The global Electrophysiology Devices market size is expected to be worth around US$ 12.10 billion by 2028, according to a new report by Vision Research Reports.
The global Electrophysiology Devices market size was valued at US$ 5.10 billion in 2020 and is anticipated to grow at a CAGR of 11.80% during forecast period 2021 to 2028.
The demand for electrophysiology devices is expected to increase owing to growing old age population and frequent cardiac arrhythmias incidents. Adoption of ablation and diagnostics techniques among physicians has resulted in increased usage of the product in the past few years and is likely to drive market growth. Development of new devices such as Nanostim-dual-chamber leadless pacemaker is also anticipated to fuel demand in the market.
Cardiac ablation has gained popularity as the first-line treatment, rendering a 95% success rate for several rhythm disorders and is anticipated to be a key driving factor for growth. Diagnostic electrophysiology catheters are estimated to grow at high CAGR in the foreseeable future. Technological developments such as laser ablation, cryo-ablation, and ultrasound ablation, coupled with optimized mapping techniques are anticipated to augment market growth over the forecast period.
Electrophysiology treatment devices and electrophysiology diagnostic devices are two application segments analyzed in this study. Electrophysiology diagnostic devices segment accounted for major share in 2020. High usage rates of cardiac monitors as a standard diagnostic and monitoring tool for arrhythmias is one of the factors attributing to its large share.
Collectively, the cardiac monitors segment emerged as the largest electrophysiology diagnostic segment in 2020. This includes Holter monitoring devices, Electrocardiograph (ECG) monitors, and insertable cardiac monitors (ICM). The growing use of these devices in interventional medical procedures such as catheter placement and the introduction of portable and digital systems are some factors expected to drive segment growth during the forecast period. Technological innovations such as GE Healthcare’s Innova IGS 520 and Optima IGS 320 are expected to present this market with lucrative future growth opportunities. These products are dose efficient interventional X-ray systems and enable physicians to perform complex interventional procedures with ease and accuracy.
The electrophysiology treatment devices segment comprises Implantable Cardioverter Defibrillators (ICD), Automated External Defibrillators (AEDs), pacemakers, and catheters. Pacemakers were the largest sub-segment of this market in the year 2018. The growing incidence of different forms of arrhythmia is one of the major factors accounting for its rapid growth. AED is expected to witness the highest growth rate during the forecast period. As per the CDC report, the rising number of sudden cardiac arrest (SCA) cases is a big threat to the U.S. population. Increasing use of AEDs has proved helpful to reduce the death rates among patients suffering from cardiac arrest outside hospitals.
Atrial fibrillation was the leading indication segment in the electrophysiology devices market in terms of revenue in 2020. It is a common type of arrhythmia associated with a high risk of stroke and blood clotting. In many cases, it remains undiagnosed in clinical practices with conventional monitoring, resulting in inadequate treatment at the right time. Therefore, monitoring of atrial fibrillation requires enhanced technological devices for diagnosis that can help overcome limitations imposed by conventional technologies.
In recent years, innovative smartphone applications have been introduced for arrhythmic patients that can connect them with healthcare professionals. Moreover, hospitals and clinical settings are taking initiatives to involve arrhythmia care in their treatment routine. In May 2018, UNC AFib Care Network launched a new clinic for atrial fibrillation patients - AFib Integrated Care Clinic.
Hospitals were the leading end-use segment of electrophysiology devices in 2020. Adoption of technologically advanced cardiac rhythm management and electrophysiological procedure devices by the interventional cardiologists at the hospital and the rising burden of cardiovascular disease contributes to the growth of the segment.
North America dominated the market in 2020 with the largest market share. This can be attributed to the growing prevalence of Heart Failure (HF), cardiac arrest cases, and cardiac arrhythmia in this region majorly as a result of an unhealthy lifestyle, smoking, and alcohol consumption. The presence of sophisticated healthcare infrastructure and favorable reimbursement policies are also expected to drive regional growth over the next seven years.
The Asia Pacific electrophysiology devices market has a large presence of untapped opportunities in terms of unmet medical needs and rapidly growing incidence rates of target diseases. Improving healthcare infrastructure, increasing patient awareness, and rising healthcare expenditure levels in the region are expected to assist manufacturers in capitalizing on these available opportunities. Rapid developments in healthcare infrastructure and an increase in disposable income in emerging economies such as India and China are expected to provide new avenues and opportunities for companies to capitalize over the forecast period.
Boston Scientific Corporation, Medtronic Plc., Abbot Laboratories, and Biosense Webster, Inc. (Johnson & Johnson) hold strong product portfolios and significant brand recognition. Among others are companies like Biotronik SE & Co. KG., GE Healthcare, and Siemens Healthcare.
Implantable Cardioverter Defibrillators (ICDs)
Automated external defibrillators (AEDs)
Holter Monitoring Devices
Diagnostic Electrophysiology Catheters
EP Mapping & Imaging Systems
Insertable Cardiac Monitors (ICM)
Atrial Fibrillation (AF)
Atrioventricular Nodal Re-entry Tachycardia (AVNRT)
Wolff-Parkinson-White Syndrome (WPW)
Ambulatory Surgical Centers
Middle East & Africa
The Electrophysiology Devices market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Electrophysiology Devices market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Electrophysiology Devices market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Electrophysiology Devices market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Electrophysiology Devices market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Electrophysiology Devices capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Electrophysiology Devices by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Electrophysiology Devices market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Electrophysiology Devices market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Electrophysiology Devices market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Electrophysiology Devices industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Electrophysiology Devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Electrophysiology Devices market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Electrophysiology Devices market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Electrophysiology Devices market. These factors have benefited the growth of the global market for Electrophysiology Devices. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Electrophysiology Devices. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Electrophysiology Devices are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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