Electrophysiology Market Size, Share, Growth Report 2032

Electrophysiology Market Size And Forecast

The global electrophysiology market generated a revenue of $6.5 Billion in 2021 and is projected to garner a revenue of over $12 Billion by 2028 at a CAGR of 9.6% during the forecast period. The report analyzes the global electrophysiology market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the electrophysiology market.

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Global Electrophysiology Market: Overview

Electrophysiology study refers to the tests conducted to assess the heart’s electrical system, and for diagnosing any abnormal heartbeat or arrhythmia. Catheters followed by wire electrodes are inserted in the patient's heart through blood vessels, which aid the detection of heartbeats. It is recommended to empty the bladder as much as possible before going in for an electrophysiology test.

Hospitals are equipped with special electrophysiology laboratories to conduct these tests, where the patient is placed on an X-ray table and is also surrounded by other technical devices like heart monitors, cameras, and television screens. Depending on the type of test being conducted, extra medication is given involving intravenous medicine to sedate the patient which assists in reducing the anxiety or general discomfort. The next step involves local anesthesia to numb the area being operated on.

The global electrophysiology market is generally divided into two parts: one involves the assessment of the heart to assess electrical functions, and the other part involves increasing the heartbeat to generate abnormal rhythms which are then monitored under controlled conditions.

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Covid-19 Impact

Due to the onset of Covid-19, the global market witnessed a slight dip in its growth graph which was majorly due to the intense restrictions laid down by governments for the prevention and containing the virus. The electrophysiology laboratories were operational at hospitals but the stringent protocols related to hospital visits impacted the global market negatively. This was also coupled with the scarce availability of medical and technical professionals to conduct EP tests as the majority of the healthcare staff was diverted toward Covid-19 patients.

Global Electrophysiology Market: Growth Drivers

Growth in the number of heart-related diseases to propel global market expansion

In 2021, Johnson & Johnson reported that over 47 million of the world population suffers from atrial fibrillation, and this was only counting the patients from Asia-Pacific, the USA, and Europe. This can be attributed to the rise in the geriatric population, poor eating habits, unhealthy lifestyles, along with stressful situations arising in day-to-day matters. Some of these conditions are genetic as well or may be caused due to other medical problems. The rise in the number of reported medical cases in every part of the world is expected to aid global electrophysiology market growth in the coming years.

With the advancement in technologies, electrophysiology has reached new heights, for example, the latest software developed by BioSig Technology, Inc. is a step further in signal processing technology. The constant innovation in the healthcare sector is expected to help the sector reach a larger patient database as we are in a state to treat even the most complex heart-related problems.

Global Electrophysiology Market: Restraints

High cost associated with electrophysiology to restraint global market growth

Electrophysiology procedures are expensive since they may require multiple visits to the doctor before zeroing down on the actual cause of the heart problem and establishing a confirmed medication. One electrophysiology report may cost anywhere over $1000 and upwards depending on the medical conditions and previous history. The post-care is also high maintenance thus restricting individuals to spend on this treatment.

Electrophysiology procedures are not covered by many insurance policies and lack the necessary reimbursement structure which may hamper global market growth during the forecast period.

Global Electrophysiology Market: Opportunities

Higher number of patients in developing economies to provide global market growth opportunities

In countries like China and India, the lifestyle is extremely hectic resulting in an increasing number of patients suffering from cardiovascular diseases. In China, as per official reports, cardiovascular incidents may rise by 50% by 2030 from what it was in 2010. India has recorded the highest number of diabetic patients in the past few years. The rising demand for electrophysiology in such regions is expected to provide lucrative growth opportunities for global electrophysiology market growth

Global Electrophysiology Market: Challenges

Rise in demand for reusable devices to pose challenges to global market expansion

There is a rising shift of preference towards devices that can be reused or reprocessed, for example, ablation catheters. Single-use devices reduce the total cost spent on new devices by 10% thus aiding medical clinics to reduce their overall expense. Australia-based CathRx Ltd. is a leading manufacturer of high-quality, low-cost, and modular electrophysiology reprocessable catheters that can be reused 20 times which makes them at least 50% cheaper, reducing the stress of buying new catheters for every use creating pressure on small-scale manufacturers reducing consumer database and creating challenging situations against global market growth.

Global Electrophysiology Market: Segmentation

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.

Recent Developments:

• In June 2020, US-based medical device company Boston Scientific Corporation launched DIRECTSENSE technology which will aid the monitoring of radiofrequency energy delivery effect while also conducting cardiac ablation procedures.
• In January 2022, pharmaceutical giant Abbott Laboratories announced the clearance of the EnSite X EP system by the US Food and Administration Federation. The Ensite omnipolar technology is used in the treatment of patients suffering from atrial fibrillation.

Report Scope:

Global Electrophysiology Market: Regional Analysis

Asia-Pacific to dominate the global market during the forecast period

The global electrophysiology market is expected to be dominated by Asia-Pacific in the coming years largely contributed by regions like China and India. This is estimated as per the rising health concern of the population due to medical concerns like diabetes, chronic diseases, blood pressure, and obesity. The regions are also witnessing exponential growth in the population aiding the subsequent demand for improved healthcare infrastructure.

North America is expected to register high CAGR during the forecast period owing to the advanced healthcare architecture of the region along with the improved standard of living and better spending capability of the general population. The regional growth can also be attributed to the presence of key electrophysiology device manufacturers along with comprehensive reimbursement policies.

Global Electrophysiology Market: Competitive Analysis

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, and APN Health.

Global electrophysiology market is segmented as follows:

By Indication

• Atrioventricular nodal reentry tachycardia
• Atrial flutter
• Atrial fibrillation
• Wolff-Parkinson-White syndrome
• Others

By Product

• EP Laboratory Devices
• Access Devices
• EP Ablation Catheters
• EP Diagnostic Catheters
• Others

By End-User

• Ambulatory Surgery Centers
• Hospitals & Cardiac Centers
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa