According to our new research on "Electrophysiology Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Indication, and Geography,” the market is expected to reach US$ 14,849.01 million in 2028 from US$ 8,286.18 million in 2022. The market is estimated to grow with a CAGR of 10.2% from 2022 to 2028. Major market drivers include a significant increase in the prevalence of target diseases and an increase in the global geriatric population. However, complications during cardiac procedures and the high price of the electrophysiological process are hampering the market growth.
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 driver for the growth of the electrophysiology market.
Impact of COVID-19 Pandemic on Global Electrophysiology Market
In 2020, the COVID-19 pandemic led to the implementation of stringent lockdown regulations across several countries, resulting in disruptions in the implementation of Electrophysiology. Due to the spread of the COVID-19 pandemic, many countries and cities were shut down, causing the cancellation of treatments and doctor appointments. Patients suffering from critical issues need physical attention in the clinics to perform procedures. Cardiac issues are one of the most preventable public health challenges in all the regions. Due to the rising intensity of the COVID-19 pandemic, the patients could not visit the clinics. Moreover, there was limited availability of staff. Hence, the COVID-19 pandemic negatively impacted the global electrophysiology market.
As a result, health care systems were overburdened, and the delivery of medical care to all patients became a challenge globally. In addition, the medical device industry was facing the negative impact of COVID-19 pandemic. As the COVID-19 pandemic unfolded, medical device companies found difficulties managing their operations. This disrupted and restricted the companies’ ability to distribute products and resulted in temporary closures of their facilities. However, hospitals gradually resumed elective procedures as the COVID-19 recovery rate increased. Hence, the demand for medical equipment, including electrophysiology, is expected to increase.
The electrophysiology market majorly consists of players Abbott, Biotronik, Inc.; Boston Scientific Corporation; CardioFocus; GE Healthcare; Koninklijke Philips N.V.; Johnson & Johnson Services, Inc.; Medtronic; MicroPort Scientific Corporation; and Siemens Healthineers AG.
Electrophysiology Market, by Region, 2022 (%)
Electrophysiology Market Growth & Outlook by 2028
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Electrophysiology Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Electrophysiology Ablation Catheters, Electrophysiology Laboratory Devices, Electrophysiology Diagnostic Catheters, Access Devices, and Others) and Indication (Atrial Fibrillation (AF), Atrial Flutter, Wolff-Parkinson White Syndrome (WPW), Atrioventricular Nodal Reentry Tachycardia (AVNRT), and Others)
Electrophysiology Market Growth & Outlook by 2028
Download Free SampleElectrophysiology Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Electrophysiology Ablation Catheters, Electrophysiology Laboratory Devices, Electrophysiology Diagnostic Catheters, Access Devices, and Others) and Indication (Atrial Fibrillation (AF), Atrial Flutter, Wolff-Parkinson White Syndrome (WPW), Atrioventricular Nodal Reentry Tachycardia (AVNRT), and Others)
The report segments the Electrophysiology market as follows:
The Electrophysiology market is segmented on the basis of products and indication. Based on product, the electrophysiology market is segmented into electrophysiology ablation catheters, electrophysiology laboratory devices, electrophysiology diagnostic catheters, access devices, and others. Based on indication, the electrophysiology market is segmented into atrial fibrillation (AF), atrial flutter, wolff-parkinson, white syndrome (WPW), atrioventricular nodal reentry tachycardia (AVNRT), and others.
By geography, the global 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 and Central America).
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