Electrophysiology Market Overview
According to a new report by IMIR Market Research on Global Electrophysiology Market Size was valued at USD 7.3 Billion in 2022. The Electrophysiology market industry is projected to grow from USD 7.9 Billion in 2023 to USD 16.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.60% during the forecast period (2023 - 2032). Electrophysiology (EP) tests are being used more often for the diagnosis and treatment of heart conditions, and there is an increasing need for cardiac rhythm management devices, are the key market drivers enhancing the market growth.
Electrophysiology Market Trends
Increasing use of Electrophysiology (EP) test in the treatment and diagnosis of heart diseases is driving the market growth
The industry is expanding as a result of rising demand for devices for cardiac rhythm management for continuous monitoring, growing use of these devices outside of hospitals, and rising use of Electrophysiology (EP) tests for the treatment and diagnosis of heart conditions like atrial fibrillation. The risk of these illnesses is higher among millennials due to factors like smoking, excessive alcohol consumption, leading sedentary lives, and atrial fibrillation. The CDC estimates that 12.1 million Americans will experience atrial fibrillation by 2030. Additionally, Europeans are more prone to atrial fibrillation than African Americans are. According to the European Society of Cardiology, sudden cardiac arrest brought on by an abnormal heart rhythm is one of the leading causes of death in western nations. It affects roughly 1 in 1000 persons annually. Electrophysiology devices are among the cardiology-specific medical equipment used to identify and treat cardiac arrhythmias. As a result, the market is growing as cardiac diseases are becoming more common. EP has simplified ambulatory ECG monitoring and mobile cardiac telemetry. The market is expected to grow as a result of technological advancements such cloud data storage, wireless transmission, and remote monitoring of implantable cardiac devices.
The prevalence of atrial fibrillation, supraventricular tachycardia, and other cardiac conditions is increasing demand for electrophysiological equipment. For instance, according to the CDC, atrial fibrillation affects 0.5% of people worldwide. Additionally, the illness impacted 9.0% of adults over the age of 65 globally in 2019, compared to roughly 2.0% of people under the age of 65. Ventricular tachycardia is another severe condition that is considered to be the sole cause of 300,000 fatalities per year in the United States. Therefore, the increasing prevalence of cardiovascular diseases is one of the key factors causing the need for these devices for diagnosis and monitoring. According to the American Heart Association, cardiovascular disease affects over half of all Americans. Additionally, a study by Biosense Webster Inc., a division of Johnson & Johnson Services, forecasts that atrial fibrillation (AF), which presently affects more than 16 million people in Asia Pacific, would impact 72 million people by the year 2050. Thus, driving the Electrophysiology market revenue.
Scope of Electrophysiology Market Report
A recent market research report added to repository of Intellectual Market Insights Research is an in-depth analysis of Global Electrophysiology Market. On the basis of historic growth analysis and current scenario of Electrophysiology market place, the report intends to offer actionable insights on global market growth projections. Authenticated data presented in report is based on findings of extensive primary and secondary research. Insights drawn from data serve as excellent tools that facilitate deeper understanding of multiple aspects of global Electrophysiology market. This further helps users with their developmental strategy.
Electrophysiology Key Market Players & Competitive Insights
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Electrophysiology market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Electrophysiology sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Aerospace Foam industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Electrophysiology sector. Major players in the Electrophysiology market, including Medtronic plc. (Zephyr Technology Corporation), Biotronik SE & Co. KG, MICROPORT SCIENTIFIC CORPORATION, Johnson & Johnson Services, Inc., Siemens Healthineers AG, CardioFocus, Inc., Koninklijke Philips N.V., GE Healthcare, ABBOTT LABORATORIES, and BOSTON SCIENTIFIC CORPORATION, are attempting to increase market demand by investing in research and development Indications.
BioSig Technologies Inc. is a commercial medical device company. It is developing a patented technological platform to lessen noise and artifacts from cardiac recordings during electrophysiology research and ablation. BioSig Technologies, Inc., a company that develops medical technologies, said that its nationwide commercial launch campaign would begin in May 2022. A number of important initiatives have helped BioSig's PURE EP System move from a limited market release to a nationwide debut. The PURE EP(TM) is a non-invasive class II device with 510(k) clearance from the Food and Drug Administration that is intended to increase the effectiveness and efficiency of cardiac electrophysiology operations.
A company that specializes in medical technology under the name of Medtronic Plc (Medtronic), formerly known as Medtronic Inc., designs, develops, manufactures, and sells a wide range of medical items. It offers treatments for ailments such heart valve problems, heart failure, aortic, peripheral vascular, venous renal, and neurological problems, as well as for illnesses affecting the spine and musculoskeletal system and the ears, nose, and throat. It also provides biologic solutions for the orthopedic and dental markets. It sells its goods to hospitals, clinics, institutions, government health care programs, distributors, and group buying organizations throughout Asia Pacific, Europe, the Americas, the Middle East, and Africa. Dublin, Ireland is home to Medtronic's corporate headquarters. India Medtronic Private Limited, a fully-owned subsidiary of Medtronic plc, unveiled the Arctic Front Cardiac Cryoablation Catheter System in November 2021. It is the first and only cryoballoon catheter that CDSCO has approved for use in India to treat atrial fibrillation (AF).
Key Companies in the Electrophysiology market include
- Medtronic plc. (Zephyr Technology Corporation)
- Biotronik SE & Co. KG
- MICROPORT SCIENTIFIC CORPORATION
- Johnson & Johnson Services, Inc.
- Siemens Healthineers AG
- CardioFocus, Inc.
- Koninklijke Philips N.V.
- GE Healthcare
- ABBOTT LABORATORIES
- BOSTON SCIENTIFIC CORPORATION
Electrophysiology Industry Developments
January 2022: According to a statement from Abbott, the US Food and Drug Administration has approved the EnSite X EP System with EnSite Omnipolar Technology (OT), a new cardiac mapping platform accessible in the US and across Europe that is made to aid doctors in treating irregular heart rhythms, also known as cardiac arrhythmias.
Electrophysiology Market Segmentation Analysis
Electrophysiology Product Outlook
- EP ablation catheters
- EP laboratory devices
- EP diagnostic catheters
- Access devices
- Others
Electrophysiology Indication Outlook
- Atrial fibrillation (AF)
- Atrial flutter
- Wolff-Parkinson-White Syndrome (WPW)
- Atrioventricular Nodal Reentry Tachycardia (AVNRT)
- Others
Electrophysiology End User Outlook
- Hospitals & cardiac centers
- Ambulatory surgery centers
- Others
Electrophysiology Market Segment Insights
Electrophysiology Indication Insights
The global Electrophysiology market segmentation, based on Indication, includes atrial fibrillation (AF), atrial flutter, Wolff-Parkinson-White Syndrome (WPW), Atrioventricular Nodal Reentry Tachycardia (AVNRT), and others. Atrial fibrillation segment dominated the global market in 2022. It is the most prevalent kind of arrhythmia and is strongly linked to a high risk of blood clotting and stroke. In 2022, in the UK, the British Heart Association estimates that 1.5 million people may experience atrial fibrillation. throughout addition, an estimated 270,000 adults 65 and older are thought to have undiagnosed atrial fibrillation throughout the country. The high incidence of the condition is what accounts for the substantial part of the section.
Electrophysiology Product Insights
The global Electrophysiology market segmentation, based on Product, includes EP ablation catheters, EP laboratory devices, EP diagnostic catheters, access devices, and others. EP laboratory devices segment dominated the global market in 2022. A number of factors, such as an increase in public-private funding for the development of novel electrophysiology recording systems, an increase in the number of RF ablation procedures, their cost-effectiveness when compared to other ablation techniques, and the expansion of their availability in important markets, are responsible for this segment's sizeable market share.
Electrophysiology End User Insights
The global Electrophysiology market segmentation, based on End User, includes hospitals & cardiac centers, ambulatory surgery centers, and others. Hospitals & cardiac centers segment dominated the global Electrophysiology market in 2022. Interventional cardiologists' utilization of cutting-edge cardiac rhythm management and EP technologies, along with the rising prevalence of cardiovascular disease (CVD), account for the majority of the market. Daily short-term rhythm strip recordings showed an increase of 13.0% in the elderly population admitted to hospitals for atrial fibrillation, bringing the prevalence of the illness to 46.0% overall among patients, according to a study published in April 2018.
Electrophysiology Regional Insights
By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. The North America Electrophysiology Market dominated this market in 2022 (45.80%). This is due to the increased rates of heart failure, cardiac arrest, and cardiac arrhythmia. The region is expected to grow during the predicted period due to the availability of contemporary healthcare facilities and generous reimbursement policies. Further, In the North American area, the U.S. Electrophysiology market had the biggest market share, while the Canada Electrophysiology market had the quickest rate of expansion.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Europe Electrophysiology market accounted for the healthy market share in 2022. Because of the rapid development of the healthcare infrastructure and the rise in disposable income in growing economies like Spain and Italy, it is anticipated that the market for EP systems would grow. The technical advancements in the area also contribute to the market's growth. Further, In the European region, the German Electrophysiology market had the biggest market share, and the U.K. Electrophysiology market had the quickest rate of growth.
The Asia Pacific Electrophysiology market is expected to register significant growth from 2023 to 2032. The region's rapid aging population, increased risk of heart conditions, and unmet therapeutic needs are the main drivers of its growth. Furthermore, it is projected that the region's rising healthcare spending rates, higher patient awareness levels, and upgraded healthcare infrastructure will support manufacturers in capturing these opportunities. Moreover, In the Asia-Pacific region, the Indian Electrophysiology market had the quickest rate of growth while China's Electrophysiology market had the greatest market share.
Electrophysiology Market Report is also available for below Regions and Country Please Ask for that
North America
Europe
- Switzerland
- Belgium
- Germany
- France
- U.K.
- Italy
- Spain
- Sweden
- Netherland
- Turkey
- Rest of Europe
Asia-Pacific
- India
- Australia
- Philippines
- Singapore
- South Korea
- Japan
- China
- Malaysia
- Thailand
- Indonesia
- Rest Of APAC
Latin America
- Mexico
- Argentina
- Peru
- Colombia
- Brazil
- Rest of South America
Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest Of MEA
Points Covered in the Report
- The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
- The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.
- The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
- Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
- The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.
Key Questions
- How much the global Electrophysiology Market valued?
- Which region has the largest share in 2023 for the global Electrophysiology Market?
- What are the driving factors for the market?
- Which is the leading segment in the global market?
- What are the major players in the market?
Research Scope of Electrophysiology Market
- Historic year: 2018- 2021
- Base year: 2022
- Forecast: 2023 to 2032
- Representation of Market revenue in USD Million
Electrophysiology Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends:
