Electrophysiology Market Research Report: Forecast (2023-2028)
The Global Electrophysiology Market is projected to grow at a CAGR of around 10.5% during the forecast period, i.e., 2023-28. The market is largely driven by the intensifying burden of cardiac arrhythmias worldwide. The emerging need for high precision and controlled cardiac diagnostic and ablation procedures paired with conducive reimbursement policies is observed to be a solid booster to the adoption of minimally invasive electrophysiology therapies. Atrial Fibrillation, Atrial Flutter, Wolff-Parkinson-White (WPW), Ventricular Tachycardia, And Atrioventricular Nodal Reentry Tachycardia all have rising prevalence and incidence rates. Besides, in order to facilitate better sterility, safety, and affordability, the key market players have switched to disposable catheters for intermittent cardiac procedures, making the demand for disposable catheters skyrocket in the coming years.
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Market Dynamics
Global Electrophysiology Market Key Driver: The Transcending Burden of Cardiovascular Diseases Worldwide
An alarming rise in the number of cardiac arrhythmias has compelled innovations in the manufacturing of electrophysiology devices. According to WHO, around 17.9 million people succumb to Cardiovascular diseases (CVDs) every year, accounting for 32% of total deaths worldwide. Out of 5, four CVD deaths are due to strokes and heart attacks, with one-third of these deaths occurring in people under 70. Likewise, as per Canadian government health statistics, one out of twelve Canadians lives with heart disease. Backed by behavioral risk factors such as unhealthy diet, physical inactivity, and excess alcohol and tobacco consumption, the patient pool is expected to surge in the coming years, presenting the need for more effective electrophysiology devices. As a result, the market is expected to enthrall in the coming years.
Leading Companies in Electrophysiology Market:
-Abbott
-Medtronic
-Boston Scientific Corporation
-Koninklijke Philips N.V.
-General Electric Company
-Siemens Healthineers International AG
-Stereotaxis Inc
-Merit Medical Systems
-APN Health LLC
-Osypka Medical
-Japan Lifeline Co Ltd
Segmentation of the Industry
The Electrophysiology Market is highly fragmented and bifurcates into the following segmentations:
By Product
-Electrophysiology Laboratory Devices
–3D Mapping Systems
–Electrophysiology Recording System
–Radio Frequency (RF) Ablation Systems
–Intracardiac Echocardiography (ICE) Ultrasound Imaging Systems
–Electrophysiology X-Ray Systems
–Electrophysiology Remote Magnetic and Robotic Navigation Systems
-Electrophysiology Ablation Catheters
–Cryoablation Electrophysiology Catheters
–Radiofrequency (RF) Ablation Catheters
–Microwave Ablation (MWA) Systems
–Laser Ablation Systems
-Electrophysiology Diagnostic Catheters
–Conventional Electrophysiology Diagnostic Catheters
–Advanced Electrophysiology Diagnostic Catheters
–Ultrasound Electrophysiology Diagnostic Catheters
-Access Devices
-Other Products
- Here, Electrophysiology Ablation Catheters are anticipated to dominate the market, during the forecast period
By Indication Type
-Atrial Fibrillation
-Atrial Flutter
-Atrioventricular Nodal Reentry Tachycardia (AVNRT)
-Wolff-Parkinson-White Syndrome (WPW)
-Other Indications
By End User
-Hospitals & Cardiac Centers
-Ambulatory Surgery Centers
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Regional Landscape
On the geographical front, the Electrophysiology Market expands across the following:
By Region
-North America
-South America
-Europe
-The Middle East & Africa
-Asia-Pacific
- Here, North America acquired the largest market share in recent years and is anticipated to prevail in the same dominance during the forecast period.
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