Electrophysiology Market Research Report and Outlook by 2028

The electrophysiology sector is projected to expand significantly, with an anticipated growth from US$ 8,286.18 million in 2022 to US$ 14,849.01 million by 2028. This growth represents a compound annual growth rate (CAGR) of 10.2% over the period from 2022 to 2028.

The rise in cardiovascular diseases is largely attributed to the increasing geriatric and obese populations, coupled with evolving dietary habits, which are driving the growth of the electrophysiology market.

Countries around the globe, including the United States, United Kingdom, Canada, Japan, China, India, and South Korea, are experiencing significant advancements in healthcare infrastructure and services. According to the World Health Organization (WHO), the global population aged 60 and older was approximately 1 billion in 2019, projected to rise to 1.4 billion by 2030 and 2.1 billion by 2050.

Cardiovascular disease (CVD) remains one of the foremost causes of mortality worldwide, as reported by the WHO. Key factors contributing to the rising incidence of CVD and strokes include genetic predisposition, ethnicity, and age. Lifestyle choices such as tobacco use, hypertension, high cholesterol levels, sedentary behavior, poor diet, alcohol consumption, and conditions like dyslipidemia, obesity, and diabetes are increasingly linked to the growing rates of CVD. The American Heart Association estimates that approximately 41.4% of adults in the US will be affected by hypertension by 2030, marking an increase of 8.4% since 2012. Additionally, the US Census Bureau forecasts that the population aged 65 and older in the US will rise from 46 million in 2016 to over 98 million by 2060, with their demographic share expected to grow from around 15% to 24% during this timeframe. A report from Eurostat indicates that Europe had the highest percentage of individuals over 60 years old globally, at 20.8% in 2021, with projections suggesting that by 2050, nearly all regions, except Africa, will have around 25% or more of their populations aged 60 and above. Notably, developing nations are expected to account for approximately 80% of this demographic shift. Consequently, the increasing elderly population and the rising prevalence of various cardiovascular conditions, such as atrial flutter and atrial fibrillation, are driving the demand for electrophysiology services.

Obesity is another significant contributor to cardiovascular issues, further propelling the growth of the electrophysiology market, as individuals with obesity are at a higher risk for conditions like coronary heart disease and hypertension. The Trust for America's Health reported in 2020 that the obesity rate in the US is projected to reach 42.4%, reflecting a 26% increase since 2008. Thus, the global rise in both elderly and obese populations has led to a surge in cardiovascular disorders, thereby increasing the demand for electrophysiological assessments and supporting market expansion.

The WHO anticipates that annual cardiovascular events will rise by 50% between 2010 and 2030 due to aging populations and growth in countries like China. Manufacturers are strategically aiming to enhance their presence in developing regions to leverage the substantial growth potential for electrophysiology devices in these emerging markets. For instance, in May 2020, BIOTRONIK partnered with Acutus Medical to offer a comprehensive range of electrophysiology, mapping, ablation, and accessory products for catheter-based treatments of cardiac arrhythmias in select markets, including Europe and Asia Pacific. According to the World Bank, healthcare expenditures in China, India, and the US rose by 5.35%, 3.01%, and 16.77%, respectively, in 2019. The number of hospitals and surgical centers in emerging markets is expected to increase, driven by rising healthcare investments and a focus on patient populations. The India Brand Equity Foundation reported that India's healthcare sector was valued at US$ 280 billion in 2020, growing at a CAGR of 17%, with hospitals accounting for approximately 71% of the revenue.

Moreover, many nations have implemented restrictions on access for nonclinical staff and visitors to healthcare facilities. The heightened prevalence of cardiovascular conditions among COVID-19 patients has further escalated the demand for electrophysiology studies, contributing to market growth. Recent guidelines for healthcare professionals during the COVID-19 pandemic emphasized urgent care and triaging cases, leading to the postponement of elective surgeries and clinic visits, and a shift towards virtual care when feasible. Consequently, the COVID-19 pandemic had a short-term adverse effect on the electrophysiology market.

In terms of product segmentation, the global electrophysiology market is divided into categories such as electrophysiology ablation catheters, electrophysiology laboratory devices, electrophysiology diagnostic catheters, access devices, and others. In 2022, the electrophysiology laboratory devices segment held the largest market share and is expected to maintain its leading position throughout the forecast period. However, the electrophysiology ablation catheters segment is projected to exhibit the highest CAGR from 2022 to 2028.

By indication, the electrophysiology market is categorized into atrial fibrillation (AF), atrial flutter, atrioventricular nodal reentry tachycardia (AVNRT), Wolff-Parkinson-White syndrome (WPW), and others. The atrial fibrillation segment dominated the market in 2022 and is expected to achieve the highest CAGR during the forecast period.

Key sources referenced in the preparation of this report on the electrophysiology market include the Centers for Disease Control & Prevention (CDC), World Health Organization (WHO), The Heart Foundation, European Heart Network, and American Heart Association.