According to the report published by Allied Market Research, the global electrophysiology market was estimated at $6.49 billion in 2020 and is expected to hit $22.65 billion by 2030, registering a CAGR of 14.4% from 2021 to 2030.
Drivers, restraints, and opportunities
Rise in prevalence of cardiac arrhythmia, increase in demand for minimally invasive procedures, advancements in technology in the field of electrophysiology, and surge in number of approvals for electrophysiology devices drive the growth of the global electrophysiology market. On the other hand, high cost of electrophysiological devices impedes the growth to some extent. However, increase in number of key players to manufacture advanced electrophysiology devices is expected to create lucrative opportunities in the industry.
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Key Market Drivers:
- Rising Prevalence of Cardiovascular Diseases:The increasing incidence of heart conditions like arrhythmias and atrial fibrillation is a major factor fueling the demand for EP procedures and devices.
- Technological Advancements:Innovations in EP devices, such as 3D mapping systems, catheter ablation systems, and diagnostic tools, are enhancing the effectiveness and safety of treatments, thus boosting market growth.
- Minimally Invasive Procedures:The preference for minimally invasive techniques like catheter ablation, which offer faster recovery times and reduced risks compared to traditional surgery, is contributing to market expansion.
Electrophysiology is defined as the branch of science that deals with the study of electrical pathway associated with heart nervous system. Electrophysiology devices are designed to measure electric current or voltage change on a wide range of scale from single ion channel protein to organs such as heart. The electrophysiology procedure is used to analyze heart’s electrical system and to manage abnormal heart rhythms.
The EP ablation catheters segment to retain the lion’s share-
On the basis of product, the EP ablation catheters segment held the major share in 2020, garnering more than two-thirds of the global electrophysiology market. The same segment is also expected to grow at the fastest CAGR of 15.20% throughout the forecast period. This is due to surge in number of ablation procedure and advancements in technology to manufacture innovative electrophysiology ablation catheters.
The hospitals & cardiac centers segment to dominate by 2030-
On the basis of end user, the hospitals & cardiac centers segment contributed to the lion’s share in 2020, holding nearly three-fourths of the global electrophysiology market. The same segment is also anticipated to cite the fastest CAGR of 14.90% from 2021 to 2030. This is owing to increase in development of hospital infrastructure, and rise in initiatives taken by government & private organizations to develop hospitals facilities.
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North America held the major share in 2020-
By region, the market across North America dominated in 2020, garnering more than two-thirds of the global electrophysiology market. This is due to rise in prevalence of cardiac arrhythmia and increase in number of approvals for electrophysiology devices in the province. Simultaneously, the Asia-Pacific region is expected to cite the fastest CAGR of 15.10% throughout the forecast period. This is attributed to rise in prevalence of atrial fibrillation, advancements in technology in the field of electrophysiology, growth in health care expenditures, and increase in geriatric population in the region.
Key players in the industry
- Biotronik SE & Co. KG
- Boston Scientific Corporation
- Abbott Laboratories
- CardioFocus, Inc.
- GE Healthcare
- Koninklijke Philips N.V.
- Medtronic Plc.
- MicroPort Scientific Corporation
- Siemens Healthineers AG.
- Johnson & Johnson, Inc.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the market analysis from 2021 to 2031 to identify the prevailing market Opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global trends, key players, market segments, application areas, and market growth strategies.
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