Electrophysiology Market Size, Share, Growth Analysis, By Type(Ablation Catheters, Diagnostic Catheters, Mapping Systems, Accessories), By Application(Atrial Fibrillation, Supraventricular Tachycardia (SVT), Ventricular Tachycardia, Others), By End-use(Hospitals & ASCs, Specialty Clinics & Diagnostic Centers), By Region - Industry Forecast 2024-2031

Electrophysiology Market size was valued at USD 4.48 billion in 2019 and is poised to grow from USD 5 billion in 2023 to USD 13.2 billion by 2031, growing at a CAGR of 11.47% in the forecast period (2024-2031).

The Electrophysiology Market is highly competitive and dominated by a few major players. Furthermore, market participants are focusing on collaboration and partnership activities. For example, in June 2018, Koninklijke Philips N.V. acquired EPD Solutions, a pioneer in image-guided procedures for cardiac arrhythmias, in order to expand Philips' interventional imaging system portfolio. Few major players currently dominate the market in terms of market share. Abbott Laboratories, Boston Scientific Corporation, Biotronik SE & Co. KG, GE Healthcare, and Medtronic Plc are among the market players. 'Abbott Laboratories', 'Biosense Webster, Inc.', 'Boston Scientific Corporation', 'Medtronic PLC', 'MicroPort Scientific Corporation', 'St. Jude Medical, Inc.', 'Siemens Healthineers', 'Koninklijke Philips N.V.', 'GE Healthcare', 'Nihon Kohden Corporation', 'CardioFocus, Inc.', 'Advanced Cardiac Therapeutics, Inc.', 'Atricure, Inc.', 'Biotronik SE & Co. KG', 'CardioInsight Technologies, Inc.', 'Catheter Precision, Inc.', 'Catheter Robotics, Inc.', 'Ep Solutions SA', 'Lepu Medical Technology (Beijing) Co., Ltd.', 'Osypka AG'

The increasing prevalence of atrial fibrillation, supraventricular tachycardia, and other heart conditions is driving up demand for electrophysiology. According to the CDC, atrial fibrillation affects 0.5% of the population. Furthermore, approximately 2.0% of the population under the age of 65 suffers from the condition, while approximately 9.0% of the population over the age of 65 suffers from it globally in 2021. Another serious condition is ventricular tachycardia, which is responsible for an estimated 300,000 deaths in the United States alone each year. Thus, one of the primary factors driving demand for these devices for diagnosis and monitoring is the increasing prevalence of cardiovascular disorders. According to the American Heart Association, cardiovascular disease affects nearly half of all adults in the United States.

One of the major factors influencing market growth is the introduction of technologically advanced devices. During the forecast period, the use of various advanced mapping and guidance systems that aid in improved monitoring of heart rhythm is expected to increase.

The electrophysiology market is studied on the basis of geography as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is expected to dominate the electrophysiology market. The region's market dominance can be attributed to the rising prevalence of heart failure (HF), cardiac arrest, and cardiac arrhythmia as a result of unhealthy lifestyles and increased smoking and alcohol consumption. One of the major factors expected to drive market growth is the presence of adequate reimbursement policies in the region. The European market for electrophysiology devices is expected to grow significantly. The increasing prevalence of cardiovascular diseases in Europe is expected to increase demand for electrophysiology devices in the region. According to a study published in the NCBI, the prevalence of atrial fibrillation in Germany is estimated to be around 2.3% of the total population.