Press release
Electrophysiology (EP) Market Expected to Reach $22.651 Billion by 2030
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Moreover, rise in healthcare expenditure and development of pharmaceutical and medical technology sectors for manufacturing of advanced catheter is anticipated to drive growth of the electrophysiology market. In addition, expansion of many clinical studies on various types of devices to evaluate their safety and efficacy propels growth of the market. For instance, in October 2020, Biosense Webster, Inc., a part of the Johnson & Johnson Medical Devices Companies announced the ongoing clinical trial on 550 participants for the treatment of paroxysmal atrial fibrillation (PAF) by pulsed field ablation (PFA) system with irreversible electroporation (IRE) (inspIRE). The clinical study started on August 2020, and is estimated to complete by May 2023.
Rise in number of approvals for medical devices is the key factor that further boost growth of the electrophysiology market. In addition, initiatives taken by governments and private organizations to spread knowledge among physicians regarding electrophysiology devices and procedures propel growth of the market.
The global electrophysiology market is segmented into product, indication, end user, and region. On the basis of product, the market is segregated into EP ablation catheters, EP laboratory devices, EP diagnostic catheters, access devices, and others. The EP ablation catheters segment is further subcategorized into cryoablation EP catheters, radiofrequency ablation catheters, microwave ablation systems, laser ablation systems, and navigational advanced mapping accessories. The EP laboratory devices segment is further subcategorized into EP X-Ray systems, 3D mapping systems, EP recording systems, EP remote steering systems, and others.
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By product, the EP ablation catheters segment was the highest contributor to the electrophysiology market in 2020.
On the basis of indication, the atrial fibrillation segment dominated the market in 2020, and is expected to continue this trend during the forecast period.
Depending on end user, the hospitals & cardiac centers segment led the electrophysiology market in 2020.
Region wise, North America garnered the largest revenue share in 2020, however, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
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The study aids in the evaluation of aberrant heartbeats and the examination of electrical impulses in the heart. The ability to target the regions of the heart that cause atrial fibrillation has improved because of substantial advancements in EP technology. Other cardiac arrhythmias, such as atrial flutter, Wolff-Parkinson-White Syndrome (WPW), atrioventricular nodal reentry tachycardia (AVNRT), and others, have benefited from the advancements in technology.
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