The electrophysiology market is expected to grow from US$ 8,286. 18 million in 2022 to US$ 14,849. 01 million by 2028; it is expected to grow with a CAGR of 10. 2% from 2022 to 2028. The increase in cardiovascular owing to a significant increase in the geriatric and obese population along with changing food habits are fueling the electrophysiology market growth.
New York, July 20, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electrophysiology Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product and Indication" - https://www.reportlinker.com/p06295667/?utm_source=GNW
Various economies worldwide, such as the US, the UK, Canada, Japan, China, India, and South Korea, are witnessing considerable modernization of healthcare facilities and improvements in healthcare services. According to the data presented by the WHO, the population aged 60 years and above was 1 billion in 2019, which is expected to reach 1.4 billion by the end of 2030 and 2.1 by the end of 2050.
According to the World Health Organization (WHO), cardiovascular disease (CVD) is one of the leading causes of death globally.The main factors contributing to the increasing prevalence of CVD and stroke include family history, ethnicity, and age.
Tobacco use, high blood pressure (hypertension), high cholesterol, lack of exercise, unhealthy diet, alcohol consumption, and diseases such as dyslipidemia, obesity, and diabetes are increasingly contributing to the rising incidence of CVD. As per the American Heart Association, ~41.4% of adults in the US will have hypertension by 2030 (an 8.4% increase from 2012). Furthermore, a report by the US Census Bureau states that the number of people in the US aged 65 and above is anticipated to grow from 46 million in 2016 to more than 98 million by 2060. Their population share is anticipated to surge from ~15% to ~24% during this period. Another report, published by Eurostat, states that Europe had the world’s highest percentage (20.8%) of people aged more than 60 years in 2021. Further, by 2050, all regions, except Africa, would have ~25% or more of their populations aged 60 and above. Moreover, underdeveloped and developing countries account for ~80% of this growth. Thus, the increase in the geriatric population and the increasing prevalence of various cardiovascular disorders such as atrial flutter and atrial fibrillation are increasing the demand for electrophysiology.
On the other hand, obesity is also a major cause of cardiovascular disorders, which are likely to increase the growth of the electrophysiology market as obese people are more prone to cardiovascular conditions such as coronary heart disease, hypertension, and others. According to the Trust for Americas Health report 2020, the US obesity rate is estimated to be 42.4%, increased by 26% since 2008. Thus, the increase in the elderly and obese population globally has increased the number of cardiovascular disorders, which creates the demand for an electrophysiology study and supports the growth of the electrophysiology market.
As per the WHO, annual cardiovascular events will increase between 2010 and 2030 due to population aging and population growth in China by 50%.Manufacturers are strategically focusing on expanding their presence in developing countries to capitalize on the high growth opportunities for electrophysiology devices in emerging markets.
For example, in May 2020, BIOTRONIK allied with Acutus Medical to provide a comprehensive portfolio of electrophysiology, mapping, ablation, and accessory products for the catheter-based treatment of cardiac arrhythmias in a few markets, including Europe and Asia Pacific. According to the World Bank, health spending in China, India, and the US increased by 5.35%, 3.01%, and 16.77%, respectively, in 2019. The number of hospitals and surgical centers in emerging markets is expected to grow by increasing healthcare spending and targeting the patient population. As per the India Brand Equity Foundation, India’s healthcare sector increased; it was worth US$ 280 billion in 2020, at a CAGR of 17%, with hospitals contributing ~71% of revenue.
Furthermore, many countries imposed restrictions on nonclinical staff’s access to the facility and guests.Moreover, the increased prevalence of cardiovascular conditions among COVID-19 patients further increased the demand for electrophysiology studies, which resulted in increased market growth.
Recent COVID-19 guidelines for healthcare professionals suggested focusing on urgent care and triaging cases to postpone elective surgeries and clinic appointments, transitioning to virtual-based care when appropriate. Thus, the COVID-19 pandemic created a short-term negative impact on the electrophysiology market.
Based on product, the global electrophysiology market is segmented into electrophysiology ablation catheters, electrophysiology laboratory devices, electrophysiology diagnostic catheters, access devices, and others.In 2022, the electrophysiology laboratory devices segment accounted for the largest share of the market; it is further expected to continue its dominance over the forecast period.
However, the electrophysiology ablation catheters segment is expected to register the highest CAGR in the electrophysiology market during 2022–2028.
Based on indication, the electrophysiology market is segmented into atrial fibrillation (AF), atrial flutter, atrioventricular nodal reentry tachycardia (AVNRT), wolff-parkinson-white syndrome (WPW), and others. The atrial fibrillation segment held the largest market share in 2022 and is anticipated to register the highest CAGR during the forecast period.
Centers for Disease Control & Prevention (CDC), World Health Organization (WHO), The Heart Foundation, European Heart Network, and American Heart Association are among the primary and secondary sources referred to while preparing the report on the electrophysiology market.
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