Electrophysiology Market to Grow at 10.6% CAGR by 2030
High prevalence rate of cardiovascular disorders and atrial fibrillation, technological advancement in electrophysiology study and rising market investments by major market players are expected to drive the growth of Electrophysiology industry during the forecast period.
The Electrophysiology Market is expected to grow at a CAGR of 10.6% from 2020-2030, according to a new research report by Next Move Strategy Consulting.
Electrophysiology (EP) is a diagnostic procedure, performed for the assessment of electrical impulses of the human heart. It is a minimally invasive procedure that involves the use of catheters and wire electrodes. Electrophysiology study helps in the diagnosis of heart arrhythmias & other cardiac conditions, which has high prevalence rate among large population. Electrophysiology also enables the advance diagnosis & treatment of serious conditions such as atrial flutter, atrioventricular nodal reentry tachycardia and others.
According to the report, rising prevalence of heart disorders, along with the development of healthcare facilities & infrastructure are major factors driving the market growth. Also, the high prevalence rate of atrial fibrillation and other rhythmic disorders owing to unhealthy food habits, alcoholism and others has further created demand for electrophysiology study. In addition, presence of large geriatric population with higher risk of cardiovascular disorders and the rising market investments to integrate new technologies for higher accuracy are also expected to contribute to the market growth. Moreover, high adoption rate of minimally invasive procedure owing to numerous advantages over conventional technology is also expected to boost the market growth. On the other hand, continuous launch of new products along and higher rate of FDA approvals can cause shift in market trends in the near future.
However, high cost associated with EP devices and stringent regulatory policies for the approval of devices is likely to inhibit the market growth. Moreover, rising awareness with regards to electrophysiology procedures, favourable reimbursement policies and 3D mapping is anticipated to provide numerous opportunities to the market players in the coming few years.
On the basis of product, the electrophysiology market share is segmented into ablation catheters, diagnostic catheters, laboratory devices, access devices, and others. Ablation catheters segment dominates the global electrophysiology market and will be the dominant segment during the forecasted period.
On the basis of target disease, the electrophysiology market is categorised into atrial fibrillation, atrioventricular nodal re-entry tachycardia, atrial flutter, wolff-parkinson-white syndrome, and other. Atrial fibrillation segment accounts for the major market share which is likely to dominate the market growth over the forecast period owing to the high prevalence rate.
North America accounts for the highest market size & share of the electrophysiology market throughout the forecast period owing to the rising prevalence of atrial fibrillation along with presence of developed healthcare infrastructure. In addition, consistent advancement in electrophysiology technology with rising market investments is expected to propel the market growth. Europe stands second in electrophysiology market in terms of market size. Asia Pacific is expected to be the fastest developing region in the electrophysiology market, majorly driven by the high prevalence rate of cardiovascular disorders and presence of large geriatric population in the region. Moreover, rapid development in healthcare facilities as well as surge in disposable income is also expected to fuel the market growth.
According to the report, some the key players in the electrophysiology market are Siemens AG, Medtronic plc,St. Jude Medical, Inc., Biosense Webster, Inc., Philips Healthcare, Biotronik SE & Co.KG, Boston Scientific Corporation, GE Healthcare, Microport Scientific Corporation, Abbott Laboratories.
Browse key industry insights from the report, “https://www.nextmsc.com/report/electrophysiology-market” in detail along with the table of contents:
Key Insights from the Electrophysiology Market Report:
- Asia Pacific is the fastest growing region in the Electrophysiology market owing to the high prevalence rate of cardiovascular disorders, rising demand for minimally invasive process and presence of large geriatric population prone to cardiovascular disorders.
- The atrial fibrialltion dominates the market in terms of application and is expected to grow at a significant CAGR to maintain the lead till 2030.
- Some of the major players in the market are Siemens AG, Medtronic plc, St. Jude Medical, Inc., Biosense Webster, Inc., Philips Healthcare, Biotronik SE &Co.KG, Boston Scientific Corporation, GE Healthcare, Microport Scientific Corporation, Abbott Laboratories.
The report Electrophysiology market – segmented by product, target disease and geography
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