What is the global market size of Electrophysiology Devices Market?

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).

Who are the key vendors in the Global Electrophysiology Devices Market?

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.'

What is the key driver of Global Electrophysiology Devices Market?

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.

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

Electrophysiology Devices Market Insights

Electrophysiology Devices Market size was valued at USD 6.8 billion in 2023 and is poised to grow from USD 7.44 billion in 2024 to USD 15.26 billion by 2032, growing at a CAGR of 9.4% during the forecast period (2025-2032).

The growing use of electrophysiology (EP) tests in both the prevention and treatment of heart diseases such as atrial fibrillation, as well as the increased demand for equipment for cardiac rhythm leadership for continuous monitoring and the increasing application of these gadgets in out-of-hospital settings, are driving industry growth. Sedentary lifestyles, cigarette smoking, excessive alcohol use, and other factors are all contributing to an increase in the occurrence of heart failure, sudden cardiac arrest, and AF among millennials. According to the Centers for Disease Control and Prevention, roughly 12.1 million Americans will have AF by 2031.

Furthermore, Europeans are more susceptible to atrial fibrillation than African Americans. According to the European Society of Cardiology, one of the leading causes of death in Western countries is abrupt cardiac arrest caused by an irregular heart rhythm. Every year, around one in every 1,000 persons is affected. Cardiology specialist equipment used for the detection and management of heart arrhythmias is electrophysiology devices. As a result, the rising prevalence of heart disease is fueling market expansion. EP has made mobile cardiac monitoring and ambulatory electrocardiogram (ECG) tracking more accessible. Remote monitoring of implanted cardiac devices, data storage in the public internet, and the addition of wireless transmission are projected to drive market expansion.

It enables healthcare providers to gain access to patient information, such as 3D photos and movies obtained during ablation treatments. Patients' preference for minimally invasive operations has grown in recent years. Cryoablation, laser therapy, ultrasonic ablation, and better mapping technologies are also anticipated to be beneficial to the sector. Medtronic, for example, got U.S. FDA approval in February 2022 for the Freezor & Freezor Xtra Cardiac Cryoablation Focal Catheters for the management of Atrioventricular Nodal Reentrant Tachycardia (AVNRT) in pediatric patients.

FAQs

Electrophysiology Devices Market size was valued at USD 8.94 Billion in 2023 and is poised to grow from USD 10.22 Billion in 2024 to USD 29.72 Billion by 2032, growing at a CAGR of 0.143 during the forecast period (2025-2032).

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. 'Medtronic (Ireland) ', 'Boston Scientific Corporation (US) ', 'Abbott (US) ', 'GE HealthCare (US) ', 'Biotronik SE & Co. KG (Germany) ', 'MicroPort Scientific Corporation (China) ', 'Koninklijke Philips N.V. (Netherlands) ', 'Siemens Healthineers (Germany) ', 'CardioFocus Inc. (US) ', 'LivaNova PLC (UK) ', 'Penumbra, Inc. (US) ', 'Stereotaxis, Inc. (US) ', 'Advanced Cardiac Therapeutics, Inc. (US) ', 'CathRx Ltd. (Australia) ', 'Osypka Medical GmbH (Germany) ', 'AngioDynamics, Inc. (US) ', 'H2O.ai Inc. (US) ', 'DataRobot, Inc. (US) ', 'Clarifai, Inc. (US) ', 'Darktrace plc (UK) ', 'C3.ai, Inc. (US) '

Increasing Prevalence of Cardiac Arrhythmias

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.

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.