Dublin, June 22, 2022 (GLOBE NEWSWIRE) -- The "Global Electrophysiology Market Size, Share & Industry Trends Analysis Report By Type, By End User, By Indication Type (Atrial Fibrillation, Atrial Flutter, AVNRT & WPW), By Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Electrophysiology Market size is expected to reach $11.9 billion by 2028, rising at a market growth of 8.8% CAGR during the forecast period.
Electrophysiology (EP) devices are a type of medical equipment that is used to diagnose and treat cardiovascular problems. These gadgets assess aberrant heartbeats by analyzing the electrical impulses of the heart. Pacemakers, Implantable cardioverter defibrillators (ICDs), automated external defibrillators (AEDs), radiofrequency ablation catheters, cryoablation EP catheters, and microwave & laser ablation systems are some of the most often utilized EP devices. In the event of an emergency, these devices send & receive electrical signals to & from the heart to regulate the heartbeat. They are non-invasive & assist in the removal of defective heart tissues that might cause abnormal heart rhythms.
As per a study published in the International Journal of Stroke in January 2020 by Giuseppe Lippi et al., atrial fibrillation is the most common cardiac arrhythmia worldwide. As per predictions, 17.9 million people in Europe will suffer atrial fibrillation by 2060. Moreover, the incidence and prevalence of the disease have increased over the previous 20 years & will continue to rise over the next 30 years, particularly in nations with a middling socio-demographic index, making it one of the most serious pandemics and public health problems. In 2050, the global burden of atrial fibrillation is expected to rise significantly. As a result of the increased prevalence of atrial fibrillation, electrophysiology operations are likely to become more popular soon. Additionally, a significant rise in the ageing population has been linked to an increase in heart failure rates.
Technological improvement is driving the industry forward. For example, Abbott Laboratories released an improved heart monitor in May 2019 to improve the accuracy of arrhythmia detection. The next-generation Confirm Insertable Cardiac Monitor (ICM) has been cleared for commercialization by the US Food and Drug Administration (FDA) & the CE Mark in Europe. It's a paperclip-sized implantable device with smartphone connectivity and continuous, remote monitoring that tracks irregular cardiac rhythms for a quick and exact diagnosis.
As per the World Health Organization (WHO), there were over a billion persons aged 60 and up in 2019. By 2030, this number is expected to rise to 1.4 billion, and by 2050, to 2.1 billion. In addition, according to a study by the European Society of Cardiology, roughly 7.6 million people over 65 in Europe had atrial fibrillation in 2016, and this number is expected to rise by 89 percent to 14.4 million by 2060. Strokes are more common in the elderly. As a result, market participants are interested in the creation of effective goods that will aid the overall industry growth to cater to the growing patient population.
COVID-19 Impact Analysis
The COVID-19 pandemic's impact and the resulting lockdown can be seen in a variety of industries, comprising the electrophysiology market. While industries like oil & petroleum, aeronautics, & mining are seeing a drop in revenue, the healthcare, biotechnology, and pharmaceutical industries are taking advantage of the situation to serve as many patients & healthcare professionals as possible.
In 2021, the COVID-19 pandemic harmed the economy and posed numerous obstacles to clinical healthcare practitioners and patients all over the world. Logistical concerns, illness management, prioritizing patients with comorbidities and pre-existing disorders, and further protecting the public and hospital frontline staff from COVID-19 are all key challenges that healthcare systems around the world are dealing with.
Market Growth Factors:
The incidence of target diseases & procedures is on the rise
As per the World Health Organization, cardiovascular disease is the dominating cause of mortality worldwide. Family history, ethnicity, & age are all major contributors to the increased prevalence of CVD and strokes. Tobacco use, high cholesterol, high blood pressure (hypertension), obesity, physical inactivity, diabetes, poor diets, and alcohol drinking are all risk factors.
Hypertension, dyslipidemia, diabetes, and obesity are all contributing to an increase in the incidence of CVD. As per the American Heart Association, 41.4 percent of adults in the United States will have hypertension by 2030. (An increase of 8.4 percent from 2012). According to the WHO organization, CVD expenses is expected to reach USD 1,044 billion by 2030, up from USD 863 billion in 2010. CVD claimed the lives of 17.9 million persons worldwide in 2016. By 2030, it is expected that this number will have risen to 23.6 million.
An increasing number of emerging markets
Due to their growing patient population, rising adoption of cardiac mapping systems, rising awareness of CVDs, growing disposable incomes, enhancing healthcare infrastructure, & comparatively lenient guidelines compared to developed countries, emerging markets are anticipated to give substantial growth opportunities for players in the electrophysiology market. The number of surgical procedures performed in emerging countries has increased steadily over the last decade, owing to a growing target patient population, a growing number of CVD-related deaths, and increased medical tourism.
Marketing Restraining Factor:
The growing rate of reusing & reprocessing of devices
Ablation catheters are classified as single-use devices by the FDA and the European Union (SUDs). Although due to their high per-unit cost and restricted reimbursement, these devices are being reprocessed and reused, mostly in hospitals with limited budgets. The cost of reprocessing and reuse for a hospital/surgical center is significantly less than the cost of a new ablation device, resulting in a reduction by half in overall procedure costs.
Many market leaders are now promoting refurbished gadgets through various programs as a result of this. Stryker's Sustainability Solutions business, which reprocesses EP cables, electrophysiology (EP) catheters, intracardiac echocardiography (ICE) catheters, and steerable introducer sheaths sold its four-millionth reprocessed EP device.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Approvals and Trials
3.2.3 Product Launches and Product Expansions
3.2.4 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2018-2022)
3.3.2 Key Strategic Move: (Partnerships, Collaborations, and Agreements: 2020, May - 2022, Apr) Leading Players
Chapter 4. Global Electrophysiology Market by Type
4.1 Global Electrophysiology Laboratory Devices Market by Region
4.2 Global Electrophysiology Market by Electrophysiology Laboratory Devices Type
4.2.1 Global ICE Ultrasound Imaging Systems Market by Region
4.2.2 Global Electrophysiology X-Ray Systems Market by Region
4.2.3 Global Radiofrequency (RF) Ablation Systems Market by Region
4.2.4 Global 3D Mapping Systems & Electrophysiology Recording Systems Market by Region
4.2.5 Global Electrophysiology Remote Magnetic & Robotic Navigation Systems Market by Region
4.3 Global Electrophysiology Diagnostic Catheters Market by Region
4.4 Global Electrophysiology Market by Electrophysiology Diagnostic Catheters Type
4.4.1 Global Conventional Market by Region
4.4.2 Global Ultrasound Market by Region
4.4.3 Global Advanced Market by Region
4.5 Global Electrophysiology Ablation Catheters Market by Region
4.6 Global Electrophysiology Market by Electrophysiology Ablation Catheters Type
4.6.1 Global Laser Market by Region
4.6.2 Global Cryoablation Market by Region
4.6.3 Global Radiofrequency (RF) & Microwave Market by Region
4.7 Global Electrophysiology Access Devices Market by Region
4.8 Global Others Market by Region
Chapter 5. Global Electrophysiology Market by End User
5.1 Global Hospitals & Cardiac centres Market by Region
5.2 Global Ambulatory Surgery Centers Market by Region
Chapter 6. Global Electrophysiology Market by Indication type
6.1 Global Atrial Fibrillation Market by Region
6.2 Global Atrial Flutter Market by Region
6.3 Global AVNRT & WPW Market by Region
6.4 Global Others Market by Region
Chapter 7. Global Electrophysiology Market by Region
Chapter 8. Company Profiles
8.1 Abbott Laboratories
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Segmental and Regional Analysis
8.1.4 Research & Development Expense
8.1.5 Recent Strategies and Developments:
8.1.5.1 Approvals and Trials:
8.1.5.2 Product Launches and Product Expansions:
8.2 Boston Scientific Corporation
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Segmental and Regional Analysis
8.2.4 Research & Development Expense
8.2.5 Recent Strategies and Developments:
8.2.5.1 Acquisitions and Mergers:
8.3 General Electric (GE) Co. (GE Healthcare)
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Segmental and Regional Analysis
8.3.4 Research & Development Expense
8.3.5 Recent Strategies and Developments:
8.3.5.1 Partnerships, Collaborations and Agreements:
8.3.6 SWOT Analysis
8.4 Medtronic PLC
8.4.1 Company overview
8.4.2 Financial Analysis
8.4.3 Segmental and Regional Analysis
8.4.4 Research & Development Expenses
8.4.5 Recent Strategies and Developments:
8.4.5.1 Approvals and Trials:
8.4.5.2 Acquisitions and Mergers:
8.5 Koninklijke Philips N.V.
8.5.1 Company Overview
8.5.2 Financial Analysis
8.5.3 Segmental and Regional Analysis
8.5.4 Research & Development Expense
8.5.5 Recent Strategies and Developments:
8.5.5.1 Acquisitions and Mergers:
8.5.5.2 Product Launches and Product Expansions:
8.6 Siemens Healthineers AG (Siemens AG)
8.6.1 Company Overview
8.6.2 Financial Analysis
8.6.3 Segmental and Regional Analysis
8.6.4 Research & Development Expenses
8.6.5 Recent Strategies and Developments:
8.6.5.1 Approvals and Trials:
8.7 Johnson & Johnson
8.7.1 Company Overview
8.7.2 Financial Analysis
8.7.3 Segmental &Regional Analysis
8.7.4 Research & Development Expenses
8.7.5 Recent Strategies and Developments:
8.7.5.1 Product Launches and Product Expansions:
8.8 MicroPort Scientific Corporation
8.8.1 Company Overview
8.8.2 Financial Analysis
8.8.3 Segmental and Regional Analysis
8.8.4 Research & Development Expense
8.8.5 Recent Strategies and Developments:
8.8.5.1 Partnerships, Collaborations, and Agreements:
8.8.5.2 Acquisitions and Mergers:
8.9 Stereotaxis Inc.
8.9.1 Company Overview
8.9.2 Financial Analysis
8.9.3 Regional Analysis
8.9.4 Research & Development Expense
8.9.5 Recent Strategies and Developments
8.9.5.1 Approvals and Trials:
8.9.5.2 Partnerships, Collaborations and Agreements
8.10. Acutus Medical, Inc.
8.10.1 Company Overview
8.10.2 Financial Analysis
8.10.3 Regional Analysis
8.10.4 Research & Development Expense
8.10.5 Recent Strategies and Developments
8.10.5.1 Partnerships, Collaborations and Agreements:
8.10.5.2 Approvals and Trials:
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