Press release
Electrophysiology Market is anticipated to reach USD 16.9 billion, at a CAGR of 8.9% during the forecast period 2021-2031
Electrophysiology Market
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.
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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. 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.
Market Restraints and Challenges
Because of the intense competition among the existing competitors, the electrophysiology industry is currently quite competitive in terms of pricing. Cardiovascular 3D mapping systems and EP recording systems are two of the more expensive of these items. Cardiovascular 3D mapping systems range in price from USD 250,000 to $800,000 on average at list. A recording setup for EPs costs $160,000. EP methods are typically expensive due to the significant capital, training, and maintenance requirements. A catheter ablation procedure, for instance, typically costs between USD 4,000 and USD 6,500. Because of this and the negative reimbursement situation for these medications in many nations, a sizable portion of the intended patient group cannot afford them.
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Market Segments
By Product Type
• Electrophysiology Ablation Catheters
• Electrophysiology Laboratory Devices
• Electrophysiology Diagnostic Catheters
• Electrophysiology Access Devices
• Others
By Indication Type
• Atrial Fibrillation
• Atrial Flutter
• Atrioventricular Nodal Reentry Tachycardia
• Wolf-Parkinson-White Syndrome
• Others
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), Lepu Medical Technology (Beijing), CathRx Ltd. (Australia), Cook Medical (US), CathVision ApS (Denmark), TZ Medical (US), Teleflex Incorporated (US), Imricor (US), CardioFocus (US), Schwarzer Cardiotek GmbH (Germany), Kardium (Canada), EP Solutions SA (Switzerland), BioSig Technologies Inc. (BSGM) (US), Coremap (US), and EPMap System GmbH (Germany).
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• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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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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