Electrophysiology Equipment Market Size, Share, Growth, and Industry Analysis, By Type (Monitoring Devices and Treatment Devices), By Application (Universities, Hospitals, and Laboratory) Regional Forecast From 2023 To 2030

Updated On: 08 April 2024

ELECTROPHYSIOLOGY EQUIPMENT MARKET REPORT OVERVIEW 

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The global electrophysiology equipment market size is expected to be USD 9555.1 million in 2021 and the market is projected to touch USD 15430 million by 2028, exhibiting a CAGR of 8.3% during the forecasting period. The global COVID-19 pandemic has been unprecedented and staggering, with radiation survey meters’ market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.

The burden of cardiac arrhythmias has become so severe that it is now necessary to incorporate advances into the production of electrophysiological devices. The widespread use of minimally invasive electrophysiology therapy has been made possible by the requirement for highly precise and controlled cardiac diagnostic and ablation methods.

According to the American Heart Association, atrial fibrillation affects more than 2.7 million people in the U.S. The rapid expansion of the electrophysiology market is primarily driven by the less invasive technologies made available by cardiac ablation catheters and diagnostic catheters. Advanced diagnostic and ablation catheters, and devices that are minimally invasive and allow a quick recovery, are the makers' main priorities.

COVID-19 Impact: Temporary Shutdowns at Factories to Hamper Market Growth

The medical device business has been negatively impacted by the COVID19 epidemic. Numerous cardiac and electrophysiological procedures have been postponed by the pandemic, which has also resulted in significant economic losses. The movement of electrophysiology patients to pay a regular visit for their diagnosis and therapies has been restricted due to the risk of hospital-acquired infection, the extensive imposition of lockdown, social isolation, and the enormous influx of COVID19 patients at various hospitals, clinics, and healthcare facilities.

LATEST TRENDS

"Technological Advancements to Promote Market Growth"

The emergence of cutting-edge technologies including cryo-, laser-, and ultrasound ablation and sophisticated mapping systems is fostering market expansion. Product developers are creating portable, compact varieties that are suited for people with diabetes, hypertension, and other medical conditions. Additional factors are anticipated to fuel the market, such as the growing need for EP devices for continuous monitoring, diagnosis, and treatment of CVDs in residential and hospital settings, and major advancements in the healthcare infrastructure.

ELECTROPHYSIOLOGY EQUIPMENT MARKET SEGMENTATION

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• By Type

Based on type; the market is divided into Monitoring Devices and Treatment Devices.

• By Application

Based on application; the market is divided into Universities, Hospitals, and Laboratory.

DRIVING FACTORS

"Increasing Prevalence of Cardiovascular Diseases to Fuel Market Growth"

One of the key factors influencing the markets for electrophysiology equipment and devices is the rise in the prevalence of cardiovascular diseases (CVD). Because cardiovascular disease (CVD) continues to be the largest cause of death in the world, there is a growing need for electrophysiological devices to treat the condition quickly and effectively. At least 48% of all adults in the USA have a cardiovascular illness, according to data published by the American Heart Association (AHA) in 2019. In the U.S., the prevalence of CVD among adults is 9% when high blood pressure is excluded. Additionally, 12.1 million Americans will experience atrial fibrillation by 2030, which is a condition that causes irregular heartbeats, according to the Centers for Disease Control and Prevention (CDC).

"Increasing Demand for the Product to Enhance Market Growth"

For the intermittent cardiac treatment, interventionists are now adopting disposable catheters because they provide superior sterility, safety, and economics. With the introduction of cutting-edge electrophysiological equipment, an increase in the number of cardiac ablation treatments, and favorable reimbursement policies, the electrophysiology market is anticipated to grow steadily.

For patients with pre-existing medical comorbidities like hypertension, diabetes, etc., the invasive surgical treatments are linked to a number of dangers. Additionally, as cardiac arrhythmias such Wolff-Parkinson-White syndrome, atrial fibrillation, and atrial flutter are becoming more common, a safer, more affordable, and minimally invasive interventional treatment is required.

RESTRAINING FACTORS

"High Cost to Constrain Market Growth"

Due to the fierce competition among the existing competitors, the electrophysiology market is currently very price competitive. The majority of these goods, such as EP recording devices and 3D cardiac mapping equipment, are expensive.

ELECTROPHYSIOLOGY EQUIPMENT MARKET REGIONAL INSIGHTS

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"Asia Pacific to Dominate the Market Due to Changing Lifestyle"

Asia Pacific is anticipated to hold a significant portion of the global electrophysiology equipment market share. The biggest growth rates are anticipated to be contributed by China and India. These nations are experiencing an increase in health-related issues like obesity, heart disease, and other chronic diseases as a result of changing lifestyles and eating habits, rising stress levels, and increased levels of regular smoking & drinking. The need for electrophysiology devices in this region is also being fueled by factors like the region's large population, growing geriatric population, rising chronic disease incidence, rising healthcare spending, healthcare reforms for infrastructure development, rising demand for advanced technologies, the growing emphasis of major players on emerging markets, and laxer regulations.

North America has proven to be the most profitable market during the forecast period. The region's significant healthcare infrastructure and spending is one of the main drivers of the electrophysiology market. These factors are anticipated to drive the electrophysiology equipment market growth in coming years.

KEY INDUSTRY PLAYERS

"Leading Firms to Increase Product Demand"

The research offers in-depth information on the development strategies employed by the major market players. The radiation survey meters’ study provides in-depth analysis of the major market participants and information on their level of competition. The paper also analyses the primary business tactics employed by these players, including mergers and acquisitions (M&A), partnerships, affiliations, and contracts.

List of Market Players Profiled

• GE Healthcare (U.S.)
• Boston Scientific (U.S.)
• Medtronic (Ireland)
• Olympus (Japan)
• Nikon Instruments Inc. (U.S.)
• Carl Zeiss Microscopy (Germany)
• Leica Microsystems (Germany)
• Prior Scientific Instruments (U.K.)
• Siemens Healthineers (Germany)
• Hitachi (Japan)

REPORT COVERAGE

The primary goal of the electrophysiology equipment market research is to provide a map of the market's progress, which will aid in giving clients the knowledge they need to formulate strategies to achieve their individual company objectives. In-depth information about radiation survey meters for the anticipated years and the market's anticipated CAGR are also provided in the report.