Market Overview –
The global electrophysiological market is expect to grow from its current value of $6.2 billion in 2021 to $15.60 billion by 2030, reflecting a CAGR of 10.8% for the forecast period of 2021–2030.
In order to detect arrhythmia or irregular heartbeats, doctors use electrophysiology to access electrical cardiac activity and identify the nature of aberrant heart rhythm. In order to assess the electrical activity flowing through blood vessels into the heart, a catheter with a wire electrode is inserter during the process. Ablation catheters, 3D mapping systems, radiofrequency generators, and access devices are examples of electrophysiology equipment that is accessible at hospitals, cardiac centers, and labs.
One of the most often utilize methods for treating atrial fibrillation is cardiac ablation. According to the European Society of Cardiology, Sudden Cardiac Arrest, which affects about 1 in 1000 people annually and is cause by an irregular heart rhythm, is one of the main causes of death in western countries. The rise in the prevalence of cardiac arrhythmia, the rise in the frequency of cardiac ablation treatments, and technological developments in the production of electrophysiology devices are what are fueling the market expansion for these devices.
COVID-19 Impact –
The COVID-19 pandemic’s effects and the ensuing lockdown are still very much felt today, especially in the electrophysiology market. Particularly in nations with a high incidence rate of COVID-19, like China, the US, and several European countries, the overall growth of numerous sectors has been severely damage (including Russia, Italy, and Spain). The healthcare, biotechnology, and pharmaceutical industries are making the most of this circumstance to serve the greatest number of patients and healthcare professionals, whereas industries like oil and petroleum, aviation, and mining are seeing a sharp decline in revenue.
In 2020, the COVID-19 pandemic had a negative impact on the global economy and cause a number of difficulties for patients and clinical healthcare providers. Major obstacles facing healthcare systems around the world include logistical issues, managing patients with the disease, prioritizing patients with comorbidities & pre-existing conditions, and further protecting the public & hospital frontline staff from COVID-19.
The pandemic has also affect hospitals’ ability to purchase goods and services, particularly small hospitals. As a result, supply arrangements have been canceled or delayer, which has had an effect on the overall revenue of all the key participants in the electrophysiology industry. Additionally, many people lost their employment and means of support as a result of lockdowns, which had a significant impact on patients’ purchasing habits.
Market Dynamics –
The main cause of death worldwide, according to the WHO, is cardiovascular disease. Family history, ethnicity, and age are important factors influencing the increase prevalence of CVD and strokes. The use of tobacco, high blood pressure (hypertension), high cholesterol, obesity, inactivity, diabetes, poor diets, and alcohol use are additional risk factors. Obesity, dyslipidemia, hypertension, and diabetes are among the illnesses that are increasingly being blamed for the rising incidence of CVD.
The American Heart Association estimates that by 2030, 41.4% of US individuals will have hypertension (an increase of 8.4 percent from 2012). The group predicts that the expense of CVD will increase from USD 863 billion in 2010 to USD 1,044 billion by 2030. Globally, 17.9 million people passes away from CVD in 2016. According to projections, this number will reach 23.6 million by 2030. (Source: WHO).
Over 886,000 new cases of AF are detects in clinical settings each year in Europe, making it the most prevalent arrhythmia. Up to 70 percent of the population is predicter to develop AF by 2030, and by 2050, Europe is predicter to have the highest number of AF patients (Source: 2018 Report on Burden of Atrial Fibrillation). In the US, between 2.7 million and 6.1 million persons were affecter by AF in 2012; by 2030, this number is expected to reach 12.1 million (Source: CDC).
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Competitive Landscape –
Details about each competitor are provide in the competitive landscape for electrophysiological devices. The company’s financials, revenue generate, market potential, investment in R&D, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance are among the details that are include. The information above only relates to the firms’ market focus on electrophysiological devices.
Key Players –
Abbott Laboratories
Acutus Medical, Inc.
F. Siemens AG
Nihon Kohden Corporation
Biosense Webster, Inc.
Boston Scientific Corporation
GE Healthcare
Medtronic plc
Koninklijke Philips N.V.
Biotronik SE & Co.KG
Microport Scientific Corporation
By Type –
Ablation Catheters
Diagnostic Catheters
Laboratory Devices
By Applications –
Hospitals
Diagnostic Centers
Clinics
Others
By Regions –
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
