The electrophysiology devices market size is expected to surpass around US$ 10.72 billion by 2027 and growing at a CAGR 8.6% over the forecast period 2021 to 2027.
The electrophysiology devices market size is expected to surpass around US$ 10.72 billion by 2027 and growing at a CAGR 8.6% over the forecast period 2021 to 2027.
Growth Factors
The electrophysiology devices are extensively used for the diagnosis and treatment of various conditions that adversely impacts the heart. Atrial fibrillation, ventricular fibrillation, tachycardia, and other cardiovascular conditions are diagnosed and treated with the help of the electrophysiology devices. The surging prevalence of cardiovascular diseases are the primary drivers of the global electrophysiology devices market. According to the World Health Organization, cardiovascular diseases are the leading cause of death and accounts for around 32% of the death across the globe. Furthermore, the technological advancements in the electrophysiology devices such as laser ablation, cryoablation, and ultrasound ablation are augmenting the demand and spurring the growth of the global electrophysiology devices market.
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The deployment of advanced guidance and mapping systems assists in the improved heart rhythm monitoring. The rising obesity, physical inactivity, rising prevalence of smoking, and unhealthy food habits are contributing towards the increasing number of cardiac patients across the globe. The rising prevalence of CVDs across the globe is fostering the growth of the globalelectrophysiology devices market.
Report Highlights:
- Based on the indication, atrial fibrillation was the most dominant segment in the global electrophysiology devices market in 2019. Atrial fibrillation is the most common arrhythmia that increases the risk of blood clotting and stroke. The atrial fibrillation, in most of the cases remains undiagnosed in the clinical practices owing to the inefficiencies of the conventional monitoring devices, and as a result the atrial fibrillation remains untreated in most of the patients. The increased adoption of the advanced electrophysiology devices for the diagnosis and treatment of the atrial fibrillation has propelled the growth of this segment.
- Based on the application, the diagnostic devices segment dominated the global electrophysiology devices market in 2019. This is attributed to the increased usage of the cardiac monitors for monitoring arrhythmia. The rising technological advancements and the surging demand for the portable digital systems and catheters in the diagnosis heart conditions has fostered the growth of this segment across the globe.
- Based on the end use, the hospitals was the dominating segment in 2019. The presence of advanced electrophysiology devices in the hospitals and the primary preferences for the hospital services among the patients has fueled the growth of the segment. The growing penetration of the multi-specialty hospitals across the globe along with the surging government investments in the development of advanced healthcare infrastructure has spurred the growth of the hospitals segment.
- North America was the leading electrophysiology devices market in 2019. The increased demand for the electrophysiology devices in US owing to the increased prevalence of the cardiovascular diseases has fostered the market growth. According to the CDC, about 0.5% of the global population suffers from atrial fibrillation and around 11% of the people in US were suffering from it in 2019. Furthermore, ventricular tachycardia alone accounts for 300,000 deaths each year in US. As per the American Heart Association, around half of the US population suffers cardiovascular diseases. Thus, the demand for the electrophysiology devices is high in this region, which has resulted in the dominance of North America in the global electrophysiology devices market.
- Asia Pacific is estimated to be the most opportunistic segment during the forecast period. Rapid growing healthcare infrastructure owing to the increased government focus and the surging prevalence of cardiovascular diseases in the region is expected to drive the growth of the Asia Pacific electrophysiology devices market. The rising awareness regarding the availability of advanced electrophysiology devices and rising healthcare expenditure is propelling the growth of the market.
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Future of the Electrophysiology Devices Market
Emerging economies are presenting lucrative growth opportunities to the market players. The rising awareness about the cardiovascular diseases, surging adoption of the cardiac mapping systems, growing pool of patients, and improving healthcare infrastructure are the major drivers of the market. The emerging market like Asia Pacific have business friendly environment and the regulatory policies are more adaptive that offers prominent growth aspects to the cardiac mapping system manufacturers.
COVID-19 Impact Analysis:
- The sudden outbreak of the COVID-19 pandemic has resulted in the decreased volumes of the electrophysiology procedures across the globe.
- The implementation of the new regulatory guidelines and policies had adversely impacted the growth of the electrophysiology devices market in 2020.
- The low access to the hospitals and clinics, lockdown, and social distancing norms has declined the patient flow, which had a negative impact on the market.
Key Developments in the Marketplace:
- In October 2020, Johnson & Johnson Medical Devices Company acquired the FDA approval for its ThermocoolSmarttouch SF Ablation Catheter, which is used for treating the patients suffering from atrial fibrillation.
- In March 2020, Stereotaxis acquired the US FDA approval for Genesis RMN System for robotic navigation to treat disorders in heart rhytms.
Market Segmentation
By Indication
- Atrial Fibrillation (AF)
- Atrioventricular Nodal Re-entry Tachycardia (AVNRT)
- Supraventricular Tachycardia
- Bradycardia
- Wolff-Parkinson-White Syndrome (WPW)
- Others
By Application
- Diagnostic Devices
- Diagnostic Electrophysiology Catheters
- Holter Monitoring Devices
- EP Mapping & Imaging Systems
- Electrocardiograph (ECG)
- Insertable Cardiac Monitors (ICM)
- Others
- Treatment Devices
- Automated external defibrillators (AEDs)
- Implantable Cardioverter Defibrillators (ICDs)
- CRT-D
- CRT-P
- Catheters
- Pacemakers
- Others
By End-User
- Ambulatory Surgical Centers
- Hospitals
- Others
By Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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