Electrophysiology Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The market is segmented by Product (Ablation Catheters, Laboratory Devices, Diagnostic Catheters, Access Devices and Others), Target Disease, and Geography

Market Snapshot

Electrophysiology Market
Study Period:

2018 - 2026

Base Year:

2020

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

CAGR:

6.5 %

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Market Overview

The electrophysiology market is expected to register a CAGR of 6.5% during the forecast period. Certain factors that are driving the growth of the market are increasing prevalence of target diseases, technological advancements in the field of electrophysiology, and increasing demand for catheter ablation procedures.

In Europe and North America, 1-2% of the total healthcare expenditure is attributed to heart failure. In 2017, around 6.5 million people were diagnosed with heart failure in the United States. According to the American Heart Association, this number is expected to increase to 8 million by 2030. Since electrophysiology devices have a major application in detecting heart failure rates, the increasing number of cardiac failures is expected to drive the market over the forecast period.

In addition, a rapid increase in the aging population was found to be responsible for increasing heart failure rates, which has further contributed to the growth of the electrophysiology market.

However, as of 2017, in the United States, only 6-8% of cardiologists hold specialization in electrophysiology. Despite not being a favorable percentage, the EP workforce is more or less stable in the United States. Due to lack of mobility among the majority of established electrophysiologists, there exists a distinct lag in geographical dispersion of the EPs, which has resulted in a rift between the demand and supply, and a visible disparity among electrophysiologists. Hence, the lack of skilled electrophysiologists is acting as a major restraint for the electrophysiology market.

Scope of the Report

Electrophysiology is the biomedical field that deals with the study of electric activity in the body. Electrophysiology includes the study of the generation of electrical activity and the effects of that electrical activity on the body.This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments.

Product
Ablation Catheters
Laboratory Devices
Diagnostic Catheters
Access Devices
Other Products
Disease
Atrial Fibrillation
Atrial Flutter
Wolff-Parkinson-White Syndrome
Atrioventricular Nodal Reentry Tachycardia
Other Target Diseases
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

Ablation Catheters are Expected to hold the Highest Market Share in the Product Type

Ablation catheters are useful in removing anomalous heart tissues that may result in irregular heartbeats. These devices work on the basis of ablation, which is a minimally invasive procedure that employs catheters to demolish the defective electrical pathways from the heart. Radiofrequency ablation and cryoablation are the most commonly used types of ablation catheters, and both are expected to hold significant market shares, aided by related advancements in the technology. Radiofrequency (RF) ablation uses locally delivered, high-energy RF signals to make the scars. On the other hand, cryoablation uses extremely cold temperatures for making the scars. Sometimes, laser light energy is also used.

Increasing number of surgeries being performed due to rising cases of chronic diseases is expected to increase the demand for abalation catheters, which will drive the market. Rising awareness about the product has also boosted its demand. In addition, increasing number of midscale catheter manufacturers gaining a higher market share is expected to promote the market growth.

trend 1

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North America Dominates the Market and it is Expected to Continue So during the Forecast Period

Currently, North America dominates the market for electrophysiology and the region is expected to continue its strong hold for a few more years. This region is expected to increase its market share in the future, owing to the presence of well-established healthcare facilities and rise in the number of arrhythmia and heart failure cases in the region. 

The Asia Pacific electrophysiology market has a large presence of untapped opportunities in terms of unmet medical needs and rapidly growing incidence rates of target diseases. Improving healthcare infrastructure, rising healthcare expenditure levels and increasing patient awareness in the region is expected to assist manufacturers in capitalizing these available opportunities. Rapid developments in healthcare infrastructure and increase in disposable income in emerging economies such as India and China are expected to provide new avenues and opportunities for companies to capitalize over the forecast period.

Moreover, technological advancement is another contributing factor in the growth of electrophysiological market. For instance, in May 2019, Abbott launched an advanced heart monitor for more accuracy in detecting arrhythmia. The next-generation Confirm Insertable Cardiac Monitor (ICM) received U.S. FDA clearance and CE Mark in Europe for marketing. It is an implantable paperclip-sized device with smartphone connectivity and constant, remote monitoring to track unpredictable incorrect heart rhythm issues for swift and precise diagnostic.

Electrophysiology Market geo.png

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Competitive Landscape

The electrophysiology market, which is highly competitive, consists of a few major players. In terms of market share, few of the major players currently dominate the market. Companies, such as Abbott Laboratories, Boston Scientific Corporation, and Medtronic, among others, hold a substantial market share in the electrophysiology market.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increasing Prevalence of Target Diseases

      2. 4.2.2 Technological Advancements in the Field of Electrophysiology

      3. 4.2.3 Increasing Demand for Catheter Ablation Procedures

    3. 4.3 Market Restraints

      1. 4.3.1 Lack of Skilled Professionals

      2. 4.3.2 Unfavorable Healthcare Reforms

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Product

      1. 5.1.1 Ablation Catheters

      2. 5.1.2 Laboratory Devices

      3. 5.1.3 Diagnostic Catheters

      4. 5.1.4 Access Devices

      5. 5.1.5 Other Products

    2. 5.2 Disease

      1. 5.2.1 Atrial Fibrillation

      2. 5.2.2 Atrial Flutter

      3. 5.2.3 Wolff-Parkinson-White Syndrome

      4. 5.2.4 Atrioventricular Nodal Reentry Tachycardia

      5. 5.2.5 Other Target Diseases

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 France

        4. 5.3.2.4 Italy

        5. 5.3.2.5 Spain

        6. 5.3.2.6 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Australia

        5. 5.3.3.5 South Korea

        6. 5.3.3.6 Rest of Asia-Pacific

      4. 5.3.4 Middle East & Africa

        1. 5.3.4.1 GCC

        2. 5.3.4.2 South Africa

        3. 5.3.4.3 Rest of Middle East & Africa

      5. 5.3.5 South America

        1. 5.3.5.1 Brazil

        2. 5.3.5.2 Argentina

        3. 5.3.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Abbott Laboratories

      2. 6.1.2 Biotronik SE & Co.KG

      3. 6.1.3 Boston Scientific Corporation

      4. 6.1.4 GE Healthcare

      5. 6.1.5 Johnson & Johnson

      6. 6.1.6 Medtronic PLC

      7. 6.1.7 Microport Scientific Corporation

      8. 6.1.8 Koninklijke Philips N.V.

      9. 6.1.9 Siemens Healthineers

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments

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Frequently Asked Questions

The Electrophysiology Market market is studied from 2018 - 2026.

The Electrophysiology Market is growing at a CAGR of 6.5% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

  • Abbott
  • Boston Scientific Corporation
  • Biotronik SE & Co. KG
  • GE Healthcare
  • Medtronic PLC

Are the major companies operating in Electrophysiology Market.

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