Report : Europe 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 9.9% CAGR, the Europe Electrophysiology Market is speculated to be worth US$ 4234.94 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe electrophysiology market was valued at US$ 2398.85 million in 2022 and is expected to reach US$ 4234.94 million by 2028, registering an annual growth rate of 9.9% from 2022 to 2028. Growing geriatric population and increasing incidence of target diseases and procedures are the critical factors attributed to the market expansion.
The geriatric population is prone to various ailments, such as abdominal discomfort and cardiovascular disease. The growing aging population base and the increasing prevalence of cardiac arrhythmia are a few of the major factors driving the electrophysiology market growth as electrophysiological devices are used to diagnose these disorders in the geriatric population. According to the World Health Organization (WHO), the geriatric population worldwide will grow from ~1 billion in 2019 to ~2.1 billion by 2050. A study by the European Society of Cardiology stated that ~7.6 million people over the age of 65 in Europe had atrial fibrillation in 2016; it is expected to increase by 89% to 14.4 million by 2060. Moreover, elderly patients are prone to strokes. Therefore, to cater to the growing patient population, market players are developing effective products that will benefit the electrophysiology market growth.
On the contrary, high cost of electrophysiology products and inadequate reimbursement process secret hurdles the growth of Europe electrophysiology market.
Based on product, the Europe electrophysiology market is segmented into electrophysiology ablation catheters, electrophysiology laboratory devices, electrophysiology diagnostic catheters, access devices, and others. The electrophysiology laboratory devices segment held 38.5% market share in 2022, amassing US$ 924.24 million. It is projected to garner US$ 1,665.62 million by 2028 to expand at 10.3% CAGR during 2022–2028.
Based on indication, the Europe 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 37.2% market share in 2022, amassing US$ 893.18 million. It is projected to garner US$ 1,644.40 million by 2028 to expand at 10.7% CAGR during 2022–2028.
Based on country, the Europe electrophysiology market is segmented into the UK, Germany, France, Italy, Spain, and Rest of Europe. Our regional analysis states that the UK captured 27.9% market share in 2022. It was assessed at US$ 668.08 million in 2022 and is likely to hit US$ 1,245.50 million by 2028, exhibiting a CAGR of 10.9% during the forecast period.
Key players dominating the Europe 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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