Electrophysiology Market Overwhelming Revenue Growth of US$ 14,849.01 million at Double digit CAGR of 10.2% by 2028

According to our new research on "Electrophysiology Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Product, Indication, and Geography," the market is expected to reach US$ 14,849.01 million in 2028 from US$ 8,286.18 million in 2022. The market is estimated to grow with a CAGR of 10.2% from 2022 to 2028. Major market drivers include a significant increase in the prevalence of target diseases and an increase in the global geriatric population. However, complications during cardiac procedures and the high price of the electrophysiological process are hampering the market growth.

Atrial fibrillation (AF) is the most commonly diagnosed arrhythmia in clinical practice, affecting over ~886,000 new people in Europe each year. According to a report on the burden of atrial fibrillation, the number of people with AF is expected to increase by 70% of the population by 2030, and by 2050 Europe is expected to have the highest number of patients with AF. As per the Centers for Disease Control and Prevention (CDC), in the US, it is estimated that this number will increase to 12.1 million by 2030.

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Patients suffering from critical issues need physical attention in the clinics to perform procedures. Cardiac issues are one of the most preventable public health challenges in all the regions. Due to the rising intensity of the COVID-19 pandemic, the patients could not visit the clinics. Moreover, there was limited availability of staff. Hence, the COVID-19 pandemic negatively impacted the global electrophysiology market.

Key players dominating the global Electrophysiology market are: Abbott, Boston Scientific Corporation; CardioFocus; GE Healthcare; Koninklijke Philips N.V.; Johnson & Johnson Services, Inc.; Medtronic; MicroPort Scientific Corporation; and Siemens Healthineers AG.

Geographically, the electrophysiology market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Spain, Italy, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and the Rest of APAC), the Middle East & Africa (Saudi Arabia, the UAE, South Africa, and the Rest of the MEA), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

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The report segments the Electrophysiology market as follows:

The Electrophysiology market is segmented on the basis of products and indication. Based on product, the electrophysiology market is segmented into electrophysiology ablation catheters, electrophysiology laboratory devices, electrophysiology diagnostic catheters, access devices, and others. Based on indication, the electrophysiology market is segmented into atrial fibrillation (AF), atrial flutter, wolff-parkinson, white syndrome (WPW), atrioventricular nodal reentry tachycardia (AVNRT), and others.
Based on indication, the electrophysiology market is segmented into atrial fibrillation (AF), atrial flutter, atrioventricular nodal reentry tachycardia (AVNRT), wolff-parkinson-white syndrome (WPW), and others. The atrial fibrillation segment held the largest market share in 2021 and is anticipated to register the highest CAGR during the forecast period.

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