Pune, 22, Nov, 2022: The Electrophysiology Market Size, Share & Industry Trends Analysis Report by Segment, Regional Outlook and Forecast, 2022-2029″ report has been added to Maximize Market Research offering. The Electrophysiology Market size is expected to grow from USD 6.79 billion in 2021 to USD 13.74 billion in 2029, at a CAGR of 9.2 percent for the forecast period from 2022 to 2029.
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Electrophysiology Market Scope and Research Methodology
The Electrophysiology Market report includes the current trends and highlights in the Electrophysiology Market, assisting clients in exploring opportunities and developing market strategies. Goods and services, revenue, financial status, portfolio, growth strategies, and regional presence of key market participants and new entrants are all investigated. Recent acquisitions and mergers, as well as company strategic stances and joint alliance information, provide an accurate picture of the Electrophysiology Market’s competitive landscape. To comprehend the Electrophysiology Market’s products and services, a segment-by-segment analysis by Product and Indication is performed, complete with market-influencing factors and current technological changes and innovations. The report also goes into great detail about the Electrophysiology Market’s drivers, challenges, restraints, and challenges. Market participants and new entrants can use regional market analysis to develop pricing and marketing strategies at the local, regional, and global levels.
A bottom-up approach was used for market estimation and global market trend analysis. To obtain accurate inferences, data was collected from a large sample using both primary and secondary research methods. Surveys, questionnaire administration, and phone interviews with industry specialists, market leaders, entrepreneurs, and marketing professionals were among the primary methods used. Secondary data was meticulously gathered from a carefully chosen set of sources to ensure the accuracy of the conclusions. Official databases of various organizations and government sites, industry journals, white papers, annual reports, product manufacturer and supplier releases, and paid databases are some examples. PESTLE was used to understand various market factors, while SWOT analysis was used to understand key companies’ strengths and weaknesses. As a result, the report provides a thorough examination of the Electrophysiology Market.
Electrophysiology Market Overview
Electrophysiology is the study of the electrical properties of living cells. Electrophysiology devices are used in electrophysiological diagnostic and therapeutic procedures. Electrophysiology is a technique used to evaluate a person’s heart condition, assisting doctors in detecting arrhythmia or irregular heartbeats. Because each device offers distinct advantages, the components and functionalities of these devices differ. The device includes a pulse generator and leads. The leads measure the heart rate and supply the energy required for pacing, cardioversion, and/or defibrillation.
Patients who require cardiac devices are frequently elderly and have a number of comorbidities, such as a history of heart failure or myocardial infarction. Patients suffering from heart failure, in particular, may be unable to remain supine for extended periods of time. As the device advances, the complications associated with device implantation increase. CRT pacemakers have a higher complication rate than single-chamber pacemakers. The most common complications are tamponed and pericardial effusion caused by heart perforation and myocardial damage, pneumothorax, and intrathoracic hemorrhage periods.
Electrophysiology Market Dynamics
The growing use of electrophysiology (EP) tests in the treatment and diagnosis of heart diseases such as atrial fibrillation, as well as the growing demand for devices for cardiac rhythm management for continuous monitoring and the increasing application of these devices in out-of-hospital settings, are driving industry growth. Sedentary lifestyles, smoking, excessive alcohol consumption, and other factors are all contributing to an increase in the prevalence of heart failure, cardiac arrest, and atrial fibrillation among millennials. According to the Centers for Disease Control and Prevention, approximately 12.5 million Americans will have atrial fibrillation by 2030.
Rising research and development capabilities in the life sciences sector, a surge in enhanced product offer innovations, increased commercialization of novel pharmaceuticals, and the presence of significant pipeline drugs will all contribute to profitable market growth potential. In developing countries, a lack of medical knowledge or electrophysiologists will stymie industry growth even further. Market issues would be exacerbated by unfavourable reimbursement situations in developing and emerging economies, as well as stringent regulatory frameworks for product clearance. Emerging markets are expected to offer massive growth opportunities for cardiac mapping system players due to their growing patient population, rising adoption of cardiac mapping systems, a rising sense of CVDs, rising disposable incomes, improving healthcare infrastructure, and comparatively lenient guidelines.
The number of surgical procedures performed in emerging countries has steadily increased over the last decade, owing to an expanding target patient population, an increase in CVD-related deaths, and increased medical tourism. Ablation catheters are capable of removing abnormal cardiac tissue that causes irregular heartbeats. These devices function through ablation, a minimally invasive procedure in which catheters are used to destroy faulty electrical circuits in the heart. Radiofrequency ablation and cryoablation are the most commonly used types of ablation catheters, and both are expected to hold significant market shares, aided by related technological advancements.
Electrophysiology Market Regional Insights
North America dominated the industry in 2021, accounting for more than 38.5 percent of global revenue due to high rates of heart failure, cardiac arrest, and cardiac arrhythmia. During the forecast period, the presence of sophisticated healthcare infrastructure and favorable reimbursement policies is expected to drive the region’s growth.
The Asia Pacific market is expected to grow at the fastest rate during the forecast period. The region’s growth is being driven primarily by a large geriatric population, an increasing risk of heart disease, and unmet clinical needs. Furthermore, manufacturers are expected to benefit from improved healthcare infrastructure, increased patient awareness, and rising healthcare expenditure levels in the region in order to capitalize on these available opportunities. Rapid advancements in healthcare infrastructure, as well as an increase in disposable income in emerging economies such as India and China, are expected to drive demand for EP systems.
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Electrophysiology Market Segmentation
By Product
- P Diagnostic Catheters
- EP Laboratory Devices
- EP Ablation Catheters
- Access Devices
By Indication
- Atrial Fibrillation
- Ventricular Fibrillation
- Atrioventricular Nodal Reentry Tachycardia
- Wolff-Parkinson-White
- Right Atrial Tachycardia
- Right Atrial Flutter
- Left Atrial Flutter
- Right Ventricular Tachycardia
- Left Ventricular Tachycardia
Electrophysiology Market Key Competitors:
- Abbott Laboratories
- Ge Healthcare
- Johnson & Johnson
- Siemens Healthcare
- Medtronic Inc.
- R. Bard, Inc.
- Boston Scientific
- Jude Medical, Inc.
- Biotronik SE & Co. KG
- Koninklijke Philips N.V
- Biosense Webster, Inc
- Hansen Medical
- Pioneer Medical Devices
- Catheter & Medical Design
- VascoMed GmbH
- Advanced Cardiac Therapeutics
- Nihon Kohden Corporation
- CardioFocus
- Microport Scientific Corporation
- Sorin Group
Key questions answered in the Electrophysiology Market are:
- What is an Electrophysiology?
- What is the growth rate of the Electrophysiology Market for the next five years?
- What is the nature of competition in the Electrophysiology industry in developed economies and developing economies?
- Who are the key players in the Electrophysiology Market?
- Who are the market leaders in Electrophysiology in Europe?
- Who are the market leaders in Electrophysiology in USA and Canada?
- Who are the market leaders in Electrophysiology in India, China, Japan, and South Korea?
- What are the factors affecting growth in the Electrophysiology Market?
- Who held the largest market share in the Electrophysiology Market?
- What are the factors for the growth of the Asia-Pacific region in the Electrophysiology Market?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Segment and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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