Electrophysiology Devices Market
Number of pages: 100 | Report Format: PDF | Published date: December 15, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market size value in 2021 |
US$ 5.58 billion |
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Revenue forecast in 2030 |
US$ 14.15 billion |
|
Growth Rate |
CAGR of 10.89% from 2022 to 2030 |
|
Base year for estimation |
2021 |
|
Forecast period |
2022-2030 |
|
Segments covered |
device, indication, end-user, and region. |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global electrophysiology devices market was pegged at US$ 5.58 billion in 2021 and is expected to register a revenue CAGR of 10.89% to reach US$ 14.15 billion by 2030.
Market Fundamentals
The study of the electrical characteristics of biological cells and tissues is known as electrophysiology. Electrophysiology devices are used for diagnosing and treating cardiac conditions such as tachycardia, ventricular, and atrial fibrillation. Electrophysiology devices utilize techniques such as ablation, mapping, etc.
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Market Dynamics
The global electrophysiology devices market revenue growth can be attributed to the increasing prevalence of cardiovascular disorders such as cardiac arrest, heart failure, atrial fibrillation, bradycardia, etc. Additionally, increasing utilization of electrophysiology tests, rising demand for electrophysiology devices for continuous management and monitoring of cardiac rhythm, and growing applications of such devices in the hospital setting greatly impact the market revenue development. Additionally, the rapid evolution of healthcare infrastructure, the continuous launch of innovative products/devices, and the increasing geriatric population further fuel the expansion of this market revenue. However, the lack of skilled and experienced professionals, the high cost of electrophysiology devices, inadequate reimbursement, and stringent regulatory policies are constraining the market revenue growth of these devices.
Market Ecosystem
The global electrophysiology devices market has been analyzed from four perspectives: by device, indication, end-user, and region.
Electrophysiology Devices Market by Devices
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Based on the types of devices, the global electrophysiology devices market has been segmented into diagnostic and treatment devices.
The diagnostic devices segment dominates the market with the largest revenue share. The diagnostic devices are further sub-segmented into electrocardiographs (ECG), diagnostic catheters, imaging systems, insertable cardiac monitors, and Holter monitors. The dominance of this segment can be attributed to the growing utilization of cardiac monitors, the increasing usage of monitoring equipment for arrhythmias, and the rising adoption of ambulatory monitoring systems. The increasing prevalence of cardiovascular diseases, such as heart failure, cardiac arrest, and atrial fibrillation, is increasing the demand for diagnostic devices. Growing investments and technological advancement also favor the overall revenue growth of this segment.
The treatment devices segment is expected to rise significantly in terms of market revenue growth. This segment is further sub-segmented into implantable cardioverter defibrillators (ICD), automated external defibrillators (AEDs), pacemakers, and catheters. Rising cases of atrial fibrillation and the corresponding increase in the prevalence of arrhythmia, growing adoption of cardiac implantable devices, and increasing healthcare approvals for advanced technologies favor the revenue growth of this segment.
Electrophysiology Devices Market by Indication
Based on the indication, the global electrophysiology devices market has been segmented into atrial fibrillation (AF), atrioventricular nodal re-entry tachycardia, bradycardia, Wolff-Parkinson-white syndrome (WPW), supraventricular tachycardia, and others.
Atrial fibrillation accounts for the largest revenue share in the global market. Atrial fibrillation is a common type of arrhythmia (an irregular and typically very fast heart rhythm) that can result in blood clots in the heart. Stroke, heart failure, and other heart-related problems are all increased by AF, bolstering the revenue growth of this segment. Risk factors for this disease are high blood pressure, increasing valvular heart disorders, coronary artery diseases, sedentary lifestyle, unhealthy diets, heavy smoking, etc. Furthermore, the increasing prevalence of AF, the growing geriatric population, and rapid technological advancements in diagnostics and treatments greatly influence the segment’s revenue growth.
Electrophysiology Devices Market by End-user
Based on end-user, the global electrophysiology devices market has been segmented into hospitals, ambulatory surgical centers, specialty clinics, and others.
The hospital segment accounts for the largest revenue share in the global market. This significant revenue share is propelled by high patient traffic and the availability of enhanced technology that provides better treatment options. As a primary medical healthcare facility, the beneficial reimbursement policies' availability promotes the segment’s revenue development.
The specialized clinics segment is expected to depict the progression in the revenue share at a rapid rate due to the growing participation of specialist surgeons and medical experts that primarily treat cardiac issues. Furthermore, this segment provides more precise and faster treatments, thus, stimulating the revenue expansion of specialty clinics.
Electrophysiology Devices Market by Region
Based on region, the global electrophysiology devices market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominates the market with the largest revenue share. This significant revenue share is due to the high prevalence of cardiovascular diseases, swift adoption of modern treatment and diagnostic technologies, increased research activities, and the presence of major market players. Furthermore, large investments and finances in cardiovascular illnesses and the constant release of breakthrough technologies drive the revenue expansion of North America.
Europe accounts for the second-largest revenue share in the global market. This significant revenue expansion can be attributed to the widespread use of novel treatment methods/techniques and improved healthcare infrastructure.
Asia Pacific, on the other hand, is an emerging region in terms of revenue share due to factors such as improving healthcare infrastructure, increasing cardiovascular disease prevalence, and the availability of favorable reimbursement policies. Furthermore, the rise of medical tourism and the increasing use of new technologies for improved outcomes and better survival rates exponentially increase regional revenue.
Competitive Landscape
The prominent players operating in the global electrophysiology devices market are:
Strategic Developments
Global electrophysiology devices are expected to value at US$ 14.15 billion in 2030.
Electrophysiology devices are expected to register a revenue CAGR of 10.89% during the forecast period.
The diagnostic devices segment accounts for the largest revenue share in the global electrophysiology devices market.
The lack of skilled and experienced professionals, the high cost of electrophysiology devices, inadequate reimbursement, and stringent regulatory policies are the key hurdles restraining the global electrophysiology devices market revenue share.
*Insights on financial performance are subject to the availability of information in the public domain
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