Electrophysiology Market to Reach $22.65 Bn, Globally, by 2030 at 14.4% CAGR: Allied Market Research

Rise in prevalence of cardiac arrhythmia, advancements in technology in the field of electrophysiology, and surge in number of approvals for electrophysiology devices drive the growth of the global electrophysiology market.

PORTLAND, Ore., Feb. 3, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Electrophysiology Market by Product (EP Ablation Catheters, EP Laboratory Devices, EP Diagnostic Catheters, Access Devices, and Others), Indication (Atrial Fibrillation (AF), Atrial Flutter, Wolff-Parkinson-White Syndrome (WPW), Atrioventricular Nodal Reentry Tachycardia (AVNRT), and Others), and End User (Hospitals & Cardiac Centers, Ambulatory Surgery Centers, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report published by Allied Market Research, the global electrophysiology market was estimated at $6.49 billion in 2020 and is expected to hit $22.65 billion by 2030, registering a CAGR of 14.4% from 2021 to 2030.

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Drivers, restraints, and opportunities-

Rise in prevalence of cardiac arrhythmia, increase in demand for minimally invasive procedures, advancements in technology in the field of electrophysiology, and surge in number of approvals for electrophysiology devices drive the growth of the global electrophysiology market. On the other hand, high cost of electrophysiological devices impedes the growth to some extent. However, increase in number of key players to manufacture advanced electrophysiology devices is expected to create lucrative opportunities in the industry.

What is the Impact of COVID-19 Pandemic on Electrophysiology Market?

• During the pandemic, the majority of hospitals were restructured to heighten hospital capacity for Covid-19 patients, especially during the initial phase. This gave way to cancellation of many non-essential surgical processes, which impacted the global electrophysiology market negatively.
• However, the market is anticipated to recoup soon.

Get detailed COVID-19 impact analysis on the Electrophysiology Market- https://www.alliedmarketresearch.com/request-for-customization/452?reqfor=covid

The EP ablation catheters segment to retain the lion's share-

On the basis of product, the EP ablation catheters segment held the major share in 2020, garnering more than two-thirds of the global electrophysiology market. The same segment is also expected to grow at the fastest CAGR of 15.20% throughout the forecast period. This is due to surge in number of ablation procedure and advancements in technology to manufacture innovative electrophysiology ablation catheters.

The hospitals & cardiac centers segment to dominate by 2030-

On the basis of end user, the hospitals & cardiac centers segment contributed to the lion's share in 2020, holding nearly three-fourths of the global electrophysiology market. The same segment is also anticipated to cite the fastest CAGR of 14.90% from 2021 to 2030. This is owing to increase in development of hospital infrastructure, and rise in initiatives taken by government & private organizations to develop hospitals facilities.

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North America held the major share in 2020-

By region, the market across North America dominated in 2020, garnering more than two-thirds of the global electrophysiology market. This is due to rise in prevalence of cardiac arrhythmia and increase in number of approvals for electrophysiology devices in the province. Simultaneously, the Asia-Pacific region is expected to cite the fastest CAGR of 15.10% throughout the forecast period. This is attributed to rise in prevalence of atrial fibrillation, advancements in technology in the field of electrophysiology, growth in health care expenditures, and increase in geriatric population in the region.

Key players in the industry-

• Biotronik SE & Co. KG
• Boston Scientific Corporation
• Abbott Laboratories
• CardioFocus, Inc.
• GE Healthcare
• Koninklijke Philips N.V.
• Medtronic Plc.
• MicroPort Scientific Corporation
• Siemens Healthineers AG.
• Johnson & Johnson, Inc.

Official Press Release: https://www.alliedmarketresearch.com/press-release/electrophysiology-devices-market.html

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