As per the research report, the size of the Latin America Electrophysiology Market has been forecasted at USD 0.99 billion in 2022. It is estimated to be growing at a CAGR of 9.87% and worth USD 1.58 billion by 2027.
Electrophysiology can be defined as the study of electrical properties in biological tissues and cells. It measures changes in electrical currents and voltages across systems varying from single ion protein channels to complete organs like the heart.
In this field, the most commonly used modalities are electrocardiography, which involves measuring the electrical activity of the brain, and electromyography, which measures the electrical activity in the skeletal muscles. Other modalities in which this science is used are intracardiac electrogram, electroretinography, electrooculography, electronystagmography, electrocorticography, and electrogastrography, among others.
The Latin American Electrophysiology market growth is driven by the factors such as Technological improvements, increasing frequency of atrial fibrillation, rapid expansion in the aging population with a higher risk of target illnesses. Also, the increased demand for catheter ablation operations is driving the market growth.
However, the increasing burden of cardiovascular diseases across the region is accelerating market growth. As a result, electrophysiology operations will be in high demand as the frequency of these disorders rises, making it a key growth driver for the Latin America electrophysiology market.
Furthermore, a significant increase in the aging population has been linked to increased heart failure rates, which has contributed to the expansion of the LATAM electrophysiology market.
In order to meet the pandemic's healthcare demands, most electrophysiological activities have been drastically decreased. However, regardless of the problems faced during the pandemic, electrophysiologists remain critical in managing pandemic-related cardiovascular issues and providing services for urgent and emergency electrophysiology treatments.
However, Government regulations, the high cost of treating complex arrhythmias, the preference for pharmaceutical treatments over electrophysiological interventions, and a lack of skilled and experienced electrophysiologists are likely to hinder the growth of the Latin American Electrophysiology market.
Furthermore, the scarcity of skilled professionals, lack of awareness, and high installation charges limit the LATAM electrophysiology market growth rate in Latin America.
This research report on the Latin American Electrophysiology Market has been segmented and sub-segmented into the following categories:
Electrophysiology Diagnostic Catheters
Advanced Electrophysiology Diagnostic Catheters
Conventional Electrophysiology Diagnostic Catheters
Ultrasound Electrophysiology Diagnostic Catheters
Electrophysiology Ablation Catheters
Radiofrequency (RF) Ablation Catheters
Cryoablation Electrophysiology Catheters
Laser Ablation Systems
Microwave Ablation Systems
Navigational Advanced Mapping Accessories
Electrophysiology Laboratory Devices
Electrophysiology Recording Systems
3D Mapping Systems
Radiofrequency (RF) Ablation Generators
Electrophysiology X-Ray Systems
Intracardiac Echocardiography (ICE) Systems
Electrophysiology Remote Steering Systems
Atrioventricular Nodal Re-entry Tachycardia
Rest of Latin America
The Latin America electrophysiology market is anticipated to record a moderate share during the forecast period. The regional market growth is attributed to the improving healthcare infrastructure, healthcare spending, and supportive government policies. In addition, technical improvements, an increase in the number of arrhythmia and heart failure patients, and the presence of important market participants in the region are expanding the market growth. Furthermore, the emerging countries in the region, such as Mexico, Brazil, and Argentina, significantly contribute to the growth of the Latin American electrophysiology market.
Brazil dominated the LATAM Electrophysiology market, and it is anticipated to continue its dominance throughout the forecast period. The market growth is driven by the increased prevalence of atrial fibrillation, electrophysiology operations, and the availability of well-established infrastructure. Furthermore, a significant increase in the aging population has been contributing to the Latin America electrophysiology market during the forecast period.
On the other hand, Mexico is anticipated to witness significant growth in the Latin American electrophysiology market during the forecast period. The high prevalence of cardiovascular diseases, obesity, and diabetes are fuelling the market growth. In addition, technological advancement and key market players are likely to augment the market growth.
KEY MARKET PLAYERS:
Some of the notable market players leading the Latin America electrophysiology market profiled in this report are Boston Scientific Corporation (U.S.), GE Healthcare, 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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