The global electrophysiology devices market size is projected to reach USD 10.51 billion by 2026. According to a report published by Fortune Business Insights, titled “Electrophysiology Devices Market Size, Share & Industry Analysis, By Type (Ablation Catheters, Diagnostic Catheters, Mapping Systems, Accessories & Others), By Application (Atrial Fibrillation, Supraventricular Tachycardia (SVT), Ventricular Tachycardia ,and Others),By End User (Hospitals & ASCs, and Specialty Clinics & Diagnostic Centres), and Regional Forecast, 2019-2026,” the market size was USD 4.60 billion in 2018 and is projected to exhibit a CAGR of 10.9% during the forecast period.
Electrophysiology devices are used in the treatment of severe cardiovascular diseases. The high prevalence of heart-related disorders has created massive product demand across the world. Increasing adoption of habits such as alcohol consumption and smoking will have a positive impact on market growth. The advent of technologically advanced electrophysiology devices has enabled enhanced operating efficiency in surgical procedures. Improving health reimbursement policies, coupled with the increasing investment in healthcare infrastructure will open up a huge potential for market growth. The growing prevalence of atrial fibrillation in several countries across the world has opened up a massive potential for market growth. Recent technological advancements have fuelled the demand for these devices.
An Overview of the Impact of COVID-19 on this Market:
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Increasing Number of Product Launches to Aid Growth
The report provides an in-depth analysis of the influence of major factors on the market in recent years. Among all factors, the increasing number of product launches have made the highest impact on the growth of the market in recent years. The report highlights a few of the major products of recent years. In September 2019, Biosense Webster Inc., announced the launch of CARTONET. The device was the world’s first secure cloud-based network, aimed to review and analyze atrial fibrillation cases. The device successfully enhanced the overall efficiency of the procedure. Abbott’s new electrophysiology mapping catheter system was another product that has made a positive impact on the market in recent years.
Increasing Prevalence of Heart Failure to Aid Growth of the Market in North America
Among all regions, North America is projected to emerge dominant in the coming years. The increasing heart failure rates in several countries across this region, coupled with the increasing adoption of unhealthy lifestyle habits will aid growth of the market in this region. The market in Europe will witness significant growth, owing to the high prevalence of atrial fibrillation in countries such as Germany, Spain, and Italy will contribute to the growth of the market in Europe.
