Jersey City, New Jersey, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Electrophysiology Market” By Product (Electrophysiology Laboratory Devices, Electrophysiology Ablation Catheters, Access Devices), By Indication (Atrial Fibrillation, Atrial Flutter), and By Geography.
According to the extensive research done by Verified Market Research experts, the Electrophysiology Market size was valued at USD 4.49 Billion in 2020 and is projected to reach USD 10.70 Billion by 2028, growing at a CAGR of 10.26% from 2021 to 2028.
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Browse in-depth TOC on “Electrophysiology Market”
202 - Pages
126 – Tables
37 – Figures
Global Electrophysiology Market Overview
The increasing incidence of target diseases and procedures is expected to boost the Electrophysiology Market. AF is the most common arrhythmia diagnosed in clinical practices. The rising prevalence of cardiac arrhythmias across the world will drive global market growth. Atrial fibrillation (AFib), a form of irregular cardiac rhythm, is a widely diagnosed form of arrhythmias. Electrophysiology assists patients to diagnose and manage heart arrhythmias. The use of different advanced mapping and guidance practices that assists in enhanced monitoring of heart rhythm will escalate the adoption of electrophysiology devices.
The growing prevalence of heart failure (HF) and cardiac arrest cases among the millennials attributed to lifestyle habits such as smoking and excessive alcohol consumption have positively anticipated propelling the growth of the global Electrophysiology Market. There are certain restraints and challenges faced which will hinder the overall market growth. The factors such as lack of skilled medical expertise, professionals, and the absence of standards and protocols limit the market growth. Also, the high cost of electrophysiology products and inadequate reimbursement is estimated to sluggish growth during the forecast period. Most of the electrophysiology products are premium-priced products, including the cardiac 3D mapping systems and EP recording systems that have high capital, training, and maintenance costs, as well as generally expensive EP procedures. This, coupled with the unfavorable reimbursement scenario for these products in several countries, cost-intensive requirements for clinical data for new product launches, availability of alternative technologies, and reuse and reprocessing devices are the potential restraints hampering the overall growth of the global Electrophysiology Market.
Key Developments
Partnerships, Collaborations, and Agreements
- In May 2019, Stereotaxis has entered into a collaboration agreement with Osypka AG. The aim of this collaboration is to develop a next-generation magnetic ablation catheter along with the integration of robotic technology of Stereotaxis. This collaboration will increase the growth of both companies.
Mergers and Acquisitions
- In June 2018, EPD Solutions which is an innovator in image-guided procedures for cardiac arrhythmias was acquired by Koninklijke Philips N.V. The aim of this acquisition is to strengthen the interventional imaging systems portfolio of Koninklijke Philips N.V.
Product Launches and Product Expansions
- In September 2019, CARTONET which is the world’s first secure cloud-based network for electro-physiologists has been launched by Johnson & Johnson (Biosense Webster). This launch will help to analyze, share, and review atrial fibrillation case data in order to enhance procedural efficiency.
Key Players
The major players in the market are Abbott Laboratories (U.S.), Biosense Webster, Inc. (U.S.), BIOTRONIK SE & Co. KG (Germany), Boston Scientific Corporation (U.S.), GE Healthcare (U.K.), Koninklijke Philips N.V. (The Netherlands), Medtronic, Inc. (U.S.), Microport Scientific Corporation (China), St. Jude Medical, Inc. (U.S.), and Siemens AG (Germany).
Verified Market Research has segmented the Global Electrophysiology Market On the basis of Product, Indication, and Geography.
- Electrophysiology Market, by Product
- Electrophysiology Laboratory Devices
- Electrophysiology Ablation Catheters
- Electrophysiology Diagnostic Catheters
- Electrophysiology Market, by Indication
- Atrial Fibrillation
- Atrial Flutter
- Atrioventricular Nodal Reentry Tachycardia (AVNRT)
- Wolff-Parkinson-White Syndrome (WPW)
- Other Indications
- Electrophysiology Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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