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The Electrophysiology Device market is expected to grow at a CAGR of 9.73% and will reach USD 9.22 billion by 2026 | DelveInsight

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The Electrophysiology Device market is expected to grow at a CAGR of 9.73% and will reach USD 9.22 billion by 2026 | DelveInsight

December 02
20:21 2021
The Electrophysiology Device market is expected to grow at a CAGR of 9.73% and will reach USD 9.22 billion by 2026 | DelveInsight
Electrophysiology Device market

According to the latest report published by DelveInsight “Electrophysiology Device Market Insight, Competitive Landscape & Forecast – 2026,” the globalelectrophysiology device market is expected to witness significant growth owing to the rising prevalence of cardiac arrythmia, rise of technologically advanced electrophysiology products, rapid rise in the geriatric population with a high risk of target diseases and inadequate lifestyle habits such as alcohol consumption and smoking. This report will provide in-depth market understanding for electrophysiology device which will further benefit the competitors or stakeholder operating in electrophysiology device arena.

 

Interesting in knowing how Electrophysiology Device Market will be growing by 2026? Click to get a snapshot of Electrophysiology Device Market Analysis.

 

Geography Covered: North America, Europe, Asia-Pacific, Rest of the World (Middle East, Africa, and South America)

 

Key highlights of Electrophysiology Device Market

  • On April 02, 2021, the American College of Cardiology (ACC) had launched the Electrophysiology Device Implant Registry as part of the National Cardiovascular Data Registry (NCDR). It will help the hospitals and other private practices to measure and improve the quality of care that they tend to offer based on data comparisons.
  • On October 06, 2021, Boston Scientific had announced the agreement to acquire Baylis Medical Company Inc. for an upfront payment of USD 1.75 billion. The acquisition will be expanding the Boston Scientific electrophysiology and the structural heart product portfolios comprising the radiofrequency (RF) NRG and VersaCross Transseptal Platforms.
  • On November 02, 2020, Abbott had strengthened electrophysiology portfolio with the new approvals. The company had announced CE mark and approval in Australia for the EnSite XEP System, a cardiac mapping system.
  • Thus, owing to the launch of such devices and acquisition done by key players, there will be a significant growth in Electrophysiology Devicemarket during the forecast period.

 

To get a more detailed analysis of the latest highlights related to Electrophysiology Device get the snapshot of the key highlights entailed in the Electrophysiology Device report.

 

Electrophysiology Device Market Insight

Electrophysiology Device are devices that are used for evaluating the electrical waves in the heart and in order to check the abnormal heart’s rhythm. Electrophysiology devices comprise of electrical devices such as the pacemakers, defibrillators and implementation of cardiac resynchronization therapy. Recent launch of the technologically advanced electrophysiology devices such as the new Gallant™ implantable cardioverter defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D) devices by Abbott in Europe on February 08, 2020 for people suffering from abnormal heart rhythms and heart failure. Another device known as 3 Tesla full-body MR conditional ICD and CRT-D launched by BIOTRONIK in the European market on March 11, 2019. Therefore, the launch of these technologically advanced devices in the market led to an increase in the demand for electrophysiology device, thereby leading to a rise in the overall electrophysiology device market growth.

 

Geography-Wise Electrophysiology Devices Market Analysis

Geographically, the global electrophysiology device market is studied for North America, Europe, Asia-Pacific, and Rest of the World. In terms of revenue share North America currently leads the global market and is expected that it will continue to remain superior during the forecast period. However, the supremacy of North America will be conspicuously challenged by Europe market. This domination in North America is attributed to the rising prevalence of cardiac arrythmia in this region, higher spending on healthcare, best in class healthcare infrastructure with advanced electrophysiology equipment is expected to drive the electrophysiology devices in United States. As per the Centers for Disease Control and Prevention 2021, more than 454,000 hospitalizations with atrial fibrillation as their primary diagnosis happen every year in United States. Therefore, an increase in prevalence of cardiac arrythmia can lead to an increase in demand of the electrophysiology devices, thereby leading to a boost in the electrophysiology market growth.

There are great opportunities for market penetration for Asia Pacific regions as the major companies already having a grip in developed regions. Further, owing to the increase in prevalence of cardiovascular disorders and the rising penetration of key players in Asia-Pacific regions, there is an increasing demand observed for electrophysiology device in these regions, thereby positively influencing the overall electrophysiology device market. It has been estimated that over the last few years the prevalence of CVD in China has been increasing continuously and currently more than 290 million patients suffers with CVD. According to World Heart Foundation, China has one of the highest CVD death rates in the world. Therefore, due to the rising prevalence of cardiovascular disorders in China, there will be an increasing demand for electrophysiology devices, thereby driving the overall electrophysiology market.

 

To get an understanding why North America is dominating the global market? Click to get a snapshot of Electrophysiology Devices Market Analysis.

 

COVID-19 IMPACT ANALYSIS

The market for Electrophysiology Device had observed a period of stagnant growth owing to the outbreak of COVID-19. Due to the pandemic situation, all other elective procedures were temporarily stopped, whereas COVID-19 affected patients were given utmost priority. Apart from the temporarily stopping because of COVID-19 procedures, several other factors such as the transport and trade related restrictions, and closing of manufacturing facilities were also responsible for causing stagnancy in the electrophysiology devices market growth.

Hospitals and other medical facilities were temporarily stopped being visited by patients due to the increased chances of infections. However, post-COVID-19 infection owing to the normalcy attained in terms of patient visits and relaxation given in COVID-19 guidelines, the healthcare industry has started resuming back to normal operations. Owing to the increase in technologically advanced electrophysiology devices, the demand for electrophysiology devices is expected to rise in the market, further leading to a growth in the electrophysiology devices market growth during the forecast period. Additionally, the market has seen to attain normalcy as several patients suffering from COVID-19 were also suffering from comorbidities which included sudden cardiac arrest and require electrophysiology devices; hence the pandemic has slightly influenced the demand for electrophysiology devices.

 

To discuss more about the short/long-term impact of COVID-19 on the industry get a snapshot of the report Electrophysiology Device market.

 

Furthermore, global electrophysiology device market by device type is categorized into the treatment devices (Defibrillators, Pacemakers, Cardiac Resynchronization Therapy Devices, Ablation Systems [Radiofrequency, Cryoablation, And Others], And Others], By Diagnostic Devices [ECG Monitors [Stress, Rest, And Holter Monitors], EP X-Ray Systems, EP Recording Systems, EP Imaging & Mapping Systems, Implantable Cardiac Monitors, And Others]).

Several recent launches such as the LIFEPAK CR2 Defibrillator with LIFELINKcentral™ AED Program Manager in the United States by Stryker on April 09, 2019. Also, on April 29, 2019, Biotronik had launched the Acticor DX and the CRT-DX devices in the United States. Moreover, on June 01, 2020, Boston Scientific had announced the launch of DIRECTSENSE technology for monitoring the impact of radiofrequency energy delivery during cardiac procedures. Thus, with the launch of such electrophysiology devices will lead to an increase in the demand of electrophysiology devices, thereby leading to a rise in the electrophysiology market growth during the forecast period from 2021-2026.

 

Electrophysiology Device Companies:

  • Boston Scientific Corporation
  • Lepu Medical Technology (Beijing) Co. Ltd
  • GENERAL ELECTRIC COMPANY
  • Medtronic
  • Abbott
  • BIOTRONIK
  • Microport Scientific Corporation
  • Acutus Medical, Inc.
  • Imricor
  • Medical Devices Business Services, Inc. (Johnson & Johnson)
  • Baylis Medical Company, Inc
  • Schwarzer Cardiotek GmbH
  • ATRICURE, INC.
  • CardioFocus
  • Osypyka AG
  • And Many Others.

 

Electrophysiology Device Market Segmentation

By Device Type

  • Treatment Devices
    • Defibrillators
    • Pacemakers
    • Cardiac Resynchronization Therapy
  • Ablation Systems
    • Radiofrequency
    • Cryoablation
    • Others
    • Others
    • By Diagnostic Devices
      • ECG Monitors
        • Stress
        • Rest
        • Holter Monitors
        • EP X-Ray Systems
        • EP Recording Systems
        • EP Imaging & Mapping Systems
        • Implantable Cardiac Monitors
        • Others

By Modality

  • Implantable
  • External

By Application

  • Ventricular Tachycardia
  • Atrial Fibrillation
  • Bradycardia
  • Others

By End-User

  • Hospitals
  • Ambulatory Surgical Centers
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Rest of World

 

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