Electrophysiology Market: 2022 Global Analysis by Drivers, Restraints, Product, Indication, End User, Region and Key Players are Abbott (US), Medtronic (Ireland), Boston Scientific Corporation (US), Koninklijke Philips N.V. (Netherlands), GE Healthcare (U

The Electrophysiology Market research survey offers an inclusive evaluation of the market and includes crucial future predictions, industry documentation, and market reality. This Electrophysiology Market report reveals a comprehensive study of the collected information, with key players, sellers, and market dealers, along with key aspects influencing the market. The Electrophysiology Market research study examines the international and regional breakdown of the industry and its uniqueness, market shares, trends, outlines, industry classifications, and the constantly transforming global market ecosystem. The Electrophysiology Market research report provides profits predictions and geographic regions of the organization. The study's purposes are to present the product development in North America, China, Europe, South East Asia, Japan, and in the rest of the world.

Request for FREE Sample Report: To Know the Impact of COVID-19 on this Industry at: https://www.reportsnreports.com/contacts/requestsample.aspx?name=355683

Prominent players in the electrophysiology market include

Abbott (US), Medtronic (Ireland), Boston Scientific Corporation (US), Koninklijke Philips N.V. (Netherlands), GE Healthcare (US), Siemens Healthcare GmbH (Germany), Stereotaxis, Inc. (US), Merit Medical Systems (US), Atricure Inc. (US), APN Health, LLC (US), Osypka Medical (Germany), Japan LifeLine Co., Ltd. (Japan), Johnson & Johnson (US), MicroPort Scientific Corporation (China), and Acutus Medical, Inc. (US).

The global electrophysiology market is projected to reach USD 11.6 billion by 2027 from USD 6.8 billion in 2021, at a CAGR of 9.4% during the forecast period of 2022 to 2027.

An electrophysiology (EP) test is conducted to study the electrical activities and electrical pathways of the patient's heart to diagnose and treat complex cardiac diseases. It enables electro physiologists to understand the cause of heart rhythm disturbances and suggest the required treatment. Electrophysiology (EP) is defined as the heart's electrical system that is being studied to analyze and diagnose its electrical activities. Cardiac electrophysiology studies the phenomena by recording the electrical activities of the heart using an invasive catheter. This study helps in assessing complex Arrhythmias or heart rhythm disorders.

The growth of the global electrophysiology market can be attributed to factors such as technological advancements; new entrants in the market; growing investments, funds, and grants; and an increased incidence of target diseases and procedures. Emerging markets are also expected to offer high growth opportunities for players operating in this market.

According to the WHO, CVD is the leading cause of death around the world. Major factors contributing to the rising prevalence of CVD and strokes include family history, ethnicity, and age. According to the American Heart Association, by 2030, about 41.4% of the US adults will have hypertension (an increase of 8.4% from 2012). The organization also estimates that the global cost of CVD will reach USD 1,044 billion by 2030 from USD 863 billion in 2010. In 2016, ~17.9 million people died of CVD worldwide. It is estimated that, by 2030, this number will increase to 23.6 million (Source: WHO).

AF is the most common arrhythmia diagnosed in clinical practices, affecting over 886,000 new people each year in Europe. By 2030, the number of people with AF is expected to increase by up to 70% of the population; by 2050, Europe is expected to have the highest number of patients with AF (Source: 2018 Report on Burden of Atrial Fibrillation). In the US, AF affected between about 2.7 million to 6.1 million people in 2012; this is estimated to rise to 12.1 million by 2030 (Source: CDC). According to a study published in the Medical Journal of Australia in August 2015, the number of AF patients aged above 55 years in Australia was 328,562 in June 2014 and is estimated to reach over 600,000 cases by 2034. The rising incidence of these diseases will correspondingly drive the demand for EP procedures, which makes it a primary growth driver for the electrophysiology market. For instance, the global ablation procedure numbers are predicted to grow from 973,220 in 2017 to 1,455,000 per year by 2022; within this category, complex ablations (AF and VT) is expected to increase by 13.5% annually from 440,629 in 2017 to 830,390 in 2022 (Source: BioSig Technologies, Annual Report, 2019).

However, factors such as the high cost of electrophysiology products, inadequate reimbursement, unfavorable healthcare reforms in the US, cost-intensive requirement for clinical data for new product launches, and the availability of alternative technologies are expected to restrain the growth of this market in the coming years. The reuse & reprocessing of devices and lack of skilled and experienced electrophysiologists are some of the challenges in this market. The growth of the market is also expected to slow temporarily during the forecast period due to the COVID-19 pandemic.

"Electrophysiology Laboratory Device segment accounted for the largest share of global electrophysiology market in 2021"

On the basis of product, the global electrophysiology market is broadly classified into EP diagnostic catheters, EP ablation catheters, EP laboratory devices, access devices, and other products.

EP laboratory devices market is segmented into 3D mapping systems, EP recording systems, RF ablation systems, intra-cardiac echocardiography (ICE) ultrasound imaging systems, EP X-ray systems, and other electrophysiology laboratory devices (MRI systems and EP remote magnetic and robotic navigation systems).

The EP laboratory devices segment commanded the largest share of 57.0% of the electrophysiology market in 2021. This segment is estimated to grow at a CAGR of 10.6% during the forecast period.

The large share of this segment can be attributed to the increasing focus of market players on the launch of technologically advanced 3D mapping systems, increasing public-private funding for the development of novel electrophysiology recording systems, the rising number of RF ablation procedures, the cost-effectiveness of RF ablation procedures as compared to other ablation techniques, and increasing availability of these products in major markets.

"Hospitals and cardiac centres segment accounted for the largest market share of the electrophysiology market based on end user in 2021"

On the basis of the end user segment, the electrophysiology market is segmented into hospitals & cardiac centers and ambulatory surgery centers. The hospitals & cardiac centers segment holds the largest share of the market (92.53%) in 2021. The large share of this end user segment can primarily be attributed to the presence of big cath labs and electrophysiology labs in hospitals, a rising prevalence of CVDs, and an increased number of ablation procedures.

The hospital & cardiac centers segment includes both government & private hospitals and cardiac centers that provide treatment to patients with cardiac diseases. Almost all electrophysiology procedures are carried out in the electrophysiology (EP) laboratory or catheterization laboratory (cath lab) of hospitals or cardiac centers. The number of cardiac centers providing treatment to patients with heart conditions is growing rapidly across the world. For instance, in June 2016, Health Sciences North (Canada) and a team of cardiologists in Greater Sudbury (Canada) joined forces to launch a new one-stop center for cardiac care. In October 2016, US-based Kare Partners Group launched a specialized heart care center in Chandigarh, India. Such launches are expected to drive the demand for electrophysiology devices.

"Atrial Fibrillation segment accounted for the largest market share of the electrophysiology market based on indication type in 2021"

On the basis of indication type, the electrophysiology market is segmented into atrial fibrillation, atrioventricular nodal reentry tachycardia (AVNRT), Wolff-Parkinson-White (WPW) syndrome, atrial flutter, and other indications. The increasing prevalence of atrial fibrillation, the growing number of ablation procedures related to atrial fibrillation, rapid growth in the aging population globally, and the development of advanced electrophysiology products for the early diagnosis of atrial fibrillation are expected to drive the growth of this market segment in the coming years.

The atrial fibrillation market accounted for the largest share of the electrophysiology market, by indication, in 2021. The atrial flutter segment is estimated to account for the second-largest share of the global electrophysiology market in 2021.

About 5.3 million people in the US were reportedly suffering from atrial fibrillation in 2019 (Source: American Heart Association). By 2050, atrial fibrillation is expected to affect approximately 12 million people in the US. According to the paper published in EP Europace, a journal of the European Society of Cardiology (ESC), around 7.6 million people over 65 in the EU region had atrial fibrillation in 2016, and this will increase by 89% to 14.4 million by 2060. This growth in the prevalence of atrial fibrillation is expected to result in a significant increase in the number of atrial fibrillation ablation procedures conducted.

Owing to the increasing prevalence of AFib, many key players are undertaking studies to showcase the advantages of catheter ablation over antiarrhythmic drugs (AADs). For instance, in November 2019, Biosense Webster released a new Atrial Fibrillation Management Report, which highlights that catheter ablation is almost ten times more effective at delaying Atrial Fibrillation progression than drug therapy.

"The APAC market, by region, to register highest growth rate in the forecast period"

On the basis of region, the Electrophysiology market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific region is expected to register the highest growth during the forecast period. The Asia Pacific is segmented into China, India, Japan, South Korea, Australia, and the Rest of Asia Pacific, including Malaysia, Taiwan, Singapore, and New Zealand.

China and India are expected to account for the highest growth rate. Changing lifestyles and eating habits, increasing stress, and rising habitual smoking & drinking in these countries have resulted in growing health-related problems such as obesity, heart disease, and other chronic diseases. Factors such as large population, increasing geriatric population, the growing incidence of chronic diseases, rising healthcare spending, healthcare reforms for infrastructural development, increasing demand for advanced technologies, the growing emphasis of prominent players on emerging markets, and less stringent regulations are also fueling the demand for electrophysiology devices in this region.

However, the high cost of advanced products, inadequate infrastructural capabilities to comply with the latest cardiac resynchronization technologies, and a lack of awareness about health-related issues are expected to hamper the growth of this market. Many end users in this regional segment have controlled budgets and opt for low-cost products, which is another major factor limiting the market growth.

A breakdown of the primary participants referred to for this report is provided below:

By Company Type: Tier 1-25%, Tier 2-37%, and Tier 3- 38%
By Designation: C-level-34%, Director-level-35%, and Others-31%
By Region: North America-24%, Europe-32%, Asia Pacific-28%, Latin America-10%, and the Middle East & Africa-6%

Research Coverage

This report studies the electrophysiology market based on product type, indication type, end user and region. It also covers the factors affecting market growth, analyzes the various opportunities and challenges in the market, and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micro markets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to five main regions (and the respective countries in these regions).

Reasons to Buy the Report

The report will enable established firms as well as entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them to garner a larger market share. Firms purchasing the report could use one or a combination of the below-mentioned strategies for strengthening their market presence.

This report provides insights on the following pointers:

Market Penetration: Comprehensive information on the product portfolios offered by the top players in the electrophysiology market

Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the electrophysiology market

Market Development: Comprehensive information on lucrative emerging regions

Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the electrophysiology market

Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.

Direct Purchase of Electrophysiology Market Research Report at: https://www.reportsnreports.com/purchase.aspx?name=355683

Contact Us:

Corporate Headquarters
Tower B5, office 101,
Magarpatta SEZ,
Hadapsar, Pune-411013, India
+ 1 888 391 5441
sales@reportsandreports.com

About Us:

ReportsnReports.com is your single source for all market research needs. Our database includes 500,000+ market research reports from over 95 leading global publishers & in-depth market research studies of over 5000 micro markets.

This release was published on openPR.