The global electrophysiology equipment and recording systems market is worth $6.21 billion in 2022, but experts predict it is expected to be worth $17.55 billion by 2032, a CAGR of 10.94 percent. The growth in the electrophysiology equipment and recording systems market share can be attributed to the following factors:
Market Value (2022)
US$ 6.21 Bn
Market Value (2032)
US$ 17.55 Bn
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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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.
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.
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.
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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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.
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.
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