13-Jul-2022 | Zion Market Research
The global electrophysiology market generated a revenue of $6.5B in 2021 and is projected to garner a revenue of over $12B by 2028 at a CAGR of 9.6% during the forecast period.
Electrophysiology procedures are conducted to evaluate heart functions and also aid the detection of abnormal heartbeats. A heartbeat is created because of natural electrical pulses coordinating contractions of various parts related to the heart keeping blood flow as per its natural requirement. While conducting EP, specialist medical professionals may also create a map based on the heart’s electrical impulses spread during each beat which aids the detection of abnormal heartbeat.
A patient may be recommended to undergo an electrophysiology study in case the patient is suffering from frequent fainting, dizziness, palpitation, or other such rhythmic conditions. These studies also aid in finding the source of heart rhythm problems, and ablation can be carried out post-detection.
Some of the risks associated with electrophysiology procedures are infection at the catheter site which is a rare case but there is always a slight possibility, heart perforation, bleeding or bruising at the catheter site, and damage to the vessel where the catheter is inserted. Hence it is important to get these procedures conducted at authorized sites only.
Covid-19 had negative implications on the global market growth. Virginia K Singla et al. reported that more than 95% of the clinics reported a decreased number of electrophysiology processes. However, the global market is showing healthy signs of growth in the coming years.
The global electrophysiology market growth is attributed to the increase in reported cases of atrial fibrillation along with the rising prevalence of cardiac arrhythmia and atrial flutter. There is a significant growth in the adoption of newer technologies specializing in electrophysiology studies which are expected to aid healthcare professionals to deliver better medical care to patients. In the wake of rising pressure on the healthcare sector to deal with heart-related conditions, the US Food and Drug Administration department has managed to provide authorization to multiple manufacturers of electrophysiology devices thus propelling the global market growth. Since there is mounting competition in the healthcare sector, many organizations are adopting strategic steps like mergers & acquisitions, partnerships, and collaboration to leave a larger footprint in the global market which subsequently aids the technological growth in the field.
The high cost associated with electrophysiology may restrain the global market growth during the projection period. The higher number of patients in developing economies is anticipated to provide growth opportunities in the global market. The rise in demand for reusable devices is expected to pose challenges to global market expansion.
The global electrophysiology market is segmented by indication, product, end-user, and region.
Based on indication, the global market segments are atrioventricular nodal reentry tachycardia, atrial flutter, atrial fibrillation, Wolff-Parkinson-White Syndrome, and others. Atrial fibrillation managed to register the highest revenue in the last few years and is expected to dominate the global market in the coming years as well owing to its extensive use in detecting arrhythmia aided by the increasing geriatric population, and cases related to heart failure.
Based on product, the global market segments are EP laboratory devices, access devices, EP ablation catheters, EP diagnostic catheters, and others. EP laboratory devices held over 55% of the global market share because of the launch of technologically advanced laboratory devices like 3D mapping systems, along with an increase in RF ablation procedures.
Based on end-user, the global market is segmented into ambulatory surgery centers, hospitals & cardiac centers, and others which are expected to be dominated by electrophysiology centers in hospitals and cardiac centers.
Asia-Pacific is projected to generate the highest revenue in the global electrophysiology market during the forecast period owing to the presence of many domestic manufacturers. Countries like China, India, and Taiwan have managed to attract the attention of foreign investors propelling the number of manufacturing units in these regions. The rising preference is aided by the presence of skilled and cost-effective labor along with the availability of enough space to set up factories. Governments of these countries have played a significant role in rolling out initiatives to attract international players.
North America is anticipated to grow at a high CAGR mainly due to excellent ambulatory services in regions like the USA and Canada thus propelling the use of electrophysiology devices along with their extensive use in hospital and cardiovascular clinics.
Some of the players dominating the global electrophysiology market are Stereotaxis, Siemens Healthcare GmbH, Johnson & Johnson, Atricure Inc., Boston Scientific Corporation, Koninklijke Philips N.V., Japan LifeLine Co., Biotronik, Acutus Medical, Inc., Merit Medical Systems
Browse the full “Global Electrophysiology Market By Indication (Atrioventricular Nodal Reentry Tachycardia, Atrial Flutter, Atrial Fibrillation, Wolff-Parkinson-White Syndrome, and Others), By Product (EP Laboratory Devices, Access Devices, EP Ablation Catheters, EP Diagnostic Catheters, and Others), By End-User (Ambulatory Surgery Centers, Hospitals & Cardiac Centers, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/electrophysiology-market
Global electrophysiology market is segmented as follows:
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