Electrophysiology Market Analysis of Rising Business Opportunities with Prominent Investment, Forecast to 2028

The "Electrophysiology Market" is expected to grow from US$ 8,286.18 million in 2022 to US$ 14,849.01 million by 2028; it is expected to grow with a CAGR of 10.2% from 2022 to 2028.

The increase in cardiovascular owing to a significant increase in the geriatric and obese population along with changing food habits are fueling the electrophysiology market growth. Various economies worldwide, such as the US, the UK, Canada, Japan, China, India, and South Korea, are witnessing considerable modernization of healthcare facilities and improvements in healthcare services. According to the data presented by the WHO, the population aged 60 years and above was 1 billion in 2019, which is expected to reach 1.4 billion by the end of 2030 and 2.1 by the end of 2050.

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Companies Profiled in this report includes:

• 1.Abbott Laboratories
• 2.Biotronik, Inc.
• 3.Boston Scientific Corporation
• 4.CardioFocus
• 5.GE Healthcare
• 6.Koninklijke Philips N.V.
• 7.Johnson & Johnson Services, Inc.
• 8.Medtronic
• 9.MicroPort Scientific Corporation
• 10.Siemens Healthineers AG

As per the WHO, annual cardiovascular events will increase between 2010 and 2030 due to population aging and population growth in China by 50%. Manufacturers are strategically focusing on expanding their presence in developing countries to capitalize on the high growth opportunities for electrophysiology devices in emerging markets. For example, in May 2020, BIOTRONIK allied with Acutus Medical to provide a comprehensive portfolio of electrophysiology, mapping, ablation, and accessory products for the catheter-based treatment of cardiac arrhythmias in a few markets, including Europe and Asia Pacific. According to the World Bank, health spending in China, India, and the US increased by 5.35%, 3.01%, and 16.77%, respectively, in 2019. The number of hospitals and surgical centers in emerging markets is expected to grow by increasing healthcare spending and targeting the patient population. As per the India Brand Equity Foundation, India's healthcare sector increased; it was worth US$ 280 billion in 2020, at a CAGR of 17%, with hospitals contributing ~71% of revenue.

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Electrophysiology Market Segmentation:
By Product:
• Electrophysiology Ablation Catheters
• Electrophysiology Laboratory Devices
• Electrophysiology Diagnostic Catheters
• Access Devices

By Indication:
• Atrial Fibrillation
• Atrial Flutter
• Wolff-Parkinson-White (WPW) Syndrome
• Atrioventricular Nodal Re-entry Tachycardia (AVNRT)

According to the World Health Organization (WHO), cardiovascular disease (CVD) is one of the leading causes of death globally. The main factors contributing to the increasing prevalence of CVD and stroke include family history, ethnicity, and age. Tobacco use, high blood pressure (hypertension), high cholesterol, lack of exercise, unhealthy diet, alcohol consumption, and diseases such as dyslipidemia, obesity, and diabetes are increasingly contributing to the rising incidence of CVD. As per the American Heart Association, ~41.4% of adults in the US will have hypertension by 2030 (an 8.4% increase from 2012). Furthermore, a report by the US Census Bureau states that the number of people in the US aged 65 and above is anticipated to grow from 46 million in 2016 to more than 98 million by 2060. Their population share is anticipated to surge from ~15% to ~24% during this period.

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Furthermore, many countries imposed restrictions on nonclinical staff's access to the facility and guests. Moreover, the increased prevalence of cardiovascular conditions among COVID-19 patients further increased the demand for electrophysiology studies, which resulted in increased market growth. Recent COVID-19 guidelines for healthcare professionals suggested focusing on urgent care and triaging cases to postpone elective surgeries and clinic appointments, transitioning to virtual-based care when appropriate. Thus, the COVID-19 pandemic created a short-term negative impact on the electrophysiology market.

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