Report: Global electrophysiology device market to reach $1.6B
The global electrophysiology device market, valued at $1.1 billion in 2010, is set to expand 6 percent, to reach $1.6 billion by 2017, according to an October report released by GlobalData, an industry analysis firm. The company said that the growing number of patients diagnosed with arrhythmias and the adoption of newer, robotic and magnetic navigation systems and drugs to treat atrial fibrillation (AF) will likely be the driver of this market growth.
The report, titled “Electrophysiology Devices—Global Pipeline Analysis, Competitive Landscape and Market Forecasts to 2017,” also speculated that by 2050, the number of U.S. adults affected by AF will be 12 million, up from the 2.7 million affected by arrhythmia currently.
“The increasing incidence of arrhythmia in the global elderly population and the ineffectiveness of pharmacological treatments have transformed the cardiac arrhythmia market into a lucrative market for electrophysiology device manufacturers globally,” according to the report.
In 2010, Biosense Webster, St. Jude Medical and C.R. Bard were the largest market players, holding 29 percent, 25 percent and 13 percent, respectively. Other device companies (unmentioned in the report) held 33 percent of the market share.
As the global electrophysiology device market continues to thicken, the report noted that the U.S. holds the largest share, with revenues of $484.3 million in 2010. GlobalData speculated that the large market revenue was due to the rising patient population.
Due to the growing number of patients who suffer from AF and other arrhythmias, catheter-based approaches and technologies have cropped up as alternatives to treat arrhythmias. Recently, the development and use of remote navigation technologies that use robotics or magnetic fields to direct catheters increased, which also is driving the electrophysiology device market.
While these types of technologies may be promising, there is some concern that overexpansion would lead to high costs.
The report, titled “Electrophysiology Devices—Global Pipeline Analysis, Competitive Landscape and Market Forecasts to 2017,” also speculated that by 2050, the number of U.S. adults affected by AF will be 12 million, up from the 2.7 million affected by arrhythmia currently.
“The increasing incidence of arrhythmia in the global elderly population and the ineffectiveness of pharmacological treatments have transformed the cardiac arrhythmia market into a lucrative market for electrophysiology device manufacturers globally,” according to the report.
In 2010, Biosense Webster, St. Jude Medical and C.R. Bard were the largest market players, holding 29 percent, 25 percent and 13 percent, respectively. Other device companies (unmentioned in the report) held 33 percent of the market share.
As the global electrophysiology device market continues to thicken, the report noted that the U.S. holds the largest share, with revenues of $484.3 million in 2010. GlobalData speculated that the large market revenue was due to the rising patient population.
Due to the growing number of patients who suffer from AF and other arrhythmias, catheter-based approaches and technologies have cropped up as alternatives to treat arrhythmias. Recently, the development and use of remote navigation technologies that use robotics or magnetic fields to direct catheters increased, which also is driving the electrophysiology device market.
While these types of technologies may be promising, there is some concern that overexpansion would lead to high costs.