Electrophysiology Market to reach at a Robust CAGR of 8.9% during the forecast period 2022-2031 | Says GIS Analyst

Global Electrophysiology Market was valued at USD 7.2 billion in 2021 and it is anticipated to reach up to USD 16.9 billion by 2031, at a CAGR of 8.9% during the forecast period.

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Atrial and ventricular fibrillation, tachycardia, and other diseases that have an impact on the heart are mostly diagnosed and treated with electrophysiology equipment. Healthcare professionals use a variety of tools based on the electrophysiological technique to identify and treat various disorders, including ablation and diagnostic catheters, mapping systems, etc.

Market Trends and Drivers

The increasing incidence of target diseases and procedures is boosting the growth of the market. According to the WHO, CVD is the largest global cause of death. Age, race, and family history are significant factors influencing the increased prevalence of CVD and strokes. Other risk factors include using tobacco, having high blood pressure (hypertension), having high cholesterol, being obese, being physically inactive, having diabetes, eating unhealthily, and drinking alcohol.

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The prevalence of CVD is on the rise in part due to conditions like hypertension, diabetes, dyslipidemia, and obesity. By 2030, the American Heart Association projects that 41.4% of US individuals will have hypertension (an increase of 8.4 percent from 2012). Additionally, according to the organization, the cost of CVD will increase from USD 863 billion in 2010 to USD 1,044 billion by 2030. Globally, 17.9 million people passed away from CVD in 2016. According to projections, this number will reach 23.6 million by 2030.

Global Electrophysiology Market Segmental Overview

The report analyses the global electrophysiology market based on product type, indication type, end user, and regions.

Global Electrophysiology Market by Product Type

Based on type, it is segmented into electrophysiology ablation catheters, electrophysiology laboratory devices, electrophysiology diagnostic catheters, electrophysiology access devices, and others. The electrophysiology laboratory devices segment is accounted for the largest share of the market. The large share of the segment is primarily attributed to the factors such as increasing public-private funding for the development of novel electrophysiology recording systems coupled with the rising numbers 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.

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Global Electrophysiology Market by Indication Type

By indication type, it is segmented into atrial fibrillation, atrioventricular nodal reentry tachycardia, wolf-parkinson-white syndrome, atrial flutter, and other indications. The atrial fibrillation segment accounted for the largest share of the global electrophysiology market. The key factors boosting the growth of the market are the increasing prevalence of atrial fibrillation coupled with the growing number of ablation procedures related to atrial fibrillation, rapid growth in the aging population across the globe, and the development of advanced cardiac mapping systems for the early diagnosis of atrial fibrillation are boosting the growth of the segment.

Global Electrophysiology Market by End User

Based on end user, it is segmented into hospitals & cardiac centers, and ambulatory surgery centers. The hospitals and cardiac centers segment accounted for the largest share of the market. The key factors such as the presence of big cath labs and electrophysiology labs in hospitals, a rising prevalence of CVDs and an increased number of ablation procedures. The availability of state of art facilities for the diagnosis are boosting the growth of the market.

Geographical Analysis of Electrophysiology Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific region accounted for the largest share of the market. The large share of the region is primarily attributed to the changing lifestyles and eating habits coupled with the increasing stress and rising habitual smoking & drinking in these countries have resulted in growing health problems like obesity, heart diseases, 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.

Major Players in the Global Electrophysiology Market

The key players studied in the global electrophysiology market are 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), Biotronik (Germany), MicroPort Scientific Corporation (China), Acutus Medical, Inc. (US),

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