Medical equipment called electrophysiology devices are used to identify arrhythmias and atrial fibrillation. In atrial fibrillation, the heart’s chambers start beating erratically. An electrophysiology study is a test used to identify irregular heartbeats or arrhythmias by evaluating the electrical system or activity of the heart. Catheters are inserted into blood vessels that enter the heart, and after that wire electrodes are inserted, which measure electrical activity.
The market for electrophysiology devices will grow rapidly, with a CAGR of 10.8%, from $6.2 billion in 2021 to $15.60 billion by 2030.
The EP tools aid in identifying the root of abnormal cardiac rhythms. In EP-focused labs, hospitals, or cardiac centers, equipment like ablation catheters, 3D mapping systems, cardiac stimulators, RF generators, and access devices are available. The market for electrophysiology devices is being driven by factors such as the rising number of cardiovascular patients, expanding disease awareness campaigns, and the rise in the geriatric population in many emerging nations.
Market Dynamics
Drivers
The rising incidence of cardiovascular illnesses, such as cardiac arrest, heart failure, atrial fibrillation, bradycardia, etc., can be linked to the expansion of the global electrophysiology devices market. The market’s growth is also significantly influenced by the rising demand for electrophysiology devices for continuous management and monitoring of heart rhythm and the expanding uses of such devices in the hospital environment. Further driving this market’s growth are the rapidly changing healthcare infrastructure, the ongoing introduction of cutting-edge goods and devices, and the rising elderly population.
Restraints
Price competition in the market for electrophysiological equipment is fierce. The majority of the devices in cardiac electrophysiology are high-end, with 3D mapping systems and E.P. recording systems costing between USD 250,000 and USD 800,000. E.P. methods are typically expensive, restricting the industry’s expansion because of the high capital, training, and maintenance costs.
Opportunity
Vendors of electrophysiology are anticipated to experience significant growth prospects in emerging regions. This is because there are more patients, more people with disposable cash, better healthcare infrastructure, and more lax regulations than in industrialized nations. Due to an expanding target patient population, an increase in CVD-related fatalities, and increased medical tourism, emerging countries have seen a consistent rise in surgical procedures over the past ten years.
Market Segmentation
Application Insights
The industry is divided into therapeutic devices and diagnostic devices based on application. The diagnostic devices segment held the largest market in 2021, with a share of more than 52%. The high adoption rates of ambulatory monitoring equipment and the widespread use of cardiac monitors as a standard diagnostic and monitoring tool for arrhythmias account for the segment’s leading dominance.
Indication Insights
The electrophysiology device market is divided into bradycardia, Wolff-Parkinson-White Syndrome (WPW), supraventricular tachycardia (SVT), atrioventricular nodal re-entry tachycardia (AVNRT), and others based on the indication. In 2021, the atrial fibrillation category led the market and contributed to more than 32.00% of total revenue. It is the most prominent kind of arrhythmia and is strongly linked to a high risk of blood clotting and stroke. In 2022, the British Heart Association predicts that 1.5 million people in the United Kingdom will have atrial fibrillation. In addition, the nation’s undetected atrial fibrillation affects an estimated 270,000 people 65 and older. The disease’s high prevalence causes a significant portion of the section.
End-use Insights
In 2021, the hospitals market category accounted for the largest percentage of global revenue, more than 54.00%. The category is governed by interventional cardiologists’ use of technologically sophisticated cardiac rhythm management and EP devices, as well as the rising incidence of Cardiovascular Disease (CVD).
Regional Insights
Due to the high rates of heart failure, cardiac arrest, and cardiac arrhythmia, North America ruled the market in 2021 with 37.5% of the revenue share. During the forecast period, the availability of modern healthcare infrastructure and kind reimbursement policies will fuel the region’s expansion.
The market in Asia Pacific will develop at the fastest rate. The high elderly population, rising risk of cardiac illnesses, and unmet clinical needs mostly drive the region’s expansion.
Key Players
- Boston Scientific Corporation
- CardioFocus, Inc.
- Abbott Laboratories
- Biotronik SE & Co. KG
- GE electrophysiology (Healthcare)
- Medtronic Plc.
- MicroPort Scientific Corporation
- Koninklijke Philips N.V.
- AtriCure, Inc.
- AngioDynamics
- Johnson & Johnson, Inc.
- Siemens Healthineers AG
- Stereotaxis, Inc.
- Biosense Webster
The market for electrophysiological devices will grow rapidly, with a CAGR of 10.8%, from $6.2 billion in 2021 to $15.60 billion by 2030. The growing older population, the rise in cardiovascular patients, and the expansion of disease awareness campaigns in many emerging nations are the main drivers of the market for electrophysiological devices.
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