Electrophysiology Equipment and Recording Systems Market Outlook
The global electrophysiology equipment and recording systems market is worth $6.21 billion in 2022, but experts predict it is expected to be worth $17.55 billion by 2032, a CAGR of 10.94 percent. The growth in the electrophysiology equipment and recording systems market share can be attributed to the following factors:
Electrophysiology (EP) tests are becoming increasingly popular for the diagnosis and treatment of cardiac conditions like atrial fibrillation.
Rising demand for devices for cardiac rhythm management for continuous monitoring, and these devices are finding more and more uses outside of hospitals.
Heart problems, including atrial fibrillation, cardiac arrest, and heart failure, are on the rise among millennials because of unhealthy lifestyle choices like not getting enough exercise, smoking, and drinking too much alcohol.
An uptick in cases of heart arrhythmias such as atrial fibrillation and atrial flutter
Increased demand for diagnostic and ablation catheters
Increased frequency of cardiac ablation procedures
Manufacturing technology improvements, especially for electrophysiological devices
Attributes
Details
Market Value (2022)
US$ 6.21 Billion
Market Value (2032)
US$ 17.55 Billion
CAGR
10.94%
An electrophysiology device are used to study the electrical properties of biological cells and tissues by measuring the voltage change of various biological cells, organs, tissues and the body as a whole.
These devices mainly used for the diagnosis as well as treatment of effected system of the body due to abnormal electrical properties of cells and tissues.
Electrophysiology devices and recoding system are used in the process of diagnosis and treatment of those disease that occur due to abnormal electrical properties of biological cells and tissues. These devices have wide application in the management of cardiac arrhythmias.
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Abbot Laboratories’ Growing Market Share
A sizable portion of the medical devices division's bottom line comes from sales of electrophysiology equipment and recording systems by the leading company. The organization's goals include bettering its research and development, production, quality, and regulatory assurance departments. They put a lot of money into their medical devices division to boost their overall growth and profits. Sales of electrophysiology equipment and recording systems category are expected to fall to $1,578 million in 2020 from $1,721 million in 2019, largely as a result of the COVID - 19 pandemic's impact on the distribution channel and the flow of patients to hospitals.
Biosense Webster, Medtronic, Boston Scientific, and Microport Scientific Corporation are Abbott's main rivals in the electrophysiology equipment and recording systems market. In addition to its sensor-enabled catheters, the company also provides a cutting-edge ensuite precision cardiac mapping system. The company is ahead of the curve because of how it uses its size in high-growth emerging countries like China, Japan, and India.
How are Companies Strategizing to Conquer the Market?
Companies operating in the electrophysiology equipment and recording systems market are sometimes prevented from developing internationally due to a lack of uniformity in the rules governing the industry. New electrophysiological devices and equipment availability might be significantly impacted by regulatory restrictions in different countries.
In some regions, rules stipulate that manufacturers must conduct all or some of their clinical trials (including pre-and post-market) within the country. However, firms must pay for the trials themselves in countries like Brazil, Japan, India, and China, where local regulations are still in their infancy. As it becomes more challenging for manufacturers to provide adequate devices for running trials, the value and accuracy of test results suffer for trials of devices like cardiac rhythm management (CRM) in several nations.
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Electrophysiology Equipment and Recording Systems Market: Drivers and Restraints
Presently, electrophysiology equipment and recording systems global market is driven by technological advancement in healthcare industry, rapid growth in geriatric population, increasing incidence of arrhythmia cases across the globe.
Global electrophysiology equipment and recording system market is drives by the aging population, technological advancement in healthcare industry, growing focus of key market players to expand their geographic presence, increasing incidence of arrhythmia cases across the globe. However, lack of skilled and experienced electrophysiologists in developing countries and unfavorable healthcare reforms are some of the major barrier for this market.
Electrophysiology Equipment and Recording Systems Market: Overview
With rapid technological advancement, rapid growth of aging population and increasing incidence of arrhythmia cases across the globe, the global electrophysiology equipment and recording system market is expected to have healthy growth rate in the forecast period (2012-2025).
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Electrophysiology Equipment and Recording Systems Market: Region-wise Outlook
Depending on geographic region, the global electrophysiology equipment and recording systems market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa.
Due to the rapid increase in aging population and increasing focus on emerging market by key players the North America has the largest share of market followed by Europe.
Electrophysiology Equipment and Recording Systems Market: Key Players
Some of the key participating major players in global electrophysiology equipment and recording systems market are Boston Scientific Corp., GE healthcare Inc., Koninklijke Philips N.V., Medtronic Inc., Siemens AG, Biosense Webster Inc., Microport Scientific Corp., Abbot Laboratories and Others.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types, technology and applications.
The report covers exhaustive analysis on
Market Segments
Market Dynamics
Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies involved
Technology
Value Chain
Regional analysis includes
North America (U.S., Canada)
Latin America (Mexico. Brazil)
Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands, Luxembourg)
Eastern Europe (Poland, Russia)
Asia Pacific (China, India, Australia & New Zealand)
Japan
Middle East and Africa (S. Africa, N. Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Electrophysiology Equipment and Recording Systems Market: Segmentation
Electrophysiology equipment and recording systems global market is segmented into following types:
