New York, USA, July 13, 2023 (GLOBE NEWSWIRE) -- Electrophysiology Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Electrophysiology Market Information By Product, Indication, End User and Region – Forecast Till 2032”, the market size was valued at USD 7.1 Billion in 2022 and is projected to grow from USD 7.8 Billion in 2023 to USD 16.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.80% during the forecast period (2023 - 2032)
Market Scope:
The term "electrophysiology" refers to the diagnostic procedures used to determine the cause of an irregular heartbeat. It can detect irregular heartbeats by tapping into the heart's electrical activity. The catheter is inserted, and then a wire electrode is used to measure electrical activity in the heart's coronary arteries.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 16.1 Billion |
| CAGR | 9.80% |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, Indication And End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing use of electrophysiology (EP) test in the treatment and diagnosis of heart diseases is driving the market growth |
| Increase in public-private funding for the development of novel electrophysiology recording systems |
Electrophysiology Market Competitive Outlooks:
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
- Among others.
Electrophysiology Market Trends:
Market Drivers
Key market drivers boosting market growth include rising demand for cardiac rhythm management devices and rising use of electrophysiology (EP) testing in diagnosis and treatment of heart problems. The use of Electrophysiology (EP) tests in the treatment and diagnosis of heart diseases like atrial fibrillation, as well as the rising demand for devices for continuous monitoring of cardiac rhythm, are all contributing to the industry's growth. Millennials are at a higher risk for a variety of health problems due to lifestyle choices like smoking, excessive alcohol consumption, inactivity, and atrial fibrillation.
Electrophysiology devices are used by cardiologists for the diagnosis and treatment of heart arrhythmias. As a result, increased rates of cardiovascular disease are driving market expansion. EP has facilitated the use of mobile cardiac telemetry and ambulatory ECG monitoring. The rise of cloud computing, wireless data transfer, and the ability to remotely monitor implantable cardiac devices are all technologies that are expected to fuel market growth.
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Market Restraints
One of the primary factors expected to restrain the expansion of the global market over the forecast period is the prevalence of product recalls involving devices used in ablation operations. Furthermore, the adoption of such devices has been hampered by the absence of sufficient reimbursement mechanisms in both developed and developing countries. These are some of the main restraints on the expansion of the market.
COVID-19 Analysis:
The unexpected epidemic of COVID-19 has had a mixed effect on the worldwide market for medical products. Since fewer people are going to the hospital around the world, this has had a chilling effect on some markets. Patients with COVID-19 who also have preexisting cardiac disease are at increased risk for heart attack and congestive heart failure. Myocarditis is a rarer complication seen in COVID-19 patients admitted to emergency rooms around the world.
Electrophysiology Market Segmentation:
Product
EP laboratory devices segment dominated the global market in 2022. Reasons for this sector's dominance in the market include the growing popularity of RF ablation procedures, the decreasing relative cost of RF ablation compared to other ablation methods, and the increasing availability of RF ablation in key markets as a result of increased public-private funding for the development of novel electrophysiology recording systems.
Indication
In 2022, the market was led by the atrial fibrillation (AF) subsegment.
By Application
In 2022, the Electrophysiology Market was led by the hospitals and cardiac centers end-user segment. The increasing prevalence of cardiovascular disease (CVD) and innovative cardiac rhythm management and EP technologies used by interventional cardiologists account for the vast bulk of the market.
Electrophysiology Market Regional Analysis:
By a large margin (45.80%) in 2022, the North American market led the way in electrophysiology. This is due to the common occurrences of heart failure, cardiac arrest, and arrhythmia. Growth in the region is expected to be supported during the forecast time frame by the presence of advanced healthcare infrastructure and generous reimbursement policies. Additionally, the North American Electrophysiology market was the fastest growing market in Canada, while the United States maintained the biggest market share overall.
In 2022, Europe's Electrophysiology market held a sizable proportion. Increases in disposable money and the rapid development of healthcare infrastructure in developing countries like Spain and Italy bode well for the future of the EP systems market. The advancement of technology in the region has also contributed to the growth of the market. In addition, Germany's Electrophysiology market was the largest in Europe, while the UK's was the most rapidly expanding.
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From 2023 to 2032, the Electrophysiology market in Asia and the Pacific is projected to expand at a brisk clip. Unmet clinical demands, an aging population, and a rise in the prevalence of cardiovascular disease are driving the region's economic growth. Manufacturers are expected to make the most of these opportunities because to rising healthcare spending rates, increased patient awareness, and enhanced healthcare infrastructure in the region. In addition, the Electrophysiology market in India was the fastest expanding market in the Asia-Pacific region, with China accounting for the lion's share of the market.
Discover more research Reports on Healthcare Industry by Market Research Future:
Global Cardiac Monitoring and Cardiac Rhythm Management Device Market, by Cardiac Device (Pacemaker and Others), by Cardiac Monitoring (Electrocardiogram), by CRM (Defibrillators and Others), by End-User (Hospitals and Others)–Global Forecast Till 2030
Atrial Fibrillation Market Research Report Information By Type (Paroxysmal atrial fibrillation, Persistent atrial fibrillation, Permanent atrial fibrillation), By Treatment (Medications, Non-surgical procedures, Surgical procedures), By End User (Hospitals, Electrophysiology Labs, Ambulatory Surgical Centers), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030
Catheters Market Research Report Information, By Type (Cardiovascular Catheters, Specialty Catheters, Intravenous Catheters, Urinary Catheters, Neurological Catheters), End Users (Hospitals & Clinics, Ambulatory Surgical Centers and others) - Forecast till 2030
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