Insights on the Electrophysiology Global Market to 2028 - by Type, End-user, Indication Type and Geography

DUBLIN, June 22, 2022 /PRNewswire/ -- The "Global Electrophysiology Market Size, Share & Industry Trends Analysis Report By Type, By End User, By Indication Type (Atrial Fibrillation, Atrial Flutter, AVNRT & WPW), By Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.

The Global Electrophysiology Market size is expected to reach $11.9 billion by 2028, rising at a market growth of 8.8% CAGR during the forecast period.

Electrophysiology (EP) devices are a type of medical equipment that is used to diagnose and treat cardiovascular problems. These gadgets assess aberrant heartbeats by analyzing the electrical impulses of the heart. Pacemakers, Implantable cardioverter defibrillators (ICDs), automated external defibrillators (AEDs), radiofrequency ablation catheters, cryoablation EP catheters, and microwave & laser ablation systems are some of the most often utilized EP devices. In the event of an emergency, these devices send & receive electrical signals to & from the heart to regulate the heartbeat. They are non-invasive & assist in the removal of defective heart tissues that might cause abnormal heart rhythms.

As per a study published in the International Journal of Stroke in January 2020 by Giuseppe Lippi et al., atrial fibrillation is the most common cardiac arrhythmia worldwide. As per predictions, 17.9 million people in Europe will suffer atrial fibrillation by 2060. Moreover, the incidence and prevalence of the disease have increased over the previous 20 years & will continue to rise over the next 30 years, particularly in nations with a middling socio-demographic index, making it one of the most serious pandemics and public health problems. In 2050, the global burden of atrial fibrillation is expected to rise significantly. As a result of the increased prevalence of atrial fibrillation, electrophysiology operations are likely to become more popular soon. Additionally, a significant rise in the ageing population has been linked to an increase in heart failure rates.

Technological improvement is driving the industry forward. For example, Abbott Laboratories released an improved heart monitor in May 2019 to improve the accuracy of arrhythmia detection. The next-generation Confirm Insertable Cardiac Monitor (ICM) has been cleared for commercialization by the US Food and Drug Administration (FDA) & the CE Mark in Europe. It's a paperclip-sized implantable device with smartphone connectivity and continuous, remote monitoring that tracks irregular cardiac rhythms for a quick and exact diagnosis.

Market Growth Factors:

The incidence of target diseases & procedures is on the rise

As per the World Health Organization, cardiovascular disease is the dominating cause of mortality worldwide. Family history, ethnicity, & age are all major contributors to the increased prevalence of CVD and strokes. Tobacco use, high cholesterol, high blood pressure (hypertension), obesity, physical inactivity, diabetes, poor diets, and alcohol drinking are all risk factors.

Hypertension, dyslipidemia, diabetes, and obesity are all contributing to an increase in the incidence of CVD. As per the American Heart Association, 41.4 percent of adults in the United States will have hypertension by 2030. (An increase of 8.4 percent from 2012). According to the WHO organization, CVD expenses is expected to reach USD 1,044 billion by 2030, up from USD 863 billion in 2010. CVD claimed the lives of 17.9 million persons worldwide in 2016. By 2030, it is expected that this number will have risen to 23.6 million.

An increasing number of emerging markets

Due to their growing patient population, rising adoption of cardiac mapping systems, rising awareness of CVDs, growing disposable incomes, enhancing healthcare infrastructure, & comparatively lenient guidelines compared to developed countries, emerging markets are anticipated to give substantial growth opportunities for players in the electrophysiology market. The number of surgical procedures performed in emerging countries has increased steadily over the last decade, owing to a growing target patient population, a growing number of CVD-related deaths, and increased medical tourism.

Marketing Restraining Factor:

The growing rate of reusing & reprocessing of devices

Ablation catheters are classified as single-use devices by the FDA and the European Union (SUDs). Although due to their high per-unit cost and restricted reimbursement, these devices are being reprocessed and reused, mostly in hospitals with limited budgets. The cost of reprocessing and reuse for a hospital/surgical center is significantly less than the cost of a new ablation device, resulting in a reduction by half in overall procedure costs.

Many market leaders are now promoting refurbished gadgets through various programs as a result of this. Stryker's Sustainability Solutions business, which reprocesses EP cables, electrophysiology (EP) catheters, intracardiac echocardiography (ICE) catheters, and steerable introducer sheaths sold its four-millionth reprocessed EP device.

Scope of the Study

Market Segments Covered in the Report:

By Type

• Electrophysiology Laboratory Devices
• Electrophysiology Diagnostic Catheters
• Electrophysiology Ablation Catheters
• Electrophysiology Access Devices
• Others

By End User

• Hospitals & Cardiac centres
• Ambulatory Surgery Centers

By Indication type

• Atrial Fibrillation
• Atrial Flutter
• AVNRT & WPW
• Others

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA

Key Market Players

• Abbott Laboratories
• Boston Scientific Corporation
• General Electric (GE) Co. (GE Healthcare)
• Medtronic PLC
• Koninklijke Philips N.V.
• Siemens Healthineers AG
• Johnson & Johnson
• MicroPort Scientific Corporation
• Stereotaxis Inc.
• Acutus Medical, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/sfd2j0

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