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The pulsed-field ablation market will make significant gains in uptake and revenue growth over the medium-to-long term, as one of the fastest growing segments within the global medical devices market. Although Boston Scientific’s Farapulse will remain a market leader in PFA, the device will face increased competition in 2025. We hold a negative near-term view for Johnson & Johnson’s Varipulse amid reports of adverse neurovascular events.