Electrophysiology Market Growth & Outlook by 2028

The electrophysiology market is expected to grow from US$ 8,286.18 million in 2022 to US$ 14,849.01 million by 2028; it is expected to register a CAGR of 10.2% from 2022 to 2028.

Electrophysiology (EP) is a biomedical field that deals with studying electric activity in the body. It is also called invasive cardiac electrophysiology, a series of tests examining the heart's electrical activity. It is performed to assess the heart's electrical system or activity and is used to diagnose and treat heart rhythm disorders or arrhythmia. The test is performed using catheters and wire electrodes that measure electrical activity via blood vessels that enter the heart. The increase in cardiovascular disorders such as atrial fibrillation, atrial flutter, and others and a significant increase in the geriatric and obese population are the key factors driving the growth of the electrophysiology market. However, the high cost of electrophysiology devices and unfavorable reimbursement scenarios hamper the market growth.

The report offers insights and in-depth analysis of the electrophysiology market, emphasizing various parameters such as market trends, technological advancements, market dynamics, and competitive landscape analysis of global leading market players. It also includes the impact of the COVID-19 pandemic on the market across all regions. Due to the COVID-19 pandemic, many health authorities focused on pandemic-related care. They avoided human contact due to growing transmission and strain on healthcare resources by postponing elective surgeries, suspending outpatient clinics, and triaging employees involved in urgent care. Furthermore, many countries imposed restrictions on nonclinical staff's access to the facility and guests. Moreover, there was an increase in the prevalence of cardiovascular conditions among COVID-19 patients, which further created the demand for electrophysiology studies, which resulted in market growth. Recent COVID-19 guidelines for healthcare professionals suggested a focus on urgent care and triaging cases to postpone elective surgeries and clinic appointments, with a transition to virtual-based care when appropriate.

Moreover, many companies manufacturing electrophysiology devices focus on responding to emergencies through various strategies such as manufacturing PPEs for healthcare workers, distributing pharmaceutical drugs, and other activities. Further, in November 2020, Medtronic and the Medtronic foundation has committed the financial support of US$ 3.8 million on a global level to provide healthcare worker support in terms of food, operational support, mental health support, PPE kits, and others. Thus, the pandemic had a short-term negative impact on the electrophysiology market

The electrophysiology market is segmented into product, indication, and geography. By region, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.

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Electrophysiology Market: Strategic Insights

Electrophysiology Market

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  CAGR (2022 - 2028)

  10.2%
• Market Size 2022
  US$ 8.29 Billion
• Market Size 2028
  US$ 14.85 Billion

Market Dynamics

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FUTURE TRENDS

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OPPORTUNITIES

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Key Players

• Abbott Laboratories
• Biotronik Inc
• Boston Scientific Corporation
• CardioFocus
• GE Healthcare
• Koninklijke Philips N V
• Johnson Johnson Services Inc
• Medtronic
• MicroPort Scientific Corporation

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Product

• Electrophysiology Ablation Catheters
• Electrophysiology Laboratory Devices
• Electrophysiology Diagnostic Catheters
• Access Devices

Indication

• Atrial Fibrillation
• Atrial Flutter
• Wolff-Parkinson White Syndrome
• Atrioventricular Nodal Reentry Tachycardia

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Market Insights
Increasing Incidence of Target Diseases and Procedures

Atrial fibrillation (AF) is the most commonly diagnosed arrhythmia in clinical practice, affecting over ~886,000 new people in Europe each year. According to a report on the burden of atrial fibrillation, the number of people with AF is expected to increase by 70% of the population by 2030, and by 2050 Europe is expected to have the highest number of patients with AF. As per the Centers for Disease Control and Prevention (CDC), in the US, it is estimated that this number will increase to 12.1 million by 2030. According to a study published in the Medical Journal of Australia in August 2015, the number of patients over 55 years of age with AF in Australia is expected to grow from 328,562 in June 2014 to ~600,000 cases by 2034. As per BioSig Technologies' 2019 annual report, the number of ablation procedures worldwide was projected to increase from 973,220 in 2017 to 1,455,000 by 2022; within this category, complex ablations were expected to increase by 13.5% annually from 440,629 in 2017 to 830,390 by 2022. Thus, the rising incidence of these diseases is increasing the demand for electrophysiological (EP) procedures, thereby acting as a driver for the growth of the electrophysiology market.

Product-Based Insights

Based on product, the global electrophysiology market is segmented into electrophysiology ablation catheters, electrophysiology laboratory devices, electrophysiology diagnostic catheters, access devices, and others. In 2022, the electrophysiology laboratory devices segment accounted for the largest share of the market; it is further expected to continue its dominance over the forecast period. However, the electrophysiology ablation catheters segment is expected to register the highest CAGR in the electrophysiology market during 2022–2028.

Indication-Based Insights

Based on indication, the electrophysiology market is segmented into atrial fibrillation (AF), atrial flutter, atrioventricular nodal reentry tachycardia (AVNRT), wolff-parkinson-white syndrome (WPW), and others. The atrial fibrillation segment held the largest market share in 2021 and is anticipated to register the highest CAGR during the forecast period.

The electrophysiology market players adopt organic strategies such as product launch and expansion to expand their footprint and product portfolio worldwide and meet the growing demand. In April 2022, Shanghai MicroPort Endovascular MedTech (Group) Co., Ltd. (Endovastec) recently hosted a product launch event titled Elephant trunk for the heart: revival of the classic” for its Fontus Branched Surgical Stent Graft System; Fontus; which was held back-to-back with a seminar on the stented elephant trunk procedure. Twenty-one experts from 17 hospitals gathered virtually to share clinical data and information related to the application of Fontus, which attracted the attendance of over 5,000 viewers online.

Geography-Based Insights

By geography, the electrophysiology market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Spain, Italy, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and the Rest of APAC), the Middle East & Africa (Saudi Arabia, the UAE, South Africa, and the Rest of the MEA), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

Electrophysiology Market Report Scope

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Company-Based Insights

Abbott Laboratories; Biotronik, Inc.; Boston Scientific Corporation; CardioFocus; GE Healthcare; Koninklijke Philips N.V.; Johnson & Johnson Services, Inc.; Medtronic; MicroPort Scientific Corporation; and Siemens Healthineers AG is among the leading companies operating in the electrophysiology market.