Electrophysiology Devices Market : Technological Growth Map over Time to Understand the Industry Growth Rate

Global Electrophysiology Devices Market Outlook 2031

• The global electrophysiology devices market was valued at US$ 6.7 Bn in 2021
• The global market is projected to grow at a CAGR of 8.2% from 2022 to 2031
• The global electrophysiology devices market is anticipated to reach US$ 14.8 Bn by the end of 2031

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Analysts' Viewpoint on Electrophysiology Devices Market Scenario

Developing countries such as Brazil, Russia, India, China, and South Africa are engaging in improving healthcare systems. The electrophysiology devices can be sold in large volumes in these markets, as these countries have a significantly large population affected by cardiovascular disorders. Rise in health awareness and unmet medical needs in Latin American countries, such as Mexico and others, are also projected to enhance the uptake of these devices during the forecast period. This, in turn, is anticipated to attract several leading companies such as Medtronic, Siemens, and Abbott to strengthen their presence in emerging economies. However, factors such as stringent regulatory approval process and lack of reimbursement policies are expected to restrain the global market over the next few years.

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Overview of Global Electrophysiology Devices Market

An increase in the incidence of cardiac arrhythmias, a surge in the geriatric population, technological advancements, and developing countries focusing on improving the healthcare infrastructure are expected to drive the global electrophysiology devices market from 2022 to 2031. China and India are the two most populated countries with a large patient pool and high purchasing power. The Government of India is investing in early-stage research & development to develop innovative health technologies.

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Increase in Incidence of Cardiac Arrhythmias to Drive Global Electrophysiology Devices Market

Arrhythmias are a key indication for electrophysiology examination. Globally, an increase in the incidence of different types of arrhythmias, such as atrial fibrillation, atrial flutter, ventricular tachycardia, and atrial tachycardia, boost the growth of the global electrophysiology devices market. The geriatric population and people with high blood pressure, diabetes, obesity, and other cardiovascular diseases are at a high risk of developing arrhythmias. This factor is projected to augment the global electrophysiology devices market. The National Center for Biotechnology Information (NCBI), the Centers for Disease Control and Prevention (CDC), and the 'Sign Against Stroke in Atrial Fibrillation' campaign by Polish Foundation state that atrial fibrillation is a highly common form of arrhythmia, which affects more than 2.6 million people in the U.S., around 6 million in Europe, and nearly 8 million in China. The toll is anticipated to increase more than 2.5 times by 2050, due to the rise in the global geriatric population and changing lifestyle-related diseases. There is also increasing adoption of cardiac magnetic resonance imaging (MRI) in patients with arrhythmias. All these factors are expected to propel the demand for electrophysiology products during the forecast period.

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Rise in Geriatric Population to Boost Demand for Electrophysiology Devices

Favorable healthcare reforms in various countries such as Japan, the U.S., China, and the U.K. have improved access to various diagnostic and treatment services. This has resulted in increased life expectancy. The geriatric population is susceptible to various ailments, such as abdominal disorders and cardiovascular diseases. Hence, electrophysiology devices are used to diagnose these disorders in the geriatric population.
According to the World Health Organization (WHO), the global geriatric population is projected to reach around 2.1 billion by 2050, which was around 1 billion in 2019. Moreover, the global geriatric population is likely to increase at a rapid pace in developed countries such as the U.S. and Japan. In addition, as stated by the U.S. Census Bureau, around 13% of the country's population was 65 years & above in 2009, and it is estimated to increase at a rate of 20% by 2030.

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