Global Electrophysiology Market Size

Electrophysiology Market Analysis

The electrophysiology market is expected to register a CAGR of 8.5% during the forecast period (2022-2027).

Globally, COVID-19 had a huge and unprecedented impact on public health and healthcare delivery across several countries. Most electrophysiology activities have been significantly reduced to accommodate the healthcare demands of the pandemic. Irrespective of challenges faced during the pandemic, electrophysiologists still play a vital role in managing cardiovascular complications related to COVID-19 and in maintaining services for urgent and emergency electrophysiology procedures. The COVID-19 pandemic has resulted in a significant decrease in the volume of electrophysiology procedures. For instance, according to a research study published in 2020 under the title 'The Impact of the COVID-19 Pandemic on Cardiac Electrophysiology Training: A Survey Study', the study results found that 98% of people reported a decrease in procedural volume because of the COVID-19 pandemic. Moreover, the overall decrease in the annual number of ablations and device procedures performed by each fellow during the 2019-2020 period compared to the preceding year. Hence as per the factors mentioned above, COVID-19 had a significant impact on the electrophysiology market.

Certain factors that are driving the growth of the market are the increasing prevalence of target diseases, technological advancements in the field of electrophysiology, and increasing demand for catheter ablation procedures. According to research published in 2021, under the title 'Global epidemiology of atrial fibrillation: An increasing epidemic and public health challenge', globally atrial fibrillation is the most frequent cardiac arrhythmia. It has been estimated that 6-12 million people worldwide are anticipated to suffer this condition in the US by 2050 and 17.9 million people in Europe by 2060. Moreover, the incidence and prevalence have increased over the last 20 years and are likely to continue to increase over the next 30 years, especially in countries with a middle socio-demographic index, becoming one of the largest epidemics and public health challenges. The high burden of atrial fibrillation is likely to rise the demand for electrophysiology procedures in near future. In addition, a rapid increase in the aging population was found to be responsible for increasing heart failure rates, which has further contributed to the growth of the electrophysiology market.

Moreover, technological advancement is another contributing factor in the growth of the electrophysiological market. For instance, In March 2020, Stereotaxis received the United States Food and Drug Administration (FDA) 510(k) clearance of the Genesis RMN System for the robotic navigation of magnetic ablation catheters to treat heart rhythm disorders. Furthermore, the market players are adopting various strategies such as collaborations, partnerships, product approvals, and clearances to increase market share. For instance, in April 2022, Transit Scientific announced the United States Food and Drug Administration clearance of its XO Cross Support Catheter Platform to include coronary use. The platform is indicated to guide and support a guidewire during access of the peripheral or coronary vasculature, providing for wire exchanges, and providing a conduit for delivery of saline solutions or diagnostic contrast agents.

Hence as per the factors mentioned above, the electrophysiology market is expected to witness growth over the forecast period. However, factors such as the lack of skilled electrophysiologists and unfavorable healthcare reforms are acting as a major restraint on the electrophysiology market.