Electrophysiology Market To Generate Revenue Worth $17,482.7 Million by 2030
- Published: June 2022
The global electrophysiology market generated a revenue of $7,076.1 million in 2021, and the industry size will advance at a CAGR of 10.6% during 2021–2030, to reach $17,482.7 million by 2030. This can be ascribed to the advancements in technology, the rise in the need for ablation and diagnostic catheters, and the increase in the incidence of atrial fibrillation among older citizens.
In addition, people have become more health-conscious. For instance, surging obesity among aged people has led to the increased expenditure of about $35 million in the U.S. on the treatment of heart diseases through ablation procedures and cardiac rhythm management device implantation. Moreover, the rise in incidences of diabetes, atherosclerosis, strokes, hypertension, and others, due to lifestyle habits such as unhealthy dietary habits, lack of physical activity, and regular smoking, among others, causes AF. To treat this disorder, the demand for electrophysiology solutions is increasing.
Hospitals and Cardiac Centers Accounted for Largest Market Share
The hospitals and cardiac centers category dominated the market, and it is also likely to witness the fastest growth in the coming years. This can be ascribed to the government and private organizations’ initiatives to improve hospital facilities and a rise in the number of ablation procedures performed in hospitals. Moreover, due to the developments in healthcare technologies and increased demand for cardiac ablation procedures, the ambulatory surgical centers category is likely to grow significantly throughout the forecast period.
In 2021, the laboratory devices held the second-largest share, of around 31.4%, in the market. This is due to the launches of technologically innovative products by industry players, and the increase in public and private funding for the development of novel electrophysiology solutions.
North America Holds the Largest Share in the Market
Geographically, North America holds the dominating share in the electrophysiology market, and it is also expected to witness the same trend during the forecast period. The increase in new product approvals, rise in demand for electrophysiological devices, and strategic developments adopted by regional companies are all contributing to the market growth in the region.
Furthermore, in 2021, Europe was the second-largest market for electrophysiology, as the region has a well-established network of significant companies and the rise in demand for devices to monitor cardiac management. Moreover, the increasing investments by government and private organizations in the region are working as a catalyst in the growth of the regional market.
Companies Involved in Various Strategic Developments
Key players in the market have been involved in various strategic developments, such as product launches and acquisitions, to remain competitive and improve their position. For instance:
In January 2022, Abbott Laboratories announced the U.S. Food and Drug Administration (USFDA) clearance for EnSiteX Electrophysiology system with EnSite omnipolar technology for the treatment of patients suffering from atrial fibrillation.
Major players operating in the electrophysiology market include Abbott Laboratories, APN Health LLC, Biotronik, Boston Scientific Corporation, GE Healthcare, MicroPort Scientific Corporation, Koninklijke Philips N.V., Johnson & Johnson, Acutus Medical Inc., Siemens Healthcare GmbH, and Stereotaxis Inc.