NEWARK, Del, March 13, 2023 (GLOBE NEWSWIRE) -- The Electrophysiology Market is predicted to be worth US$ 7.57 billion in 2023, and rise to US$ 22.67 billion by 2033. Initially, the global market was expanding at a CAGR of 9.3% during 2018 to 2022.
The electrophysiology sector is expanding as chronic diseases like diabetes, hypertension, and thyroid disorders become more common. Those with diabetes and high blood pressure are more likely to experience atrial fibrillation.
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Also, the aging effect and the rising elderly population, which is more prone to cardiac arrhythmia illnesses, drive market expansion. Growing demand for devices for cardiac rhythm management for continuous monitoring, and increasing use of these devices in non-hospital settings thrive the electrophysiology adoption.
The legacy of electrophysiology devices, therapies, and procedures is being shaped by the next-generation technologies of enhanced cardiac mapping and telerobotics, remote and real-time monitoring.
Thus, in light of the aforementioned facts, it is anticipated that the electrophysiology business is likely to expand over the next few years. Unfortunately, the market for electrophysiology is being severely constrained by issues like a shortage of qualified electrophysiologists and adverse healthcare reforms.
Key Takeaways
- By 2033, the United States is expected to lead the electrophysiology market, with a size of US$ 10.56 billion and a CAGR of 12%.
- The electrophysiology market was significantly expanding, with a size of US$ 6.80 billion in 2022.
- Market shows amazing opportunities due to the rising need for cardiac diagnostics, and expects an absolute opportunity of US$ 896.8 million during the forecast period.
- The expansion in China is anticipated to expand at an adequate CAGR of 15.9% % by 2033.
- By 2033, Germany is likely to expand in the electrophysiology market, with a size of US$ 2.33 billion.
- By 2033, the electrophysiology sector is likely to increase in Canada, with a size of US$ 614.7 million.
- The expansion in the United Kingdom is anticipated to expand at an adequate CAGR of 12.1% by 2033.
- Based on the product type, the electrophysiology ablation catheter segment expects a CAGR of 12.7% by 2033.
- Based on the end users, hospitals continue to dominate the sector during the forecast period, with a CAGR of 11.2%.
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Key Strategies in the Industry
Over the forecast period, technical advancements in the pharmaceutical sector that enable the production of improved electrophysiology catheters are anticipated to offer lucrative prospects for market expansion worldwide. The manufacturers have also teamed up with local players to increase their geographic penetration.
The emphasis on electrophysiological device product introductions has advanced significantly. Many electrophysiological gadgets packed with cutting-edge technology have just hit the market. In order to reach the possible markets, distribution networks have been targeted.
Recent Developments
- In order to treat arrhythmia, AcQMap technology from Acutus Medical and Robotic Magnetic Navigation from Stereotaxis were combined to create the first Integrated Cardiac Ablation Operation.
- Over 12 of Medtronic Plc proprietary electrophysiology catheters and other devices were approved and released between 2017 and 2020 in Indonesia, Uzbekistan, and Australia, where two catheters were approved.
- In order to launch cutting-edge electrophysiology procedure solutions, including 2F micro catheter and 6F guiding catheters, in the Europe market, Baylis Medical Japan Lifeline and the collaboration were established in November 2020.
Key Players:
- Abbott Laboratories
- Johnson & Johnson (Biosense Webster, Inc.)
- Medtronic Plc
- Boston Scientific Corporation
- Japan Lifeline
- Koninklijke Philips N.V.
- Merit Medical Systems
- Biotronik SE & Co. KG
- Microport Scientific Corporation
- APN Health, LLC
- Baylis Medical Company, Inc.
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Key segments
By Product Type:
- Electrophysiology Laboratory Devices
- 3D Mapping Systems
- Electrophysiology Recording Systems
- Radiofrequency (RF) Ablation Systems
- Intracardiac Echocardiography (Ice) Ultrasound Imaging Systems
- Cardiac Stimulators
- Others
- Electrophysiology Ablation Catheters
- Cryoablation Electrophysiology Catheters
- Radiofrequency (RF) Ablation Catheters
- Irrigated Tip RF Ablation Catheters
- Laser Ablation Catheters
- Electrophysiology Diagnostic Catheters
- Conventional Electrophysiology Diagnostic Catheters
- Advanced Electrophysiology Diagnostic Catheters
- Ultrasound Electrophysiology Diagnostic Catheters
- Access Devices
By Indication:
- Atrial Fibrillation
- Atrial Flutter
- Wolff-Parkinson-White Syndrome (WPW)
- Atrioventricular Nodal Reentry Tachycardia (AVNRT)
- Ventricular tachycardia (VT)
- Others
By End-User:
- Hospitals
- Cardiac Catheterization Laboratories
- Ambulatory Surgery Centers
Table of Content
1. Executive Summary | Electrophysiology Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
Complete TOC with Report Preview: https://www.futuremarketinsights.com/reports/electrophysiology-market
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