Electrophysiology Market to Reach US$ US$ 18,849.01 million by 2028: The Insight Partners
According to our new exploration study on “Electrophysiology Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Indication, And Geography,” the market is expected to reach US$ 18,849.01 billion in 2028 from US$ 8,286.18 billion in 2022. The market is estimated to grow with a CAGR of 10.2% from 2022 to2028. Major market drivers include a significantly increasing prevalence of target diseases and an increase in the global geriatric population. However, complications during cardiac procedures and the high price of the electrophysiological process hamper the market growth.
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COVID-19 Pandemic Impact on Electrophysiology Market
In 2020, the COVID-19 pandemic led to the implementation of stringent lockdown regulations across several countries, which affected the Electrophysiology market as well. Due to the COVID-19 Pandemic, many countries and cities were shut down, causing the cancellation of treatments and doctor appointments. Cardiac issues are one of the most preventable public health challenges in all the regions. Due to the rising intensity of the COVID-19 pandemic, the patients could not visit the clinics. Patients suffering from critical issues such as cardiac, and brain-related need physical attention in the clinics to perform procedures.
Hence, the COVID-19 pandemic negatively impacted the global Electrophysiology market. As a result of this, health care systems were overburdened, and the delivery of medical care to all patients became difficult and challenging around the globe.
As the COVID-19 pandemic continued to unfold, medical device companies were finding difficulties in managing their operations. Many companies offering Electrophysiology have their business operations in the US, and businesses were adversely affected by the COVID-19 outbreak. This disrupted and restricted the companies’ ability to distribute products and resulted in temporary closures of their facilities. However, hospitals have gradually started resuming elective procedures as the COVID-19 recovery rate increases. Hence, the demand for medical equipment, including Electrophysiology, is expected to increase.
Emerging markets are expected to offer significant growth opportunities for electrophysiology market players mainly due to their growing patient population, increasing adoption of cardiogram systems, growing awareness of cardiovascular diseases, rising disposable incomes, improving healthcare infrastructure, and comparatively lenient policies compared to developed countries. Emerging markets have seen a sustained increase in surgical procedures over the past decade, driven by the growing target population of patients, rising cardiovascular disease-related deaths, and increasing medical tourism. According to the World Economic Forum, Brazil, Russia, India, China, and South Africa were among the fastest-growing economies globally as of 2017 and are expected to account for a third of total global health spending by 2022. As per the WHO, annual cardiovascular events will increase between 2010 and 2030 due to population aging and population growth in China by 50%.
The electrophysiology market majorly consists of players Abbott, Biotronik, Inc.; Boston Scientific Corporation; CardioFocus; GE Healthcare; Koninklijke Philips N.V.; Johnson & Johnson Services, Inc.; Medtronic; MicroPort Scientific Corporation; and Siemens Healthineers AG
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