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Electrophysiology Devices Market Worth $ 5.10 Bn in 2019; Market Giants Such as Abbott and Medtronic to Focus on Launching Advanced Monitoring Devices: Fortune Business Insights™
Electrophysiology Devices Market
According to a research study published by the American Heart Association (AHA), in Wuhan, the epicenter of the coronavirus pandemic, 16.7% of the hospitalized COVID patients and 44.4% in the intensive care unit were suffering from arrhythmias. The report from Wuhan also revealed that patients in recovery experienced ventricular fibrillation and late myocardial dysfunction. In July 2020, the University of Edinburgh's survey of heart scans of over 1,000 COVID patients from 69 countries showed that 55% of them displayed varying degrees of heart damage and nearly 13% with no previous heart condition developed severe cardiac disease. With heart disease being a high risk factor for COVID-19, the demand for electrophysiology devices is set to skyrocket during 2020.
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Geographical Analysis:
• North America (The U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and the Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and the Rest of Asia Pacific)
• Latin America (Brazil, Mexico, and the Rest of Latin America)
• The Middle East & Africa (South Africa, GCC, and the Rest of the Middle East & Africa)
As per the market report, the global market value stood at USD 5.10 billion in 2019. The report contains the following:
• Qualitative and quantitative insights into the factors shaping the market share, size, revenue, and growth;
• Detailed analysis of the market restraints;
• Careful examination of all market segments; and
• Comprehensive evaluation of the regional and competitive dynamics influencing the market.
Market Driver
Growing Incidence of Cardiovascular Diseases Worldwide to Propel the Market
One of the central factors propelling the electrophysiology devices market growth is the rising incidence of cardiovascular diseases (CVDs) across the globe. The World Health Organization (WHO) estimated that worldwide, approximately 17.9 million people died from CVDs in 2016, making it the number one cause of death globally. Of these, roughly 85% died of heart attack and stroke. Electrophysiology devices such as pacemakers and implantable defibrillators play an instrumental role in detecting, monitoring, and preventing an adverse cardiovascular event in a patient. For example, an implantable defibrillator is designed to inhibit the occurrence of a rapid, life-threatening rhythmic irregularity in the heart. Thus, widening spread of CVDs is expected to boost the growth of the global market in the coming years.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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Regional Insights
Increasing Prevalence of Heart Disorders to Drive Market Growth in North America
North America, where the market size was at USD 1.82 billion in 2019, is slated to command the electrophysiology devices market share during the forecast period on account of increasing prevalence of heart diseases in the region. The main reasons attributable to this development include unhealthy diet regimes and lack of physical activity among the working population in the region.
In Asia Pacific, the market is expected to register an impressive CAGR as a result of rising health complications associated with heart diseases. Furthermore, improvements in healthcare technologies in the region will also feed the regional market growth. In Europe, the primary growth drivers are anticipated to be rapidly aging population and quick uptake of advanced medical devices.
Competitive Landscape
Active Collaborations Aimed at Innovation to Intensify Market Competition
Leading competitors in this market are actively collaborating with each other to enhance their innovation capacities and enable mutual strengthening of product portfolios. This strategy is allowing players to deepen and broaden their presence in the market and substantially elevate the potential of the market.
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Industry Developments:
May 2019: Biosense Webster, part of the Johnson & Johnson family, released Caronet, the world's premier cloud networking and data analytics solution in the field of electrophysiology. The software is designed to aid hospitals and healthcare workers to share data and improve patient outcomes in catheter ablation procedures.
May 2019: Medtronic joined forces with Philips to boost sales of the KODEX-EPD cardiac imaging and navigation system developed by Philips to facilitate cryoablation procedures with lower need of X-ray imaging. The collaboration is aimed at furthering the treatments of paroxysmal atrial fibrillation, a common heart disorder.
List of Key Players Covered in the Electrophysiology Devices Market Report:
• Biotronk, Inc. (Berlin, Germany)
• AtriCure, Inc. (Ohio, U.S.)
• Johnson & Johnson Services, Inc. (New Jersey, U.S.)
• Medtronic (Dublin, Ireland)
• AngioDynamics (New York, U.S.)
• Stereotaxis, Inc. (Missouri, U.S.)
• Boston Scientific Corporation (Massachusetts, U.S.)
• Abbott (Chicago, U.S.)
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Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
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The study aids in the evaluation of aberrant heartbeats and the examination of electrical impulses in the heart. The ability to target the regions of the heart that cause atrial fibrillation has improved because of substantial advancements in EP technology. Other cardiac arrhythmias, such as atrial flutter, Wolff-Parkinson-White Syndrome (WPW), atrioventricular nodal reentry tachycardia (AVNRT), and others, have benefited from the advancements in technology.
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