Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact email@example.com.
SOURCE Millennium Research Group
Expanding Economies and Increased Prevalence of Atrial Fibrillation Will Drive Strong Procedure Volume Expansion, According to Millennium Research Group
TORONTO, Oct. 2, 2013 /PRNewswire/ -- According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, the expanding economies of Brazil, Russia, India and China will lead to rapid growth in the electrophysiology (EP) mapping and ablation device market. Specifically, economic growth has led to increased government reimbursement for EP procedures, a greater number of electrophysiologists capable of performing these procedures, improved access to private insurance and higher incomes that will allow more patients without insurance to afford to pay for the procedures out-of-pocket.
In addition, the increasingly unhealthy lifestyles associated with economic expansion will lead to a rise in risk factors for cardiac arrhythmias, driving an increased need for EP procedures. Awareness of these risk factors will also rise as a result of increased access to medical services, leading more patients to seek out treatment for symptoms that previously went undiagnosed.
In particular, atrial fibrillation (AF) is the most common form of cardiac arrhythmia, and the increasing prevalence of this condition will represent the primary driver of EP procedure volume growth through 2022. Moreover, because devices used for the AF indication are more technologically advanced than other devices, they command a higher price. As a result, adoption of these premium-priced devices will contribute significantly to market expansion in many global markets, fostering significant interest from competitors.
"Mergers and acquisitions are a key strategy in the global EP mapping and ablation device market," said MRG Manager Julie McLaughlin. "A number of small companies have developed cutting-edge technologies, but lack the funds for a widescale product launch, creating opportunities for acquisitions by larger firms. For example, St. Jude Medical recently announced its acquisition of Endosense, which manufactures a force-sensing ablation catheter."
Some factors do hinder growth. Cost-containment measures by governments continue to put downward pressure on pricing. For example, China recently instituted a new tendering system, which negatively affected pricing in 2012. In Brazil, India and Russia, EP diagnostic catheter reuse is a common method of reducing the costs associated with the procedures. Overall, however, these factors will be offset by economic growth, allowing the market to reach a value of approximately $730 million by 2022.
Millennium Research Group's BRIC Markets for Electrophysiology Mapping and Ablation Devices 2014 report includes unit, procedure, average selling price and revenue information, along with market drivers and limiters and a competitive landscape for conventional diagnostic catheters, advanced diagnostic catheters, radiofrequency ablation catheters and cryoablation catheters in Brazil, China, India and Russia.
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources Group company (www.DecisionResourcesGroup.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack™ projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.
About Decision Resources Group
Decision Resources Group is a cohesive portfolio of companies that offers best-in-class, high-value information, and insights on important sectors of the healthcare industry. Clients rely on this analysis and data to make informed decisions. Please visit Decision Resources Group at www.DecisionResourcesGroup.com.
All company, brand or product names contained in this document may be trademarks or registered trademarks of their respective holders.
For more information, contact:
©2012 PR Newswire. All Rights Reserved.