Electrophysiology Devices Market Growth & Trends
The global electrophysiology devices market size is expected to reach USD 13.9 billion by 2030, expanding at a CAGR of 10.94%, according to a new report by Grand View Research, Inc. The demand for electrophysiology (EP) procedures is expected to increase owing to the growing geriatric population and frequent cardiac arrhythmias incidents. According to the World Health Organization, the population aged 60 years and above was approximately 1 billion in 2020 and is expected to reach 1.4 billion by 2030. The adoption of diagnostics and ablation techniques among medical professionals has resulted in the high usage of EP products in the past few years and is likely to drive market growth. The development of new products, such as Nanostim-dual-chamber leadless pacemaker, is anticipated to fuel demand for EP products.
Cardiac ablation has gained popularity as the first-line treatment, rendering a 95% success rate for several rhythm disorders, which, in turn, is boosting its demand. 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. For instance, in September 2020, Koninklijke Philips N.V. released new imaging and workflow enhancements for their novel Kodex-EPD cardiac imaging and mapping system. The market was profusely impacted by the COVID-19 pandemic. Disruptions in the supply chain and postponement of elective surgeries declined the sales of EP systems. According to a study published in the Journal of Cardiothoracic Surgery, approximately 50 to 75% of reduction in cardiac surgeries was reported during the pandemic.
The market is now revamped owing to the adoption of digital health and technological advancements in cardiac surgeries. Moreover, virtual clinics were launched for patients suffering from Atrial Fibrillation (AFib) during the pandemic. For instance, in April 2020, Physician-Patient Alliance for Health and Safety launched Virtual Patient Care for patients suffering from AFib and had treatment with electrophysiology systems. Prominent players are adopting various strategies including new product launches andM&As to strengthen their position. For instance, in June 2020, Boston Scientific Corp. launched Directsense Technology in the U.S. It will monitor the radiofrequency energy delivery effects during the procedures for cardiac ablation. Directsense technology was approved by the U.S. FDA in April 2020 and is available on RHYTHMIA HDx Mapping System.
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Electrophysiology Devices Market Report
Electrophysiology Devices Market Report Highlights
- The diagnostic devices segment accounted for the largest revenue share in 2021 due to the increasing demand for advanced diagnostic tools, rising CVD incidence, and new product launches
- Among treatment devices, pacemakers emerged as a dominating sub-segment in 2021 due to the high prevalence of different types of arrhythmia and usage of cardiac rhythm management products
- However, rising costs related to the product, the existence of strict regulations, and accessibility of substitute therapies are anticipated to hamper the growth
- Automated External Defibrillators (AEDs) are expected to witness a high growth rate during the forecast period due to their rising use in treating out-of-hospital cases of cardiac arrest
- North America led the market in 2021 owing to a high patient population of cardiac arrhythmia
- AsiaPacific is projected to witness the fastest CAGR from 2022 to 2030owing to the high rate of unmet medical requirements and large patient pool
- The increasing geriatric population, the highest number of cigarette smokers in China, and rising healthcare spending are other factors driving the region’s growth
