LONDON--(EON: Enhanced Online News)--According to the latest market study released by Technavio, the global electrophysiology (EP) devices market is expected to grow at a CAGR of close to 8% during the forecast period.
“The presence of reference laboratories can act as a catalyst in the market as many of them are keen to form partnerships with large hospitals and clinics. They help hospitals and clinics by providing accurate results at a faster rate”
This market research report titled ‘Global Electrophysiology Devices Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date market analysis and forecasts for various market segments and all geographical regions.
“The EP diagnostics and treatment devices such as ablation catheters, pacemakers, and implantable cardioverter defibrillators are used extensively for the treatment of cardiovascular disease,” says Srinivas Sashidhar, a lead analyst at Technavio for medical devices research.
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The market research analysis categorizes the global EP devices market into three major end-user segments. They are:
- Diagnostic centers
Hospitals, with over 60% of the market share in 2015, emerged as the key end-users that influenced market growth for EP devices. There is a rise in the sales of EP devices due to the increase in the number of procedures for stroke, cardiac arrhythmias, and heart failure carried out at the hospitals. The use of EP devices is to monitor irregular heart beat and facilitate the treatment of the abnormal heart function. The growing incidence rate of arrhythmia and cardiovascular disease (CVD) cases is driving the growth of many segments in the EP devices market such as ECG devices, pacemakers, CRT, and ablation catheters.
There is an increasing demand for the remote monitoring devices for better treatment. There are some remote and home monitoring devices available for implantable cardioverter defibrillator (ICDs), cardiac resynchronization therapy (CRT) devices, and pacemakers. Non-wireless systems transmit pacemaker data using a magnetic sensor. These monitoring systems are wireless and automated, which download patient data from the device using radio transmissions that help in easy communication.
Clinics help in diagnosing cardiac arrhythmia by interventional diagnostic procedures. The clinics provide independent services to the patients. In most countries, clinics have entered into collaboration with insurance companies in order to provide medical coverage for cardiac procedures. The high procedure cost and inadequate reimbursement policies have been a constraint in the market. There is a rise in the number of private clinics due to foreign and domestic investment to improve the facilities.
“The presence of reference laboratories can act as a catalyst in the market as many of them are keen to form partnerships with large hospitals and clinics. They help hospitals and clinics by providing accurate results at a faster rate,” says Srinivas.
Diagnostic centers play an important role as an end-user in the EP devices market. The EP diagnostic procedures are mostly carried out in diagnostic centers. These diagnostic centers are either independent or work in collaboration with the large hospitals and clinics.
The reference diagnostic centers are emerging in the market to help the small hospitals and clinics, which lack adequate infrastructure for carrying out diagnostics procedure. This is one of the segments in the EP diagnostic devices market that is expected to generate higher revenue.
The top vendors highlighted by Technavio’s healthcare and life sciences market research analysts in this report are:
- Boston Scientific
- GE Healthcare
- Philips Healthcare
- St. Jude Medical
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