The Electrophysiology Market Is Anticipated To Witness Robust Growth At A CAGR Of 14.4%

EINPresswire/ -- The global electrophysiology market size was valued at $6,499.7 million in 2020, and is projected to reach $22,651.4 million by 2030, registering a CAGR of 14.4% from 2021 to 2030.  Rise in prevalence of cardiac arrhythmia, advancements in technology along with rise in demand for cardiac ablation procedure are expected to notably contribute toward the growth of the global electrophysiology market during the forecast period.

Market Dynamics & Insights

The electrophysiology industry in North America held a significant share of over 30% in 2020.
The Electrophysiology industry in India is expected to grow significantly at a CAGR of 15.9% from 2021 to 2031.
By product, the EP ablation catheters is one of the dominating segment in the market and accounted for the revenue share of over 36.55% in 2020.
By end user, the hospitals & cardiac centers segment is the dominant segment in the market in 2020.
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Key Market Drivers:

Rising Prevalence of Cardiovascular Diseases:
The increasing incidence of heart conditions like arrhythmias and atrial fibrillation is a major factor fueling the demand for EP procedures and devices.

Technological Advancements:
Innovations in EP devices, such as 3D mapping systems, catheter ablation systems, and diagnostic tools, are enhancing the effectiveness and safety of treatments, thus boosting market growth.

Minimally Invasive Procedures:
The preference for minimally invasive techniques like catheter ablation, which offer faster recovery times and reduced risks compared to traditional surgery, is contributing to market expansion.

Electrophysiology is defined as the branch of science that deals with the study of electrical pathway associated with heart nervous system.

Electrophysiology devices are designed to measure electric current or voltage change on a wide range of scale from single ion channel protein to organs such as heart. The electrophysiology procedure is used to analyze heart’s electrical system and to manage abnormal heart rhythms.

The EP ablation catheters segment to retain the lion’s share-

On the basis of product, the EP ablation catheters segment held the major share in 2020, garnering more than two-thirds of the global electrophysiology market. The same segment is also expected to grow at the fastest CAGR of 15.20% throughout the forecast period. This is due to surge in number of ablation procedure and advancements in technology to manufacture innovative electrophysiology ablation catheters.

The hospitals & cardiac centers segment to dominate by 2030-

On the basis of end user, the hospitals & cardiac centers segment contributed to the lion’s share in 2020, holding nearly three-fourths of the global electrophysiology market. The same segment is also anticipated to cite the fastest CAGR of 14.90% from 2021 to 2030. This is owing to increase in development of hospital infrastructure, and rise in initiatives taken by government & private organizations to develop hospitals facilities.

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North America held the major share in 2020-

By region, the market across North America dominated in 2020, garnering more than two-thirds of the global electrophysiology market. This is due to rise in prevalence of cardiac arrhythmia and increase in number of approvals for electrophysiology devices in the province. Simultaneously, the Asia-Pacific region is expected to cite the fastest CAGR of 15.10% throughout the forecast period. This is attributed to rise in prevalence of atrial fibrillation, advancements in technology in the field of electrophysiology, growth in health care expenditures, and increase in geriatric population in the region.

Key players in the industry:

Biotronik SE & Co. KG
Boston Scientific Corporation
Abbott Laboratories
CardioFocus, Inc.
GE Healthcare
Koninklijke Philips N.V.
Medtronic Plc.
MicroPort Scientific Corporation
Siemens Healthineers AG.
Johnson & Johnson, Inc.

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