Report : Asia-Pacific Electrophysiology Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product (Electrophysiology Ablation Catheters, Electrophysiology Laboratory Devices, Electrophysiology Diagnostic Catheters, Access Devices, and Others) and Indication [Atrial Fibrillation (AF), Atrial Flutter, Wolff-Parkinson White Syndrome (WPW), Atrioventricular Nodal Reentry Tachycardia (AVNRT), and Others]
At 10.7% CAGR, the APAC Electrophysiology Market is speculated to be worth US$ 3802.83million by 2028, says Business Market Insights
According to Business Market Insights’ research, the APAC electrophysiology market was valued at US$ 2070.72 million in 2022 and is expected to reach US$ 3802.83 million by 2028, registering an annual growth rate of 10.7% from 2022 to 2028. Rising number of emerging markets and increasing advancements, product launches, and approvals are the critical factors attributed to the market expansion.
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 the number of surgical procedures over the past decade, driven by the growing target population of patients, rising cardiovascular disease-related deaths, and increasing medical tourism. To capitalize on the high growth opportunities for electrophysiology devices in emerging markets, manufacturers are strategically focusing on expanding their presence in countries. Thus, increasing competition in well-established markets will force electrophysiology device manufacturers to focus on emerging markets in the coming years.
On the contrary, high cost of electrophysiology products and inadequate reimbursement process secret hurdles the growth of APAC electrophysiology market.
Based on product, the APAC electrophysiology market is segmented into electrophysiology ablation catheters, electrophysiology laboratory devices, electrophysiology diagnostic catheters, access devices, and others. The electrophysiology laboratory devices segment held 40.9% market share in 2022, amassing US$ 847.65 million. It is projected to garner US$ 1,586.03 million by 2028 to expand at 11.0% CAGR during 2022–2028.
Based on indication, the APAC electrophysiology market is segmented into atrial fibrillation (AF), atrial flutter, atrioventricular nodal reentry tachycardia (AVNRT), wolff-parkinson-white syndrome (WPW), and others. The atrial fibrillation (AF) held 37.7% market share in 2022, amassing US$ 781.36 million. It is projected to garner US$ 1,496.49 million by 2028 to expand at 11.4% CAGR during 2022–2028.
Based on country, the APAC electrophysiology market is segmented into China, India, Japan, Australia, South Korea, and Rest of APAC. Our regional analysis states that the China captured 27.0% market share in 2022. It was assessed at US$ 558.47 million in 2022 and is likely to hit US$ 1,051.10 million by 2028, exhibiting a CAGR of 11.1% during the forecast period.
Key players dominating the APAC electrophysiology market are Abbott; Biotronik, Inc.; Boston Scientific Corporation; CardioFocus; GE Healthcare; Johnson & Johnson Services, Inc.; Koninklijke Philips N.V.; Medtronic; MicroPort Scientific Corporation; and Siemens Healthineers AG among others.
- In Mar 2022, Philips enables seamless echocardiography workflows with the launch of Ultrasound Workspace at ACC 2022, announced the launch of Ultrasound Workspace at the American College of Cardiology’s Annual Scientific Session & Expo (ACC 2022). Philips Ultrasound Workspace is an industry leading vendor-neutral echocardiography image analysis and reporting solution that can be accessed remotely via a browser. Clinicians can now leverage seamless diagnostic workflows from the ultrasound exam room to the reporting room and beyond, wherever echocardiography data needs to be reviewed and analyzed.
- In Mar 2022, BIOTRONIK announced the CE approval for HeartInsight, its remote heart failure (HF) management solution that accurately identifies patients at higher risk of HF decompensation early on. HeartInsight predicts two out of three HF hospitalizations, coupled with an industry-low false alert rate. Compared to other available solutions, HeartInsight provides the earliest notification, a median advance notice of 42 days before an impending HF hospitalization, which allows clinicians to proactively care for their patients.
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