11 Dec 2018
Posted in Press Release
Electrophysiology will remain a highly competitive and dynamic market in the future
Electrophysiology has recently become of great interest in the medical devices field. While currently relatively small at USD$4.6bn in 2018, it is expected to consistently grow at an extremely high compound annual growth rate (CAGR) rate of 4.60%, leading to a market size of USD$5.8bn by 2023, according to GlobalData, a leading data and analytics company.
Interest in electrophysiology has grown in the medical devices field as advancements in technology such as live 3D mapping and location have allowed doctors to more easily and effectively identify and ablate troublesome material. This has shortened procedure times meaning that patients have shorter recovery times as well. This has resulted in a huge spike in growth of electrophysiology treatments at the expense of pharmacological treatments. In particular, the growth of the MEA and Latin America regions are larger at 5.6-5.7% year over year, due to their relatively undeveloped healthcare systems only now beginning to adopt electrophysiological technology.
James Spencer, Medical Devices Analyst at GlobalData, comments: “Electrophysiology is uniquely positioned amongst cardiovascular devices to enjoy both explosive and sustained growth across the international markets due to a combination of as yet unsaturated markets, the cannibalization of revenue from less effective pharmacological treatments, as well as a constantly growing patient population due to the overall aging of the world’s population.”
Traditionally, electrophysiology catheters have used radiofrequency (RF) ablation techniques to ablate troublesome tissue. However, more recently cryoablative and laser ablation technologies have been developed that are easier, or more effective for physicians to use. As such, the electrophysiology market is now in a favourable position for years to come.