NEW YORK, July 14, 2022 /PRNewswire/ -- As per Zion Market Research study, The global electrophysiology market generated a revenue of $6.5B in 2021 and is projected to garner a revenue of over $12B by 2028 at a CAGR of 9.6% during the forecast period.
Key Industry Insights & Finding of the Electrophysiology Market Reports:
- As per the analysis shared by our research analyst, the Electrophysiology Market is expected to grow annually at a CAGR of around 9.6 % (2022-2028).
- Through the primary research, it was established that the Electrophysiology Market was valued approximately USD 6.5 Billion in 2021 and is projected to reach to roughly USD 12 Billion by 2028.
- The global electrophysiology market is expected to be dominated by Asia-Pacific in the coming years largely contributed by regions like China and India.
- North America is expected to register high CAGR during the forecast period owing to the advanced healthcare architecture of the region along with the improved standard of living and better spending capability of the general population.
- Australia-based CathRx Ltd. is a leading manufacturer of high-quality, low-cost, and modular electrophysiology reprocessable catheters that can be reused 20 times which makes them at least 50% cheaper, reducing the stress of buying new catheters for every use creating pressure on small-scale manufacturers reducing consumer database and creating challenging situations against global market growth.
Zion Market Research published the latest report titled as "Global Electrophysiology Market By Indication (Atrioventricular Nodal Reentry Tachycardia, Atrial Flutter, Atrial Fibrillation, Wolff-Parkinson-White Syndrome, and Others), By Product (EP Laboratory Devices, Access Devices, EP Ablation Catheters, EP Diagnostic Catheters, and Others), By End-User (Ambulatory Surgery Centers, Hospitals & Cardiac Centers, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 - 2028." into their research database.
Electrophysiology Market: Overview
Electrophysiology study refers to the tests conducted to assess the heart's electrical system, and for diagnosing any abnormal heartbeat or arrhythmia. Catheters followed by wire electrodes are inserted in the patient's heart through blood vessels, which aid the detection of heartbeats. It is recommended to empty the bladder as much as possible before going in for an electrophysiology test.
Hospitals are equipped with special electrophysiology laboratories to conduct these tests, where the patient is placed on an X-ray table and is also surrounded by other technical devices like heart monitors, cameras, and television screens. Depending on the type of test being conducted, extra medication is given involving intravenous medicine to sedate the patient which assists in reducing the anxiety or general discomfort. The next step involves local anesthesia to numb the area being operated on.
The global electrophysiology market is generally divided into two parts: one involves the assessment of the heart to assess electrical functions, and the other part involves increasing the heartbeat to generate abnormal rhythms which are then monitored under controlled conditions.
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Industry Dynamics:
Electrophysiology Market: Growth Drivers
- Growth in the number of heart-related diseases to propel global market expansion.
In 2021, Johnson & Johnson reported that over 47 million of the world population suffers from atrial fibrillation, and this was only counting the patients from Asia-Pacific, the USA, and Europe. This can be attributed to the rise in the geriatric population, poor eating habits, unhealthy lifestyles, along with stressful situations arising in day-to-day matters. Some of these conditions are genetic as well or may be caused due to other medical problems. The rise in the number of reported medical cases in every part of the world is expected to aid global electrophysiology market growth in the coming years.
With the advancement in technologies, electrophysiology has reached new heights, for example, the latest software developed by BioSig Technology, Inc. is a step further in signal processing technology. The constant innovation in the healthcare sector is expected to help the sector reach a larger patient database as we are in a state to treat even the most complex heart-related problems.
Electrophysiology Market: Restraints
- High cost associated with electrophysiology to restraint global market growth.
Electrophysiology procedures are expensive since they may require multiple visits to the doctor before zeroing down on the actual cause of the heart problem and establishing a confirmed medication. One electrophysiology report may cost anywhere over $1000 and upwards depending on the medical conditions and previous history. The post-care is also high maintenance thus restricting individuals to spend on this treatment.
Electrophysiology procedures are not covered by many insurance policies and lack the necessary reimbursement structure which may hamper global market growth during the forecast period.
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Electrophysiology Market: Opportunities
- Higher number of patients in developing economies to provide global market growth opportunities.
In countries like China and India, the lifestyle is extremely hectic resulting in an increasing number of patients suffering from cardiovascular diseases. In China, as per official reports, cardiovascular incidents may rise by 50% by 2030 from what it was in 2010. India has recorded the highest number of diabetic patients in the past few years. The rising demand for electrophysiology in such regions is expected to provide lucrative growth opportunities for global electrophysiology market growth.
Electrophysiology Market: Challenges
- Rise in demand for reusable devices to pose challenges to global market expansion.
There is a rising shift of preference towards devices that can be reused or reprocessed, for example, ablation catheters. Single-use devices reduce the total cost spent on new devices by 10% thus aiding medical clinics to reduce their overall expense. Australia-based CathRx Ltd. is a leading manufacturer of high-quality, low-cost, and modular electrophysiology reprocessable catheters that can be reused 20 times which makes them at least 50% cheaper, reducing the stress of buying new catheters for every use creating pressure on small-scale manufacturers reducing consumer database and creating challenging situations against global market growth.
Global Electrophysiology Market: Segmentation
- The global electrophysiology market is segmented by indication, product, end-user, and region.
Based on indication, the global market segments are atrioventricular nodal reentry tachycardia, atrial flutter, atrial fibrillation, Wolff-Parkinson-White Syndrome, and others. Atrial fibrillation managed to register the highest revenue in the last few years and is expected to dominate the global market in the coming years as well owing to its extensive use in detecting arrhythmia aided by the increasing geriatric population, and cases related to heart failure.
Based on product, the global market segments are EP laboratory devices, access devices, EP ablation catheters, EP diagnostic catheters, and others. EP laboratory devices held over 55% of the global market share because of the launch of technologically advanced laboratory devices like 3D mapping systems, along with an increase in RF ablation procedures.
Based on end-user, the global market is segmented into ambulatory surgery centers, hospitals & cardiac centers, and others which are expected to be dominated by electrophysiology centers in hospitals and cardiac centers.
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List of Key Players of Electrophysiology Market :
- Stereotaxis
- Siemens Healthcare GmbH
- Johnson & Johnson
- Atricure Inc.
- Boston Scientific Corporation
- Koninklijke Philips N.V.
- Japan LifeLine Co.
- Biotronik
- Acutus Medical Inc.
- Merit Medical Systems
- APN Health.
Key questions answered in this report:
- What are the growth rate forecast and market size for Electrophysiology Market ?
- What are the key driving factors propelling the Electrophysiology Market forward?
- What are the most important companies in the Electrophysiology Market Industry?
- What segments does the Electrophysiology Market cover?
- How can I receive a free copy of the Electrophysiology Market sample report and company profiles?
Report Scope:
Report Attribute | Details |
Market size value in 2021 | USD 6.5 Billion |
Revenue forecast in 2028 | USD 12 Billion |
Growth Rate | CAGR of almost 9.6 % 2022-2028 |
Base Year | 2020 |
Historic Years | 2016 - 2021 |
Forecast Years | 2022 - 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2022 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Companies Covered | Stereotaxis, Siemens Healthcare GmbH, Johnson & Johnson, Atricure Inc., Boston Scientific Corporation, Koninklijke Philips N.V., Japan LifeLine Co., Biotronik, Acutus Medical, Inc., Merit Medical Systems, and APN Health. |
Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. https://www.zionmarketresearch.com/custom/991 |
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Recent Developments
- In June 2020, US-based medical device company Boston Scientific Corporation launched DIRECTSENSE technology which will aid the monitoring of radiofrequency energy delivery effect while also conducting cardiac ablation procedures.
- In January 2022, pharmaceutical giant Abbott Laboratories announced the clearance of the EnSite X EP system by the US Food and Administration Federation. The Ensite omnipolar technology is used in the treatment of patients suffering from atrial fibrillation.
Regional Dominance:
- Asia-Pacific to dominate the global market during the forecast period.
The global electrophysiology market is expected to be dominated by Asia-Pacific in the coming years largely contributed by regions like China and India. This is estimated as per the rising health concern of the population due to medical concerns like diabetes, chronic diseases, blood pressure, and obesity. The regions are also witnessing exponential growth in the population aiding the subsequent demand for improved healthcare infrastructure.
North America is expected to register high CAGR during the forecast period owing to the advanced healthcare architecture of the region along with the improved standard of living and better spending capability of the general population. The regional growth can also be attributed to the presence of key electrophysiology device manufacturers along with comprehensive reimbursement policies.
Global Electrophysiology Market is segmented as follows:
Electrophysiology Market: By Indication Outlook (2022-2028)
- Atrioventricular nodal reentry tachycardia
- Atrial flutter
- Atrial fibrillation
- Wolff-Parkinson-White syndrome
- Others
Electrophysiology Market: By Product Outlook (2022-2028)
- EP Laboratory Devices
- Access Devices
- EP Ablation Catheters
Electrophysiology Market: By End-User Outlook (2022-2028)
- Ambulatory Surgery Centers
- Hospitals & Cardiac Centers
- Others
Electrophysiology Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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