 2019 to 2027.
Expansion of the healthcare industry, increase in healthcare expenditure, government initiatives, rise in product approvals, and increase in patient population are projected to augment the global electrophysiology devices market from 2019 to 2027. North America and Western Europe are likely to account for prominent shares in the global electrophysiology devices market, owing to the advancements in healthcare and products, and business expansion by various electrophysiology devices market leaders.
The development of healthcare infrastructure and high medical expenditure by governments in emerging markets such as China and India are likely to boost the electrophysiology devices market in Asia Pacific at a CAGR of around 9.0% from 2019 to 2027.
Rising Incidences of Cardiac Arrhythmias Expected to Propel the Electrophysiology Devices Market
Arrhythmias is a major indication for the need of an electrophysiology examination. Globally, rising incidences of different types of arrhythmias, such as atrial fibrillation, atrial flutter, ventricular tachycardia, and atrial tachycardia, are playing key roles in boosting the electrophysiology devices market.
The geriatric population, and people with high blood pressure, diabetes, obesity, and other cardiovascular diseases are at high risk of developing arrhythmias. This factor is likely to boost the electrophysiology devices market.
According to the National Center for Biotechnology Information (NCBI), Center for Disease Control and Prevention (CDC), and the ‘Sign Against Stroke in Atrial Fibrillation’ campaign, atrial fibrillation is a highly common arrhythmia, which affected more than 2.6 million people in the U.S., around 6 million in Europe, and nearly 8 million in China, in the year 2016.
It has been predicted that this toll is likely to increase 2.5 times by 2050, due to the influence of the globally rising geriatric population and changing lifestyle-related diseases. These factors are expected to boost the demand for electrophysiology devices at present, as well as in the near future.
Technological Advancements to Boost the Electrophysiology Devices Market
Significant technological advancements in the field of electrophysiology devices have dramatically changed the way physicians treat their patients, leading to improved outcomes. Minimally invasive surgeries offer shorter hospital stay, minimal incision, less post-surgery complications, and shorter recovery time. Pacemaker lead is a major factor causing complications in patients implanted with pacemakers.
Nanostim, Inc. addressed this issue by producing a leadless pacemaker, the size of a pen tip, which is implanted with the help of a catheter. The introduction of other advanced electrophysiological products, such as MRI-compatible pacemakers, irrigated-tip catheters, 3D mapping systems, real-time digital Holter monitors, and steerable curve diagnostic catheters, has further enhanced the productivity of electrophysiology treatment, ultimately boosting the electrophysiological devices market.
Hence, increasing technological advancements and growing demand for minimally-invasive surgeries attract patients and help manufacturers increase patient throughput.
Lack of Reimbursement Policies Restraining the Electrophysiology Devices Market
Electrophysiology devices are extensively utilized; however, there are no reimbursement policies for electrophysiology devices. This is a matter of concern, especially in developing countries where there are large patient pools that cannot afford electrophysiology devices.
Lack of reimbursement policies for a necessary device, such as these, directly affects the sales of electrophysiology devices. For instance, the sales of Terumo Corporation’s micro guide catheters declined in Japan due to changes in the reimbursement policies concerning these catheters. Moreover, high volume of product recalls of Medtronic’s micro guide catheters in 2016 was a major setback for the global electrophysiology devices market.
Asia Pacific Market to Expand Significantly
The electrophysiology devices market in Asia Pacific is anticipated to expand at an impressive CAGR during the forecast period. The electrophysiology devices market in Asia Pacific is estimated to expand at a CAGR of around 9.0% during the forecast period. India, China, and Japan are expected to drive the electrophysiology devices market in Asia Pacific.
The increasing prevalence of cardiovascular diseases in countries such as India and China, increasing awareness regarding early diagnosis, and improving economic conditions are expected to fuel the electrophysiology devices market.