Albany, NY -- (SBWIRE) -- 03/19/2018 -- Electrophysiology devices are used in the diagnosis and treatment of those diseases that occur due to abnormal electrical properties of biological cells and tissues. Electrophysiology devices have wide application in the management of cardiac arrhythmias. The market is expected to record growth mainly due to globally rising geriatric population leading to increasing incidence of arrhythmias and advances in technology that has resulted in minimally invasive procedures and improved features. The global electrophysiology devices market was valued at USD 2,500 million in 2012 and is expected to reach USD 5,496.6 million by 2019, growing at a CAGR of 12.1% from 2013 to 2019. On the other hand, strict regulatory approvals, high cost associated with devices coupled with availability of alternate medications are some of the challenges faced by the electrophysiology devices market.
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The market for electrophysiology devices encompasses electrophysiology monitoring as well as treatment devices. These devices enable physicians to understand the nature and origin of abnormal electrical impulses generating in the single ion channel cells to organs such as the heart, brain and eyes, and in turn help in efficient decision making regarding treatment options. Globally, the market for electrophysiology monitoring devices is growing due to rising incidences of cardiovascular diseases that include atrial fibrillation and ventricular tachycardia. Continued product development leads to enhanced digitalization and opening of new EP laboratories worldwide.
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The North American region accounted for the largest market share in 2012, followed by Europe. In developed nations such as the United States, Germany, France, Italy, Ireland and Japan, rapidly rising geriatric population coupled with high incidence of rhythmic disorders is one of the highest impact-rendering drivers for this market. Continuously rising economy in Asian-Pacific and Latin American countries leads to increased healthcare expenditure and a large pool of patients suffering from arrhythmias, epilepsy and retinal disorders are major factors anticipated to boost growth of electrophysiology devices in these markets.
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The market is dominated by a few major players namely St. Jude Medical, Medtronic, Abbott Laboratories and Boston Scientific. Other players operating in this market are Siemens Healthcare, Philips Healthcare and Johnson & Johnson.