Market for Electrophysiology Devices to be Driven by Rising Pool of Geriatric Population, to Reach US$5,496.6 million by 2019
A new research study based on The Global Electrophysiology Devices Market for , published by U.S.-based market intelligence firm Transparency Market Research, states that the market will grow at a CAGR of 12.1% between 2013 and 2019. The global market for electrophysiology devices, which valued US$2,500 million in 2012, is expected to reach US$5,496.6 million by 2019.The report is titled “Electrophysiology Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019”.
Electrophysiology devices are used for the diagnosis and treatment of diseases such as cardiac arrhythmias, which are caused by abnormal electric behavior of body cells and tissues. The global electrophysiology devices market is largely driven by the rising geriatric population across the globe. Advances in technology leading to the introduction of highly reliable and effective minimally invasive treatment methodologies, and the availability of electrophysiology devices with an improved set of features are also boosting the demand in the global electrophysiology devices market. “However, strict regulatory approach towards approving the usage of these devices, high costs associated with it, and the availability of alternate medications will lead to a set-back in the global market,” states a TMR analyst.
The report segments the global electrophysiology devices market according to three criteria: electrophysiology monitoring devices, electrophysiology treatment devices, and key regional markets. The segment of electrophysiology monitoring devices is further categorized into electrocorticograph (ECoG), electrocardiograph (ECG), electroencephalograph (EEG), electrooculograph (EOG), imaging and 3D mapping systems, electroretinograph (ERG), holter monitoring devices, X-ray systems, diagnostic electrophysiology catheters, and electromyograph (EMG).The segment of electrophysiology treatment devices is further divided into implantable cardioverter defibrillators (ICD’s), cardiac resynchronization therapy devices (CRT), catheters, and pacemakers.
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Geographically, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Of these regional markets, North America accounted for the largest share of revenues in 2012, followed by Europe. In developed countries such as United States, France, Germany, Italy, Japan, and Ireland, an increasing pool of geriatric population, coupled with rising incidences of rhythmic disorders, is leading to an increased demand for electrophysiology devices. Positive development of economies in Asia Pacific, a vast pool of untapped opportunities in the healthcare sector, and a huge number of patients with retinal disorders, arrhythmias, and epilepsy will lead to escalated demand from the Asia-Pacific region during the report’s forecast period.
Some of the key businesses operating in the global market for electrophysiology devices include Boston Scientific, Philips Healthcare, Medtronic, Inc., St. Jude Medical, among others. Other important businesses operating in the market include Abbott Laboratories, GE Healthcare, Johnson & Johnson, and Siemens Healthcare.
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