IMARC Group’s latest report, titled “Electrophysiology Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” finds that the global electrophysiology devices market size reached US$ 6.1 Billion in 2020. Electrophysiology (EP) devices refer to different medical instruments that evaluate electrical impulses of the heart and calculate normal heartbeat. These devices also assist physicians in identifying arrhythmia and treating various cardiovascular diseases. Electrophysiology devices enhance the ability to target the heart areas that can lead to atrial fibrillation (AF), thereby removing dysfunctional heart tissues that can cause irregular heart rhythms.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Electrophysiology Devices Market Trends:
The global electrophysiology devices market is primarily driven by the growing prevalence of heart-related disorders and excessive smoking and alcohol consumption. Besides this, EP devices offer minimal risks and higher success rates than traditionally used devices that have escalated their demand worldwide. Apart from this, technological advancements have augmented the operating efficiency of surgical procedures. For instance, the introduction of new ablation methods, such as advanced atrial fibrillation (AF) treatments, are contributing to the market growth. Besides this, governments of various nations are improving the health reimbursement policies and increasing investments in the healthcare sector for treating cardiac arrhythmias. Moreover, several manufacturers are developing innovative variants, such as electrophysiology mapping devices, to reduce the risks associated with traditional X-Ray techniques while improving diagnostic output. On account of these factors, the market is expected to exhibit a CAGR of 9.2% during the forecast period (2021-2026).
- Based on the product, the market has been categorized into treatment devices [implantable cardioverter defibrillators (ICDs), automated external defibrillators (AEDs), pacemakers, CRT-P, CRT-D, catheters, and others], diagnostic devices [Holter monitoring devices, diagnostic electrophysiology catheters, electrocardiograph (ECG), EP mapping and imaging systems, insertable cardiac monitors (ICM), and others]. Amongst these, diagnostic devices represent the most popular segment.
- On the basis of the indication, the market has been classified into atrial fibrillation (AF), supraventricular tachycardia, atrioventricular nodal re-entry tachycardia (AVNRT), Wolff-Parkinson-white syndrome (WPW), bradycardia and others. At present, AF accounts for the majority of the overall market share.
- The market has been divided based on the end user into hospitals, diagnostic centers and others. Hospitals currently hold the largest market share.
- Region-wise, North America (the United States and Canada) exhibits a clear dominance in the market. Other major regions include Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Biosense Webster Inc. (Johnson & Johnson), Biotronik SE & Co. KG, Boston Scientific Corporation, Cardiofocus Inc., Koninklijke Philips N.V., Medtronic Inc., MicroPort Scientific Corporation, Molecular Devices LLC (Danaher Corporation), Nihon Kohden Corporation, Siemens Healthcare GmbH and Stereotaxis Inc.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter: @imarcglobal