On the back of growing prevalence of cardiovascular diseases, which the World Health Organization has rated as the number one cause of death across the world, the market for therapies and equipment that relate to cardiology has gained tremendous impetus in the past decade. Consequently, the demand for electrophysiology devices is increasing, which essentially are instruments to test the electrical activity of a human heart. A recent business intelligence report by Transparency Market Research (TMR) has projected the demand in the global electrophysiology devices market to increase at a notable CAGR of 12.1% during the forecast period of 2013 to 2019. If the estimations of the TMR report are to be believed, the electrophysiology devices market, worldwide, will be worth US$5,496.6 million by 2019.
Product Prices at Forefront as Competition Intensifies
The analyst of the TMR report has notified of a fragmented scenario as far as total shares are concerned in the global electrophysiology devices market. A vast number of international and nation-wide vendors are catering to the expanding demands and prospering. However, some of the prominent players, such as GE Healthcare, Boston Scientific, St. Jude Medical, and Philips Healthcare are able to reserve substantial chunk of shares as a result of their geographical presence and technologically advanced products. Going forward, the tussle is expected to be on pricing of the products, its efficiency and sensitivity, and overall technology.
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Based on monitoring device type, the market for electrophysiology devices market has been segmented into Holter monitoring devices, imaging and 3D mapping systems, x-ray systems, electrooculography (EOG), electroretinograph (ERG), electromyography (EMG), electrocorticograph (ECoG), electroencephalograph (EEG), and electrocardiograph (ECG), and diagnostic electrophysiology catheters. On the basis of device type, the market has been bifurcated into implantable cardioverter defibrillators (ICDs), catheters, cardiac resynchronization therapy devices (CRT), and pacemaker. Among these, x-ray systems are fairly ubiquitous and continues for formulate a profitable market segment. The trend is also seen to be shifting onto digital x-ray systems that are highly accurate and deliver quick result.