Electrophysiology Market Size to Reach USD 22,651.4 Million by 2030 at CAGR 14.4% - Valuates Reports
BANGALORE, India, Feb. 21, 2022 /PRNewswire/ -- The Electrophysiology Market is Segmented by Product (EP Ablation Catheters, EP Laboratory Devices, EP Diagnostic Catheters, Access Devices, and Others), Indication (Atrial Fibrillation (AF), Atrial Flutter, Wolff-Parkinson-White Syndrome (WPW), Atrioventricular Nodal Reentry Tachycardia (AVNRT), and Others), and End User (Hospitals & Cardiac Centers, Ambulatory Surgery Centers, and Others). The report covers global opportunity analysis, regional outlook, growth potential, industry forecast from 2021 to 2030.
The global electrophysiology market size was valued at USD 6,499.7 Million in 2020 and is projected to reach USD 22,651.4 Million by 2030, registering a Compound Annual Growth Rate (CAGR) of 14.4% from 2021 to 2030.
Major Factors Driving The Growth Of The Electrophysiology Market
The growing geriatric population, chronic diseases, and increasing prevalence of cardiac arrhythmias are leading to extensive usage of ablation procedures and diagnostic catheters which will propel the growth of the market. Moreover, technological advancements in electrophysiology devices have made the procedures minimally invasive thereby fueling increased acceptance across the world. This is expected to aid in the growth of the electrophysiology market in the future.
Further, growing healthcare expenditure, quick approvals, and rapid expansion of the pharmaceutical, medical industry will bolster the market growth in the coming years.
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Trends Influencing The Growth Of The Electrophysiology Market
The growing geriatric population and increasing chronic diseases such as diabetes, hypertension have increased the rate of cardiac arrhythmia cases across the globe. Atrial fibrillation and atrial flutter have become widespread diseases. They require ablation procedures and catheters for proper diagnosis and treatment. These devices provide a more detailed view of the coronary arteries and help in treating irregular heartbeats or cardiac arrhythmias. This is expected to drive the growth of the electrophysiology market during the forecast period.
The rapid technological advancements in electrophysiology devices have improved the atrial fibrillation treatment outcomes. Modern devices have been developed that make the entire procedure minimally invasive leading to growing acceptance. These devices will create ample opportunities for the growth of the electrophysiology market in the future.
Moreover, increasing healthcare expenditure and quicker regulatory approvals will positively impact the market in the subsequent years. Furthermore, the expansion of the pharmaceutical and medical industry for manufacturing advanced catheters and various clinical studies on developing new devices will significantly increase the electrophysiology market during the forecast period.
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Electrophysiology Market Share Analysis
Based on region, North America is expected to dominate the electrophysiology market and will continue growing during the forecast period due to fully developed healthcare infrastructure, rapid technological advancements, a huge number of cardiac arrhythmia cases, and the presence of key players. On the other hand, Asia-Pacific is expected to grow at the highest CAGR of 15.1% from 2021 to 2030. This is due to an increasing prevalence of atrial fibrillation, gradual advancements in technology, high health care expenditures, and a rise in the geriatric population.
The Asia-Pacific electrophysiology market was valued at USD 1,522.2 Million in 2020, and is projected to reach USD 5,640.2 Million by 2030, registering a CAGR of 15.1%. Japan was the highest revenue contributor with USD 684.1 Million in 2020, and is estimated to reach USD 2,538.1 Million by 2030, registering a CAGR of 15.1% . India is estimated to reach USD 710.7 Million by 2030, at a significant CAGR of 15.9%. Japan and China collectively accounted for around 68.8% share in 2020, with the former constituting around 44.9% share. India and Australia are expected to witness considerable CAGRs of 15.9% and 15.3%, respectively, during the forecast period. The cumulative share of these two regions was 24.7% in 2020, and is anticipated to reach 25.8% by 2030.
Based on the product, the EP ablation catheters segment dominated the electrophysiology market in 2020, due to the advent of innovative technologies for developing ablation catheter devices and rising ablation procedures worldwide.
Based on indication, the atrial fibrillation segment dominated the market in 2020 and is expected to maintain its lead during the forecast period, due to an increasing prevalence of atrial fibrillation cases, the growing geriatric population, and the development of electrophysiology diagnosis & ablation catheters by the medical device industry.
On the basis of end-user, the hospitals & cardiac segment dominated the electrophysiology market in 2020 and is expected to continue growing during the forecast period, due to an increase in the development of hospital infrastructure globally, growing government and private sector initiatives to develop hospital facilities. On the other hand, the ambulatory surgical centers segment is expected to grow considerably during the forecast period, due to technological developments in the healthcare industry and growing demand for cardiac ablation procedures.
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List of Key Market Players
- Abbott Laboratories
- Biotronik SE & Co. KG
- Boston Scientific Corporation
- CardioFocus, Inc.
- GE Healthcare
- Koninklijke Philips N.V.
- Johnson & Johnson, Inc.
- Medtronic Plc.
- MicroPort Scientific Corporation
- Siemens Healthineers AG
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