According to a recent research report published by MarkNtel Advisors, the Global Electrophysiology Market is set to register around 10.5% CAGR during 2023-28. The growing incidence of Atrial Fibrillation, Atrial Flutter, Wolff-Parkinson-White (WPW), Ventricular Tachycardia, & Atrioventricular Nodal Reentry Tachycardia, intensifying burden of cardiac arrhythmias worldwide and the rising need for high precision & controlled cardiac diagnostic & ablation procedures are the prime aspects projected to drive the market in the coming years.
The leading companies operating in the industry are increasingly adopting disposable catheters for intermittent cardiac procedures in order to facilitate better sterility, safety, & affordability, thereby stimulating market expansion. In addition, the integration of innovative technologies into electrophysiology catheters has eliminated the need for hospital or clinic visits and facilitated the demand for safer, affordable, & minimally invasive diagnostics and therapies for cardiac arrhythmias. Hence, these aspects are set to create lucrative prospects for the electrophysiology market in the coming years.
Electrophysiology Laboratory Devices to Garner the Largest Market Share
The active efforts of leading players in the electrophysiology market toward introducing technologically advanced 3D mapping systems, entwined with massive public-private investments in developing novel electrophysiology recording systems, are driving the demand for electrophysiology laboratory devices worldwide. Moreover, the growing number of RF cost-effective ablation procedures and the rising availability of electrophysiology laboratory devices in major regions are also boding well for the overall industry's expansion.
Ever-Increasing Cases of Heart Diseases in the US & Canada to Boost the Market in North America
Substantial government funding for the healthcare sector, including the electrophysiology units, coupled with various R&D activities being conducted toward bringing innovative diagnostics & treatment methods for heart patients, are the major factors driving the North America Electrophysiology Market. Heart diseases are increasingly becoming prevalent across the region, especially in the US & Canada, which owes mainly to high blood pressure & blood cholesterol and the increasing number of smokers. As a result, there are mounting requirements for effective treatment techniques and procedures, i.e., generating growth prospects for the leading players operating in the electrophysiology industry to expand their offerings in order to suffice the high unmet patient needs.
The key companies in the Global Electrophysiology Market include Abbott, Medtronic, Boston Scientific Corporation, Koninklijke Philips N.V., General Electric Company, Siemens Healthineers International AG, Stereotaxis Inc., Merit Medical Systems, APN Health LLC, Osypka Medical, Japan Lifeline Co. Ltd., Johnson & Johnson, Biotronik, Microport Scientific Corporation, Cathrx Ltd., Cook Medical, and Teleflex Incorporated, etc.
Key Questions Answered in the Research Study: