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Electrophysiology devices include, Holter monitoring devices, electrocardiogram, diagnostic electrophysiology catheters, x-ray systems, 3D mapping systems, intracardiac echocardiography systems, implantable cardiac monitors, pacemakers, and others.
Statistics:
The global electrophysiology devices market was estimated to account for US$ 5,496.6 Mn in terms of value by the end of 2019.
Global Electrophysiology Devices Market: Drivers
Increasing investment in R&D of Holter monitoring devices is expected to propel growth of the global electrophysiology devices market over the forecast period. For instance, in December 2019, Biotricity Inc., a medical diagnostic and consumer healthcare technology company, raised US$ 6 million for FDA Filing for its patch solution within the first 6 months of 2020, which will be a novel product in the field of Holter monitoring.
Global Electrophysiology Devices Market: Opportunities
Launch of digital subscription services is expected to offer lucrative growth opportunities for players in the global electrophysiology devices market. For instance, in July 2020, AliveCor released KardiaCare, a digital subscription service that offers a suite of features that helps users interpret their heart data, monitor risk factors, identify symptom triggers and measure the impact of lifestyle changes.
Global Electrophysiology Devices Market: Restraints
Stringent approval process from regulatory bodies is expected to hinder growth of the global electrophysiology devices market. A majority of electrophysiology devices are categorized as high risk class III medical devices by the medical authorities FDA (U.S.) and CE (Europe). As some of these devices such as catheters and pacemakers are in close contact with the human body, it complicates the approval process, and makes the approval process stringent and long.
Key Takeaways:
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. Increasing investment in R&D of Holter monitoring devices is expected to propel growth of the global electrophysiology devices market over the forecast period.
Electrophysiology Monitoring Devices segment held dominant position in the global electrophysiology devices market in 2019, accounting for 67.6% share in terms of value, increasing product approvals and launch is anticipated to drive the segment growth during the forecasted period
Market Trends
Major players in the global electrophysiology devices market are focused on approval and launch of new products to expand their product portfolio. For instance, November 2019, Shimmer, a U.S.-based developer of wearable technology, announced that ECGmd – its five-wire, four-lead Holter monitor ECG, received CE mark
Major players in the market are also focused on adopting partnership strategies to enhance their market share. For instance, in April 2020, OMRON Healthcare, Co., Ltd. partnered with AliveCor, Inc. to integrate AliveCor’s ECG technology with blood pressure devices from OMRON for non-invasive remote monitoring devices.
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 June 2020, Medtronic Plc received the European Union CE Mark for its Micra AV pacemaker.
Major players in the market are also focused on adopting partnership strategies to enhance their market share. For instance, in December 2019, GE Healthcare signed a multi-year agreement with Affidea B.V., a provider of medical services, to deploy imaging and digital technologies across the Affidea network, which includes provision of 60 new MRIs, 50 ultrasound devices, 40 CT scanners and 30 X-rays machines in the next three years.
Segmentation
Scope of the report
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