Global Electrophysiology Devices Market, by Product Type (Electrophysiology Monitoring Devices (Electrocardiograph, Holter Monitoring Devices, X-Ray Systems, Combo systems- Imaging and 3D mapping systems, Diagnostic Electrophysiology Catheters) Electrophysiology Treatment Devices (Implantable Cardioveter Defibrillators, Pacemakers, Cardiac Resynchronization Therapy Devices, Catheters)), by Indication (Atrial Fibrillation, Atrioventricular Nodal Re-entry Tachycardia, Supraventricular Tachycardia, Bradycardia, Others (Wolff-Parkinson-White Syndrome, etc.)) by End User (Hospitals, Diagnostic Centers, Clinics, and Others (Ambulatory Surgical Centers, etc.)), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 7,756.5 Million in 2022 and is expected to exhibit a CAGR of 12.6% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Increasing adoption of inorganic strategies such as acquisition by key market players is expected to drive the global electrophysiology devices market over the forecast period. For instance, in November 2021, Koninklijke Philips N.V., a health technology company, announced that they had acquired Cardiologs, a medical technology company. This acquisition will help Koninklijke Philips N.V. to expand cardiac monitoring and diagnostics offering with innovative software technology, electrocardiogram (ECG) analysis and reporting services.
Global Electrophysiology Devices Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and consequent lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdowns in several regions. Private healthcare is one such sector that has been significantly impacted by the COVID-19 pandemic.
Many patients with COVID-19 have a severe respiratory infection that requires hospitalization and mechanical ventilation. Therefore, the COVID-19 pandemic had a negative impact on the global electrophysiology devices market. For instance, in October 2022, according to the data published in ScienceDirect Journal, a survey was conducted in cardiac rhythm management centers in the U.K. to study the COVID-19 impact on electrophysiology procedures. Hence, compared to the pre-pandemic period the electrophysiology procedures were decreased significantly during COVID-19 pandemic.
Global Electrophysiology Devices Market: Key Developments
Adoption of inorganic strategies such as product approval by various regulatory authorities such the U.S. Food and Drug Administration is expected to drive the global electrophysiology devices market over the forecast period. For instance, in January 2022, Abbott, a medical device company, announced that they had received an approval from the U.S. Food and Drug Administration for the EnSite X EP System with EnSite omnipolar technology, a cardiac mapping system to improve the treatment of cardiac arrhythmias. EnSite X EP System with EnSite omnipolar technology provides a detailed three-dimensional view of the heart, to help physicians identify and then treat areas of the heart where abnormal rhythms originate.
Browse 35 Market Data Tables and 33 Figures spread through 180 Pages and in-depth TOC on “Global Electrophysiology Devices Market”- Forecast to 2030, Global Electrophysiology Devices Market, by Product Type (Electrophysiology Monitoring Devices (Electrocardiograph, Holter Monitoring Devices, X-Ray Systems, Combo systems- Imaging and 3D mapping systems, Diagnostic Electrophysiology Catheters) Electrophysiology Treatment Devices (Implantable Cardioveter Defibrillators, Pacemakers, Cardiac Resynchronization Therapy Devices, Catheters)), by Indication (Atrial Fibrillation, Atrioventricular Nodal Re-entry Tachycardia, Supraventricular Tachycardia, Bradycardia, Others (Wolff-Parkinson-White Syndrome, etc.)) by End User (Hospitals, Diagnostic Centers, Clinics, and Others (Ambulatory Surgical Centers, etc.)), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/electrophysiology-devices-market-1641
Adoption of inorganic strategies such as product launch by key market players is expected to drive the global electrophysiology devices market over the forecast period. For instance, in May 2022, Omega Medical Imaging, LLC., a medical technology company, announced that they had launched Soteria AI, an AI-enabled X-ray system for cardiology to reduce dose by up to 84% while delivering spectacular image quality.
Key Takeaways of the Global Electrophysiology Devices Market:
- The global electrophysiology devices market is expected to exhibit a CAGR of 12.6% during the forecast period, due to the increasing patent approval from the U.S. Patent and Trademark Office (USPTO) over the forecast period. For instance, in September 2022, HeartSciences, a medical technology company, announced that it had received a patent from the U.S. Patent and Trademark Office for the MyoVista Wavelet ECG, an artificial intelligence based ECG assessment for echocardiographic measures of diastolic function of the heart.
- Among indication, atrioventricular nodal re-entry tachycardia segment is estimated to hold a dominant position in the global electrophysiology devices market over the forecast period due to the increasing product approval by the U.S. Food and Drug Administration. For instance, in February 2022, Medtronic, a medical device company, announced that they had recieved an approval from the U.S. Food and Drug Administration for Freezor and Freezor Xtra cardiac cryoablation focal catheters to treat the growing prevalence of pediatric atrioventricular nodal re-entry tachycardia, which is a life threatning abnormal heart rhythm, with 89,000 cases each year and growing. Nearly 35% of AVNRT cases occur in pediatrics, or, children under the age of 18 in U.S.
- Among regions, North America is estimated to account for the largest market share in the global electrophysiology devices market over the forecast period, owing to the increasing product approval by various regulatory authorities such as the U.S. Food and Drug Administration. For instance, in April 2022, Abbott, a medical device company, announced that they had received the U.S. Food and Drug Administration approval for Aveir single-chamber (VR) leadless pacemaker for the treatment of patients with slow heart rhythms in the U.S. The Aveir leadless pacemaker is directly implanted inside the heart’s right ventricle through a minimally invasive procedure to treat slower-than-normal heart rates.
- Major players operating in the global electrophysiology devices market include General Electric Company, Biotricity, Medtronic, VivaQuant, Inc., Johnson & Johnson Services, Inc., AliveCor, Inc., Bittium, Nihon Kohden Corporation, Shimmer, OMRON Healthcare, Co., Ltd., VivaLNK, Inc., Abbott, BIOTRONIK, Boston Scientific Corporation, MicroPort Scientific Corporation, Koninklijke Philips N.V., Siemens Healthcare GmbH, HeartSciences, anumana, Inc., and Omega Medical Imaging, LLC.
