Electrophysiology Diagnostic Catheters Market Introduction
Electrophysiology is the study of electrical properties of biological cells. Electrophysiology diagnostic catheters are widely used in electrophysiology and catheterization procedures. These catheters are primarily used for intra-cardiac recording, sensing, mapping, and stimulation. The process of cardiovascular catheterization involves insertion of catheter in an artery or vein in a patient’s groin, neck or arm and make their way through blood vessels to the heart.
Electrophysiology Diagnostic Catheters Market – Competitive Landscape
Key players operating in the global electrophysiology diagnostic catheters market include Boston Scientific Corporation, Abbott, Johnson & Johnson, Medtronic, Koninklijke Philips N.V., B. Braun Melsungen AG, C. R. Bard, Inc., Cardinal Health, Terumo Medical Corporation, and Edwards Lifesciences Corporation. Increase in mergers & acquisitions, strategic collaborations, and new product launches are expected to drive the global market during the forecast period. Additionally, strong product portfolio, high brand recognition, and strong geographic presence are expected to boost the electrophysiology diagnostic catheters market during the forecast period.
Abbott Laboratories is a medical device company that provides a wide range of diagnostic and medical test instruments in order to diagnose and monitor infectious diseases, cancer, heart diseases, and metabolic disorders, and assess other health indicators. In January 2017, Abbott Laboratories acquired St. Jude Medical, Inc. This enhanced Abbott’s portfolio of cardiovascular catheter devices with Dragonfly OPTIS imaging catheters and TactiCath Quartz Contact Force Sensing and FlexAbility irrigated ablation catheters.
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Johnson & Johnson
Johnson & Johnson engages in the R&D, manufacture, and sale of diverse health care products. It operates through three business segments: pharmaceutical, medical devices, and consumer. The pharmaceutical segment focuses on five therapeutic areas: cardiovascular & metabolic diseases, immunology, neurosciences, oncology, and infectious disease & vaccines. J&J invests extensively in R&D initiatives for new product development and to attain a technological edge over its competitors. Its R&D expenses in 2018 were estimated to be US$ 10.8 Bn.
Electrophysiology Diagnostic Catheters Market Dynamics
The electrophysiology diagnostic catheters market is expected to expand significantly in the near future due to the rise in prevalence of cardiac diseases, increase in health care expenditure, and technological advancements. Growth in adoption of ablation techniques, especially for the diagnosis of atrial fibrillation, is also anticipated to boost the electrophysiology diagnostic catheters market. On the other hand, strict regulatory approvals, high cost associated with devices, and availability of less number of skilled professionals are some of the challenges faced by the electrophysiology diagnostic catheters market.
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Increase in Incidence of Cardiovascular Diseases are Driving Demand for Electrophysiology Diagnostic Catheters
Increase in the incidence of cardiovascular diseases such as atrial fibrillation, and cardiac arrhythmia is expected to drive the market for cardiovascular diseases during the forecast period. Arrhythmia is a major indication for electrophysiology examination. Rise in incidence of different types of arrhythmias such as atrial fibrillation, atrial flutter, ventricular tachycardia, and atrial tachycardia is propelling the demand for electrophysiology diagnostic catheters. According to the World Health Organization (WHO), cardiovascular diseases (CVD) account for 9.4 million deaths globally each year. The number is likely to increase to 23.3 million by 2030. Hence, demand for electrophysiology diagnostic catheters is increasing. Rise in number of patients suffering from pulmonary artery related disorders is also projected to propel the demand for electrophysiology diagnostic catheters during the forecast period.
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Increase in Elderly Population would propel the Electrophysiology Diagnostic Catheters Market during the Forecast Period
Elderly people and people with high blood pressure, diabetes, obesity, hyperthyroidism, and other cardiovascular diseases are at high risk of developing arrhythmia. This is anticipated to boost the market. According to the National Center for Biotechnology Information (NCBI), Center for Disease Control and Prevention (CDC), and ‘Sign Against Stroke in Atrial Fibrillation’ campaign, atrial fibrillation is one of the common arrhythmias that affects more than 2.6 million people in the U.S., around 6 million in Europe, and nearly 8 million in China in 2016. This toll is estimated to exceed 2.5 fold by 2050 owing to the rise in geriatric population across the globe and changing lifestyle related diseases. Thus, the electrophysiology diagnostic catheters market is projected to expand significantly in the near future.
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