Major players in the electrophysiology devices and equipment market are St. Jude Medical, Boston Scientific Corporation, Abbott Laboratories, GE Healthcare, Philips Healthcare, Biotronik SE & Co.
New York, May 16, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electrophysiology Devices And Equipment Global Market Report 2022" - https://www.reportlinker.com/p06277190/?utm_source=GNW
KG, Medtronic Inc., Biosense Webster, Microport Scientific Corporation, and Japan Lifeline Co.
The global electrophysiology devices and equipment market is expected to grow from $4.8 billion in 2021 to $5.42 billion in 2022 at a compound annual growth rate (CAGR) of 13.0%. The market is expected to grow to $8.18 billion in 2026 at a compound annual growth rate (CAGR) of 10.8%.
The electrophysiology devices and equipment market consist of sales of electrophysiology devices and equipment and related services. Electrophysiology devices and equipment are used in the diagnosis and treatment of heart rhythm disorders through electrical activity.
The main product types in the electrophysiology devices and equipment are electrophysiology ablation catheters, electrophysiology diagnostic catheters, and electrophysiology lab systems.Electrophysiology ablation catheters measure the electrical activity of the heart and diagnose abnormal heart rhythm.
The various monitoring devices involved are electrocardiograph (ECG), electroencephalograph (EEG), electrocorticography (ECoG), electromyography (EMG), electroretinographic (ERG), electrooculography (EOG), Holter monitoring devices, X-ray systems, imaging and 3D mapping systems, and diagnostic electrophysiology catheters that are used in indication analysis of atrioventricular nodal reentry tachycardia (AVERT), Wolff-Parkinson-white syndrome (WPW), atrial flutter, and atrial fibrillation. The various end-users of electrophysiology devices and equipment are used in hospitals, diagnostic centers, and clinics.
North America was the largest region in electrophysiology devices and equipment market in 2021. Western Europe was the second-largest region in electrophysiology devices and equipment market.The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
An increase in the prevalence rate of cardiovascular diseases (CVD) forms one of the major drivers for the industries operating in the electrophysiology devices and equipment market.CVD cases remain the leading cause of death across the globe, which increases the demand for a quick and effective treatment of the disease, thus increasing the demand for electrophysiology devices.
According to the data released by American Heart Association (AHA) in 2019, at least 48% of all adults in the USA have some form of cardiovascular disease.CVD prevalence excluding high blood pressure among adults in the USA is 9%.
Also, according to the Centers for Disease Control and Prevention (CDC), by 2030, 12.1 million people in the United States will suffer from atrial fibrillation, which is the most common type of heart arrhythmia.
Lack of uniformity in the regulations governing the electrophysiology devices and equipment industry sometimes restricts the companies in the market from expanding globally, thereby hampering the market’s growth.The impact of individual country regulatory requirements can have huge implications for the availability of new electrophysiology devices and equipment.
According to regulations in a few geographies, the manufacturers are required to conduct clinical trials (premarket and/or post-market) be either in whole or in part within a country.However, in markets such as Brazil, Japan, India, and China where local regulations are still in the nascent stage, the cost to run the trials is incurred by the manufacturers.
For example, trials for devices like cardiac rhythm management (CRM) in multiple countries have less merit and do not reflect the true test results as it becomes difficult for the manufacturers to provide sufficient devices to run tests.
To increase the profit margins and sales, the companies operating in the Electrophysiology (EP) devices and equipment industry are coming up with new technologies aimed towards improving EP mapping and localization technology.EP mapping is a procedure used to diagnose the origins of abnormal heart rhythms.
This procedure uses an electrically sensitive catheter.With improved mapping technologies it becomes easy to detect and locate abnormalities in the heart.
For example, in January 2019, Abbott started its sensor-enabled TactiCath contact force ablation catheter for the treatment of atrial fibrillation. It is designed to provide accurate images of the heart extended with real-time electricity activity information.
The Reuse of a single-use device (SUD) is permitted by The Medicines and Healthcare products Regulatory Agency (MHRA) may impact the electrophysiology devices and equipment market growth as few of the products within the market may be reused.The MHRA allows the reuse of electrophysiology catheters, however, the device should be adherent to the medical devices directive and should have a CE mark.
The reuse or reprocessing of electrophysiology catheters by electrophysiology (EP) laboratories in the US help in reducing the costs of these devices and lessening the environmental burden of the discarded bio-waste materials. As there is no clear regulation on reuse in developing nations such as Africa., Asia, Eastern Europe, Central America, and South America, the electrophysiology devices and equipment market may face a few challenges.
In September 2021, Boston Scientific, a company operating in electrophysiology devices and equipment acquired Lumenis for a deal amount of $1.07 billion. With this acquisition, Boston scientific company expands its portfolio in the US and Japan. Lumenis is a medical equipment company and a technology company based in Israel. [viii]
The countries covered in the electrophysiology devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.
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