Electrophysiology Market Analysis and Forecast to 2031: By Product Type (Electrophysiology Ablation Catheters, Electrophysiology Laboratory Devices, Electrophysiology Diagnostic Centers, Electrophysiology Access Devices, Others), Indication Type (Atrial F

Electrophysiology Market Analysis and Forecast to 2031: By Product Type (Electrophysiology Ablation Catheters, Electrophysiology Laboratory Devices, Electrophysiology Diagnostic Centers, Electrophysiology Access Devices, Others), Indication Type (Atrial Fibrillation, Atrial Flutter, Atrioventricular Nodal Reentry Tachycardia, Wolf-Parkinson-White Syndrome, Others), End Users (Hospitals & Cardiac Centers, Ambulatory Surgery Centers), and Region

The electrophysiology market was valued at USD 7.2 billion in 2021 and it is anticipated to reach up to USD 16.9 billion by 2031, at a CAGR of 8.9% during the forecast period.

Atrial and ventricular fibrillation, tachycardia, and other diseases that have an impact on the heart are mostly diagnosed and treated with electrophysiology equipment. Healthcare professionals use a variety of tools based on the electrophysiological technique to identify and treat various disorders, including ablation and diagnostic catheters, mapping systems, etc.

Global Electrophysiology Market Scope and Report Structure

Market Trends and Drivers

The increasing incidence of target diseases and procedures is boosting the growth of the market. According to the WHO, CVD is the largest global cause of death. Age, race, and family history are significant factors influencing the increased prevalence of CVD and strokes. Other risk factors include using tobacco, having high blood pressure (hypertension), having high cholesterol, being obese, being physically inactive, having diabetes, eating unhealthily, and drinking alcohol. The prevalence of CVD is on the rise in part due to conditions like hypertension, diabetes, dyslipidemia, and obesity. By 2030, the American Heart Association projects that 41.4% of US individuals will have hypertension (an increase of 8.4 percent from 2012). Additionally, according to the organization, the cost of CVD will increase from USD 863 billion in 2010 to USD 1,044 billion by 2030. Globally, 17.9 million people passed away from CVD in 2016. According to projections, this number will reach 23.6 million by 2030.

The American Heart Association (AHA) claims that catheter-based ablation techniques have a 90% success rate, and minimal risk of complications, and allow patients to return to their regular activities in a few days. Leading businesses are investing more in the creation of novel cardiac ablation devices to increase success rates and decrease problems during procedures, including Biosense Webster, Medtronic, and Boston Scientific Corporation.

The limited effectiveness of anti-arrhythmic medications in the management of arterial filtration is another factor boosting catheter ablation demand. A study titled Radiofrequency Ablation vs. Antiarrhythmic Drugs as First-Line Treatment of Paroxysmal Atrial Fibrillation (RAAFT 2) presented its findings in Massachusetts (US) in May 2012 at the Heart Rhythm Society meeting, concluding that ablation of AF, when used as a first-line method, was superior to medications that control rhythm.

Market Restraints and Challenges

Because of the intense competition among the existing competitors, the electrophysiology industry is currently quite competitive in terms of pricing. Cardiovascular 3D mapping systems and EP recording systems are two of the more expensive of these items. Cardiovascular 3D mapping systems range in price from USD 250,000 to $800,000 on average at list. A recording setup for EPs costs $160,000. EP methods are typically expensive due to the significant capital, training, and maintenance requirements. A catheter ablation procedure, for instance, typically costs between USD 4,000 and USD 6,500. Because of this and the negative reimbursement situation for these medications in many nations, a sizable portion of the intended patient group cannot afford them.

Due to factors such as healthcare provider consolidation, growing costs from the usage of complicated medical procedures, shifting governmental laws, and limited resources, the cost of developing the EP laboratory has climbed significantly over time. Even though awareness of arrhythmia and the efficacy of electrophysiological products to treat arrhythmia continues to rise in many nations, this is restricting the uptake of these devices.

Global Electrophysiology Market Segmental Overview

The report analyses the global electrophysiology market based on product type, indication type, end user, and regions.

Global Electrophysiology Market by Product Type

Based on type, it is segmented into electrophysiology ablation catheters, electrophysiology laboratory devices, electrophysiology diagnostic catheters, electrophysiology access devices, and others. The electrophysiology laboratory devices segment is accounted for the largest share of the market. >The large share of the segment is primarily attributed to the factors such as increasing public-private funding for the development of novel electrophysiology recording systems coupled with the rising numbers of RF ablation procedures, the cost-effectiveness of RF ablation procedures as compared to other ablation techniques, and increasing availability of these products in major markets.

Global Electrophysiology Market by Indication Type

By indication type, it is segmented into atrial fibrillation, atrioventricular nodal reentry tachycardia, wolf-parkinson-white syndrome, atrial flutter, and other indications. The atrial fibrillation segment accounted for the largest share of the global electrophysiology market. The key factors boosting the growth of the market are the increasing prevalence of atrial fibrillation coupled with the growing number of ablation procedures related to atrial fibrillation, rapid growth in the aging population across the globe, and the development of advanced cardiac mapping systems for the early diagnosis of atrial fibrillation are boosting the growth of the segment.

Global Electrophysiology Market by End User

Based on end user, it is segmented into hospitals & cardiac centers, and ambulatory surgery centers. The hospitals and cardiac centers segment accounted for the largest share of the market. The key factors such as the presence of big cath labs and electrophysiology labs in hospitals, a rising prevalence of CVDs and an increased number of ablation procedures. The availability of state of art facilities for the diagnosis are boosting the growth of the market.

Geographical Analysis of Electrophysiology Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific region accounted for the largest share of the market. The large share of the region is primarily attributed to the changing lifestyles and eating habits coupled with the increasing stress and rising habitual smoking & drinking in these countries have resulted in growing health problems like obesity, heart diseases, and other chronic diseases. Factors such as large population, increasing geriatric population, the growing incidence of chronic diseases, rising healthcare spending, healthcare reforms for infrastructural development, increasing demand for advanced technologies, the growing emphasis of prominent players on emerging markets, and less stringent regulations are also fueling the demand for electrophysiology devices in this region.

Major Players in the Global Electrophysiology Market

COVID-19 Impact

The COVID-19 pandemic's effects and the ensuing lockdown are still very much felt today, especially in the electrophysiology market. Particularly in nations with a high incidence rate of COVID-19, like China, the US, and several European countries, the overall growth of numerous sectors has been severely damaged (including Russia, Italy, and Spain). The healthcare, biotechnology, and pharmaceutical industries are making the most of this circumstance to serve the greatest number of patients and healthcare professionals, whereas industries like oil and petroleum, aviation, and mining are seeing a sharp decline in revenue.

In 2020, the COVID-19 pandemic had a negative impact on the global economy and caused a number of difficulties for patients and clinical healthcare providers. Major obstacles facing healthcare systems around the world include logistical issues, managing patients with the disease, prioritising patients with comorbidities & pre-existing conditions, and further protecting the public & hospital frontline staff from COVID-19.

The pandemic has also affected hospitals' ability to purchase goods and services, particularly small hospitals. As a result, supply arrangements have been cancelled or delayed, which has had an effect on the overall revenue of all the key participants in the electrophysiology industry. Additionally, many people lost their employment and means of support as a result of lockdowns, which had a significant impact on patients' purchasing habits.

Recent Developments

• January 2022, Abbott received the U.S. Food and Drug Administration for its EnSite X EP System with EnSite Omnipolar Technology (OT). The system creates highly detailed three dimensional maps of the heart to help physicians identify and then treat areas of the heart where abnormal rhythm originates.
• October 2021, Boston Scientific Corporation has entered into a definitive agreement to acquire Baylis Medical Company Inc, for $1.75 billion.
• December 2020, Acutus has announced the launch of their AcQBlate Force Sensing Ablation System in Europe after getting the CE Mark. The AcQBlate Force Sensing Ablation System, designed with a commercially available gold-tipped, irrigated, force-sensing radiofrequency ablation catheter, it is used for electrophysiology mapping and RF ablation.

Frequently Asked QuestionsQ1. How big is the Electrophysiology market?Ans. The global Electrophysiology market size was USD 7.2 Billion in 2021 and is anticipated to reach USD 16.9 Billion in 2031, growing at a rate of 8.9% from 2022 to 2031.Q2. What is the Electrophysiology market growth rate?Ans. The growth rate of the Electrophysiology market is 8.9% from 2022 to 2031.Q3. Which region holds a major market share for the Electrophysiology market?Ans. North America holds a major market share of the Electrophysiology market in 2021.Q4. Which segment accounted for the largest Electrophysiology market share?Ans. By end user, the hospitals and cardiac centers segment accounted for the largest Electrophysiology market share.Q5. Who are the key players in the Electrophysiology market?Q6. What are the factors driving the Electrophysiology market growth?Ans. The major factors driving the growth of the market are the increasing incidence of target diseases and procedures.Q7. What are the key growth strategies of Electrophysiology market players?Ans. The key growth strategies of Electrophysiology market players are product launch and product approval.Q8. Which region will provide more business opportunities for the Electrophysiology market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the Electrophysiology market during the forecast period.

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