Global Electrophysiology Market is set to exceed USD 6.5 billion by 2024
Sellbyville, DE -- (SBWIRE) -- 12/11/2018 -- Global Electrophysiology Market is set to exceed USD 6.5 billion by 2024; according to a new research report by Global Market Insights.
Increasing prevalence of cardiac arrhythmias will act as primary driver for electrophysiology market. According to CDC data, around 2.7 to 6.1 million people in the U.S. suffer from atrial fibrillation. Elderly people are more prone to suffer from cardiac arrhythmia as atrial fibrillation cases increases with age.
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Product segment of electrophysiology market includes ablation catheters, diagnostic catheters and electrophysiology laboratory devices. EP ablation catheters held largest market share of around 48.2% in 2017 owing to increasing prevalence of atrial fibrillation, technological advancements and growing application of ablation catheters for cardiac rhythm management especially in developing countries such as China and India.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
- Boston Scientific
- GE Healthcare
- Kalila Medical (Abbott Laboratories)
- Microport Scientific Corp
- Magnetecs Corporation
Rising number of baby boomers will significantly contribute to industry growth. Elderly people, more prone to suffer from atrial fibrillation will drive atrial fibrillation indication segment, leading to 5.7 % CAGR during the forecast period. Atrial fibrillation is more common in people suffering from hypertension, heart valve disease, cardiomyopathy, chronic obstructive pulmonary disease (COPD), diabetes and others. Occurrence of such diseases will augment incidences of atrial fibrillation, thereby stimulating demand for ablation catheters.
Increasing geriatric population and rising prevalence of cardiac arrhythmias will act as major driving factor for China electrophysiology market. Electrophysiology catheter ablation is one of the most commonly performed cardiovascular intervention in the country. Expanding reimbursement levels coupled with favorable government policies will positively impact industry growth.
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U.S. electrophysiology market dominated the global industry with around 32% market share in 2017 and is estimated to show lucrative growth during the forecast period. Technological advancements coupled with increasing research activities pertaining to development of innovative ablation techniques will drive U.S. electrophysiology market. Rising awareness about early disease diagnosis and treatment along with rising number of people suffering from cardiac arrhythmia condition such as atrial fibrillation in the country will further accelerate industry growth.
Electrophysiology Market, by Product
o EP ablation catheters
o Radiofrequency (RF) ablation catheters
o Cryoablation catheters
o EP diagnostic catheters
o EP laboratory devices