What is the global market size of Electrophysiology Devices Market?

Global Electrophysiology Devices Market size was valued at USD 6.10 billion in 2022 and is poised to grow from USD 6.78 billion in 2023 to USD 15.81 billion by 2031, growing at a CAGR of 11.16% during the forecast period (2024-2031).

Which region accounted for the largest share in Global Electrophysiology Devices Market?

North America dominated the industry, accounting for more than 37.5% of worldwide sales in 2023, owing to high rates of heart failure, heart attack, and cardiac arrhythmia. The availability of modern healthcare infrastructure and favorable reimbursement policies is likely to support the region's growth over the forecast period.

Electrophysiology Devices Market Size, Share, Growth Analysis, By Type(Ablation Catheters (Radiofrequency (RF) Ablation, Cryoablation, Pulse Field Ablation) Diagnostic Catheters, Laboratory Devices and Access Devices), By Indication(Atrial Fibrillation (AF), and Non-Atrial Fibrillation), By End-Use(Inpatient Facilities, Outpatient Facilities and Others), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35A2420 | Region: Global | Published Date: March, 2024
Pages: 219 | Tables: 89 | Figures: 76

Electrophysiology Devices Market Regional Insights

In 2023, the market for electrophysiology (EP) devices was dominated by North America, which had 48.3% of the global market share. The main factors driving this region's growth are the increased prevalence of cardiovascular disease, the sophisticated healthcare system, and the presence of important players. Furthermore, it is anticipated that the growing number of patients undergoing procedures and the increased public awareness of minimally invasive surgery will drive market expansion in North America.

The market for electrophysiology devices in Asia Pacific is anticipated to grow at the quickest rate of 14.8% over the course of the forecast period. Over the next ten years, the market is expected to rise due to factors such improving health awareness, the burgeoning private hospital sector, growing government expenditure and assistance, the rising prevalence of cardiovascular illnesses, and the expanding availability of insurance coverage.

Electrophysiology Devices Market Report Snapshots

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Global Electrophysiology Devices Market size was valued at USD 6.78 Billion in 2023 and is poised to grow from USD 7.54 Billion in 2024 to USD 15.81 billion by 2031, at a CAGR 11.16 % during the forecast period (2024-2031).

The market is extremely competitive, with players pursuing new product development and large R&D investments as a long-term strategy. Companies around the world are pursuing an inorganic growth approach to expand product portfolios and gain a presence in the sector. For example, Boston Scientific Corp. finalized the acquisition of Baylis Medical firm Inc. in February 2022, a firm specializing in providing an advanced transseptal option for catheter-based treatments on the left side of the heart. 'Abbott Laboratories', 'Medtronic plc', 'Boston Scientific Corporation', 'Biosense Webster (a Johnson & Johnson company)', 'St. Jude Medical (part of Abbott Laboratories)', 'Siemens Healthineers', 'Koninklijke Philips N.V.', 'GE Healthcare', 'MicroPort Scientific Corporation', 'Biotronik SE & Co. KG', 'CardioFocus Inc.', 'LivaNova PLC', 'Penumbra, Inc.', 'Stereotaxis, Inc.', 'nContact, Inc. (part of AtriCure, Inc.)', 'Advanced Cardiac Therapeutics, Inc.', 'CathRx Ltd.', 'Osypka Medical GmbH', 'Auris Health, Inc. (part of Johnson & Johnson)', 'AngioDynamics, Inc.'

The growing prevalence of cardiac arrhythmias, such as atrial fibrillation and ventricular tachycardia, is a major driver of the electrophysiology devices market. These conditions require accurate diagnosis and treatment, which can be facilitated by electrophysiology devices.

Minimally invasive procedures: There is a growing trend towards minimally invasive procedures in the field of electrophysiology. Advances in technology and device design have enabled the development of catheter-based techniques that allow for precise diagnosis and treatment of cardiac arrhythmias with reduced patient discomfort, shorter recovery times, and lower risk of complications.

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Electrophysiology Devices Market Regional Insights

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