According to the new market research report “Electrophysiology Market by Product (Lab Devices (3D Mapping, Recording), Ablation Catheters (Cryoablation, RF), Diagnostic Catheters (Conventional, Advanced, Ultrasound)), Indication (AF, AVNRT, WPW), End User (Hospitals, ASCs) – Global Forecasts to 2025″, published by MarketsandMarkets™, the Electrophysiology Market is projected to reach USD 10.6 billion by 2025 from USD 6.8 billion in 2020, growing at a CAGR of 9.1% from 2020 to 2025.
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The growth of the global Electrophysiology Market can be attributed to factors such as technological advancements; new entrants in the market; growing investments, funds, and grants; and increasing incidence of target diseases and procedures. Emerging markets are also expected to offer high growth opportunities for players operating in this market. However, factors such as high cost of electrophysiology products and inadequate reimbursement, unfavorable healthcare reforms in the US, and cost-intensive requirement for clinical data for new product launches along with availability of alternative technologies are expected to restrain the growth of this market in the coming years. The reuse and reprocessing of devices and lack of skilled and experienced electrophysiologists are some of the challenges in this market. The growth of the market is also expected to slow temporarily during the forecast period due to the COVID-19 pandemic.
The EP laboratory devices segment accounted for the largest share of the market, by product, in 2019
Based on product, the Electrophysiology Market is segmented into EP laboratory devices, EP ablation catheters, EP diagnostic catheters, access devices, and other products. The EP laboratory devices segment accounted for the largest share of the market in 2019. The large share of this segment can be attributed to the increasing public private funding for the development of novel electrophysiology recording systems, rising number of RF ablation procedures, growing focus of market players on the launch of technologically advanced 3D mapping systems, cost effectiveness of RF ablation procedures as compared to other ablation techniques, and increasing availability of these products in major markets.
Browse in-depth TOC on “Electrophysiology Market“
157 – Tables
34 – Figures
211 – Pages
The atrial fibrillation segment is anticipated to hold major share of the global market, by indication
Based on indication, the market is segmented into atrial fibrillation, atrioventricular nodal reentry tachycardia (AVNRT), Wolff-Parkinson-White (WPW) syndrome, atrial flutter, and other indications. The atrial fibrillation segment accounted for a larger share of the market in 2019. The growing number of ablation procedures related to atrial fibrillation, rapid growth in the aging population across the globe, increasing prevalence of atrial fibrillation, and the development of advanced electrophysiology products for early diagnosis of atrial fibrillation are expected to drive the growth of this market segment in the coming years.
Hospitals & cardiac centers segment is anticipated to hold major share of the global Electrophysiology Market in terms of type
Based on end user, the global market has been segmented into hospitals & cardiac centers and ambulatory surgery centers. The hospitals & cardiac centers segment accounted for largest share of the market in 2019 due to the rising prevalence of CVDs, presence of big cath labs and electrophysiology labs in hospitals, and increasing ablation procedures. Technological advancements, coupled with government funding, are also encouraging the installation of new tools and devices in hospitals.
North America to hold a significant share of the Electrophysiology Market during the forecast period
The market is segmented into five regional segments, namely, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North American region accounted for the largest share of the market in 2019. Factors such as the high burden of CVDs, an increasing number of clinical trials validating electrophysiology devices, the growing number of approvals for electrophysiology devices, and the presence of key players are driving the growth of the market in the region.
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The major players operating in the Electrophysiology Market are are Johnson & Johnson (US), Abbott Laboratories (US), Medtronic (Ireland), Koninklijke Philips N.V. (Netherlands), GE Healthcare (US), Boston Scientific (US), Japan Lifeline (Japan), Stereotaxis (US), MicroPort Scientific (China), BIOTRONIK (Germany), Acutus Medical (US), Baylis Medical (Canada), EP Solutions (Switzerland), APN Health (US), OSYPKA (Germany), Epmap-System (Germany), CathRx (Australia), Merit Medical Systems (US), Cook Medical (US), CathVision (Denmark), TZ Medical (US), Teleflex (US), Lepu Medical (China), CardioFocus (US), Schwarzer Cardiotek GmbH (Germany), and Imricor Medical Systems (US).