Global Electrophysiology Market is All Set to Boom: Projected to Reach USD 12.10 Billion by 2027

Published | 30 June 2021

A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global electrophysiology market was worth USD 6.4 billion in the year 2020. The market is estimated to grow at a CAGR of 9.6%, earning revenue of around USD 12.1 billion by the end of 2027. The growing prevalence of cardiovascular diseases with the rising risk of heart failure is propelling the demand for electrophysiology devices, thereby contributing to market growth.

Expanding Geriatric Population Driving Market Growth

A key target audience is the growing geriatric population, which is predisposed to cardiovascular and various types of heart disease. Human life expectancy is increasing; hence the population is growing. As a result, people suffering from heart disease and other disorders prefer to seek out efficient medical treatments. Thus, the electrophysiology market is expected to grow exponentially in the forecast period. Furthermore, the availability of a wide range of products catering to the needs of the various ailments in older people is also driving the market growth.

Rising Awareness Regarding Cardiovascular Diseases

The rising awareness of cardiovascular diseases is contributing significantly to the growth of the electrophysiology market. People are learning more and more about the disease or medical ailments they are suffering from and the available medical procedures for the treatment. Because of this, they are getting exposed to the availability of the procedures involving electrophysiology devices and the effectiveness they offer in the treatment. As a result, patients are approaching hospitals and other healthcare facilities for receiving such treatment, which is driving the market growth.

Ablation Catheters Market Estimated to Expand in the Forecast Period

The electrophysiology market is divided into four sub-segments, based on its types— ablation catheters, diagnostic catheters, mapping systems, accessories, and others. The ablation catheters segment dominates the market owing to the high advantage and efficacy it offers in the reduction of the symptoms associated with atrial fibrillation, such as breathlessness, weakness, or fatigue. Ablation catheters are mostly used to treat arrhythmia. Its track record of high success is helping to drive market expansion.

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Global Electrophysiology Market - Regional Insights

Geographically, the global electrophysiology market is segmented into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle-East & Africa (MEA). North America holds the largest market share in the market due to the high concentration of major players in the region as well as the availability of feasible reimbursement policies. However, the Asia-Pacific region is growing at a faster rate and is predicted to become a dominant market for electrophysiological devices as its usage grows in developing economies.

Impact of Covid-19 on the Global Electrophysiology Market

The breakout of Covid-19 and the sudden pandemic situation affected the market significantly, both in the good and the bad way. On the one hand, because all elective medical procedures were postponed and people rarely attended hospitals for any kind of therapy other than SARS, demand for electrophysiological equipment decreased considerably. On the other side, demand was propelled as well. Because the effect of Covid-19 on a person suffering from any heart condition was more severe than that of a normal person, the number of medical procedures employing electrophysiology devices gradually increased.

Competitive Landscape

The leading market players in the global electrophysiology market are Japan Lifeline, Ge Healthcare, Koninklijke Philips N.V., Epmap-System, Merit Medical Systems, Boston Scientific Corporation, Medtronic PLC, Johnson & Johnson, Stereotaxis, Biotronik, Acutus Medical, Microport Scientific Corporation, Imricor Medical Systems, Cook Medical, Cathrx Ltd, Apn Health, LLC, Acutus Medical, Tz Medical, Schwarzer Cardiotek, and other prominent players. In order to strengthen their market position and expand their consumer base, the leading market players are adopting competitive strategies. Furthermore, they are also investing in research and development for expanding their product portfolio.

Don’t miss the business opportunity of the global electrophysiology market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global electrophysiology market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global electrophysiology market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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