The size of the Europe Electrophysiology Market was valued at USD 2.05 billion in 2023 and is estimated to be growing at a CAGR of 9.43% to reach USD 3.22 billion by 2028.
The Electrophysiology market in the European market is expected to be driven by the proliferation of targeted diseases procedures and Technological advancements in electrophysiology. Also, the growing awareness and the increasing demand for catheter ablation procedures are witnessing significant growth during the forecast period.
Additionally, the growing disease burden and rising electrophysiological procedure demand have resulted from rapidly changing lifestyles and the adoption of unhealthy habits. The other factors, such as the rising demand for catheter ablation procedures and the increasing population, are projected to fuel the market growth.
Increasing investment and funding by the government and private organizations to advance healthcare infrastructure in the region is expected to encourage market growth positively. Furthermore, the growing demand for cardiac rhythm management devices for continuous monitoring, as well as increased usage of these devices in out-of-hospital settings, are some of the market's high-impact key growth factors. Further, Emerging markets such as UK, Germany, and France are also expected to offer high growth opportunities for players operating in this market.
Besides, the rising incidence of cardiovascular diseases is projected to boost the market over the forecast period since electrophysiological devices have essential applications in identifying heart failure rates. According to the European Society of Cardiology data, more than 6 million cardiovascular illnesses (CVDs) were identified in the European Union, with almost 11 million CVD cases reported in the whole of Europe. CVDs are also responsible for about 3.9 million deaths in Europe every year. Furthermore, the market is being driven by major companies' increased focus on innovative EP technologies (such as 3D mapping systems, bidirectional duodecapolar diagnostic catheters, remote steering systems, and irrigated-tip RF catheters) and the development of EP labs.
However, there is a significant lag in the geographical dispersion of EPs due to a lack of movement among the bulk of established electrophysiologists, resulting in a split between demand and supply and an apparent discrepancy among electrophysiologists. As a result, a scarcity of qualified electrophysiologists is limiting the growth of the European electrophysiology market.
This research report has been segmented and sub-segmented the European Electrophysiology Market into the following categories:
Regionally, with about 900 catheter ablations per million people, Germany is one of the most active countries and is expected to register healthy CAGR during the forecast period. Furthermore, the risk of rhythm problems among COVID-19 patients will influence market growth to some extent. Furthermore, growing healthcare spending, along with the country's large elderly population, will drive the electrophysiology market in Germany to greater levels in the next few years. The market has grown even faster because of the high incidence rate of AF, the constantly aging population, and the expanding number of EP labs in Europe. In addition, the atrioventricular nodal re-entry tachycardia (AVNRT) indication is expected to develop the most.
KEY MARKET PLAYERS:
Key players operating in the Europe Electrophysiology Market profiled in this report are Boston Scientific Corporation (U.S.), GE Healthcare (U.K.), Abbott Laboratories (U.S.), Biosense Webster, Inc. (U.S.), Microport Scientific Corporation (China), St. Jude Medical, Inc. (U.S.), BIOTRONIK SE & Co. KG (Germany), Koninklijke Philips N.V. (The Netherlands), Medtronic, Inc. (U.S.), and Siemens AG (Germany).
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