Electrophysiology Market worth $15.1 billion by 2028
The report "Electrophysiology Market by Product (Laboratory Devices, Ablation Catheters, Diagnostic Catheters), Indication (Atrial Fibrillation, Atrial Flutter, AVNRT, WPW), End-user (Hospitals & Cardiac Centers), and Region - Global Forecast to 2028", is projected to reach USD 15.1 billion by 2028 from USD 8.2 billion in 2023, growing at a CAGR of 13.0% during the forecast period. Many factors, such as technological advancements, funding and reimbursement, strong healthcare funding, active research funding, a clear regulatory framework, growing minimally invasive procedure adoption, and the presence of key market players in developing regions, are driving the growth of the electrophysiology market. This amalgamation of drivers has engendered substantial market growth. Continued technological advancements, heightened emphasis on non-invasive cancer interventions, and a supportive healthcare ecosystem are anticipated to sustain this upward trajectory.
Browse 186 market data Tables and 39 Figures spread through 238 Pages and in-depth TOC on "Electrophysiology Market by Product (Laboratory Devices, Ablation Catheters, Diagnostic Catheters), Indication (Atrial Fibrillation, Atrial Flutter, AVNRT, WPW), End-user (Hospitals & Cardiac Centers), and Region - Global Forecast to 2028"
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The Electrophysiology market by Product is segmented into Electrophysiology ablation catheters, electrophysiology laboratory devices, electrophysiology diagnostic catheters, electrophysiology access devices, and other devices. The electrophysiology laboratory devices accounted for the largest segment in 2022.
Based on the product the electrophysiology laboratory devices hold the largest segment in 2022. Electrophysiology laboratory instruments are critical in the identification and treatment of cardiac arrhythmias. These tools are used to examine the heart's electrical activity, spot anomalies, and direct procedures like catheter ablation.
By Indication Atrial Flutter segment holds the largest share in 2022.
The electrophysiology market by indication is segmented into atrial fibrillation, atrial flutter, atrioventricular nodal reentry tachycardia, wolff-parkinson- white syndrome, and other indications. Atrial flutter is a reasonably frequent cardiac arrhythmia, and its prevalence has been growing, particularly among the elderly. Consequently, there is an increasing need for atrial flutter diagnosis and treatment-related electrophysiological techniques and technologies.
North America to account for a significant market share in the Electrophysiology market in 2022.
In 2022, the North America region is expected to register significant growth in the market during the forecast period. North America comprises the US and Canada. North America is a center for medical technology innovation and research. New and cutting-edge electrophysiological technologies are frequently adopted early in the region, which supports market expansion. The United States, in particular, has one of the highest healthcare spending rates in the world. High healthcare spending encourages the employment of cutting-edge medical technologies, such as those utilized in electrophysiology operations.
Key Players
As of 2022, prominent players in the electrophysiology market are Abbott Laboratories(US), Koninklijke Philips N.V.(Netherlands), Medtronic plc(Dublin)., Microport Scientific Corporation (China), Johnson & Johnson Services, Inc.(US), among others.
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