The Electrophysiology Devices Market poised to take off in upcoming years hence to show a highly positive outlook through 2021-2027 according to a recently released. Electrophysiology Devices Market report covers industry chain analysis, latest market trends & dynamics along with cost profit analysis of major key players which focuses on expansion rate, prices, competition, size, prices and value chain analysis of those leaders in the market.
The report begins with the market summary, Electrophysiology Devices trade chain structure, former and current market size in conjunction with Electrophysiology Devices business opportunities in coming back years, an increase in technological innovation, offer demand and lack, numerous drivers and restraining factors pull the industry setting. The study on the market is looked at from the futuristic development perspective.
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Electrophysiology comprises the studying of the electrical activities of heart for diagnosis and monitoring of any arrhythmia. Electrophysiology indications comprises of bradycardia, atrial fibrillation, tachycardia, ventricular fibrillation, ventricular tachycardia, along with other arrhythmias.
The global electrophysiology devices market are estimated to be valued at US$ 14,173.5 Mn till the end of 2027.
Global Electrophysiology Devices Market: Drivers
Growing incidence of cardiovascular disorders is expected to drive the global electrophysiology devices market growth over the forecast period. For instance, as per the 2019 update by American Heart Association’s Heart and Stroke Statistics, over 48% the U.S. adults were affected by some kind of cardiovascular diseases in 2016.
Furthermore, rising geriatric populace is expected to drive the electrophysiology device demands. For instance, as per the U.S. Census Bureau, geriatric population in the U.S. is expected to extend to 77 Mn by 2034.
North America accounted for a dominant share in 2019, in the global electrophysiology devices market, valuing at 33.0% share, preceding Europe along with Asia Pacific, respectively.
Global Electrophysiology Devices Market: Restraints
Device recalls are expected to restrain the global electrophysiology devices market growth over the forecast period. For instance, Medtronic Plc, in February 2019, the U.S. Food and Drug Administration (FDA) recalled the implanted cardiac pacemaker product that affected over 13,440 devices produced and distributed from March 2017 to January 2019
Furthermore, excise tax upon medical devices are also expected to hamper the electrophysiology devices demands. For instance, the Patient Protection and Affordable Care Act, in the U.S., imposes a 2.3% excise tax upon medical devices.
Global Electrophysiology Devices Market: Opportunities
Advancements in wearable devices are expected to provide opportunities for lucrative growth to companies in the global electrophysiology devices market over the forecast period. For instance, VivaQuant, the digital health firm, in April 2019, received clearance from the U.S. FDA for the RX-1 wearable device which can function as Holter monitor
Furthermore, R&D in devices of electrophysiology is expected to fuel the global electrophysiology devices market growth. For instance, Johnson & Johnson introduced a novel, virtual clinical trial for determining the efficiency of ECG-enabled smartwatch and iPhone by Apple to reduce the risks of stroke long with detecting atrial fibrillation cases, in February 2020.
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The global electrophysiology devices market accounted for US$ 5,496.6 Mn in 2019 and is projected to reach the value of US$ 14,173.5 Mn by 2027 at a 12.6% CAGR from 2020 to 2027.
Market Trends/Key Takeaways
Key market players are focusing on adoption of several marketing strategies for enhancing their market position. For instance, Bittium Corporation, a Finland-based neurology and cardiology device company, in November 2019, launched Bittium HolterPlus, the web-based solution of remote cardiac monitoring, comprising of the Bittium HolterPlus mobile app and Bittium Faros ECG device, at the Medica 2019, a major international trade fair of the medical field, held at Germany.
Key market players are also focusing on introducing new products for expanding their portfolio of products. For instance, Nihon Kohden, in September 2019, in the U.S, launched the VitalEEG wireless electroencephalogram headset that is designed for a quick setup along with efficient electrode placement for evaluating the brain health.
Global Electrophysiology Devices Market: Competitive Landscape
Key players functioning in the global electrophysiology devices market are, GE Healthcare, Medtronic Plc, Biotricity Inc., VivaQuant, AliveCor, Johnson & Johnson, Bittium Corporation, Shimmer, Nihon Kohden Corporation, OMRON Healthcare, Co., Ltd., Abbott Laboratories, VivaLNK, Biotronik SE & Co. KG, MicroPort, Boston Scientific Corp., Philips Healthcare, Siemens Healthcare, and others.
Global Electrophysiology Devices Market: Key Developments
Key market players are focusing on launch and approvals of novel products for expanding their portfolio of product. For instance, VivaLNK, the China-based company providing connected healthcare solution for remote patient and in-patient monitoring, in January 2020, received clearance from the U.S. FDA for its platform Continuous ECG consisting of wearable reusable ECG sensors along with associated kit of software development.
Major market players are also focusing on adopting strategies of partnership for enhancing their share in the global electrophysiology devices market. For instance, AliveCor, in October 2019, partnered with the Huami Corporation, a data-driven biometric wearable manufacturer, for integrating the technologies from each company for developing medical functionality of new generation in wearable devices.
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