Electrophysiology Market to Attain $4.73 Billion by 2019 - Published by MarketsandMarkets
(PRWEB) April 23, 2015 -- Over the last five years, the electrophysiology market has witnessed significant geographic expansions by leading vendors seeking to expand their presence and achieve economies of scale in emerging countries. These strategic expansions by leading vendors have enabled them to maintain their position in this market as well as offer a wide portfolio of electrophysiology devices.
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North America, U.S. and Canada are mature markets for electrophysiology devices. Developing regions such as Asia-Pacific (including China and India), Latin America and the Middle East are expected to offer numerous opportunities for the market players operating in the electrophysiology market in the coming years. The electrophysiology market in these emerging regions is primarily driven by factors such as the rapidly increasing aging population, growing focus of multinational companies on emerging markets, improving and modernizing healthcare infrastructure and high demand of electrophysiology devices. Leading players such as Koninklijke Philips N.V. (The Netherlands), Boston Scientific Corporation (U.S.), BIOTRONIK SE & Co. KG (Germany) and Medtronic, Inc. (U.S.) are focusing on expanding their presence in these emerging markets by adopting a number of strategies such as launch of low-cost devices, conducting training sessions for healthcare professionals and opening R&D and manufacturing facilities.
In the Asia-Pacific region, the market in China is estimated to grow at the highest CAGR in the next five years. A number of factors such as government initiatives (in the form of healthcare reforms and investments), rising aging population, increasing demand for electrophysiology procedures and growing focus of market players are the major factors contributing to the growth of the electrophysiology market in China. Owing to these factors, market players such as Medtronic, Inc. (U.S.) are expanding their research and innovation facilities in China to meet the increasing demand for electrophysiology devices in the country. Moreover, the electrophysiology market in India is also expected to witness significant growth in the forecast period. The evolving electrophysiology market in India offers significant growth opportunities for players, due to factors such as high demand for ablation procedures, increasing penetration by global market players in India, rising medical tourism industry and easy regulatory approvals. Furthermore, the combined efforts of government agencies and public-sector organizations to increase healthcare awareness have made Asia-Pacific an attractive market for electrophysiology device manufacturers.
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Electrophysiology procedures used for atrial fibrillation and left atrial flutter as well as atrioventricular nodal reentry tachycardia are expected to provide high growth opportunities for market players in coming years. The growth in these segments is driven by various factors such as the increasing incidences of arrhythmia cases, technological advancements in terms of reduced procedural times and better control, rapid growth in the geriatric population across the globe and increasing awareness among healthcare professionals about advanced electrophysiology devices.
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