Market Snapshot
| Study Period: | 2019-2027 |
| Base Year: | 2021 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | North America |
| CAGR: | 8.5 % |
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Need a report that reflects how COVID-19 has impacted this market and its growth?
Market Overview
The electrophysiology market is expected to register a CAGR of 8.5% during the forecast period (2022-2027).
Globally, COVID-19 had a huge and unprecedented impact on public health and healthcare delivery across several countries. Most electrophysiology activities have been significantly reduced to accommodate the healthcare demands of the pandemic. Irrespective of challenges faced during the pandemic, electrophysiologists still play a vital role in managing cardiovascular complications related to COVID-19 and in maintaining services for urgent and emergency electrophysiology procedures. The COVID-19 pandemic has resulted in a significant decrease in the volume of electrophysiology procedures. For instance, according to a research study published in 2020 under the title “The Impact of the COVID-19 Pandemic on Cardiac Electrophysiology Training: A Survey Study”, the study results found that 98% of people reported a decrease in procedural volume because of the COVID-19 pandemic. Moreover, the overall decrease in the annual number of ablations and device procedures performed by each fellow during the 2019-2020 period compared to the preceding year. Hence as per the factors mentioned above, COVID-19 had a significant impact on the electrophysiology market.
Certain factors that are driving the growth of the market are the increasing prevalence of target diseases, technological advancements in the field of electrophysiology, and increasing demand for catheter ablation procedures. According to research published in 2021, under the title “Global epidemiology of atrial fibrillation: An increasing epidemic and public health challenge”, globally atrial fibrillation is the most frequent cardiac arrhythmia. It has been estimated that 6-12 million people worldwide are anticipated to suffer this condition in the US by 2050 and 17.9 million people in Europe by 2060. Moreover, the incidence and prevalence have increased over the last 20 years and are likely to continue to increase over the next 30 years, especially in countries with a middle socio-demographic index, becoming one of the largest epidemics and public health challenges. The high burden of atrial fibrillation is likely to rise the demand for electrophysiology procedures in near future. 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.
Moreover, technological advancement is another contributing factor in the growth of the electrophysiological market. For instance, In March 2020, Stereotaxis received the United States Food and Drug Administration (FDA) 510(k) clearance of the Genesis RMN System for the robotic navigation of magnetic ablation catheters to treat heart rhythm disorders. Furthermore, the market players are adopting various strategies such as collaborations, partnerships, product approvals, and clearances to increase market share. For instance, in April 2022, Transit Scientific announced the United States Food and Drug Administration clearance of its XO Cross Support Catheter Platform to include coronary use. The platform is indicated to guide and support a guidewire during access of the peripheral or coronary vasculature, providing for wire exchanges, and providing a conduit for delivery of saline solutions or diagnostic contrast agents.
Hence as per the factors mentioned above, the electrophysiology market is expected to witness growth over the forecast period. However, factors such as the lack of skilled electrophysiologists and unfavorable healthcare reforms are acting as a major restraint on the electrophysiology market.
Scope of the Report
As per the 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. The electrophysiology market is segmented by Product (Ablation Catheters, Laboratory Devices, Diagnostic Catheters, Access Devices, and Other Products), Disease (Atrial Fibrillation, Atrial Flutter, Wolff-Parkinson-White Syndrome, Atrioventricular Nodal Reentry Tachycardia, Other Diseases) and Geography (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.
| By Product | |
| Ablation Catheters | |
| Laboratory Devices | |
| Diagnostic Catheters | |
| Access Devices | |
| Other Products |
| By Disease | |
| Atrial Fibrillation | |
| Atrial Flutter | |
| Wolff-Parkinson-White Syndrome | |
| Atrioventricular Nodal Reentry Tachycardia | |
| Other Diseases |
| Geography | ||||||||
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Key Market Trends
Ablation Catheters Segment is Expected to Hold Significant Market Share Over the Forecast Period
Ablation catheters are useful in removing anomalous heart tissues that may result in irregular heartbeats. A catheter is a tiny tube that is placed into the heart's blood vessel. One form of heart ablation therapy used to treat irregular heart rhythms is catheter ablation. Ablation is a method for carefully removing aberrant tissue and putting your heart back in working order. Ablation catheters work based on 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 used types of ablation catheters, and both are expected to hold significant market shares, aided by related advancements in the technology.
Factors such as increased technological advancements, research, and development in the field of ablation catheters, and increased cardiac complications boost the market growth. For instance, a study published in 2022 under the title “Optimal Catheter Ablation Strategy for Patients with Persistent Atrial Fibrillation and Heart Failure: A Retrospective Study”, for patients with persistent atrial fibrillation (PeAF) and heart failure (HF), catheter ablation (CA) appears to improve the left ventricular function. Additionally, as per the report from the Cardiac Arrest Registry to Enhance Survival (CARES) 2021 annual report, out-of-hospital cardiac arrest (OHCA) affected more than 250,000 Americans each year. This prevalence leads to the increased adoption of electrophysiology devices which boosts the market growth. Furthermore, the market players are adopting various strategies such as collaborations, partnerships, product launches, regulatory approvals, acquisitions, and expansions to increase market share. For instance, in January 2021, Medtronic plc announced it has received United States Food and Drug Administration (FDA) approval for its DiamondTemp Ablation (DTA) system which treats patients with recurrent, symptomatic paroxysmal atrial fibrillation (AF) who have been unresponsive to drug therapy. Moreover, in February 2022, Medtronic announced that they received FDA expanded approval for Freezor and Freezor Xtra Cardiac Cryoablation Focal Catheters, which are the first and only ablation catheters that are approved to treat the growing prevalence of pediatric Atrioventricular Nodal Reentrant Tachycardia (AVNRT).
Hence, owing to the above-mentioned factors ablation catheter segment is expected to drive growth over the forecast period.
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North America Dominates the Market and Expected to do Same in the Forecast Period
In the North America region, the COVID-19 pandemic had a profound effect on the practice of clinical medicine. Tremendous resources have been poured into caring for patients infected with COVID-19 necessitating a reduction in elective medical procedures. According to a research study published in 2020 under the title "Cardiac electrophysiology consultative experience at the epicenter of the COVID-19 pandemic in the United States", the United States, application of a massive alteration in workflow and personnel forced by the pandemic allowed the team to efficiently address the intersection of COVID-19 with a range of electrophysiology issues.
The North America region dominates the electrophysiology market and the region is expected to continue its stronghold owing to the presence of well-established healthcare facilities, technological advancements, a rise in the number of arrhythmia and heart failure cases, and the presence of key market players in the region. In addition, electrophysiologists have been impacted personally and professionally by this global catastrophe. While most of the population in America is suffering from obesity, they are prone to fall prey to cardiovascular diseases, which is expected to drive market growth. For instance, as per the report from World Obesity Atlas 2022, Across the Americas region, 1 in 3 men (34.41%) and almost two-fifths of women (39.72%) are predicted to have a BMI ≥30kg/m2 by 2030.
Product launches, technical advancements, and key players in the field of electrophysiology fuel the market growth. For instance, in January 2022, Abbott announced it has received clearance from the United States Food and Drug Administration for the EnSite X EP System with EnSite Omnipolar Technology (OT), a new cardiac mapping platform available in the U.S. and across Europe that is designed to help physicians better treat abnormal heart rhythms, also known as cardiac arrhythmias.
Hence, owing to the above-mentioned factors North America is expected to drive the market growth over the forecast period.
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Competitive Landscape
The Electrophysiology Market is highly consolidated competitive, consists of a few major players. The market players are moreover, focusing on collaboration and partnership activities. For instance, in June 2018, Koninklijke Philips N.V. acquired EPD Solutions, an innovator in image-guided procedures for cardiac arrhythmias, in order to strengthen Philips portfolio of interventional imaging systems. In terms of market share, few of the major players currently dominate the market. Some of the market players such as Abbott Laboratories, Boston Scientific Corporation, Biotronik SE & Co. KG, GE Healthcare, Medtronic Plc, among others.
Recent Developments
- In May 2022, BioSig Technologies, Inc., a medical technology company, announced the release of the Company’s national commercial launch campaign. BioSig has contributed several major initiatives to boost the transition from its limited market release to a national launch of its PURE EP System. The PURE EP(TM) is a Food and Drug Administration 510(k) cleared non-invasive class II device that focused to drive procedural efficiency and efficacy in cardiac electrophysiology.
- In November 2021, India Medtronic Private Limited, a wholly-owned subsidiary of Medtronic plc, announced the launch of Arctic Front Cardiac Cryoablation Catheter System, the first and only cryoballoon catheter approved by CDSCO for the treatment of atrial fibrillation (AF) in India.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Target Diseases
4.2.2 Technological Advancements in the Field of Electrophysiology
4.2.3 Increasing Demand for Catheter Ablation Procedures
4.3 Market Restraints
4.3.1 Lack of Skilled Professionals
4.3.2 Unfavorable Healthcare Reforms
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value – USD Million)
5.1 By Product
5.1.1 Ablation Catheters
5.1.2 Laboratory Devices
5.1.3 Diagnostic Catheters
5.1.4 Access Devices
5.1.5 Other Products
5.2 By Disease
5.2.1 Atrial Fibrillation
5.2.2 Atrial Flutter
5.2.3 Wolff-Parkinson-White Syndrome
5.2.4 Atrioventricular Nodal Reentry Tachycardia
5.2.5 Other Diseases
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Biotronik SE & Co.KG
6.1.3 Boston Scientific Corporation
6.1.4 GE Healthcare
6.1.5 Johnson & Johnson
6.1.6 Medtronic PLC
6.1.7 Microport Scientific Corporation
6.1.8 Koninklijke Philips N.V.
6.1.9 Siemens Healthineers
6.1.10 Stereotaxis
6.1.11 Imricor Medical Systems
6.1.12 OSYPKA AG
*List Not Exhaustive7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Electrophysiology Market market is studied from 2019 - 2027.
What is the growth rate of Global Electrophysiology Market?
The Global Electrophysiology Market is growing at a CAGR of 8.5% over the next 5 years.
Which region has highest growth rate in Global Electrophysiology Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Electrophysiology Market?
North America holds highest share in 2021.
Who are the key players in Global Electrophysiology Market?
Abbott Laboratories, Boston Scientific Corporation, Biotronik SE & Co. KG, Medtronic Plc, General Electric Company (GE Healthcare) are the major companies operating in Global Electrophysiology Market.
