The overall global electrophysiology devices market is characterized by robust competition. This is because of companies’ focus on cutting-edge research and development to build better products. They are also seen building synergies through strategic mergers and acquisitions and eyeing under-tapped markets of China and India.
Mainly serving to drive the global electrophysiology devices market is the rising cases of cardiovascular diseases. According to WHO, it is one of the leading causes of death in the world. Electrophysiology devices are basically cardiology specialty devices meant for diagnosis and treatment of cardiac arrhythmias and atrial fibrillation. A surge in the geriatric population worldwide, who are highly susceptible to cardiac diseases, and rising consumption of alcohol and smoking are expected to underpin global electrophysiology devices market in the near term.
Apart from the aforementioned factors, the global electrophysiology devices market is also likely to be boosted by the technological progress in the field leading to the launch of more evolved and effective products.
Geographically, the key segments of the global electrophysiology devices market are Asia Pacific, North America, Europe, and the Rest of the World. North America, among them, accounts for maximum share in the market. This is because of the presence of several key players in the region and state-of-the-art research and development facilities which has led to the proliferation of superior products in the region. The large elderly population and the growing prevalence of rhythmic cardiac disorders too have filliped the North America electrophysiology devices market. Europe trails North America with respect to market share because of the sizeable proportion of geriatric population and increasing instances of cardiovascular diseases.
Asia Pacific, on the other hand, is set to emerge as the most lucrative electrophysiology devices market. This is because the massive untapped opportunities owing to a developing medical and healthcare sector and higher instances of epilepsy, arrhythmias, and retinal disorders.
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St. Jude Medical Inc., Siemens Healthcare, Abbott Laboratories, Boston Scientific, Biotronik SE & Co. KG., and GE Healthcare are to name a few of the key players in the global electrophysiology devices market.