The Asia Pacific market is expected to grow at the highest CAGR during the forecast period.

Northbrook, IL -- (SBWire) -- 03/08/2022 --According to the new market research report "Electrophysiology Market by Product (Lab Devices (3D Mapping, Recording), Ablation Catheters (Cryoablation, RF), Diagnostic Catheters (Conventional, Advanced, Ultrasound)), Indication (AF, AVNRT, WPW), End User (Hospitals, ASCs) - Global Forecasts to 2027", published by MarketsandMarkets™, the global market is projected to reach USD 11.6 billion by 2027 from USD 6.8 billion in 2021, at a CAGR of 9.4% during the forecast period of 2022 to 2027.

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181 – Tables
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The growth of the global electrophysiology market can be attributed to factors such as technological advancements; new entrants in the market; growing investments, funds, and grants; and an increased incidence of target diseases and procedures. Emerging markets are also expected to offer high growth opportunities for players operating in this market. However, factors such as the high cost of electrophysiology products, inadequate reimbursement, unfavorable healthcare reforms in the US, cost-intensive requirement for clinical data for new product launches, and the availability of alternative technologies are expected to restrain the growth of this market in the coming years. The reuse & reprocessing of devices and lack of skilled and experienced electrophysiologists are some of the challenges in this market. The growth of the market is also expected to slow temporarily during the forecast period due to the COVID-19 pandemic.

The Electrophysiology Laboratory Devices segment accounted for the largest share of the global Electrophysiology market, by product type, in 2021

On the basis of product, the global market is broadly classified into EP diagnostic catheters, EP ablation catheters, EP laboratory devices, access devices, and other products.

The EP laboratory devices segment commanded the largest share of 57.0% of the electrophysiology market in 2021. This segment is estimated to grow at a CAGR of 10.6% during the forecast period. The large share of this segment can be attributed to the increasing focus of market players on the launch of technologically advanced 3D mapping systems, increasing public-private funding for the development of novel electrophysiology recording systems, the rising number of RF ablation procedures, the cost-effectiveness of RF ablation procedures as compared to other ablation techniques, and increasing availability of these products in major markets.

Electrophysiology laboratory devices are most commonly used by clinicians or physicians to diagnose and treat complex cardiac arrhythmias during electrophysiology tests. EP laboratory devices comprise capital-intensive equipment used by electrophysiologists to conduct complex diagnostic and therapeutic procedures for heart diseases.

Based on the type of product, the EP laboratory devices market is segmented into 3D mapping systems, EP recording systems, RF ablation systems, intra-cardiac echocardiography (ICE) ultrasound imaging systems, EP X-ray systems, and other electrophysiology laboratory devices (MRI systems and EP remote magnetic and robotic navigation systems).

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Electrophysiology Ablation Cathers accounts to have the second-largest share of the gobal electrophysiology market are expected to register a growth rate of 8.8% during the forecasted period of 2022 to 2027.

On the basis of product, the global electrophysiology market is broadly classified into EP diagnostic catheters, EP ablation catheters, EP laboratory devices, access devices, and other products. The cryoablation EP catheters segment commanded the largest share of 38.0% of the EP ablation catheters market in 2021.

EP ablation catheters are used to treat various types of arrhythmia such as atrial fibrillation, atrial flutter, supraventricular tachycardias (SVT), and Wolff-Parkinson-White syndrome. These catheters are used by an electrophysiologist in a catheterization laboratory or a specialized EP laboratory to perform ablation procedures related to arrhythmia. The EP ablation catheters market is further segmented into cryoablation EP catheters, radiofrequency ablation catheters, laser ablation systems, and microwave ablation systems.

The Atrial Fibrillation segment, by indication type, accounted for the largest share of the global Electrophysiology market in 2021

On the basis of indication type, the market is segmented into atrial fibrillation, atrioventricular nodal reentry tachycardia (AVNRT), Wolff-Parkinson-White (WPW) syndrome, atrial flutter, and other indications.

Atrial fibrillation (AF), also known as AFib, is one of the most common types of arrhythmia, resulting in irregular and rapid heart rhythms. It occurs when rapid electric signals cause the upper chamber of the heart to contract quickly, due to which atria are unable to pump blood into the ventricles normally, resulting in blood clots. People suffering from atrial fibrillation are more prone to major heart-related complications, including strokes and heart failure. Nearly one in every six strokes is caused by AFib (Source: National Clot Alliance).

Atrial fibrillation accounted for a major share of 36.0% of the global electrophysiology market in 2021. This is mainly due to factors such as the increasing prevalence of atrial fibrillation, the growing number of ablation procedures related to atrial fibrillation, rapid growth in the aging population across the globe, and the development of advanced cardiac mapping systems for the early diagnosis of atrial fibrillation.

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On the basis of End Users, hospitals & cardiac centers segment accounted for the largest share of the global Electrophysiology market, in 2021.

On the basis of the end user segment, the market is segmented into hospitals & cardiac centers and ambulatory surgery centers. The hospitals & cardiac centers segment holds the largest share of the market (92.53%) in 2021. The large share of this end user segment is attributed to several factors, such as the presence of big cath labs and electrophysiology labs in hospitals, a rising prevalence of CVDs, and an increased number of ablation procedures. The availability of state-of-the-art facilities for the diagnosis, treatment, and management of diseases, as well as trained personnel, has ensured demand for hospital-based care. More screening and diagnostic procedures are conducted in hospitals than in other medical facilities, contributing to the large share. The emergence of advanced electrophysiology products, coupled with the demand for minimally invasive procedures, is accelerating the adoption of electrophysiology devices in hospitals.

The hospital & cardiac centers segment includes both government & private hospitals and cardiac centers that provide treatment to patients with cardiac diseases. Almost all electrophysiology procedures are carried out in the electrophysiology (EP) laboratory or catheterization laboratory (cath lab) of hospitals or cardiac centers.

On the basis of region, the Electrophysiology market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific region is expected to register the highest growth during the forecast period. The Asia Pacific is segmented into China, India, Japan, South Korea, Australia, and the Rest of Asia Pacific, including Malaysia, Taiwan, Singapore, and New Zealand.

China and India are expected to account for the highest growth rate. Changing lifestyles and eating habits, increasing stress, and rising habitual smoking & drinking in these countries have resulted in growing health-related problems such as obesity, heart disease, and other chronic diseases. Factors such as large population, increasing geriatric population, the growing incidence of chronic diseases, rising healthcare spending, healthcare reforms for infrastructural development, increasing demand for advanced technologies, the growing emphasis of prominent players on emerging markets, and less stringent regulations are also fueling the demand for electrophysiology devices in this region.

However, the high cost of advanced products, inadequate infrastructural capabilities to comply with the latest cardiac resynchronization technologies, and a lack of awareness about health-related issues are expected to hamper the growth of this market. Many end users in this regional segment have controlled budgets and opt for low-cost products, which is another major factor limiting the market growth.

Prominent players in the Electrophysiology market include Abbott (US), Medtronic (Ireland), Boston Scientific Corporation (US), Koninklijke Philips N.V. (Netherlands), GE Healthcare (US), Siemens Healthcare GmbH (Germany), Stereotaxis, Inc. (US), Merit Medical Systems (US), Atricure Inc. (US), APN Health, LLC (US), Osypka Medical (Germany), Japan LifeLine Co., Ltd. (Japan), Johnson & Johnson (US), Biotronik (Germany), MicroPort Scientific Corporation (China), and Acutus Medical, Inc. (US).