According to FMI, the electrophysiology market is expected to experience remarkable growth, with a valuation of US$ 22.67 billion predicted by 2033 and a compound annual growth rate (CAGR) of 11.6%. The market is already gaining momentum, with a forecasted worth of US$ 7.57 billion in 2023.
The surging demand for precise and controlled cardiac diagnostic and ablation procedures has driven the widespread adoption of minimally invasive electrophysiology therapies. Interventionists are increasingly opting for disposable catheters for intermittent cardiac procedures, which provide improved sterility, safety, and cost-effectiveness.
The market is expected to maintain a steady growth trajectory, buoyed by the advent of cutting-edge electrophysiology devices, a rising number of cardiac ablation procedures, and supportive reimbursement policies. As a result, the electrophysiology market is poised for significant expansion and technological advancements in the forthcoming years.
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Key Takeaways:
- The United States market leads the visual electrophysiology market in terms of market share in North America. The United States region held a market share of 33.4% in 2022. The growth in this region is attributed to rising cases of visual issues, high investments in optical care, and technological advancements in diagnostics. North America region held a market share of 36.1% in 2022.
- Germany’s market is another important market in the Europe region. The market held a market share of 5.3% in 2022. The growth is attributed to increased government investments, enhanced public healthcare structures, and increasing retina-based diseases. Europe region held a market share of 25.9% in 2022.
- India’s visual electrophysiology market thrives at a CAGR of 7.1% between 2023 and 2033. The growth is attributed to the government building its health infrastructure and openings of advanced optical care units.
- China market also thrives at a CAGR of 8.4% during the forecast period. The flourishing growth is caused by healthcare automation and revised government healthcare structure.
- Based on test type, the electroretinogram segment leads the market holding a significant share of 38.80% in 2022.
- Based on the modality type, the fixed segment leads the market, holding a notable market share of 65.90% in 2022.
Competitive Scenario:
The key vendors focus on effective diagnostics, coverage of key portions, and vision-related issues. The competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
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Latest Innovations in the Market:
Siemens Healthcare GmbH has introduced its syngo electrophysiology guidance that optimized the EP workflow and delivers 3D imaging.
General Electric Company has revised its visual electrophysiology device with reduced noise, signal-filtering capabilities, and more.
Key Players Operating in the Global Market:
- MetroVision
- Konan Medical USA
- Diopsys Inc
- Nationwide Children’s Hospital
- The Royal College of Ophthalmologists
- LKC Technologies Inc.
- Boston Scientific Corporation
- Abbott
- Biosense Webster Inc.
- Biotronik
- General Electric Company
- Siemens Healthcare GmbH
- MicroPort Scientific Corporation
- Koninklijke Philips N.V.
- NIHON KOHDEN CORPORATION
- CardioFocus
- Stereotaxis Inc.
- Molecular Devices LLC
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Key Segments Covered:
By Test Type:
- Electroretinogram (ERG)
- Multifocal Electroretinogram (mfERG)
- Electro-Oculogram (EOG)
- Visual-Evoked Responses (VER)
By Modality:
- Fixed
- Portable
By End User:
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Diagnostic Imaging Centers
Key Region:
- North America
- Latin America
- Europe
- Japan
- Asia Pacific Excluding Japan
- Middle East and Africa
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