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The electrophysiology devices market is expected to grow from its estimated value of US$ 9.20 billion in 2023 to US$ 20.80 billion by the end of 2033. Electrophysiology, or EP, studies, help physicians understand the nature of an abnormal heart rhythm. Atrial fibrillation cases are increasing, which is helping the electrophysiology business expand overall.
Electrophysiology devices are medical instruments used to diagnose and treat heart conditions. These devices record the electrical activity of the heart and help physicians in identifying abnormalities in heart rhythm. The global Electrophysiology Devices Market is set to grow significantly in the coming years due to increasing incidences of cardiovascular diseases and advancements in electrophysiology devices.
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Atrial fibrillation (AF), one of the most prevalent heart arrhythmias, has a major financial impact on both the economy and the healthcare system. Over the past ten years, the prevalence of obesity, a sedentary lifestyle, and smoking habits has increased significantly in western countries.
Key Takeaways from Market Study
The global electrophysiology devices market is forecasted to increase rapidly at a CAGR of 8.5% from 2023 to 2033. The market in Japan is predicted to expand at a CAGR of 8% during the projected period. Sales of electrophysiology ablation catheters are set to rise at a CAGR of 9.5% through 2033. Demand for electrophysiology diagnostic catheters is predicted to increase at a CAGR of 8% during the next 10 years.
“Rapidly increasing senior citizen population–who are more prone to heart-related problems–is driving the sales of electrophysiology devices,” says a Fact.MR analyst.
Key Drivers:
The increasing prevalence of cardiac arrhythmias, the high success rate of electrophysiology procedures, and the availability of reimbursement for electrophysiology procedures are some of the key drivers of the electrophysiology devices market.
Recent Developments
The EnSite X Electrophysiology system with EnSite omnipolar technology acquired US Food and Drug Administration (USFDA) certification for the treatment of people with atrial fibrillation, according to a January 2022 announcement from the pharmaceutical company Abbott Laboratories. To determine if pulsed field ablation can be utilized to treat patients with abnormal heartbeats, Beaumont Health announced the introduction of a new atrial fibrillation ablation treatment in March 2021. Acutus Medical announced the arrival of the AcQBlate Force Sensing Ablation System in Europe in December 2020. The AcQBlate Force ablation catheter and the Qubic Force sensing module have both earned the CE mark for the company.
Recent Trends:
The recent trends in the electrophysiology devices market include the integration of artificial intelligence (AI) in electrophysiology devices, the development of 3D mapping systems, and the use of remote monitoring technology in electrophysiology procedures.
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Applications:
Electrophysiology devices find applications in the diagnosis and treatment of various heart conditions such as atrial fibrillation, ventricular tachycardia, and atrial flutter.
Competitive Landscape:
Leading companies in the electrophysiology devices market are Abbott Laboratories, Inc, Biosense Webster, Inc, Biotronik SE & Co. KG, and Boston Scientific Corporation.
Some of the key players in the electrophysiology devices market are strongly concentrating on emerging economies to capture potential opportunities by focusing on local supply chain management. They also manage pricing trends, product standards, and safety regulations according to regional marketing tactics.
Abbott Laboratories, Inc. Biosense Webster, Inc. Biotronik SE & Co. KG Boston Scientific Corporation CardioFocus, Inc. Medtronic PLC MicroPort Scientific Corporation Nihon Kohden Corporation Siemens Healthineers Stereotaxis, Inc.
New Developments :
Excellent potential for investors to expand in the region is provided by the untapped developing markets in Asian countries such as India and China. For instance, in India, Medtronic released the Micra AV in June 2021. It is a small, entirely self-contained pacemaker that offers AV block sufferers cutting-edge pacing technology through minimally-invasive procedures. Koninklijke Philips N.V. declared in November 2021 that it has acquired Cardiologs, a French company that makes medical technologies. With the use of the company's cloud and AI technology, the acquisition will help Philips grow its cardiac diagnostics and monitoring business. February 2022: Medtronic said that Freezor and Freezor Xtra Cardiac Cryoablation Focal Catheters, the first and only ablation catheters licensed to treat the rising prevalence of juvenile Atrioventricular Nodal Reentrant Tachycardia, had obtained FDA extended approval (AVNRT).
In conclusion, the electrophysiology devices market is set to experience significant growth in the coming years due to increasing incidences of cardiovascular diseases and advancements in electrophysiology devices. The integration of AI, development of 3D mapping systems, and the use of remote monitoring technology are some of the recent trends in the market.
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