Global Electrophysiology Devices Market Outlook 2031
- The global electrophysiology devices market was valued at US$ 6.7 Bn in 2021
- The global market is projected to grow at a CAGR of 8.2% from 2022 to 2031
- The global electrophysiology devices market is anticipated to reach US$ 14.8 Bn by the end of 2031
Overview of Global Electrophysiology Devices Market
An increase in the incidence of cardiac arrhythmias, a surge in the geriatric population, technological advancements, and developing countries focusing on improving the healthcare infrastructure are expected to drive the global electrophysiology devices market from 2022 to 2031. China and India are the two most populated countries with a large patient pool and high purchasing power. The Government of India is investing in early-stage research & development to develop innovative health technologies.
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Increase in Incidence of Cardiac Arrhythmias to Drive Global Electrophysiology Devices Market
Arrhythmias are a key indication for electrophysiology examination. Globally, an increase in the incidence of different types of arrhythmias, such as atrial fibrillation, atrial flutter, ventricular tachycardia, and atrial tachycardia, boost the growth of the global electrophysiology devices market. The geriatric population and people with high blood pressure, diabetes, obesity, and other cardiovascular diseases are at a high risk of developing arrhythmias. This factor is projected to augment the global electrophysiology devices market. The National Center for Biotechnology Information (NCBI), the Centers for Disease Control and Prevention (CDC), and the ‘Sign Against Stroke in Atrial Fibrillation’ campaign by Polish Foundation state that atrial fibrillation is a highly common form of arrhythmia, which affects more than 2.6 million people in the U.S., around 6 million in Europe, and nearly 8 million in China. The toll is anticipated to increase more than 2.5 times by 2050, due to the rise in the global geriatric population and changing lifestyle-related diseases. There is also increasing adoption of cardiac magnetic resonance imaging (MRI) in patients with arrhythmias. All these factors are expected to propel the demand for electrophysiology products during the forecast period.
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Rise in Geriatric Population to Boost Demand for Electrophysiology Devices
Favorable healthcare reforms in various countries such as Japan, the U.S., China, and the U.K. have improved access to various diagnostic and treatment services. This has resulted in increased life expectancy. The geriatric population is susceptible to various ailments, such as abdominal disorders and cardiovascular diseases. Hence, electrophysiology devices are used to diagnose these disorders in the geriatric population.
According to the World Health Organization (WHO), the global geriatric population is projected to reach around 2.1 billion by 2050, which was around 1 billion in 2019. Moreover, the global geriatric population is likely to increase at a rapid pace in developed countries such as the U.S. and Japan. In addition, as stated by the U.S. Census Bureau, around 13% of the country’s population was 65 years & above in 2009, and it is estimated to increase at a rate of 20% by 2030.
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Rise in Demand for Electrophysiology Ablation Catheters to Drive Market Growth
The electrophysiology ablation catheters segment accounted for a prominent share of the global electrophysiology devices market in terms of revenue in 2021. The segment is projected to grow at a high CAGR from 2022 to 2031. The surge in the geriatric population is anticipated to increase the patient pool globally. This, in turn, is expected to drive the electrophysiology ablation catheters segment during the forecast period. According to the WHO, cardiovascular diseases (CVDs) is the key cause of deaths globally. An estimated 17.9 million people succumbed to CVDs in 2021, which represents nearly 32% of all global deaths. Of these deaths, an estimated 85% were due to coronary heart attack and stroke. The surge in the incidence of cardiovascular diseases in the geriatric population is likely to increase the demand for electrophysiology ablation catheters during the forecast period. In addition, electrophysiology lab equipment is expected to register a steady CAGR during the forecast period.
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High and Common Risk Factors of Atrial Fibrillation to Lead Global Market
The atrial fibrillation (AF) segment held the largest share of the global market in terms of revenue in 2021, and the trend is projected to continue during the forecast period. An increase in valvular heart diseases, high blood pressure, coronary artery disease, and cardiomyopathy, which are some of the most common risk factors for AF, is anticipated to drive the market during the forecast period.
Increase in Demand for Electrophysiology Devices from Hospitals to Drive Global Market
The hospitals segment accounted for a significant market share in 2021. Hospitals in developed countries are consolidating. This has led to an increase in patient preference for hospitals. Moreover, patients favor hospitals, as these offer benefits such as free online counselling and guidance for electrophysiology devices. These factors are expected to drive the hospitals segment. An increase in initiatives by governments and medical professional bodies to promote healthcare services in the various countries is a key driver of the hospitals segment.
Analysis of Key Players in the Global Electrophysiology Devices Market
The electrophysiology devices market report concludes with the company profiles section that includes key information about the key players in the global electrophysiology devices market. Market participants are adopting growth strategies such as new product development, product launches, product approval, agreements, partnerships, and mergers.
Some of the leading players analyzed in the report are Abbott Laboratories, Acutus Medical, Inc., F. Siemens AG, Nihon Kohden Corporation, Biosense Webster, Inc., Boston Scientific Corporation, GE Healthcare, Medtronic plc, Koninklijke Philips N.V., Biotronik SE & Co.KG, and Microport Scientific Corporation.
Each of these players has been profiled in the report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.
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Key Developments in Global Electrophysiology Devices Market
- In January 2022, Abbott Laboratories, a pharmaceutical company, announced the U.S. Food and Drug Administration (USFDA) clearance for EnSite X Electrophysiology system with EnSite omnipolar technology for the treatment of patients suffering from atrial fibrillation
- In December 2020, Acutus Medical announced the launch of the AcQBlate force sensing ablation system in Europe. AcQBlate FORCE is designed to show, in real time, how much contact is being applied to the heart during ablation procedures.
- In May 2018, the American Heart Association, Philips, and UPMC created a collaborative Cardeation Capital venture capital fund of US$ 30 Mn designed to spur health care innovation in cardiovascular diseases such as heart disease and stroke
- In May 2017, Siemens Healthcare announced the strategic partnership with Imricor that aims to develop an integrated solution for treating arrhythmia
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