North America Electrophysiology Market will lay suzerainty over the global market, capturing over 2/5th of the revenue share
According to a new market study by Future Market Insights (FMI), the global electrophysiology market is forecasted to witness abundant growth in terms of value between 2020 and 2030. Technological developments in electrophysiology devices will considerably drive the market growth in the forthcoming years. Advancements leading to miniaturized monitoring systems and ablation devices will stimulate the industry expansion.
As per the statistics of the World Health Organization, more than 18 Mn deaths are directly associated with cardiovascular ailments every year. Among these, nearly 80% are ascribed to strokes and heart attacks, and 33% of the deaths are among people aged below 70 years. In order to curb the mortality rate, healthcare institutions are seeking advanced cardiac care, thereby propelling demand for electrophysiology devices.
Moreover, electrophysiology procedures have gained prominence in the recent past to assess the electrical activity of the heart. Likewise, the need for advanced healthcare has upsurge in developing economies on the back of rising awareness and increasing disposable incomes, furthering the demand for electrophysiology devices.
The penetration of 3D technology into healthcare has facilitated the development of 3D-mapping devices which have been crucial to the growth of the market. The novel devices and procedures are aiding medical professionals in accurately detecting arrhythmia. Such innovations will continue to complement the growth of the market through the forecast period.
“Manufacturers are fast-tracking production to receive approvals from government authorities, as approvals ensure higher penetration and substantial growth” opines FMI analyst.
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Electrophysiology Market – Key Takeaways
- The global electrophysiology market is forecasted to expand at a stellar CAGR of 9.4% and surpass a valuation of US$ 15 Bn by 2030.
- Based on indication, atrial fibrillation is forecasted to channel the majority of revenue owing to the high prevalence coupled with a high risk of stroke and blood clotting.
- Conventional electrophysiology diagnostic catheters remain the most sought-out products owing to early penetration and high preference among cardiac practitioners.
- Hospitals are forecasted to remain the dominant end-use segment backed by a high in-patient rate and mounting spending on the adoption of advanced electrophysiology devices.
Electrophysiology Market – Key Trends
- The emergence of 3D technology and subsequent incorporation of 3D-mapping imaging devices and radiofrequency ablation contraptions are expected to shape the growth trajectory in the years to come.
- Adoption of 3D technology has proven highly effective in the detection of ablate problematic tissues and arrhythmia, lowering the time taken for the procedure, and reducing the recovery time of patients.
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Electrophysiology Market – Regional Analysis
- North America is projected to spearhead regional landscape, holding over 43.5% of the overall market share, owing to the high prevalence of unhealthy lifestyles, which in turn propel the demand for electrophysiology procedures.
- East and South Asia are expected to emerge as lucrative regional markets through the forecast period, backed by the presence of a huge population base with cardiac ailments in India and China.
Electrophysiology Market – Competitive Landscape
Some of the key players operating in the market include Johnson & Johnson, Abbott Laboratories, Medtronic Plc, Koninklijke Philips N.V, Boston Scientific Corporation, Japan Lifeline, Stereotaxis, Microport Scientific Corporation, BIOTRONIK, Acutus Medical, Baylis Medical, EP Solutions SA, APN Health LLC, Teleflex and Merit Medical Systems. Market players are focusing on adopting novel technologies to ensure the development of advanced products. Moreover, acquisitions and collaborations with healthcare institutions will continue to shape the regional landscape.
Electrophysiology Laboratory Devices
- 3D-Mapping Systems
- Electrophysiology Recording Systems
- Radiofrequency (RF) Ablation Systems
- Intracardiac Echoradiography (ICE) Ultrasound Imaging Systems
- Electrophysiology X-Ray Systems
Electrophysiology Ablation Catheters
- Cryoablation Electrophysiology Catheters
- Radiofrequency (RF) Ablation Catheters
- Microwave Ablation (MWA) Systems
- Laser Ablation Systems
Electrophysiology Diagnostic Catheters
- Conventional Electrophysiology Diagnostic Catheters
- Advanced Electrophysiology Diagnostic Catheters
- Ultrasound Electrophysiology Diagnostic Catheters
- Atrial Fibrillation
- Atrial Flutter
- Atrioventricular Nodal Re-entry Tachycardia (AVNT)
- Wolff-Parkinson White Syndrome
- Cardiac Catheterization Laboratories
- Ambulatory Surgery Centers
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa
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Get Valuable Insights into the Electrophysiology Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global electrophysiology market, presenting historical demand data and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the electrophysiology market, allowing readers to glean qualitative and quantitative information which will enable them to make informed market decisions in the upcoming forecast period.
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