Pune, India -- (SBWIRE) -- 08/16/2018 -- On the back of growing prevalence of cardiovascular diseases, which the World Health Organization has rated as the number one cause of death across the world, the market for therapies and equipment that relate to cardiology has gained tremendous impetus in the past decade. Consequently, the demand for electrophysiology devices is increasing, which essentially are instruments to test the electrical activity of a human heart. A recent business intelligence report by Transparency Market Research (TMR) has projected the demand in the global electrophysiology devices market to increase at a notable CAGR of 12.1% during the forecast period of 2013 to 2019. If the estimations of the TMR report are to be believed, the electrophysiology devices market, worldwide, will be worth US$5,496.6 million by 2019.
Product Prices at Forefront as Competition Intensifies
The analyst of the TMR report has notified of a fragmented scenario as far as total shares are concerned in the global electrophysiology devices market. A vast number of international and nation-wide vendors are catering to the expanding demands and prospering. However, some of the prominent players, such as GE Healthcare, Boston Scientific, St. Jude Medical, and Philips Healthcare are able to reserve substantial chunk of shares as a result of their geographical presence and technologically advanced products. Going forward, the tussle is expected to be on pricing of the products, its efficiency and sensitivity, and overall technology.
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Based on monitoring device type, the market for electrophysiology devices market has been segmented into Holter monitoring devices, imaging and 3D mapping systems, x-ray systems, electrooculography (EOG), electroretinograph (ERG), electromyography (EMG), electrocorticograph (ECoG), electroencephalograph (EEG), and electrocardiograph (ECG), and diagnostic electrophysiology catheters. On the basis of device type, the market has been bifurcated into implantable cardioverter defibrillators (ICDs), catheters, cardiac resynchronization therapy devices (CRT), and pacemaker. Among these, x-ray systems are fairly ubiquitous and continues for formulate a profitable market segment. The trend is also seen to be shifting onto digital x-ray systems that are highly accurate and deliver quick result.
Region-wise, North America and Europe have been more the most lucrative regions for the vendors of electrophysiology devices market, and will remain so going forward too. However, the emerging economies of China and India are foreseen to open vast new opportunities in the near future. The urban population across these developing countries are observing a restless lifestyle and alcohol consumption is on the rise. Problems of hypertension lead to the need of electrophysiology devices for a consistent monitoring.
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The technology pertaining to electrophysiology devices has improved significantly in the recent past and that has been a key to growing adoption. Players of this market are focused on integrating technologies with different devices to quicken up the processes and gaining new traction. Growing prevalence of atrial fibrillation, increasing percentage of geriatrics in the world's population, and the advent of 3D mapping systems are some of the other factors positively reflecting on the electrophysiology devices market. On the other hand, lack of skilled professionals to operate the devices, unfavorable healthcare reforms in a number of countries, and increasing pricing pressure are some of the restraints curtailing the market's profitability.
About Transparency Market Research
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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