rt Market Research titled, ‘Global Electrophysiology Devices Market Report and Forecast 2023-2031’, gives an in-depth analysis of the global electrophysiology devices market, assessing the market based on its end-use segments, types, indication, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2031)
- Historical Market Size (2022): 6.2 billion
- Forecast CAGR (2023-2031): 10%
The growth in the global electrophysiology devices market is attributed to factors like the emergence of advanced technology in products for electrophysiology, a surging geriatric population with a significant risk of target diseases, rapidly increasing cases of arrhythmia around the world, and the rising emphasis of major players in the market on expanding their geographical reach.
The rapidly increasing prevalence of cardiac arrest and heart failure cases amongst the younger generation, which can be linked to lifestyle behaviours like excessive alcohol consumption and smoking, is driving the market.
Electrophysiology Devices Industry Definition and Major Segments
Electrophysiology is a physiology branch concerned with the movement of ions (ion current) in living tissue and, more broadly, the electrical recording methods that allow this flow to be assessed.
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Based on type, the market is divided into:
- EP Ablation Catheters
- Cryoablation EP Catheters
- Radiofrequency Ablation Catheters
- Laser Ablation Systems
- Microwave Ablation Systems
- EP Diagnostic Catheters
- Conventional EP Diagnostic Catheters
- Advanced EP Diagnostic Catheters
- Ultrasound EP Diagnostic Catheters
- EP Laboratory Devices
- Access Devices
- Others
Based on indication, the industry is segmented into:
- Atrial Fibrillation (AF)
- Atrioventricular Nodal Re-entry Tachycardia (AVNRT)
- Wolff-Parkinson-White Syndrome (WPW)
- Atrial Flutter
- Others
Based on end-use segments, the market can be categorised as:
- Hospitals
- Diagnostic Centres
- Clinics
- Others
On the basis of region, the market is divided into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Electrophysiology Devices Market Trends
Developing economies are anticipated to give ample scope for cardiac mapping systems, owing to their rising population of patients, increased adoption of cardiac mapping systems, greater awareness of CVDs, increasing disposable incomes, enhanced infrastructure for healthcare, and relatively liberal regulations when compared to other developed countries.
The growing demand for refurbished devices presents a significant challenge for market participants, particularly small manufacturers. Because of the competitive intensity among existing players, the electrophysiology market is currently highly competitive in terms of cost. The majority of these goods are high-priced, such as cardiac 3D mapping systems and EP recording systems.
Key Market Players
The major players in the market are Abbott Laboratories, Siemens AG, Nihon Kohden Corporation, Biosense Webster, Inc., Boston Scientific Corporation, General Electric Company, Medtronic plc, Koninklijke Philips N.V., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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