The global electrophysiology market accounted for a value of USD 5.7 billion in 2019 and is projected to register growth at a CAGR of 7.9% during forecast period.
COVID-19 has impacted the electrophysiology market. The number of patients visiting hospitals or clinics is increasing on daily basis as number of COVID-19 cases increasing in the world. Due to increasing number of patients, there is a major shortage of hospitals beds, ventilators and other medical equipment. This increases demand for healthcare providers which results in deployment of number of physiologists and other healthcare related professionals in COVID ward. Government across various countries has implemented bans on some surgeries and medical procedures which declined growth in electrophysiology market.
For more details, visit: Global Electrophysiology Market By Product (Ablation Catheters, Laboratory Devices, Others), By Indication (AF, WPW, Others), By End-Users (Hospitals, Ambulatory Centers, Others), By Region, Forecast & Opportunities to 2026
The incidence of target diseases is increasing around the world. Atrial Fibrillation (AF) is the most common type of arrhythmia diagnosed in hospitals and clinics. The AF cases are increasing rapidly increasing around the world. In Europe, AF cases are estimated increase up to 70% of the population. This increases demand for electrophysiology and drives growth in electrophysiology market during forecast period.
On the basis of product, the electrophysiology market is segmented into EP ablation catheters, EP diagnostic catheters and EP laboratory devices. The EP ablation catheters segment accounted for largest market share of 45% in 2019. The adoption of EP ablation catheters is increasing in order to reduce the atrial fibrillation symptoms such as shortening of breath and weakness. EP ablation catheters are adopted for treatment of arrhythmia. Ablation catheters have high accuracy rate and this drives growth in EP ablation catheters market during forecast period.
On the basis of end-users, the electrophysiology market is segmented into hospitals, ambulatory surgical centers and others. The hospitals segment accounted for largest market share in 2018 and it is estimated to maintain its dominance over the forecast period. The demand and adoption of technologically advanced cardiac rhythm management and electrophysiological procedure devices by cardiologist at the hospital is increasing. The cardiovascular diseases increasing around the world and this increases demand for electrophysiology market. This drives growth in hospital segment during forecast period.
Asia-Pacific region is estimated to register growth at highest CAGR during forecast period. The China, Japan and India are countries estimated to register highest growth in Asia-Pacific region during forecast period. The lifestyle of people is changing along with changes in eating habits of people. The stress level among population is increasing in this region which increases smoking and drinking habits in this region. The excessive consumption of smoke and alcohols results in health-related problems such as heart disease, obesity and other chronic diseases. The spending on healthcare and healthcare infrastructure development is increasing in this region. The demand and adoption of electrophysiology is increasing. This drives growth in Asia-Pacific region in electrophysiology market during forecast period.
The key market players in electrophysiology industry are Johnson & Johnson, Abbott Laboratories, Medtronic PLC., Koninklijke Philips N.V., GE Healthcare, Boston Scientific Corporation, Japan Lifeline, Stereot Axis, Microport Scientific Corporation, Biotronik, Actus Medical, Baylis Medical, EP Solution SA, APN Health LLC, Osypka and EPMAP-System.
- What are the expected industry trends over the next three to five years?
- Which of the electrophysiology product is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?