Future Market Insights, Inc. (FMI) predicts a vibrant future for the electrophysiology devices and equipment market, buoyed by surging demand for cardiac ablation procedures and continuous technological advancements. Explore the intricate dynamics of the growing market and discover valuable stakeholder opportunities in our detailed FMI report.
NEWARK, Del., Jan. 24, 2024 /PRNewswire/ -- The Electrophysiology Market value is expected to rise from US$ 4,350.7 billion in 2024 to US$ 9,078.4 billion by 2034. This estimated growth is expected to be driven by a CAGR of 7.60% over the next decade.
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The demand for cardiac ablation procedures is increasing across various geographies. Thus, spurring the adoption of electrophysiology devices and equipment. Certain common factors that drive market growth are increasing technological advancements in the field of electrophysiology and the rising prevalence of target diseases.
Advancements in electrophysiology have led to the development of enhanced devices that make procedures less invasive with improved atrial fibrillation treatment outcomes. Additionally, continuous technological upgrades in the applications of electrophysiology like cardiac magnetic resonance imaging (CMR), cardiac computerized tomography (CT), and electro-anatomic mapping, etc., are expected to accelerate product demand.
"Key players are focusing on innovation, advancement, and effectiveness of products to differentiate themselves and beat the market competition," says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.).
Key Takeaways from the Electrophysiology Market Report
- In North America, the markets in the United States and Canada are estimated to expand at CAGRs of 9.6% and 8.8% through 2034, respectively.
- In Europe, Germany and France are predicted to rise at CAGRs of 9.9% and 8.7% through 2034, respectively.
- The Indian electrophysiology market is projected to expand at a CAGR of 7.9% from 2024 to 2034.
- EP ablation catheters are estimated to capture a market share of 42.1% in 2024.
- Atrial fibrillation is the top indication segment that is assessed to occupy a share of 63.4% in 2024.
- The hospital segment is projected to acquire a market share of 62.6% in 2024.
Competitive Landscape
Key players are expected to expand their operations in emerging countries over the forecast period. Additionally, companies are concentrating on providing remote monitoring tools, educational programs, and other support services to assist patients in managing their conditions and enhancing their quality of life. Leading players are further acquiring smaller players that have the latest technologies to increase their market access.
Industry leaders are utilizing online channels like search engine optimization, social media, and webinars to educate patients and physicians alike about the benefits of electrophysiology.
Key Electrophysiology Companies
- Abbott Laboratories
- Johnson & Johnson (Biosense Webster, Inc.)
- Medtronic Plc
- Boston Scientific Corporation
- Japan Lifeline
- Koninklijke Philips N.V.
- Merit Medical Systems
- Biotronik SE & Co. KG
- Microport Scientific Corporation
- APN Health, LLC
- Baylis Medical Company, Inc.
- Others
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Recent Developments in the Electrophysiology Market
- In January 2024, CardioFocus, Inc., a medical device firm, acquired the Galvanize Therapeutics' Electrophysiology Technology division. In this acquisition, the notable assets include CENTAURI System pulsed electric field generator, which is available throughout the European Union and the United Kingdom. Another asset is QuickShot catheter ablation system, which is currently under development.
- In August 2023, the use of cardiac electrophysiology (EP) services at Goa Medical College was approved by the state cabinet. Cardiac catheterization laboratory equipment will be used to treat patients and to train local cardiologists.
- In January 2022, Abbott revealed that it had gained approval from the United States FDA for the EnSite X EP System equipped with EnSite Omnipolar Technology (OT). This new cardiac mapping platform is available across the United States and Europe and is designed to assist physicians in effectively treating abnormal heart rhythms, also called cardiac arrhythmias.
Key Segments in the Electrophysiology Market Report
By 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
By Indication:
- Atrial Fibrillation
- Atrial Flutter
- Wolff-Parkinson-White Syndrome (WPW)
- Atrioventricular Nodal Reentry Tachycardia (AVNRT)
- Ventricular tachycardia (VT)
- Others
By End User:
- Hospitals
- Cardiac Catheterization Laboratories
- Ambulatory Surgery Centers
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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About the 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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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and market analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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