The global electrophysiology market was valued at $6,499.7 million in 2020, and is estimated to reach $22,651.4 million by 2030, growing at a CAGR of 14.4% from 2021 to 2030.
Electrophysiology is defined as the study of the mechanism and performance of electrical signaling pathway that guides functioning of heartbeats. It is a procedure used to diagnose cardiac arrhythmia by identifying area of heart tissue, which disturbs normal functioning of the heart’s electrical system. Electrophysiology device is also designed to treat atrial fibrillation by surgical removal of abnormal tissue in the heart through catheter.
Growth of the global electrophysiology market is majorly driven by an alarming increase in prevalence of cardiac arrhythmia such as atrial fibrillation and atrial flutter; rise in government initiatives to spread awareness & promote knowledge to physicians and electrophysiologists about handling and use of electrophysiology devices; and surge in number of cardiac ablation procedures. For instance, in 2021, APN health, a next generation medical device company, reported that approximately 750,000 cardiac electrophysiology ablation procedure were conducted in the U.S. Moreover, as per the same source, in 2021, it was also observed that around 300,000 number of catheter ablation procedures are conducted for atrial fibrillation. Moreover, in August 2021, Medline ReNewal, one of the leading medical device reprocessing sectors, announced launch of continuing education course series to help cardiac electrophysiology clinicians to learn more about fundamentals of cardiac electrophysiology laboratory procedures.
In addition, advancements in technology to develop electrophysiology catheters and increase in strategic agreements to enhance electrophysiology products are major factors that drive the global electrophysiology market. For instance, in January 2022, Medtronic, Inc., one of the leading healthcare technology companies, announced an agreement with Affera, Inc. to enhance the portfolio of advanced cardiac ablation products and accessories. Moreover, increase in prevalence of chronic diseases such as diabetics, cardiovascular diseases, and hypertension significantly contributes toward the market growth.
Furthermore, rise in number of geriatric populations drive growth of the market. This is attributed to the fact that geriatric population is highly vulnerable to cardiac diseases such as atrial fibrillation, owing to aging effect, which boosts demand for various electrophysiology catheters for better health outcomes. According to the National Center for Chronic Disease Prevention and Health Promotion, it was reported that around 9% of population above the age of 65 years are diagnosed with atrial fibrillation. This factor is expected to notably contribute toward growth of the global electrophysiology market.
Rise in number of approvals of electrophysiology devices such as ablation catheters and diagnostic catheters acts as a key driving force for the global market. Furthermore, rise in funds by governments of various countries and private organizations to cardiac centers and healthcare infrastructure are expected to boost the market growth. In addition, increase in healthcare expenditure and increase in number of key players that manufacturer advanced and innovative devices to provide lucrative opportunities for the market expansion.
However, high cost associated with electrophysiology devices hinders the market growth. On the contrary, increase in number of clinical studies on cardiac ablation augments growth of the electrophysiology market. For instance, in 2020, Biosense Webster, a part of Johnson & Johnson family of companies, conducted an alteplase-tenecteplase trial evaluation for stroke thrombolysis (ATTEST) clinical study to evaluate that the result between radiofrequency (RF) ablation procedure and anti-arrhythmia therapy alone to delay progression of persistent atrial fibrillation. The result concluded that RF ablation procedure is more effective then drug in the patient diagnosed with paroxysmal to persistent AF. This has further encouraged many key players to enter emerging markets, thus offering lucrative opportunities for expansion of the electrophysiology market.
The global electrophysiology market is segmented into product, indication, end user, and region. By product, the market is categorized into EP ablation catheters, EP laboratory devices, EP diagnostic catheters, access devices, and others. Depending on indication, it is fragmented into atrial fibrillation (AF), atrial flutter, Wolff-Parkinson-White syndrome (WPW), atrioventricular nodal reentry tachycardia (AVNRT), and others. On the basis end user, it is segregated into hospitals & cardiac centers, ambulatory surgery centers, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major companies that operate in the global electrophysiology market are Abbott Laboratories, Biotronik SE & Co. KG, Boston Scientific Corporation, CardioFocus, Inc., GE Healthcare, Koninklijke Philips N.V., Johnson & Johnson, Inc., Medtronic Plc., MicroPort Scientific Corporation, and Siemens Healthineers AG.
Electrophysiology is defined as the study of the mechanism and performance of electrical signaling pathway that guides functioning of heartbeats. It is a procedure used to diagnose cardiac arrhythmia by identifying area of heart tissue, which disturbs normal functioning of the heart’s electrical system. Electrophysiology device is also designed to treat atrial fibrillation by surgical removal of abnormal tissue in the heart through catheter.
Growth of the global electrophysiology market is majorly driven by an alarming increase in prevalence of cardiac arrhythmia such as atrial fibrillation and atrial flutter; rise in government initiatives to spread awareness & promote knowledge to physicians and electrophysiologists about handling and use of electrophysiology devices; and surge in number of cardiac ablation procedures. For instance, in 2021, APN health, a next generation medical device company, reported that approximately 750,000 cardiac electrophysiology ablation procedure were conducted in the U.S. Moreover, as per the same source, in 2021, it was also observed that around 300,000 number of catheter ablation procedures are conducted for atrial fibrillation. Moreover, in August 2021, Medline ReNewal, one of the leading medical device reprocessing sectors, announced launch of continuing education course series to help cardiac electrophysiology clinicians to learn more about fundamentals of cardiac electrophysiology laboratory procedures.
In addition, advancements in technology to develop electrophysiology catheters and increase in strategic agreements to enhance electrophysiology products are major factors that drive the global electrophysiology market. For instance, in January 2022, Medtronic, Inc., one of the leading healthcare technology companies, announced an agreement with Affera, Inc. to enhance the portfolio of advanced cardiac ablation products and accessories. Moreover, increase in prevalence of chronic diseases such as diabetics, cardiovascular diseases, and hypertension significantly contributes toward the market growth.
Furthermore, rise in number of geriatric populations drive growth of the market. This is attributed to the fact that geriatric population is highly vulnerable to cardiac diseases such as atrial fibrillation, owing to aging effect, which boosts demand for various electrophysiology catheters for better health outcomes. According to the National Center for Chronic Disease Prevention and Health Promotion, it was reported that around 9% of population above the age of 65 years are diagnosed with atrial fibrillation. This factor is expected to notably contribute toward growth of the global electrophysiology market.
Rise in number of approvals of electrophysiology devices such as ablation catheters and diagnostic catheters acts as a key driving force for the global market. Furthermore, rise in funds by governments of various countries and private organizations to cardiac centers and healthcare infrastructure are expected to boost the market growth. In addition, increase in healthcare expenditure and increase in number of key players that manufacturer advanced and innovative devices to provide lucrative opportunities for the market expansion.
However, high cost associated with electrophysiology devices hinders the market growth. On the contrary, increase in number of clinical studies on cardiac ablation augments growth of the electrophysiology market. For instance, in 2020, Biosense Webster, a part of Johnson & Johnson family of companies, conducted an alteplase-tenecteplase trial evaluation for stroke thrombolysis (ATTEST) clinical study to evaluate that the result between radiofrequency (RF) ablation procedure and anti-arrhythmia therapy alone to delay progression of persistent atrial fibrillation. The result concluded that RF ablation procedure is more effective then drug in the patient diagnosed with paroxysmal to persistent AF. This has further encouraged many key players to enter emerging markets, thus offering lucrative opportunities for expansion of the electrophysiology market.
The global electrophysiology market is segmented into product, indication, end user, and region. By product, the market is categorized into EP ablation catheters, EP laboratory devices, EP diagnostic catheters, access devices, and others. Depending on indication, it is fragmented into atrial fibrillation (AF), atrial flutter, Wolff-Parkinson-White syndrome (WPW), atrioventricular nodal reentry tachycardia (AVNRT), and others. On the basis end user, it is segregated into hospitals & cardiac centers, ambulatory surgery centers, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major companies that operate in the global electrophysiology market are Abbott Laboratories, Biotronik SE & Co. KG, Boston Scientific Corporation, CardioFocus, Inc., GE Healthcare, Koninklijke Philips N.V., Johnson & Johnson, Inc., Medtronic Plc., MicroPort Scientific Corporation, and Siemens Healthineers AG.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides an in-depth analysis of the global electrophysiology market size along with the current trends and future estimations to elucidate the imminent investment pockets.
- It offers market analysis from 2021 to 2030, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market.
- A comprehensive analysis on region assists to understand the regional market and facilitate the strategic business planning and determine prevailing opportunities.
- The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the global electrophysiology market
KEY MARKET SEGMENTS
By Product
- EP Ablation Catheters
- Cryoablation EP catheters
- Radiofrequency Ablation Catheters
- Irrigated-Tip Radiofrequency Ablation Catheters
- Conventional Radiofrequency Ablation Catheters
- Microwave Ablation Systems
- Laser Ablation Systems
- Navigational Advanced Mapping Accessories
- EP Laboratory Devices
- EP X-Ray Systems
- 3D Mapping Systems
- EP Recording Systems
- EP Remote Steering Systems
- EP Remote Steering Systems
- Others
- EP Diagnostic Catheters
- Conventional EP Diagnostic Catheters
- Steerable Diagnostic Catheters
- Fixed Diagnostic Catheters
- Advanced EP Diagnostic Catheters
- Ultrasound EP Diagnostic Catheters
- Access Devices
- Other
By Indication
- Atrial Fibrillation (AF)
- Atrial Flutter
- Wolff-Parkinson-White Syndrome (WPW)
- Atrioventricular Nodal Reentry Tachycardia (AVNRT)
- Other
By End User
- Hospitals & Cardiac Centers
- Ambulatory Surgery Centers
- Other
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Rest of Europe
- Asia-Pacific
- Japan
- China
- Australia
- India
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
KEY MARKET PLAYERS
- Abbott Laboratories
- Biotronik SE & Co. KG
- Boston Scientific Corporation
- CardioFocus, Inc.
- GE Healthcare
- Koninklijke Philips N.V.
- Johnson & Johnson, Inc.
- Medtronic Plc.
- MicroPort Scientific Corporation
- Siemens Healthineers AG
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: ELECTROPHYSIOLOGY MARKET, BY PRODUCT
CHAPTER 5: ELECTROPHYSIOLOGY MARKET, BY INDICATION
CHAPTER 6: ELECTROPHYSIOLOGY MARKET, BY END USER
CHAPTER 7: ELECTROPHYSIOLOGY MARKET, BY REGION
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
- Abbott Laboratories
- Biotronik SE & Co. KG
- Boston Scientific Corporation
- CardioFocus, Inc.
- GE Healthcare
- Koninklijke Philips N.V.
- Johnson & Johnson, Inc.
- Medtronic Plc.
- MicroPort Scientific Corporation
- Siemens Healthineers USA
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 270 |
| Published | January 2022 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 5899.77 million |
| Forecasted Market Value ( USD | $ 22651.4 million |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
