What is the global market size of Electrophysiology Devices Market?

Global Electrophysiology Devices Market size was valued at USD 5.49 Billion in 2021 and is poised to grow from USD 6.1 Billion in 2022 to USD 13.9 billion by 2030, at a CAGR 11.16 % during the forecast period (2023-2030).

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.

What is the key market trend for Global Electrophysiology Devices Market?

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.

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 2022, 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.

Global Electrophysiology Market Size, Share, Growth Analysis, By Type(Ablation Catheters, Diagnostic Catheters), By Application(Atrial Fibrillation, Supraventricular Tachycardia (SVT)), By End-use(Hospitals & ASCs, Specialty Clinics & Diagnostic Centers) - Industry Forecast 2024-2031

Report ID: SQMIG35A2602 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 92 | Figures: 76

Global Electrophysiology Market Insights

Global Electrophysiology Market size was valued at USD 4.48 billion in 2019 and is poised to grow from USD 5 billion in 2023 to USD 13.2 billion by 2031, growing at a CAGR of 11.47% in the forecast period (2024-2031).

The global electrophysiology market is growing due to factors such as technological advancements, new market entrants, increasing investments, funds, and grants, and an increase in the incidence of target diseases and procedures. Emerging markets are also expected to provide significant growth opportunities for market participants. However, factors such as the high cost of electrophysiology products, insufficient reimbursement, unfavourable healthcare reforms in the United States, the cost-intensive requirement for clinical data for new product launches, and the availability of alternative technologies are expected to limit the market's growth in the coming years. Some of the challenges in this market include device reuse and reprocessing, as well as a shortage of skilled and experienced electrophysiologists.

Moreover, technological advancement is a factor in the growth of the electrophysiological market. For example, in March 2020, Stereotaxis received 510(k) clearance from the US Food and Drug Administration (FDA) for the robotic navigation of magnetic ablation catheters to treat heart rhythm disorders. Furthermore, market participants are increasing their market share through various strategies such as collaborations, partnerships, product approvals, and clearances. For example, in April 2022, Transit Scientific announced that its XO Cross Support Catheter Platform had been cleared by the US Food and Drug Administration for coronary use. The platform is intended to guide and support a guidewire during access to the peripheral or coronary vasculature, as well as to allow wire exchanges and to serve as a conduit for drug delivery.

US Electrophysiology Market is poised to grow at a sustainable CAGR for the next forecast year.

Global Electrophysiology Market Report Snapshots

License Type Top market research company in USA

File Type

$5,300

BUY NOW GET FREE SAMPLE

Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

The Electrophysiology Market is highly competitive and dominated by a few major players. Furthermore, market participants are focusing on collaboration and partnership activities. For example, in June 2018, Koninklijke Philips N.V. acquired EPD Solutions, a pioneer in image-guided procedures for cardiac arrhythmias, in order to expand Philips' interventional imaging system portfolio. Few major players currently dominate the market in terms of market share. Abbott Laboratories, Boston Scientific Corporation, Biotronik SE & Co. KG, GE Healthcare, and Medtronic Plc are among the market players. 'Abbott Laboratories', 'Biosense Webster, Inc.', 'Boston Scientific Corporation', 'Medtronic PLC', 'MicroPort Scientific Corporation', 'St. Jude Medical, Inc.', 'Siemens Healthineers', 'Koninklijke Philips N.V.', 'GE Healthcare', 'Nihon Kohden Corporation', 'CardioFocus, Inc.', 'Advanced Cardiac Therapeutics, Inc.', 'Atricure, Inc.', 'Biotronik SE & Co. KG', 'CardioInsight Technologies, Inc.', 'Catheter Precision, Inc.', 'Catheter Robotics, Inc.', 'Ep Solutions SA', 'Lepu Medical Technology (Beijing) Co., Ltd.', 'Osypka AG'

The increasing prevalence of atrial fibrillation, supraventricular tachycardia, and other heart conditions is driving up demand for electrophysiology. According to the CDC, atrial fibrillation affects 0.5% of the global population. Furthermore, approximately 2.0% of the population under the age of 65 suffers from the condition, while approximately 9.0% of the population over the age of 65 suffers from it globally in 2021. Another serious condition is ventricular tachycardia, which is responsible for an estimated 300,000 deaths in the United States alone each year. Thus, one of the primary factors driving demand for these devices for diagnosis and monitoring is the increasing prevalence of cardiovascular disorders. According to the American Heart Association, cardiovascular disease affects nearly half of all adults in the United States.

One of the major factors influencing market growth is the introduction of technologically advanced devices. During the forecast period, the use of various advanced mapping and guidance systems that aid in improved monitoring of heart rhythm is expected to increase.

The global electrophysiology market is studied on the basis of geography as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is expected to dominate the global electrophysiology market. The region's market dominance can be attributed to the rising prevalence of heart failure (HF), cardiac arrest, and cardiac arrhythmia as a result of unhealthy lifestyles and increased smoking and alcohol consumption. One of the major factors expected to drive market growth is the presence of adequate reimbursement policies in the region. The European market for electrophysiology devices is expected to grow significantly. The increasing prevalence of cardiovascular diseases in Europe is expected to increase demand for electrophysiology devices in the region. According to a study published in the NCBI, the prevalence of atrial fibrillation in Germany is estimated to be around 2.3% of the total population.

Feedback From Our Clients

"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "

- Mr. Ali Zali, Commercial Director, ICIIC Iran.

Global Electrophysiology Market Size, Share, Growth Analysis, By Type(Ablation Catheters, Diagnostic Catheters), By Application(Atrial Fibrillation, Supraventricular Tachycardia (SVT)), By End-use(Hospitals & ASCs, Specialty Clinics & Diagnostic Centers) - Industry Forecast 2024-2031

Global Electrophysiology Market Insights

Global Electrophysiology Market Report Snapshots

Want to customize this report?

FAQs

What is the global market size of Electrophysiology Market?

Who are the key vendors in the Global Electrophysiology Market?

What is the key driver of Global Electrophysiology Market?

What is the key market trend for Global Electrophysiology Market?

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

Request Free Customization

Related Reports

Feedback From Our Clients

$5,300