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The global electrophysiology market has been estimated to register a CAGR of 6.5% during the forecast period 2018 to 2023. Although North America dominates the market due to increasing incidences of heart failure and rapid technological advancements, APAC is expected to register the highest CAGR due to increasing cases of arrhythmia and
high adoption rates in emerging market.
Growing Incidence of Arrhythmia and Heart Failure
In Europe and North America, 12% of the total healthcare expenditure is attributed to heart failure. In 2016, around 5.5 million people were diagnosed with heart failure in the United States. It is expected that this number would become 8 million by 2030. Since electrophysiology devices has their major applications in detecting the heart failure rates, the increasing cases of heart failures are expected to drive the market in the forecast period.
In addition, rapid growth in ageing population is responsible to increase heart failure rates which is further attributed to contribute in the growth of global electrophysiology market.
Lack of Skilled and Experienced Electro physiologists
As of 2017, in the United States, approximately 68% of cardiologists hold a specialization in electrophysiology. Although not a favorable percentage, the EP workforce is more or less stable in the United States. However, due to lack of mobility among the majority of established electro physiologist, there exists a distinct lag in geographical dispersion of the EPs, resulting in a rift between the demand and supply, and a visible disparity among electro physiologists. These lack of skilled electro physiologists is acting as a major restraint for the global electrophysiology market.
Additionally, unfavorable healthcare reforms along with lack of proper reimbursement policies are also responsible for hindering the growth of the market.
North America to Dominate the Market
The electrophysiology market is segmented by product type, and geography. By geography it is segmented into North America, Europe, AsiaPacific, the Middle East and Africa and South America.
North America dominates the electrophysiology market due to the presence of wellestablished healthcare facilities and rise in number of arrhythmia and heart failure cases in the region. AsiaPacific is also expected to propel the electrophysiology market owing to factors, such as increasing accessibility to healthcare facilities in the region, rising medical tourism, and increasing incidences of heart failure cases.
Key Developments in the Market
January 2018: BioSig Technologies, a medical device company which is developing a biomedical signal processing platform designed to address the demand for electrophysiology market has partnered with Mr. Charles Austin and JK advisors to scale up operational activities.
January 2018: Rhythmlink announced patent license agreement with Dignity Health for improving and expanding brain health monitoring options. The proprietary technology by Dignity Health allows quick and easy collection of EEG data which can be further distributed to healthcare personnel for analysis and intervention.
Key players: ABBOTT LABORATORIES, BOSTON SCIENTIFIC, BIOTRONIK SE CO. KG, GE HEALTHCARE, HANSEN MEDICAL, JOHNSON JOHNSON, MEDTRONIC INC., SIEMENS HEALTHCARE, NIHON KOHDEN CORPORATION, and MICROPORT
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Market analysis for the Global electrophysiology Market, with regionspecific assessments and competition analysis on a global and regional scale.
Analyzing various perspectives of the industry with the help of Porter's five forces analysis
The treatment type that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players.
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Cardiology is a specialty of internal medicine. Cardiac electrophysiology : Study of the electrical properties and conduction diseases of the heart. Echocardiography : The use of ultrasound to study the mechanical function/physics of the h...
Health care (or healthcare) is the diagnosis, treatment, and prevention of disease, illness, injury, and other physical and mental impairments in humans. Health care is delivered by practitioners in medicine, chiropractic, dentistry, nursing, pharmacy, a...