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Electrophysiology (EP) Market size exceeded USD 4.5 billion in 2020 and is anticipated to grow at over 12.4% CAGR between 2021 and 2027. Growing number of cases of cardiac arrhythmia globally owing to adoption of unhealthy lifestyle will augment the market growth. Acceptance of technological advanced products to enhance treatment will thereby accelerate the demand for electrophysiology products in the coming years.
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Growing geriatric population base along with increasing prevalence of cardiac rhythm is one of the major factors driving the market expansion. According to the World Health Organization (WHO), in 2019, people aged 60 years and older accounted for around a billion. This number is projected to increase to 1.4 billion by 2030 and 2.1 billion by 2050. Adding to this, as per study of European Society of Cardiology, approximately 7.6 million individuals over age 65 in the Europe suffered from atrial fibrillation in 2016 and this will increase by 89% to 14.4 million by 2060. Elderly patients are vulnerable to stroke. Hence, in order to cater to rising patient population, market players are involved in development of effective products that will benefit the overall industry growth.
Increasing technological advancements in electrophysiology devices along with rising usage will impel the market progression. Advances in electrophysiology has contributed to enhancement of atrial fibrillation (AF) treatment outcomes and developed devices that makes procedures less invasive. Thus, growing development of such procedure technologies for better results will stimulate the industry revenue potential. However, high capital, procedure and maintenance costs will hinder the industry expansion.
The global pandemic has affected millions of people worldwide, resulting into high mortality. Due to lockdown and movement restrictions, various medical procedures witnessed significant decline in the initial period. Strict regulations related to non-emergency medical procedures and high infection rate kept the number of electrophysiology procedures low. However, with rise in patient pool and gradual decline in COVID-19 cases, the market will continue to foresee substantial growth during the forecast timeline.
Report Coverage | Details |
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Base Year: | 2020 |
Market Size in 2020: | USD 4.6 Billion |
Forecast Period: | 2021 to 2027 |
Forecast Period 2021 to 2027 CAGR: | 12.4% |
2027 Value Projection: | USD 10.2 Billion |
Historical Data for: | 2016 to 2020 |
No. of Pages: | 277 |
Tables, Charts & Figures: | 561 |
Segments covered: | Product, Indication, End-use and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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EP ablation catheters segment held around 47% of the electrophysiology market share in 2020. Among EP ablation catheters, cryoablation is majorly growing segment owing to its superior therapeutic advantages. Ablation catheters deliver minimally invasive way to efficiently treat wide range of arrhythmias with lesser pain and blood loss. Moreover, shorter procedure time coupled with rapid advances that increase procedure’s success rate will the adoption and demand for ablation catheters in the coming years.
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Atrial fibrillation segment is expected to showcase 12.5% growth rate through 2027. Acceptance of ablation procedures has increased for the treatment of atrial fibrillation. According to CDC, around 12.1 million people are slated to diagnosed with Atrial fibrillation in U.S. by 2030.
Development of advanced catheters and other devices by market players is assisting electrophysiologists in effectively treating patients with AF. For instance, Johnson & Johnson received approval for its THERMOCOOL SMARTTOUCH SF Ablation Catheter. The product is indicated towards persistent AF treatment.
Hospitals segment is poised to expand at more than 12.3% CAGR till 2027. Increased spending capacity of hospitals on innovative EP products along with presence of skilled expertise is primarily fostering the segment growth. In addition, increasing number of patient visits to the hospitals well-equipped with electrophysiology departments will drive the segment expansion.
North America electrophysiology market captured over 33% of revenue share in 2020 led by increasing prevalence of arrhythmias that is boosting the demand for electrophysiology in the region. According to the report published by American Heart Association Research, in 2017, approximately 92.1 million American adults suffered from some form of cardiovascular disorder or the post-effects of stroke. Hence, growing incidence of lifestyle-associated factors and unhealthy dietary habits will influence the market. Adding to this, increasing number of ablation centres and procedures coupled with growing use of electrophysiology devices rate will positively impact the regional growth.
The global market consists of several players including Abbott Laboratories, Biotronik SE & Co KG, Boston Scientific Corporation, GE Healthcare, Japan Lifeline, Johnson & Johnson, Koninklijke Philips and Medtronic. These companies are adopting several expansion and growth strategies such as partnerships, acquisitions and product launches to increase their market presence.
Market, By Product
Market, By Indication
Market, By End-use
The above information is provided for the following regions and countries: