Electrophysiology Devices Market Size, Share, and Trends 2024 to 2034

Electrophysiology Devices Market Size and Companies

The global electrophysiology devices market size accounted for USD 12.65 billion in 2024 and is predicted to reach around USD 49.80 billion by 2034 and is poised to grow at a CAGR of 10.40% from 2024 to 2034.

Electrophysiology Devices Market Key Takeaways

• North America led the market with the biggest market share in 2023.
• Asia Pacific is estimated to expand at the fastest CAGR during the forecast period.
• By Indication, the atrial fibrillation segment registered the maximum market share in 2023.
• By Application, the diagnostic devices segment has held a major revenue share in 2023.

U.S. Electrophysiology Devices Market Size and Growth 2024 To 2034

The U.S. electrophysiology devices market size was valued at USD 3.77 billion in 2023 and is expected to be worth around USD 17.23 billion by 2034, at a CAGR of 15% from 2024 to 2034.

North America emerged as a global leader in the global electrophysiology devices market ad account for the largest value share. The growth of the region is primarily because of rising prevalence of cardiac arrest cases, Heart Failure (HF), and cardiac arrhythmia as a result of smoking, an unhealthy lifestyle, and alcohol consumption. The favorable reimbursement policies and presence of sophisticated healthcare infrastructure are anticipated to drive the growth of the region over the analysis period.

On the contrary, the Asia Pacific electrophysiology devices market has significant presence of untapped opportunities in reference to unmet medical requirements along with rapid growth in the incidence rates of target diseases. Furthermore, increasing patient awareness, improving healthcare infrastructure, and rising healthcare expenditure levels in the region are anticipated to assist manufacturers in grabbing maximum advantage on these available opportunities. Rapid developments in the healthcare infrastructure coupled with rise in disposable income in emerging economies such as China and India are likely to provide new opportunities and avenues for the market players to get maximum benefit over the forecast period.

Electrophysiology Devices Market Growth Factors

Increasing application of electrophysiology devices in the treatment and diagnosis of cardiovascular diseases that includes atrial fibrillation, rising demand for cardiac rhythm management devices used for continuous monitoring and increasing implementation of these devices in out-of-hospital settings are some of the high impact rendering growth drivers for the market.Growing prevalence of cardiac arrest and heart failure (HF) cases among the millennial owing to lifestyle habits such as excessive alcohol consumption and smoking is the other major factor that propels the market growth.

Introduction of new technologies that includes laser ablation, cryoablation, and ultrasound ablation as well as advanced mapping technologies are also anticipated to boost the demand of electrophysiology devices over the forecast period. Besides this, the presence of strict regulations related to the application of electrophysiology devices, high costs associated with these products, and the availability of alternative therapies are the key factors projected to impede the market growth.

 Market Scope

Indication Insights

Atrial fibrillation leads the indication segment in the global electrophysiology devices market for the year 2023. It is a general type of arrhythmia related to high risk of blood clotting and stroke. In many cases, it remains undiagnosed in medical practices using conventional monitoring that result in inadequate treatment at the right time. Consequently, monitoring of atrial fibrillation involves enhanced technological devices for diagnosis that mitigates the limitations imposed by conventional technologies.

Application Insights

Electrophysiology diagnostic devices and treatment devices are two major application segments studied in this report. Diagnostic devices application segment accounted for the largest value share in 2023. Significant application of cardiac monitors as a standard monitoring and diagnostic tool for arrhythmias is one of the major factors attributing for the largest share of the market.

Subsequently, cardiac monitors dominated the electrophysiology diagnostic segment in 2023. The segment includes Electrocardiograph (ECG) monitors, holter monitoring devices, and Insertable Cardiac Monitors (ICM). Increasing application of these devices in interventional medical procedures for example catheter placement along with the introduction of digital and portable systems are some of the major factors expected to propel the growth of the segment during the forthcoming years.

On the other hand, the electrophysiology treatment devices segment offers lucrative growth opportunity in the coming years. Pacemakers emerged as the largest sub-segment in the year 2022. Increasing incidences of different forms of arrhythmia is one of the prime factors attributing for its rapid growth. Besides this, Automated External Defibrillators (AEDs) predicted to witness the highest growth rate over the analysis period. According to the CDC report, increase in the number of Sudden Cardiac Arrest (SCA) cases is a major threat to the population of the United States. Increased use of AEDs has proved useful in reducing the number of deaths among patients suffering from cardiac arrest outside hospitals.

Electrophysiology Devices Market Companies

• Medtronic Plc
• Abbot Laboratories
• Boston Scientific Corporation
• Biotronik SE & CO. KG
• Biosense Webster, Inc.
• Nihon Kohden Corporation
• GE Healthcare
• Microport Scientific Corporation
• Siemens AG
• Koninklijke Philips N.V.

Key Companies & Market Share Insights

The global electrophysiology devices market seeks intense competition with companies observing to extensive R&D investments and new product development as sustainability strategies. Companies such as Abbot Laboratories, Medtronic Plc., Boston Scientific Corporation, and Biosense Webster, Inc. (Johnson & Johnson) hold significant brand recognition and strong product portfolios.

The market players are adopting inorganic growth strategies to strengthen their product portfolio along with cementing their foothold in the market. For instance, in January 2019, Medtronic Plc acquired EPIX Therapeutics, a private medical device company that designs and manufactures wide range of cardiac electrophysiology devices.

Segments Covered in the Report

This research study comprises a complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers a classification of the marketplace into impending and niche sectors. Further, this research study calculates the market size and its development drift at global, regional, and country from 2020 to 2032. This report contains a market breakdown and its revenue estimation by classifying it on the basis of Indication, application, end-use, and region:

By Indication

• Atrial Fibrillation (AF)
• Atrioventricular Nodal Re-entry Tachycardia (AVNRT)
• Supraventricular Tachycardia
• Bradycardia
• Wolff-Parkinson-White Syndrome (WPW)
• Others

By Application

• Diagnostic Devices
  • Diagnostic Electrophysiology Catheters
  • Holter Monitoring Devices
  • EP Mapping & Imaging Systems
  • Electrocardiograph (ECG)
  • Insertable Cardiac Monitors (ICM)
  • Others
• Treatment Devices
  • Automated external defibrillators (AEDs)
  • Implantable Cardioverter Defibrillators (ICDs)
  • CRT-D
  • CRT-P
  • Catheters
  • Pacemakers
  • Others

By End-User

• Ambulatory Surgical Centers
• Hospitals
• Others

By Regional Outlook

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Rest of the World