As per research conducted 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. The report offers an extensive analysis of changing market trends, top segments, major investment pockets, regional scenarios, value chain, and competitive landscape.
Electrophysiology Market by Product (EP Ablation Catheters, EP Laboratory Devices, EP Diagnostic Catheters, Access Devices, and Others), Indication (Atrial Fibrillation (AF), Atrial Flutter, Wolff-Parkinson-White Syndrome (WPW), Atrioventricular Nodal Reentry Tachycardia (AVNRT), and Others), and End User (Hospitals & Cardiac Centers, Ambulatory Surgery Centers, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030.
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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.
What is the Impact of COVID-19 Pandemic on Electrophysiology Market?
- During the pandemic, the majority of hospitals were restructured to heighten hospital capacity for Covid-19 patients, especially during the initial phase. This gave way to cancellation of many non-essential surgical processes, which impacted the global electrophysiology market negatively.
- However, the market is anticipated to recoup soon.
Get detailed COVID-19 impact analysis on the Electrophysiology Market-
Alarming rise in prevalence of cardiac arrhythmia, advancements in technology in pharmaceutical and medical device industry for manufacturing of electrophysiology products, rise in demand for cardiac ablation procedure, and increase in number of approval for electrophysiology catheter and other devices are expected to notably contribute toward the growth of the global electrophysiology market during the forecast period.
Rise in number of approvals for medical devices is the key factor that further boost growth of the electrophysiology market. In addition, initiatives taken by governments and private organizations to spread knowledge among physicians regarding electrophysiology devices and procedures propel growth of the market.
The global electrophysiology market is segmented into product, indication, end user, and region. On the basis of product, the market is segregated into EP ablation catheters, EP laboratory devices, EP diagnostic catheters, access devices, and others. The EP ablation catheters segment is further subcategorized into cryoablation EP catheters, radiofrequency ablation catheters, microwave ablation systems, laser ablation systems, and navigational advanced mapping accessories. The EP laboratory devices segment is further subcategorized into EP X-Ray systems, 3D mapping systems, EP recording systems, EP remote steering systems, and others.
(𝐈𝐧 𝐭𝐨𝐝𝐚𝐲’𝐬 𝐜𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐦𝐚𝐫𝐤𝐞𝐭, 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐚𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐢𝐬 𝐚 𝐜𝐫𝐢𝐭𝐢𝐜𝐚𝐥 𝐬𝐭𝐞𝐩 𝐢𝐧 𝐢𝐝𝐞𝐧𝐭𝐢𝐟𝐲𝐢𝐧𝐠 𝐭𝐡𝐞 𝐜𝐨𝐫𝐫𝐞𝐜𝐭 𝐭𝐚𝐫𝐠𝐞𝐭 𝐜𝐨𝐧𝐬𝐮𝐦𝐞𝐫𝐬 𝐚𝐧𝐝 𝐩𝐫𝐨𝐯𝐢𝐝𝐢𝐧𝐠 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐬𝐞𝐝 𝐬𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐭𝐡𝐞𝐢𝐫 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐧𝐞𝐞𝐝𝐬. 𝐖𝐡𝐢𝐥𝐞 𝐟𝐨𝐫𝐦𝐮𝐥𝐚𝐭𝐢𝐧𝐠 𝐭𝐡𝐞𝐬𝐞 𝐬𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬, 𝐞𝐯𝐞𝐫𝐲 𝐟𝐚𝐜𝐞𝐭 𝐚𝐧𝐝 𝐬𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐩𝐫𝐨𝐛𝐥𝐞𝐦 𝐩𝐫𝐞𝐬𝐞𝐧𝐭𝐞𝐝 𝐛𝐲 𝐭𝐡𝐞 𝐩𝐚𝐫𝐭𝐢𝐜𝐮𝐥𝐚𝐫 𝐬𝐞𝐜𝐭𝐨𝐫 𝐢𝐬 𝐭𝐡𝐨𝐫𝐨𝐮𝐠𝐡𝐥𝐲 𝐜𝐨𝐧𝐬𝐢𝐝𝐞𝐫𝐞𝐝. 𝐈𝐭 𝐚𝐥𝐬𝐨 𝐜𝐨𝐧𝐬𝐢𝐝𝐞𝐫𝐬 𝐧𝐮𝐦𝐞𝐫𝐨𝐮𝐬 𝐠𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐫𝐞𝐟𝐨𝐫𝐦𝐬, 𝐭𝐡𝐞 𝐜𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐞𝐧𝐯𝐢𝐫𝐨𝐧𝐦𝐞𝐧𝐭, 𝐜𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐛𝐞𝐡𝐚𝐯𝐢𝐨𝐮𝐫, 𝐜𝐮𝐫𝐫𝐞𝐧𝐭 𝐚𝐧𝐝 𝐟𝐮𝐭𝐮𝐫𝐞 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬, 𝐚𝐧𝐝 𝐫𝐚𝐩𝐢𝐝𝐥𝐲 𝐜𝐡𝐚𝐧𝐠𝐢𝐧𝐠 𝐭𝐞𝐜𝐡𝐧𝐢𝐜𝐚𝐥 𝐛𝐫𝐞𝐚𝐤𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐬. 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐚𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐚𝐢𝐝𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐟𝐨𝐫𝐦𝐮𝐥𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐩𝐥𝐚𝐧𝐬 𝐚𝐧𝐝 𝐩𝐨𝐥𝐢𝐜𝐢𝐞𝐬.)
VALUE PROPOSITIONS RELATED TO THE REPORT:
- Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
- Comprehensive quantitative and qualitative insights at segment and sub-segment level
- Covid 19 impact trends and perspective
- Granular insights at global/regional/country level
- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on ‘Strategic Developments’ registered by leading players of the market
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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.
Electrophysiology Market: By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
Important Questions Being Answered by the Market Report
- What is the Electrophysiology Market size and growth?
- What are the prominent and latest trends impacting the market?
- Which regions will observe growth on new occasions?
- Which players are adopting a functioning and planned framework to obtain customer loyalty?
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