According to a new market study by Contrive Datum Insights (CDI), the global electrophysiology market is projected to grow rapidly in terms of 2021 to 2028.
According to World Health Organization statistics, more than 18 million deaths are directly related to cardiovascular disease each year. Among them, almost 80% are attributed to strokes and heart attacks and 33% of deaths are among people under the age of 70. In order to reduce mortality, health care institutions seek advanced cardiac care, thus advancing the demand for electrophysiology devices.
In addition, electrophysiological procedures have gained prominence in the recent past for evaluating the electrical activity of the heart. Similarly, the need for advanced health care has increased in emerging economies due to increased awareness and increased disposable income, boosting demand for electrophysiology devices.
The penetration of 3D technology in healthcare has facilitated the development of 3D mapping devices that were vital to market development. New devices and procedures help medical professionals accurately detect arrhythmias. Such innovations will continue to complement market growth through the forecast period.
“Manufacturers are rapidly producing production to get approvals from government authorities, as approvals ensure greater penetration and significant growth,” said the CDI analyst.
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Electrophysiology market – Basic options
- The global electrophysiology market is projected to expand with a stellar CAGR of 9.4% and exceed the valuation of 15 billion US dollars by 2028.
- According to the indication, atrial fibrillation is projected to channel most of the revenue due to the high prevalence combined with the high risk of stroke and blood clotting.
- Conventional electrophysiology diagnostic catheters remain the most sought after products due to their early penetration and high preference among heart patients.
- Hospitals are projected to remain the dominant end-use department supported by a high percentage of patients and increasing costs for the adoption of advanced electrophysiology devices.