The European electrophysiology market is expected to witness a CAGR of 7% during the forecast period. Certain factors that are driving the growth of the market include increasing prevalence of target diseases, technological advancements in the field of electrophysiology, and increasing demand for catheter ablation procedures.
- In Europe, 1%-2% of the total healthcare expenditure is attributed to heart failure. According to the European Heart Network AISBL, around 3.9 million deaths in Europe and over 1.8 million deaths in the European Union occur due to cardiovascular diseases each year. It is expected that this number would increase further by 2030. Since electrophysiology devices have their major applications in detecting heart failure rates, the increasing number of heart failures is expected to drive the market during the forecast period.
- However, according to the European Union of Medical Specialists, very few cardiologists hold specialization in electrophysiology. Although not a favorable percentage, the electrophysiology workforce is more or less stable in Europe. Still, due to lack of mobility among the majority of the established electrophysiologists, there exists a distinct lag in geographical dispersion of the EPs, which resulted in a rift between the demand and supply, and a visible disparity among electrophysiologists. Thus, the lack of skilled electrophysiologists is acting as a major restraint for the European electrophysiology market.
Key Market Trends
Ablation Catheters are Expected to Hold the Highest Market Share in the Product Type
Ablation catheters are useful in removing anomalous heart tissues, which cause irregular heartbeats. These devices work on the basis of ablation, which is a minimally invasive procedure that employs catheters to demolish the defective electrical pathways from the heart. Radiofrequency type and cryoablation type are the most commonly used ablation catheters, which are expected to have a significant hold on the market with related advancements in the technology. Radiofrequency (RF) ablation uses locally delivered, high-energy RF signals to make the scars. On the other hand, cryoablation uses extremely cold temperatures for making the scars. Sometimes, laser light energy is also used.
The European electrophysiology market is highly competitive, and it consists of a few major players. In terms of market share, few of the major players currently dominate the market. Companies, such as Abbott Laboratories, Boston Scientific Corporation, and Medtronic, among others, hold a substantial market share in the European electrophysiology market.
Recently, various developments have been taking place in the market. For instance, in January 2018, BioSig Technologies, a medical device company developing a biomedical signal processing platform designed to address the demand in the electrophysiology market, partnered with Mr. Charles Austin and JK Advisors to scale up operational activities.
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