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Global Electrophysiology Market Research Report Covering Prime Factors and Competitive Outlook till 2028
Electrophysiology Market
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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.
According to a study published in the Medical Journal of Australia in August 2015, the number of patients over 55 years of age with AF in Australia is expected to grow from 328,562 in June 2014 to ~600,000 cases by 2034. As per BioSig Technologies' 2019 annual report, the number of ablation procedures worldwide was projected to increase from 973,220 in 2017 to 1,455,000 by 2022; within this category, complex ablations were expected to increase by 13.5% annually from 440,629 in 2017 to 830,390 by 2022. Thus, the rising incidence of these diseases is increasing the demand for electrophysiological (EP) procedures, thereby acting as driver for the growth of the electrophysiology market.
The electrophysiology market majorly consists of players Abbott, Biotronik, Inc.; Boston Scientific Corporation; CardioFocus; GE Healthcare; Koninklijke Philips N.V.; Johnson & Johnson Services, Inc.; Medtronic; MicroPort Scientific Corporation; and Siemens Healthineers AG.
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As a result, health care systems were overburdened, and the delivery of medical care to all patients became a challenge globally. In addition, the medical device industry was facing the negative impact of COVID-19 pandemic. As the COVID-19 pandemic unfolded, medical device companies found difficulties managing their operations. This disrupted and restricted the companies' ability to distribute products and resulted in temporary closures of their facilities. However, hospitals gradually resumed elective procedures as the COVID-19 recovery rate increased. Hence, the demand for medical equipment, including electrophysiology, is expected to increase.
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.
Impact of COVID-19 Pandemic on Global Electrophysiology Market
In 2020, the COVID-19 pandemic led to the implementation of stringent lockdown regulations across several countries, resulting in disruptions in the implementation of Electrophysiology. Due to the spread of the COVID-19 pandemic, many countries and cities were shut down, causing the cancellation of treatments and doctor appointments. 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.
Chapter Details of Electrophysiology Market:
Part 01: Executive Summary
Part 02: Scope of The Report
Part 03: Electrophysiology Market Landscape
Part 04: Electrophysiology Market Sizing
Part 05: Electrophysiology Market Segmentation by Product
Part 06: Five Forces Analysis
Part 07: Customer Landscape
Part 08: Geographic Landscape
Part 09: Decision Framework
Part 10: Drivers and Challenges
Part 11: Market Trends
Part 12: Vendor Landscape
Part 13: Vendor Analysis
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About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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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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