The electrophysiology market is expected to grow from US$ 8,286.18 million in 2022 to US$ 14,849.01 million by 2028; it is expected to register a CAGR of 10.2% from 2022 to 2028.
Electrophysiology (EP) is a biomedical field that deals with studying electric activity in the body. It is also called invasive cardiac electrophysiology, a series of tests examining the heart's electrical activity. It is performed to assess the heart's electrical system or activity and is used to diagnose and treat heart rhythm disorders or arrhythmia. The test is performed using catheters and wire electrodes that measure electrical activity via blood vessels that enter the heart. The increase in cardiovascular disorders such as atrial fibrillation, atrial flutter, and others and a significant increase in the geriatric and obese population are the key factors driving the growth of the electrophysiology market. However, the high cost of electrophysiology devices and unfavorable reimbursement scenarios hamper the market growth.
The report offers insights and in-depth analysis of the electrophysiology market, emphasizing various parameters such as market trends, technological advancements, market dynamics, and competitive landscape analysis of global leading market players. It also includes the impact of the COVID-19 pandemic on the market across all regions. Due to the COVID-19 pandemic, many health authorities focused on pandemic-related care. They avoided human contact due to growing transmission and strain on healthcare resources by postponing elective surgeries, suspending outpatient clinics, and triaging employees involved in urgent care. Furthermore, many countries imposed restrictions on nonclinical staff's access to the facility and guests. Moreover, there was an increase in the prevalence of cardiovascular conditions among COVID-19 patients, which further created the demand for electrophysiology studies, which resulted in market growth. Recent COVID-19 guidelines for healthcare professionals suggested a focus on urgent care and triaging cases to postpone elective surgeries and clinic appointments, with a transition to virtual-based care when appropriate.
Moreover, many companies manufacturing electrophysiology devices focus on responding to emergencies through various strategies such as manufacturing PPEs for healthcare workers, distributing pharmaceutical drugs, and other activities. Further, in November 2020, Medtronic and the Medtronic foundation has committed the financial support of US$ 3.8 million on a global level to provide healthcare worker support in terms of food, operational support, mental health support, PPE kits, and others. Thus, the pandemic had a short-term negative impact on the electrophysiology market
The electrophysiology market is segmented into product, indication, and geography. By region, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.
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Electrophysiology Market: Strategic Insights
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Electrophysiology Market: Strategic Insights
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Market Insights
Increasing Incidence of Target Diseases and Procedures
Increasing Incidence of Target Diseases and Procedures
Atrial fibrillation (AF) is the most commonly diagnosed arrhythmia in clinical practice, affecting over ~886,000 new people in Europe each year. According to a report on the burden of atrial fibrillation, the number of people with AF is expected to increase by 70% of the population by 2030, and by 2050 Europe is expected to have the highest number of patients with AF. As per the Centers for Disease Control and Prevention (CDC), in the US, it is estimated that this number will increase to 12.1 million by 2030. According to a study published in the Medical Journal of Australia in August 2015, the number of patients over 55 years of age with AF in Australia is expected to grow from 328,562 in June 2014 to ~600,000 cases by 2034. As per BioSig Technologies' 2019 annual report, the number of ablation procedures worldwide was projected to increase from 973,220 in 2017 to 1,455,000 by 2022; within this category, complex ablations were expected to increase by 13.5% annually from 440,629 in 2017 to 830,390 by 2022. Thus, the rising incidence of these diseases is increasing the demand for electrophysiological (EP) procedures, thereby acting as a driver for the growth of the electrophysiology market.
Product-Based Insights
Based on product, the global electrophysiology market is segmented into electrophysiology ablation catheters, electrophysiology laboratory devices, electrophysiology diagnostic catheters, access devices, and others. In 2022, the electrophysiology laboratory devices segment accounted for the largest share of the market; it is further expected to continue its dominance over the forecast period. However, the electrophysiology ablation catheters segment is expected to register the highest CAGR in the electrophysiology market during 2022–2028.
Indication-Based Insights
Based on indication, the electrophysiology market is segmented into atrial fibrillation (AF), atrial flutter, atrioventricular nodal reentry tachycardia (AVNRT), wolff-parkinson-white syndrome (WPW), and others. The atrial fibrillation segment held the largest market share in 2021 and is anticipated to register the highest CAGR during the forecast period.
The electrophysiology market players adopt organic strategies such as product launch and expansion to expand their footprint and product portfolio worldwide and meet the growing demand. In April 2022, Shanghai MicroPort Endovascular MedTech (Group) Co., Ltd. (Endovastec) recently hosted a product launch event titled Elephant trunk for the heart: revival of the classic” for its Fontus Branched Surgical Stent Graft System; Fontus; which was held back-to-back with a seminar on the stented elephant trunk procedure. Twenty-one experts from 17 hospitals gathered virtually to share clinical data and information related to the application of Fontus, which attracted the attendance of over 5,000 viewers online.
Geography-Based Insights
By geography, the electrophysiology market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Spain, Italy, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and the Rest of APAC), the Middle East & Africa (Saudi Arabia, the UAE, South Africa, and the Rest of the MEA), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
Electrophysiology Market Regional Insights
Electrophysiology Market Regional Insights
The regional trends and factors influencing the Electrophysiology Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Electrophysiology Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
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Electrophysiology Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 8.29 Billion |
| Market Size by 2028 | US$ 14.85 Billion |
| Global CAGR (2022 - 2028) | 10.2% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
Electrophysiology Market Players Density: Understanding Its Impact on Business Dynamics
The Electrophysiology Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Electrophysiology Market are:
- Abbott Laboratories
- Biotronik, Inc.
- Boston Scientific Corporation
- CardioFocus
- GE Healthcare
Disclaimer: The companies listed above are not ranked in any particular order.
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Company-Based Insights
Abbott Laboratories; Biotronik, Inc.; Boston Scientific Corporation; CardioFocus; GE Healthcare; Koninklijke Philips N.V.; Johnson & Johnson Services, Inc.; Medtronic; MicroPort Scientific Corporation; and Siemens Healthineers AG is among the leading companies operating in the electrophysiology market.
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product and Indication
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Abbott Laboratories, Biotronik, Inc., Boston Scientific Corporation, CardioFocus, GE Healthcare, Koninklijke Philips N.V., Johnson & Johnson Services, Inc., Medtronic, MicroPort Scientific Corporation, Siemens Healthineers AG, are among the leading companies operating in the global electrophysiology market
Global electrophysiology market is segmented by region into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. In North America, the U.S. is the largest market for electrophysiology market during the forecast period. rapid technological advancements in the field of healthcare due to rising prevalence of cardiovascular problems, increase in product approvals for the treatment of various heart related diseases, and the growing emphasis of prominent players on emerging markets are likely to boost the North American electrophysiology market during the forecast period. Additionally owing to the high prevalence of chronic disorders, increase in healthcare expenditure, and growing aging population are the key factor responsible for the Asia-Pacific regional growth for electrophysiology accounting fastest growth of the region during the coming years.
The electrophysiology market, by indication, the market is fragmented into atrial fibrillation (AF), atrial flutter, atrioventricular nodal reentry tachycardia (AVNRT), wolff-parkinson-white syndrome (WPW), and others. The Atrial Fibrillation segment held the largest share of the market in 2022 and anticipated to register the highest CAGR of 11.0% in the market during the forecast period.
Electrophysiology (EP) is a biomedical field that deals with the study of electric activity in the body. It is also called as invasive cardiac electrophysiology, a series of tests that examine the heart's electrical activity. It is performed to assess the heart's electrical system or activity and is used to diagnose and treat heart rhythm disorders or arrhythmia. The test is performed by using catheters and wire electrodes that measure electrical activity via blood vessels that enter the heart.
Key factors driving the growth of the market are increasing incidence of target diseases and procedures and growing geriatric population.
The electrophysiology market, based on product, has been segmented into electrophysiology ablation catheters, electrophysiology laboratory devices, electrophysiology diagnostic catheters, access devices, and others. The electrophysiology laboratory devices segment is likely to hold the largest share of the market in 2022. However, the electrophysiology ablation catheters segment is anticipated to register the highest CAGR in the market during the forecast period of 2022 to 2028.
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The List of Companies - Electrophysiology market
- Abbott Laboratories
- Biotronik, Inc.
- Boston Scientific Corporation
- CardioFocus
- GE Healthcare
- Koninklijke Philips N.V.
- Johnson & Johnson Services, Inc.
- Medtronic
- MicroPort Scientific Corporation
- Siemens Healthineers AG
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