In a groundbreaking projection, the United States is poised to become a dominant force in the Electrophysiology Industry, with an estimated market size surpassing US$10.56 billion by the year 2033. This significant growth is attributed to the nation’s substantial healthcare expenditure and robust infrastructure.
Preliminary data from the Office of the Actuary at the Centers for Medicare & Medicaid Services (CMS) indicates an impressive trajectory in healthcare spending within the United States. The forecasts suggest that healthcare expenditure is set to surge by 5.4% from 2019 to 2028, outpacing the growth of the nation’s Gross Domestic Product (GDP) by a notable margin of 4.3%.
This remarkable trend underscores the United States’ unwavering commitment to its healthcare sector, making it a key player in the global healthcare landscape. With increasing investments and a steadfast dedication to healthcare advancements, the nation is primed for substantial growth, solidifying its position as a leader in healthcare innovation and services.
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Electrophysiology Industry Primed for Spectacular Growth, FMI Forecasts Valuation of US$ 22.67 Billion by 2033, Sporting an Impressive 11.6% CAGR. The Market’s Momentum is Already Evident, Anticipating a Valuation of US$ 7.57 Billion in 2023, According to FMI.
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 industry is poised for significant expansion and technological advancements in the forthcoming years.
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 industry thrives at a CAGR of 7.1% between 2023 and 2033. The growth is attributed to the government building its health infrastructure and opening advanced optical care units.
- China’s 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.
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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.
Latest Innovations in the Market:
Siemens Healthcare GmbH has introduced its syngo electrophysiology guidance that optimizes 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:
- MicroVision
- 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
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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