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Electrophysiology involves the study of electrical activity of heart to diagnose and monitor any arrhythmia. Indications for electrophysiology include bradycardia, tachycardia, atrial fibrillation, ventricular tachycardia, ventricular fibrillation, and other arrhythmias.
Statistics:
The global electrophysiology devices market is estimated to account for US$ 14,173.5 Mn in terms of value by the end of 2027.
Global Electrophysiology Devices Market: Drivers
High prevalence of cardiovascular diseases is expected to propel growth of the global electrophysiology devices market over the forecast period. For instance, according to the American Heart Association's Heart and Stroke Statistics 2019 Update, around 48% of all adults in the U.S. suffered from some type of cardiovascular disease in 2016.
Moreover, increasing geriatric population is also expected to boost demand for electrophysiology devices. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
Statistics:
North America held dominant position in the global electrophysiology devices market in 2019, accounting for 33.0% share in terms of value, followed by Europe and Asia Pacific, respectively.
Figure 1: Global Electrophysiology Devices Market Share (%) Value, By Region, 2019
Global Electrophysiology Devices Market: Restraints
Recall of devices is expected to hinder growth of the global electrophysiology devices market. For instance, in February 2019, Medtronic Plc received FDA product recall for implanted cardiac pacemakers, which affected 13,440 devices manufactured and distributed between March 2017 and January 2019
Moreover, excise tax on medical devices is also expected to limit demand for electrophysiology devices. For instance, in the U.S., the Patient Protection and Affordable Care Act puts an excise tax of 2.3% on medical devices.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 5,496.6 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 12.6% | 2027 Value Projection: | US$ 14,173.5 Mn |
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| Companies covered: |
GE Healthcare, Biotricity Inc., Medtronic Plc, VivaQuant, Johnson & Johnson, AliveCor, Bittium Corporation, Nihon Kohden Corporation, Shimmer, OMRON Healthcare, Co., Ltd., VivaLNK, Abbott Laboratories, Biotronik SE & Co. KG, Boston Scientific Corp., MicroPort, Philips Healthcare, and Siemens Healthcare |
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Global Electrophysiology Devices Market: Opportunities
Development of wearable devices is expected to offer lucrative growth opportunities for players in the global electrophysiology devices market. For instance, in April 2019, VivaQuant, a digital health company, received the U.S. FDA clearance for its RX-1 wearable device that can operate as a Holter monitor
Moreover, R&D in electrophysiology devices is also expected to aid in growth of the market. For instance, in February 2020, Johnson & Johnson launched a new, virtual clinical study to determine the efficacy of Apple’s iPhone and ECG-enabled smartwatch in reducing the risk of stroke and detecting cases of atrial fibrillation.
Statistics:
The global electrophysiology devices market was valued at US$ 5,496.6 Mn in 2019 and is forecast to reach a value of US$ 14,173.5 Mn by 2027 at a CAGR of 12.6% between 2020 and 2027.
Figure 2: Global Electrophysiology Devices Market Value (US$ Mn), 2016 – 2027
Market Trends/Key Takeaways
Major players in the global electrophysiology devices market are focused on adopting various marketing strategies to enhance their market share. For instance, in November 2019, Bittium Corporation, a Finland-based cardiology and neurology device company, presented Bittium HolterPlus, a web-based remote cardiac monitoring solution, consisting of a Bittium Faros ECG device and Bittium HolterPlus mobile application, at Medica 2019, a leading international trade fair for the medical sector that was held in Germany.
Major players in the market are also focused on launching new products to expand their product portfolio. For instance, in September 2019, Nihon Kohden launched its VitalEEG wireless electroencephalogram headset in the U.S., which is designed for quick setup and efficient placement of electrodes to evaluate brain health.
Global Electrophysiology Devices Market: Competitive Landscape
Major players operating in the Global Electrophysiology Devices Market include, GE Healthcare, Biotricity Inc., Medtronic Plc, VivaQuant, Johnson & Johnson, AliveCor, Bittium Corporation, Nihon Kohden Corporation, Shimmer, OMRON Healthcare, Co., Ltd., VivaLNK, Abbott Laboratories, Biotronik SE & Co. KG, Boston Scientific Corp., MicroPort, Philips Healthcare, and Siemens Healthcare.
Global Electrophysiology Devices Market: Key Developments
Major players in the global electrophysiology devices market are focused on approval and launch of new products to expand their product portfolio. For instance, in January 2020, VivaLNK, a China-based provider of connected healthcare solutions for in-patient and remote patient monitoring, received the U.S. FDA clearance for its Continuous ECG platform comprising of reusable wearable ECG sensors and associated software development kit.
Major players in the market are also focused on adopting partnership strategies to enhance their market share. For instance, in October 2019, AliveCor partnered with Huami Corporation, a manufacturer of biometric, data-driven wearables, to integrate the technologies of each company to develop a new generation of medical functionality to wearable devices.
Electrophysiology involves the study of electrical activity of heart to diagnose and monitor any arrhythmia. The electrophysiology devices market is mainly driven by technological innovation. Increasing global prevalence of cardiovascular system diseases and associated comorbidities is expected to have a positive impact on the growth of the market. For instance, According to the World Health Organization (WHO), approximately 17 million people die annually from cardiovascular diseases. Moreover, manufacturers have adopted strategies such as mergers and acquisitions, intensive research and development, and continuous product launches to effectively compete in the market.
Key features of the study:
Detailed Segmentation:
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