Rise in the number of geriatric population base and surge in the cases of cardiac arrest across the world has given way to a steep increase in demand for electrophysiology tests.
Electrophysiology (EP) Industry:
Rise in the number of geriatric population base and surge in the cases of cardiac arrest across the world has given way to a steep increase in demand for electrophysiology tests. The World Health Organization conducted a survey lately and according to that, in the year 2019, people over the age of sixty contributed to almost a billion. And, this number is anticipated to escalate to about 1.4 billion in the next ten years and 2.1 billion in the next three decades.
According to Allied Market Research, the global electrophysiology market is anticipated to grow at a considerable CAGR from 2021 to 2030. Also, as per a report put out by American Heart Association Research, in the year 2017, around ninety million American populace underwent the muddle of cardiovascular ailments or the adverse effects of stroke. That’s how the increasing prevalence of lifestyle-associated issues and noxious dietary habits have worked as a major driving factor for the growth of the global electrophysiology market. Moreover, growing number of ablation centers and methods along with rising use of electrophysiology expedients rate have supplemented the growth yet more.
Impact of COVID-19 Pandemic on EP Market (Pre & Post Analysis)
In addition, the COVID-19 outbreak is expected to have an advantageous effect at the electrophysiology market. A massive range of clinics and hospitals throughout the globe had been restructured to boom the clinic ability for sufferers identified with COVID-19. The non-important methods took an ability backlog because of unexpectedly growing COVID-19 cases. The lockdown brought about the disruption of producing and transportation of healthcare essentials. Moreover, different elements liable for the effect available in the marketplace consist of constrained availability of clinical care, scarcity of healthcare personnel and upward push in burden of COVID-19 associated hospitalization.
Moreover, as per a study conducted by European Society of Cardiology, roughly more than seven million individuals above the age of 65 in Europe underwent atrial fibrillation in 2016 and it’s projected to increase by eighty-nine percent by 2060. Aged patients are often vulnerable to stroke, and thus, in order to serve the growing patient population, the key market players have also got involved in the buildout of effective products that will be highly favorable to the overall growth of the industry.
In June 2021, a renowned medical technology ventures namely BioSig Technology, Inc. brought forth an advanced signal processing technology for electrophysiology, and showed the clinical application of BioSig’s modern up-to-date software for arrhythmia care.
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Top Leading Players:
- Abbott Laboratories
- Biotronik SE & Co. KG
- Boston Scientific Corporation
- CardioFocus, Inc.
- GE Healthcare
- Koninklijke Philips N.V.
- Johnson & Johnson, Inc.
- Medtronic Plc.
- MicroPort Scientific Corporation
- Siemens Healthineers AG
High-end advancements in technology and developments in electrophysiology devices coupled with its growing usage among the medical fraternity have been highly beneficial for the market growth. Advances in electrophysiology has also accounted for significant improvement in the treatment of atrial fibrillation, since it makes the process less invasive.
Most importantly, the key players in the industry are also taking recourse to countless growth strategies such as product launches, alliances, and procurements to proliferate their market presence.