Electrophysiology Market size is set to grow by USD 6.09 bn from 2024-2028, increasing incidence of target diseases and electrophysiology procedures to boost the market growth, Technavio
NEW YORK, May 14, 2024 /PRNewswire/ -- The global electrophysiology market size is estimated to grow by USD 6.09 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 10.71% during the forecast period.
For more insights on the forecast market size and historic data (2018 - 2022) - Download Free sample report in a minutes
Forecast period | 2024-2028 |
Base Year | 2023 |
Historic Data | 2018 - 2022 |
Segment Covered | Product (Lab devices, Ablation catheters, Diagnostic catheters, and Access devices), End-user (Hospitals and cardiac centers and ASCs), and Geography (North America, Europe, Asia, and Rest of World (ROW)) |
Region Covered | North America, Europe, Asia, and Rest of World (ROW) |
Key companies profiled | Abbott Laboratories, Acutus Medical Inc., APN Health LLC, Asahi Kasei Corp., BIOTRONIK SE and Co. KG, Boston Scientific Corp., CathRx Pty Ltd., EP Solutions SA, EPMap System GmbH, GE Healthcare Technologies Inc., Imricor Medical Systems Inc., Japan Lifeline Co. Ltd., Johnson and Johnson, Koninklijke Philips N.V., Medtronic Plc, Merit Medical Systems Inc., MicroPort Scientific Corp., OSYPKA AG, Siemens AG, and Stereotaxis Inc. |
Key Market Trends Fueling Growth
The electrophysiology market is revolutionized by technological advancements, offering enhanced customer interaction. Electrophysiology, a cardiology technology, effectively controls and treats arrhythmia, a major cardiac disorder causing 15%-20% of total deaths. EP ablation catheters, diagnostic catheters, and laboratory devices are essential for treating arrhythmias, including Atrial Fibrillation (AF). Advanced devices employ AI-powered mapping, 3D systems, and minimally invasive procedures. Hospitals, cardiac centers, ambulatory surgery centers, and reimbursement policies are significant market players. Next-gen devices leverage digital cloud technology, telemedicine, and digital health. Laws regulate the use of imaging modalities like CMR, CT, echocardiography, fluoroscopy, and electro-anatomic mapping in electrophysiological techniques, such as catheter ablation. Other applications include gastroenterology, neurology, pain management, and surgical interventions.
Market Challenges
• The electrophysiology (EP) market faces challenges due to high product costs and limited reimbursements for arrhythmia procedures in many countries. Developed economies, like the US, offer reimbursements, boosting adoption in North America. In contrast, developing countries, such as India and China, lack government support, forcing patients to rely on private insurance or pay out-of-pocket. The competitive EP market prioritizes pricing, with specialized healthcare workers, including electrophysiologists and nurses, in high demand. Key technologies, such as ablation catheters, 3D mapping systems, and radio frequency generators, are essential for cardiac ablation procedures to treat abnormal heart rhythms, including atrial flutter, in chronic diseases like hypertension, diabetes, and the geriatric population. Regulatory support and medical device licensing are crucial for market growth, addressing labor shortages through training programs and practical experience.
Research report provides comprehensive data on impact of trend, driver and challenges - Buy Report
Segment Overview
This electrophysiology market report extensively covers market segmentation by
- Product
- 1.1 Lab devices
- 1.2 Ablation catheters
- 1.3 Diagnostic catheters
- 1.4 Access devices
- End-user
- 2.1 Hospitals and cardiac centers
- 2.2 ASCs
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 Asia
- 3.4 Rest of World (ROW)
1.1 Lab devices- The Electrophysiology (EP) market represents a significant segment of medical care, driven by the growing prevalence of chronic diseases such as hypertension, high blood pressure, diabetes, and the increasing geriatric population. Patient outcomes depend on the availability of advanced EP laboratory facilities, equipped with expensive equipment including ablation catheters, 3D mapping systems, radio frequency generators, and access devices. Regulatory support and medical device licensing are crucial for the expansion of this market. Healthcare providers invest capital in establishing EP laboratories to offer specialized healthcare services for patients with abnormal heart rhythms, including atrial flutter and arrhythmia. Qualified electrophysiologists and specialized healthcare workers, including nurses and technicians, require practical experience, hands-on training, clinical shadowing, and mentoring to perform complex EP procedures, such as cardiac mapping and catheter-based ablation. Labor shortages in the EP field necessitate the development of training programs to enhance the abilities of healthcare professionals. Technological development in EP market devices, such as radiofrequency energy systems, enables more effective and less invasive treatments for various cardiac conditions. The economic impact of EP laboratories on healthcare spending is substantial, as they contribute to improved patient outcomes and reduced hospitalizations for conditions like heart failure and stroke.
For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 - 2022) - Download a Sample Report
Research Analysis
The Electrophysiology (EP) market encompasses a range of devices and procedures used to diagnose and treat cardiovascular diseases, particularly those related to abnormal heart rhythms such as arrhythmias, including Atrial Fibrillation. Minimally invasive procedures, like those utilizing EP market devices such as ablation catheters and 3D mapping systems, have revolutionized the field. These advanced electrophysiology devices employ radio frequency generators and access devices to precisely target and ablate the source of irregular heartbeats. Reimbursement policies play a crucial role in the market's growth, with next-gen devices like AI-powered mapping systems and telemedicine solutions leveraging digital cloud technology to enhance accessibility and efficiency. Hospitals continue to invest in these advanced technologies to improve patient outcomes.
Market Research Overview
The Electrophysiology market encompasses a range of diagnostic and therapeutic interventions that focus on the study and treatment of electrical activities in the body. This field is crucial in understanding various neurological and cardiac disorders. Key technologies in this market include mapping systems, ablation devices, and diagnostic tools. These technologies are used in procedures such as electroencephalography (EEG), electromyography (EMG), and electrocardiography (ECG). The market is driven by factors such as an aging population, rising prevalence of neurological and cardiac disorders, and technological advancements. Companies are investing in research and development to create more accurate and less invasive devices. The market is expected to grow significantly in the coming years, with a focus on minimally invasive procedures and personalized medicine. Cardiac electrophysiology and neuroelectrophysiology are two major segments of this market, each with unique challenges and opportunities.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
- Lab Devices
- Ablation Catheters
- Diagnostic Catheters
- Access Devices
- End-user
- Hospitals And Cardiac Centers
- ASCs
- Geography
- North America
- Europe
- Asia
- Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download multimedia:https://www.prnewswire.com/news-releases/electrophysiology-market-size-is-set-to-grow-by-usd-6-09-bn-from-2024-2028--increasing-incidence-of-target-diseases-and-electrophysiology-procedures-to-boost-the-market-growth-technavio-302144658.html
SOURCE Technavio
Upcoming Life Sciences Events
- December 2024
- Pre-JPM Partnering Week
- London: Genesis 2024 / RESI London
- Spectrum of Stem Cell Neuronal Models and Their Purpose Fit