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I AgreeAnalysis of Electrophysiology Devices Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Expanding at a high-value CAGR of 8.5%, the global electrophysiology devices market is expected to increase from a value of US$ 9.20 billion in 2023 to US$ 20.80 billion by 2033-end.
An electrophysiology (EP) test is a procedure that is used to evaluate the electrical activity or system of the heart and is used to identify irregular heartbeats or arrhythmias. To conduct the test, catheters are inserted into the blood arteries leading to the heart, followed by wire electrodes that measure electrical activity.
For electrophysiology, which is important for electrodiagnosis and monitoring, measures of the electrical activity of neurons are taken into account in neuroscience. With the substantial improvement in electrophysiology methods, it is now easier to target the heart conditions that cause atrial fibrillation (AF). Since cardiac arrhythmias affect half the population, electrophysiological equipment is used to identify them.
Electrophysiology devices are classified into electrophysiology ablation catheters, electrophysiology diagnostic catheters, electrophysiology laboratory devices, and electrophysiology access devices. Global demand for electrophysiology ablation catheters is expected to increase at a high CAGR of 9.5% from 2023 to 2033.
Ablation is a procedure that restores the functionality of your heart by carefully removing any abnormal tissue. EP ablation is a minimally-invasive surgical procedure that employs catheters to close off the troublesome electrical pathways in the heart.
The apparatus helps remove aberrant heart tissues that lead to erratic heart rhythms. The most popular ablation catheter types are radiofrequency ablation and cryoablation, and both are anticipated to hold sizable market shares due to associated technological improvements.
Factors anticipated to drive demand for molecular electrophysiology devices during the projected period include growing acceptance of electrophysiology devices in the diagnosis and treatment of cardiovascular illnesses such as atrial fibrillation and rising demand for devices for cardiac rhythm management for continuous monitoring.
Report Attributes |
Details |
Electrophysiology Devices Market Size (2023E) |
US$ 9.20 Billion |
Forecasted Market Value (2033F) |
US$ 20.80 Billion |
Global Market Growth Rate (2023 to 2033) |
8.5% CAGR |
China Market Growth Rate (2023 to 2033) |
8% CAGR |
Japan Market Growth Rate (2023 to 2033) |
8% CAGR |
Germany Market Growth Rate (2023 to 2033) |
7% CAGR |
Canada Market Growth Rate (2023 to 2033) |
7% CAGR |
Key Companies Profiled |
|
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“Introduction of Interventional Cardiology Devices”
The high utilization rates of cardiac diagnostics and monitoring devices for arrhythmias and the growing popularity of ambulatory monitoring systems are boosting sales of diagnostic devices. Some of the EP diagnostic devices are Holter monitors, ECGs, mapping & imaging systems, diagnostic catheters, and implantable cardiac devices. The advent of portable & digital systems and the expanding use of these devices in interventional medical procedures such as catheter placement are fuelling demand for electrophysiology devices.
Automated external defibrillators (AEDs), implantable cardioverter defibrillators (ICDs), pacemakers, and catheters are some of the therapeutic devices. Atrial fibrillation and arrhythmia incidence are rising, cardiac implantable electronic devices are becoming more popular, and healthcare approvals are driving the market for electrophysiology devices.
During the forecast period, the electrophysiology devices market is expected to grow rapidly due to the increasing prevalence of atrial fibrillation and the introduction of technologically sophisticated solutions.
“Rising Worldwide Prevalence of Cardiovascular Disorders”
Global demand for electrophysiology devices is rising as atrial fibrillation, supraventricular tachycardia, and other heart disorders become more common.
Another dangerous disorder, ventricular tachycardia, is thought to be the cause of 300,000 fatalities annually in the United States alone. Thus, one of the main factors driving the need for heart surgery devices for monitoring and diagnosis of heart diseases is the rising prevalence of cardiovascular illnesses.
“Presence of Alternative Technologies and Frequent Product Recalls”
One of the key factors predicted to restrain the growth of the electrophysiology devices market during the forecast period is the frequent product recalls involving equipment used for ablation operations.
Sales of electrophysiology devices may be hampered by the high costs of related products and inadequate reimbursement policies. On the other hand, the demand for electrophysiology medical devices may face difficulties due to the accessibility of alternative technologies and the shortage of experienced workers in developing countries.
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“Increasing Cases of Heart Failure and Presence of Key Market Players”
The United States currently dominates the North American electrophysiology market due to the existence of established healthcare facilities, technological advancements, increasing cases of arrhythmia and heart failure, and the presence of major market players in the nation. This dominance is predicted to continue throughout the forecast period.
A large number of Americans are obese and are more likely to experience cardiovascular problems at least once in their lifetime, which is predicted to fuel sales of electrophysiology implants.
“Rising Cases of Cardiac Arrhythmias and Presence of Advanced Healthcare Facilities”
Germany has a remarkable healthcare system with the most technologically advanced medical equipment for its electrophysiology labs. More than 30% of hospitals in Germany have EP lab facilities. The potential patient base, state-of-the-art healthcare facilities, cutting-edge interventional techniques, and highly qualified medical staff are propelling the growth of the German electrophysiology market.
In 2019, more than 81% of atrial fibrillation studies in Germany underwent ablation operations, with more than 55% of instances having been detected. Germany dominates the European electrophysiology devices market due to its high diagnosis rate, government lab facilities, awareness of cardiac arrhythmias, and use of electrophysiological techniques.
In France, therapeutic interventions and research in the field of cardiac arrhythmias are advancing. The high incidence rates of cardiac arrhythmias, the significant proportion of cardiac interventional treatments, and France's emphasis on healthcare as a national obligation are all contributing to the country's thriving electrophysiology devices market.
“Rapidly Advancing Medical Sector in China & Japan”
The market in Asia Pacific is anticipated to grow at a rapid rate throughout the anticipated timeframe. The region's expansion is mostly driven by the high proportion of elderly people, rising heart disease risk, and unmet therapeutic needs.
Additionally, it is anticipated that developing healthcare infrastructure, greater patient awareness, and higher healthcare spending in the nations such as China, South Korea, Japan, and India will drive demand for EP systems.
A renowned Japanese inventor and manufacturer of cardiovascular devices, Japan Lifeline (JLL), and Baylis Medical have teamed up to bring cutting-edge electrophysiological treatment solutions.
“Rising Prevalence of Atrial Fibrillation Worldwide”
A majority of the market share is dominated by atrial fibrillation, in terms of indication. It is the most prevalent kind of arrhythmia worldwide and is strongly linked to a high risk of blood clotting and stroke.
For arrhythmic patients, cutting-edge smartphone applications have recently been developed that can link them with medical specialists. Additionally, clinical and hospital settings are making efforts to incorporate arrhythmia management into their standard course of care.
Leading companies in the electrophysiology devices market are Abbott Laboratories, Inc, Biosense Webster, Inc, Biotronik SE & Co. KG, and Boston Scientific Corporation.
Some of the key players in the electrophysiology devices market are strongly concentrating on emerging economies to capture potential opportunities by focusing on local supply chain management. They also manage pricing trends, product standards, and safety regulations according to regional marketing tactics.
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Global demand for electrophysiology devices is expected to increase at a CAGR of 8.5% during the next 10 years.
The global electrophysiology devices market is currently valued at US$ 9.20 billion and is expected to reach US$ 20.80 billion by 2033.
North America is considered to be a lucrative market for electrophysiology device producers.
Worldwide sales of electrophysiology ablation catheters are predicted to increase at a CAGR of 9.5% during the forecast period.
Abbott Laboratories, Inc, Biosense Webster, Inc, Biotronik SE & Co. KG, and Boston Scientific Corporation are key manufacturers of electrophysiology devices.