The electrophysiology market is currently dominated by monitoring devices used by hospitals (68% of market share), laboratories (15%), and entities looking to identify atrial fibrillation (10.2%), an irregular and often rapid heart rate that occurs when the heart’s upper chambers experience chaotic electrical signals. Due to their large populations, North America and the Asia-Pacific region make up significant portions of the global market.
Leading companies conducting business in this market include Abbott Laboratories, Biotronik SE & Co. KG, Boston Scientific Corporation, GE Healthcare, Japan Lifeline, Johnson & Johnson, Koninklijke Philips, Medtronic, Microport Scientific Corporation, Magnetecs Corporation, Siemens AG, Stereotaxis, and Topera Medical.
Reasons for Growth
There are multiple factors that are expected to support an anticipated 10.2% average annual growth over the next six years. The first is technological advancements in electrophysiology devices. Per the report, there are expected to be several new product launches in the near future that will impel market expansion. “Market players are continuously expanding their offerings in various geographies across the globe to cater to a broader patient population,” explains the report.
Changes in global public health will also drive demand for these products, according to the report. It is anticipated that there will be an increasing prevalence of atrial fibrillation due to several factors like eating habits and the changing lifestyles of a growing elderly population, as well as an increasing preference for electrophysiology catheter ablation. Remedied by more accessibility to these products, the aforementioned factors are anticipated to contribute to significant market revenue.
Though the overall outlook is positive, there are several potential inhibitors of growth. For example, while there is a growing demand for these products in emerging nations, many of these countries lack an adequate supply of skilled professionals, making it more difficult to disseminate these life-saving devices.
The report labels high investment in electrophysiology (EP) devices as another possible source of difficulty for the market. As explained by EP Lab Digest, ambitious program leaders often “lunge forward in offering new services such as device implantation, ablations, and mapping. Then, after the dust settles, reality sets in as the thousands of dollars of expected profit do not materialize.”
There are risk factors involved in every market, but there are very strong indicators that the global electrophysiology market is on track to have a very strong five years of growth. One of the main reasons is that this market is dependent on very clear trends in public health. This is useful information to know for those considering new investment or entrepreneurship opportunities.
About the Author
Jemima is a journalist who enjoys reporting on business, particularly small business and entrepreneurship.