Electrophysiology Market is Expected to Reach $11.6 Billion | MarketsandMarkets.

Chicago, Aug. 18, 2023 (GLOBE NEWSWIRE) -- In the near future, the electrophysiology industry is poised to undergo a transformative evolution, driven by advancements in technology and growing understanding of the human nervous system. Innovative techniques such as optogenetics and advanced imaging modalities will enable unprecedented insights into neural circuitry, facilitating more precise diagnoses and personalized treatment strategies for neurological disorders. Miniaturized, wireless devices for monitoring and stimulating neural activity will become increasingly common, revolutionizing both clinical practice and research endeavors. Furthermore, collaborations between neuroscientists, engineers, and data scientists will pave the way for sophisticated data analysis techniques, leading to the development of comprehensive brain-machine interfaces and neuroprosthetics that hold the potential to restore lost functionalities and enhance human cognition. As the boundaries between neuroscience, engineering, and medicine continue to blur, the electrophysiology industry is poised to redefine our understanding of the brain and its disorders, ultimately improving the lives of countless individuals.

Electrophysiology market in terms of revenue was estimated to be worth $6.8 Billion in 2021 and is poised to reach $11.6 Billion by 2027, growing at a CAGR of 9.4% from 2022 to 2027 according to a latest report published by MarketsandMarkets™.

An electrophysiology (EP) test is conducted to study the electrical activities and electrical pathways of the patient’s heart to diagnose and treat complex cardiac diseases. It enables electrophysiologists to understand the cause of heart rhythm disturbances and suggest the required treatment. Electrophysiology (EP) is defined as the heart’s electrical system that is being studied to analyze and diagnose its electrical activities. Cardiac electrophysiology studies the phenomena by recording the electrical activities of the heart using an invasive catheter. This study helps in assessing complex Arrhythmias or heart rhythm disorders.

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Electrophysiology Market Scope:

Report Coverage	Details
Market Revenue in 2022	$6.8 Billion
Estimated Value by 2027	$11.6 Billion
Growth Rate	Poised to grow at a CAGR of 9.4%
Market Size Available for	2019–2027
Forecast Period	2022–2027
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Product Type, Indication type, End User, and Region
Geographies Covered	North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
Report Highlights	Updated financial information / product portfolio of players
Key Market Opportunities	Rising number of emerging markets
Key Market Drivers	Increasing incidence of target diseases and procedures

Electrophysiology market major players covered in the report, such as:

• Abbott (US)
• Medtronic (Ireland)
• Boston Scientific Corporation (US)
• Koninklijke Philips N.V. (Netherlands)
• GE Healthcare (US)
• Siemens Healthcare GmbH (Germany)
• Stereotaxis Inc. (US)
• Merit Medical Systems (US)
• Atricure Inc. (US)
• APN Health LLC (US)
• Osypka Medical (Germany)
• Japan LifeLine Co., Ltd. (Japan)
• Johnson & Johnson (US)
• Biotronik (Germany)
• MicroPort Scientific Corporation (China)
• and Acutus Medical, Inc. (US)
• Lepu Medical Technology (Beijing) Co., Ltd. (China)
• CathRx Ltd. (Australia)
• Cook Medical (US)
• CathVision ApS (Denmark)
• TZ Medical (US)
• Teleflex Incorporated (US)
• Imricor (US)
• CardioFocus (US)
• Schwarzer Cardiotek GmbH (Germany)
• Kardium (Canada)
• EP Solutions SA (Switzerland)
• BioSig Technologies Inc. (BSGM) (US)
• Coremap (US)
• EPMap System GmbH (Germany)
• and Among Others

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In this report, the electrophysiology market is segmented based on product type, indication type, end user and region.

Global Electrophysiology market, by Type

• Electrophysiology Ablation Catheters
  • Cryoablation Electrophysiology Catheters
  • Radiofrequency (RF) Ablation Catheters
  • Microwave Ablation (MWA) Catheters
  • Laser Ablation catheters
• Electrophysiology Laboratory Devices
  • 3D Mapping Systems
  • Electrophysiology Recording Systems
  • Radiofrequency (RF) Ablation Systems
  • Intracardiac Echocardiography (ICE) Ultrasound Imaging Systems
  • Electrophysiology X-Ray Systems
  • Electrophysiology Remote Magnetic and Robotic Navigation Systems
• Electrophysiology Diagnostic Catheters
  • Conventional Electrophysiology Diagnostic Catheters
  • Advanced Electrophysiology Diagnostic Catheters
  • Ultrasound Electrophysiology Diagnostic Catheters
• Electrophysiology Access Devices
• Other Devices

Global Electrophysiology, by Indication type

• Atrial Fibrillation
• Atrial Flutter
• Atrioventricular Nodal Reentry Tachycardia (AVNRT)
• Wolff-Parkinson-White Syndrome (WPW)
• Other Indications

Global Electrophysiology market, by End Users

• Hospitals and Cardiac centres
• Ambulatory Surgery Centres

Global Electrophysiology market, by region

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • RoAPAC
• Latin America
  • Brazil
  • Mexico
  • RoLA
• Middle East & Africa

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The key stakeholders in the Electrophysiology market include:

• Medical Device Manufacturers: Companies specializing in developing and producing electrophysiology equipment and technologies, ranging from diagnostic devices to therapeutic tools.
• Healthcare Providers and Institutions: Hospitals, clinics, and medical facilities that utilize electrophysiology devices for accurate diagnosis, treatment planning, and patient care.
• Researchers and Scientists: Professionals dedicated to advancing the field of electrophysiology through research, innovation, and development of new technologies and techniques.
• Regulatory Bodies: Government agencies and organizations responsible for establishing and enforcing safety and efficacy standards for electrophysiology devices to ensure patient safety.
• Medical Professionals: Cardiologists, neurologists, electrophysiologists, and other medical specialists who employ electrophysiology tools to diagnose and treat various cardiac and neurological conditions.
• Patients: Individuals who benefit from improved diagnostic accuracy and treatment outcomes facilitated by electrophysiology technologies.
• Investors: Individuals, venture capital firms, and investment groups that provide funding to support research, development, and commercialization efforts within the electrophysiology industry.
• Academic Institutions: Universities and research centers that contribute to the knowledge and development of electrophysiology through education and scientific research.
• Technology Partners: Companies and collaborators that provide complementary technologies, software, and expertise to enhance the capabilities of electrophysiology devices.
• Advocacy Groups: Organizations advocating for patients with specific cardiac or neurological conditions, playing a role in shaping healthcare policies, research funding, and patient awareness.

These stakeholders collectively drive the growth, innovation, and impact of the Electrophysiology market, shaping the future of diagnostic and therapeutic approaches for cardiac and neurological disorders.

Recent Developments:

• In January 2022, Abbott has received the U.S. Food and Drug Administration for its EnSite X EP System with EnSite Omnipolar Technology (OT). It is a new cardiac mapping platform available in the US and across Europe that is designed to help physicians better treat abnormal heart rhythms. The system creates highly detailed three-dimensional maps of the heart to help physicians identify and then treat areas of the heart where abnormal rhythms originate.
• In October 2021, Boston Scientific Corporation has entered into a definitive agreement to acquire Baylis Medical Company Inc. for $1.75 billion. The acquisition will help Boston Scientific to expand its electrophysiology and structural heart product portfolios with the radiofrequency (RF) NRG and VersaCross Transseptal Platforms as well as guidewires, sheaths, and dilators used to access the left heart.
• In 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 commercially available gold-tipped, irrigated, force-sensing radiofrequency ablation catheter, it is used for electrophysiology mapping and RF ablation.

Frequently Asked Questions (FAQs) of Electrophysiology Market:

Question 1: What is the expected addressable market value of global Electrophysiology market over a 5-year period?
Answer: The global Electrophysiology market is expected to reach USD 11.6 billion by 2027 from an estimated USD 6.8 billion in 2021, at a CAGR of 9.4% from 2022 to 2027.

Question 2: Which segment based on product type is expected to garner the highest traction within the Electrophysiology market?
Answer: Based on product type, the Electrophysiology market is segmented into EP diagnostic catheters, EP ablation catheters, EP laboratory devices, access devices, and other products. The EP laboratory devices segment commanded the largest share of 57.0% of the electrophysiology market in 2021.

Question 3: What are the strategies adopted by the top market players to penetrate emerging regions?
Answer: The key growth strategies adopted by the top players in this market include product launches and approvals; agreements and partnerships; and acquisitions.

Question 4: What are the major factors expected to limit the growth of the Electrophysiology market?
Answer: Electrophysiology products and systems are priced at a premium, which slows their greater adoption. Other factors such as declining reimbursements, lack of infrastructure, particularly in developing and underdeveloped countries are also expected to hinder the growth of this market.

Question 5: What is the adoption pattern for Electrophysiology across major healthcare markets?
Answer: North America dominated the Electrophysiology market with the largest market share in 2021. Growth in the North American market is primarily driven by the increasing geriatric population, high incidence/prevalence of various diseases, large number of cardiac centers and hospitals, and the rapid adoption of technologically advanced systems in this region.

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Report Objectives:

• To define, describe, and forecast the electrophysiology market on the basis of product, indication, end user, and region
• To provide detailed information about the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
• To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall electrophysiology market
• To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
• To forecast the market revenue in terms of value with respect to five regional segments, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa
• To strategically analyze the market structure and profile key players in the electrophysiology market and comprehensively analyze their market shares and core competencies2
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
• To track and analyze company developments in the electrophysiology market such as alliances, agreements, collaborations, partnerships, acquisitions, and product launches & approvals
• To benchmark players within the market using the proprietary ‘Competitive Leadership Mapping’ framework, which analyzes market players on various parameters within the broad categories of business and product strategy
• To study the impact of COVID-19 on the market and specifically analyze the current market trends in terms of the regulatory landscape, reimbursement scenario, pricing, patent, and trade

Related Reports:

Defibrillator Market

Ablation Technology Market

Cardiac Monitoring Devices Market

Catheters Market

Cardiac Mapping Market

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