Healthcare professionals worldwide are improving their ability to diagnose and treat patients with the help of electrophysiology devices. Hospitals, cardiac centers, and laboratories may have access to electrophysiology equipment such as ablation catheters, a 3D mapping system, a radiofrequency generator, and access electrophysiology devices. Cardiac ablation is one of the most frequently used treatments for atrial fibrillation.
In 2021, the market for electrophysiology devices was worth USD 6.2 billion, and by 2030 it will reach USD 15.60 billion at a 10.8% CAGR during the forecast period.
The electrophysiology devices market is driven by factors such as the increasing prevalence of heart rhythm disorders, the rising desire for minimally invasive surgical procedures, and ongoing technological advancements in EP devices. The aging population will also drive demand for EP devices, as heart rhythm disorders are more common among older adults. However, the high cost of EP procedures and devices and regulatory challenges may limit market growth in some regions.
Market Dynamics
Drivers
Some key market growth drivers with a high impact are the expanding use of electrophysiology devices in the treatment and diagnosis of cardiovascular diseases, including atrial fibrillation, the rising demand for cardiac rhythm management devices used for continuous monitoring, and the expanding use of these devices in non-hospital settings. Another important reason driving the market’s expansion is the rising incidence of cardiac arrest and heart failure (HF) cases among millennials due to lifestyle choices, including excessive alcohol intake and smoking.
Over the projected period, it is also anticipated that introducing new technologies, such as laser, cryo, ultrasonic ablation, and sophisticated mapping technologies, will increase demand for electrophysiological equipment.
Restraints
The main factors restraining the market growth are the availability of alternative medicines, the high costs connected with these goods, and tight regulations on electrophysiological devices.
OpportunityÂ
Vendors of electrophysiology will experience significant growth prospects in emerging regions. This is because there are more patients, more people with disposable cash, better healthcare infrastructure, and more lax regulations than in industrialized nations. Due to an expanding target patient population, an increase in CVD-related fatalities, and increased medical tourism, emerging countries have seen a consistent rise in surgical procedures over the past ten years.
Market Segmentation
By Indication
In 2022, the atrial fibrillation segment led the market and contributed to more than 32.3% of total revenue. It is the most prevalent arrhythmia and is strongly link to a high risk of blood clotting and stroke. In 2022, the British Heart Association predicted that 1.5 million people in the United Kingdom would have atrial fibrillation. In addition, the nation’s undetected atrial fibrillation affects an estimated 270,000 people 65 and older.
By Application
In 2022, the diagnostic devices segment held the biggest market share of 52.1%. It is due to high adoption rates of ambulatory monitoring equipment and the widespread use of cardiac monitors as a standard diagnostic and monitoring tool for arrhythmias. Holter monitors, ECGs, diagnostic catheters, mapping & imaging systems, and implantable cardiac monitors are examples of EP diagnostic tools. During the forecast period, segment growth will be driven by the expanding usage of these devices in interventional medical procedures, such as catheter placement, and the development of portable & digital systems.
By End-Use
In 2022, the hospital industry contributed for a largest revenue share of 54.1%. The majority of the market is accounted for by interventional cardiologists’ use of cutting-edge cardiac rhythm management and EP technologies, as well as the growing prevalence of cardiovascular disease (CVD). According to a study released in April 2018, daily short-term rhythm strip recordings revealed a rise of 13.0% in the older population admitted to hospitals for atrial fibrillation, bringing the condition’s prevalence to 46.0% overall among patients.
Regional AnalysisÂ
North America led the regional market in 2021 with a revenue share of 37.5% due to the high rates of heart failure, cardiac arrest, and cardiac arrhythmia. During the projected period, the availability of modern healthcare infrastructure and kind reimbursement policies will fuel the region’s expansion.
During the projected period, the market in Asia Pacific will develop at the fastest rate. The region’s expansion is mostly fuel by the high elderly population, rising risk of cardiac illnesses, and unmet clinical needs. Additionally, the region’s expanding healthcare spending rates, better patient awareness levels, and improved healthcare infrastructure will help manufacturers take advantage of these prospects.
Key PlayersÂ
- CardioFocus, Inc.
- Biotronik SE & Co. KG
- Abbott Laboratories
- Boston Scientific Corporation
- Koninklijke Philips N.V.
- GE electrophysiology (Healthcare)
- MicroPort Scientific Corporation
- Siemens Healthineers AG
- Johnson & Johnson, Inc.
- Medtronic Plc.
- AtriCure, Inc.
- AngioDynamics
- Stereotaxis, Inc.
- Biosense Webster
In 2021, the market for electrophysiology devices was worth USD 6.2 billion. And by 2030 it will reach USD 15.60 billion at a 10.8% CAGR during the forecast period. The increasing frequency of cardiovascular diseases, technological advancements in product development, an aging population, sedentary lifestyles. And increased awareness campaigns for cardiovascular diseases are the main factors driving the market for electrophysiological devices.
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