Electrophysiology Devices And Equipment Global Market Report 2023

NEW YORK, Feb. 10, 2023 /PRNewswire/ -- Major players in the electrophysiology devices and equipment market are St.Jude Medical, Boston Scientific Corporation, Abbott Laboratories, GE Healthcare, Philips Healthcare, Biotronik SE & Co.

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KG, Medtronic Inc., Biosense Webster, Microport Scientific Corporation, and Japan Lifeline Co.

The global electrophysiology devices and equipment market will grow from $5.43 billion in 2022 to $5.94 billion in 2023 at a compound annual growth rate (CAGR) of 9.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The electrophysiology devices and equipment market is expected to grow to $8.07 billion in 2027 at a CAGR of 7.9%.

The electrophysiology devices and equipment market consist of sales of ablation catheters, diagnostic catheters, mapping system, accessories, and other electrophysiology devices.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

Electrophysiology devices and equipment are used in the diagnosis and treatment of heart rhythm disorders through electrical activity.

North America was the largest region in electrophysiology devices and equipment market in 2022. Western Europe was the second-largest region in electrophysiology devices and equipment market.The regions covered in the electrophysiology devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The main product types in the electrophysiology devices and equipment are electrophysiology ablation catheters, electrophysiology diagnostic catheters, and electrophysiology lab systems.Electrophysiology ablation catheters measure the electrical activity of the heart and diagnose abnormal heart rhythm.

The various monitoring devices involved are electrocardiograph (ECG), electroencephalograph (EEG), electrocorticography (ECoG), electromyography (EMG), electroretinographic (ERG), electrooculography (EOG), Holter monitoring devices, X-ray systems, imaging and 3D mapping systems, and diagnostic electrophysiology catheters that are used in indication analysis of atrioventricular nodal reentry tachycardia (AVERT), Wolff-Parkinson-white syndrome (WPW), atrial flutter, and atrial fibrillation. The various end-users of electrophysiology devices and equipment are used in hospitals, diagnostic centres, and clinics.

An increase in the prevalence rate of cardiovascular diseases (CVD) forms one of the major drivers for the industries operating in the electrophysiology devices and equipment market.CVD cases remain the leading cause of death across the globe, which increases the demand for a quick and effective treatment of the disease, thus increasing the demand for electrophysiology devices.

According to the Centers for Disease Control and Prevention (CDC), in 2020, 697,000 people died from heart diseases which was almost 1 in every 5 deaths. By 2030, 12.1 million people in the United States will suffer from atrial fibrillation, which is the most common type of heart arrhythmia.

Lack of uniformity in the regulations governing the electrophysiology devices and equipment industry sometimes restricts the companies in the market from expanding globally, thereby hampering the market's growth.The impact of individual country regulatory requirements can have huge implications for the availability of new electrophysiology devices and equipment.

According to regulations in a few geographies, the manufacturers are required to conduct clinical trials (premarket and/or post-market) be either in whole or in part within a country.However, in markets such as Brazil, Japan, India, and China where local regulations are still in the nascent stage, the cost to run the trials is incurred by the manufacturers.

For example, trials for devices like cardiac rhythm management (CRM) in multiple countries have less merit and do not reflect the true test results as it becomes difficult for the manufacturers to provide sufficient devices to run tests.

To increase the profit margins and sales, the companies operating in the Electrophysiology (EP) devices and equipment industry are coming up with new technologies aimed towards improving EP mapping and localization technology.EP mapping is a procedure used to diagnose the origins of abnormal heart rhythms.

This procedure uses an electrically sensitive catheter.With improved mapping technologies it becomes easy to detect and locate abnormalities in the heart.

For example, in June 2020, Boston Scientific launched its DIRECTSENSE™ technology for monitoring the effect of radiofrequency energy delivery during the cardiac ablation procedure.

The Reuse of a single-use device (SUD) is permitted by The Medicines and Healthcare products Regulatory Agency (MHRA) may impact the electrophysiology devices and equipment market growth as few of the products within the market may be reused.The MHRA allows the reuse of electrophysiology catheters, however, the device should be adherent to the medical devices directive and should have a CE mark.

The reuse or reprocessing of electrophysiology catheters by electrophysiology (EP) laboratories in the US help in reducing the costs of these devices and lessening the environmental burden of the discarded bio-waste materials. As there is no clear regulation on reuse in developing nations such as Africa., Asia, Eastern Europe, Central America, and South America, the electrophysiology devices and equipment market may face a few challenges.

In September 2021, Boston Scientific, a company operating in electrophysiology devices and equipment acquired Lumenis for a deal amount of $1.07 billion. With this acquisition, Boston scientific company expands its portfolio in the US and Japan. Lumenis is a medical equipment company and a technology company based in Israel. [viii]

The countries covered in the electrophysiology devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The electrophysiology devices and equipment market research report is one of a series of new reports that provides electrophysiology devices and equipment market statistics, including electrophysiology devices and equipment industry global market size, regional shares, competitors with a electrophysiology devices and equipment market share, detailed electrophysiology devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the electrophysiology devices and equipment industry. This electrophysiology devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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