Electrophysiology Market Soars to US$22.67 Billion, with a CAGR of 11.6% Predicted by 2033 | FMI Inc.

By 2033, the electrophysiology market is expected to be worth US$22.67 billion, growing at a CAGR of 11.6%, according to FMI. The market is expanding quickly, and in 2023 it's anticipated to be worth US$7.57 billion.

The increasing demand for minimally invasive, safer, and efficient electrophysiology therapies has transcended the electrophysiology market growth. The latest electrophysiology catheters, devices, and access devices offer advanced cardiac electromapping, ablations, and diagnostic procedures. The next-generation electrophysiology devices offer minimal invasive interventions that offer short hospital stay periods.

The increasing adoption of ablation catheterization for the management of cardiac arrhythmias is escalated by the introduction of advanced, safer, and efficient electrophysiology solutions by the key players. The minimally invasive nature of the incoming electrophysiology solutions is safer for patients with medical comorbidities.

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The cardiac arrhythmia treatment regime frequently combines these latest electrophysiology devices with several antiarrhythmic drugs such as procainamide, amiodarone, flecainide, and others. The shift towards the increased adoption of disposable catheters due to their affordability, sterility, and safety has also rocketed the sales of the electrophysiology market. Manufacturers have eyed acquisitions, collaborations, product approvals, and launching into various geographies to penetrate deep into the potential electrophysiology markets.

The COVID-19 pandemic in the first few months of 2020 has had a negative impact on the electrophysiology market. The massive global lockdown, along with the shutting down of the economies such as China has halted the demand and supply activities. Seeing the massive influx of the COVID19 patients and the risk of hospital-acquired infections, several cardiology and electrophysiology committees jotted updated strategies and protocols of conduct to cut down on the number of electrophysiology procedures and to only perform the interventional procedures for the high priority cases.

Key Takeaways from Electrophysiology Market Study

-The global electrophysiology market is estimated to be US$ 7.84 Bn in 2020, exhibiting a CAGR of ~12.7 % during the forecast period (2020-2030)
-The U.S. will remain a highly lucrative market, accounting for over 95% of the North American market in 2021, based on volume
-Demand from the U.K. is poised to surge considerably. FMI forecasts it to exhibit 8.5% Y-o-Y growth in 2021
-Germany and France will emerge as other key markets for electrophysiology in the U.K.
-Demand from both Japan and South Korea is expected to increase at a considerable pace in the coming years

Who is winning?

The leading manufacturers have eyed the improvisation of the ablation procedures with the introduction of the latest contact-force sensing technology that offers high precision ablation, irrigated tip ablation catheters with controlled and target-specific ablation, and balloon catheters with more predictable and reproducible ablation.

Stereotaxis and Acutus Medical have introduced telerobotics in the cardiac ablation catheter surgeries that offer high precision ablation, real-time cardiac imaging, and high-resolution cardiac mapping. Digital cloud technology has also been integrated into the Electrophysiology Devices that allows the interventionalist to remotely access the cardiac data.

For instance, J&J's Biosense Webster launched a new cloud-based network, CARTONET platform that connects the field's myriad devices to share the 3D image files into laptops, tablets, etc.

The global electrophysiology market is set to expand its scope in the forecast period, as a result of the rising prevalence of cardiac arrhythmias. In addition to this, the escalating demand for minimally invasive cardiac therapies, increasing adoption of the electrophysiology interventions, along with the incoming advanced technologies are propelling the growth of the market.

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Electrophysiology Market: Segmentation

Product Type

>Electrophysiology Laboratory Devices
--3D Mapping Systems
--Electrophysiology Recording Systems
--Radiofrequency (RF) Ablation Systems
--Intracardiac Echocardiography (Ice) Ultrasound Imaging Systems
--Cardiac Stimulators
--Others
>Electrophysiology Ablation Catheters
--Cryoablation Electrophysiology Catheters
--Radiofrequency (RF) Ablation Catheters
--Irrigated Tip RF Ablation Catheters
--Laser Ablation Catheters
>Electrophysiology Diagnostic Catheters
--Conventional Electrophysiology Diagnostic Catheters
--Advanced Electrophysiology Diagnostic Catheters
--Ultrasound Electrophysiology Diagnostic Catheters
-Access Devices

Indication

-Atrial Fibrillation
-Atrial Flutter
-Wolff-Parkinson-White Syndrome (WPW)
-Atrioventricular Nodal Reentry Tachycardia (AVNRT)
-Ventricular tachycardia (VT)
-Others

End-User

-Hospitals
-Cardiac Catheterization Laboratories
-Ambulatory Surgery Centers

 Author

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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