PORTLAND, Oregon, October 4, 2016 /PRNewswire/ --
A new report published by Allied Market Research, titled, "Electrophysiology Market - Global Opportunity Analysis and Industry Forecast, 2014 - 2022", states that the global electrophysiology market was $3,420 million in 2015 and is expected to reach $8,271 million by 2022, growing at a CAGR of 13.4% from 2016 to 2022. Electrophysiology (EP) ablation catheters is expected to dominate the global electrophysiology market throughout the forecast period. North America accounted more than one-third share of the global electrophysiology market in 2015.
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The market is driven by growth in incidence of atrial fibrillation (one of the most common heart rhythm disorder or cardiac arrhythmia), growth in baby boomer generation with high-risk of targeted diseases, and increase in adoption of EP catheter ablation. Rise in focus of the key players toward innovative EP technologies (such as 3D mapping systems, bidirectional duodecapolar diagnostic catheter, remote steering systems, and irrigated-tip RF catheters), and growth in EP labs further drives the market growth. However, stringent government regulations, high cost of the treatment of complex arrhythmias, preference to pharmaceutical interventions (drugs) over, and dearth of skilled & experienced electrophysiologists restrain the market growth.
EP ablation catheters (such as cryoablation EP catheters, radiofrequency ablation catheters, microwave ablation systems, laser ablation systems and navigational advanced mapping accessories) was a leading segment and accounted for more than 35.0% of total share in 2015. Ablation catheters is preferred due to its diversified use in the treatment of cardiac arrhythmias with lower risk and high success rate. Cryoablation EP catheters market is expected to grow at the fastest CAGR of 15.1%, owing to benefits such as less thrombogenic effects compared to RF ablation catheters, high success rate, and faster recovery. Advanced EP diagnostics catheters market is expected to grow at a CAGR of 14.2%, due to technological advancements in the segment.
Atrial fibrillation (AF) indication segment is expected to maintain its lead in the overall electrophysiology market due to its high incidence rate, especially in the developed economies. Although, the AF cases are prevalent in the developing economies, the low awareness, less initiative for preventive care, and unmet medical needs at economical cost has restricted the market growth. Conversely, the growing demand of electrophysiology devices in the developed economies such as North America and Europe has further boosted the market growth due to the high incidence rate of AF, rapidly increasing ageing population, and growing number of EP labs. Furthermore, atrioventricular nodal reentry tachycardia (AVNRT) indication is anticipated to exhibit the highest growth, with a CAGR of 14.8%. The aforementioned is due to the most common regular supraventricular arrhythmia in humans. Nevertheless, despite the smaller target market, it is expected that the cryoablation procedures performed for the treatment of AVNRT will increase at a moderate rate attributable to the physicians adoption of the product and an increase in the number of AVNRT procedures worldwide.
Key Findings of the Electrophysiology Market
North America accounted for the major share in 2015, and is expected to maintain this trend throughout the forecast period. This is due to the rise in prevalence of cardiac arrhythmias coupled with increase in geriatric population, high adoption rate of technologically advanced electrophysiology devices, and high awareness regarding the benefits of electrophysiology devices. In addition, presence of highly sophisticated healthcare infrastructure, rising interventional procedures for the treatment of cardiac arrhythmias especially atrial fibrillation, and favorable reimbursement scenario has propelled the market growth. However, Asia-Pacific region is anticipated to grow rapidly attributed to the presence of ample growth opportunities in terms of unmet medical needs for the treatment of cardiac arrhythmias in this region and quest for improved quality of life in emerging countries.
Some of the key companies profiled in the report are St. Jude Medical, Inc., Biosense Webster, Inc. (A Johnson & Johnson Company), Boston Scientific Corporation, Medtronic, Inc., GE Healthcare (Division of General Electric Co.), Siemens AG, Medtronic plc, Philips Healthcare (A Division of Koninklijke Philips N.V.), Biotronik SE & Co.KG, Microport Scientific Corporation, and Abbott Laboratories.
Summary of Similar Reports can be viewed at https://www.alliedmarketresearch.com/life-sciences/medical-devices-market-report
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