New York, United States, July 05, 2022 (GLOBE NEWSWIRE) -- The electrophysiology market in 2020 was worth USD 5.6 billion and, with a relatively high CAGR of 10.8%, is calculated to reach a value of USD 15.7 billion by the end of the decade. The factors driving the market are the rising prevalence of cardiac disorders globally, advancements in the field, and rising investments by companies in the market.
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Important Insights into the Electrophysiology market:
- By product, EP Ablation Catheters dominated the market with nearly 46% of the market share.
- By Indication, Atrial Fibrillation had the highest market share of 48% of the revenue.
- By end-user, hospitals and cardiac centres dominated the market with over 90% of the market share.
- By Region, North America had the highest market share.
Crucial Factors Driving the market:
Rising Numbers of Cardiovascular Diseases.
According to the US CDC, cardiovascular diseases are the leading cause of death in the country. According to Canadian government health statistics, one out of twelve Canadians lives with heart disease. In Canada, heart disease is among the highest-ranking in the leading cause of death. As per statistics from WHO, 17.9 million people died of cardiovascular diseases, which was 32% of all deaths. Thus, with staggering statistics showing the severity of heart diseases worldwide, the market would see an accelerated growth rate in the short-term and mid-term time periods.
Advancements in the field of electrophysiology.
The field has developed by leaps and bounds since the first ECG machine was invented in 1901. In 1967, the first EP study was conducted to treat arrhythmia in a patient with WPW syndrome. Since then, devices such as leadless pacemakers, wireless CRTs and subcutaneous implantable cardioverter-defibrillator (S-ICDs) have improved heart disease monitoring and diagnostic systems. According to the CDC, approximately 9% of the population above the age of 65 have atrial fibrillation. With the rising number of cardiac diseases, the technology, too, would have to advance with more complex cases of heart diseases, thereby bolstering the market.
Rising Investments by Companies.
The investments in the healthcare sector have increased since the start of the pandemic. As per data from the World Economic Forum (WEF), individuals and companies invested USD 54.8 billion in the sector in 2020, which was a staggering 36% increase as compared to the previous year. There was a fund structured by JPMorgan Chase & Co. that aims to raise USD 108 million through various foundations and programs such as the Bill & Melinda Gates Foundation, GlaxoSmithKline, Merck and AXA for the treatment of various conditions, including HIV/AIDS and heart diseases. Thus, with more companies and organizations investing in technologies and programs to improve the cardiovascular health of people, we would see a rise in the revenue and valuation of the electrophysiology market.
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Analysis of the Segmentation of the Global Electrophysiology Market, as reported by SMR:
Based on Product
EP Laboratory Devices
- Remote Steering Systems
- Recording Systems
- 3D Mapping Systems
- X-Ray Systems
- Others
EP Diagnostic Catheters
- Steerable Diagnostic Catheters
- Conventional EP Diagnostic Catheters
- Fixed Diagnostic Catheters
- Ultrasound EP Diagnostic Catheters
- Advanced EP Diagnostic Catheters
- Access Devices
- Others
EP Ablation Catheters
- Radio-frequency Ablation Catheters
- Cryoablation EP Catheters
- Laser Ablation Systems
- Navigational Advanced Mapping Accessories
- Microwave Ablation Systems
- Conventional RF Ablation Catheters
- Irrigated-tip RF Ablation Catheters
- Others
Based on Indication
- Atrial Fibrillation
- Atrioventricular Nodal Re-entry Tachycardia
- Atrial Tachycardia
- Atrial Flutter
- Supraventricular Tachycardia
- Wolff - Parkinson - White Syndrome
- Ventricular fibrillation
- Ventricular tachycardia
- Others
Based on End-User
- Ambulatory Surgical Center
- Hospital and Cardiac Center
- Others
Based on Region
North America
- Canada
- USA
- Mexico
- Jamaica
- Rest of North America
Europe
- Luxembourg
- Czech Republic
- Spain
- Italy
- Hungary
- Germany
- France
- United Kingdom
- Rest of Europe
Asia Pacific
- Australia
- China
- India
- Vietnam
- Bangladesh
- South Korea
- Rest of Asia Pacific
Latin America, Middle East and Africa (LAMEA)
- Brazil
- Argentina
- Venezuela
- Saudi Arabia
- Qatar
- Oman
- UAE
- Nigeria
- Botswana
- South Africa
- Morocco
- Egypt
- Rest of LAMEA
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| Report Coverage | Details | |
| Forecast Period | 2020-2030 | |
| Forecast Period 2020 to 2030 CAGR | 10.8% | |
| 2030 Value Projection | USD 15.7 Billion | |
| Base Year | 2020 | |
| Market Size in 2020 | USD 5.6 Billion | |
| Historical Data for | 2015 - 2019 | |
| No. of Pages | 135 | |
| Companies | Abbott Laboratories,Biotronik SE & Co.KG,Boston Scientific Corporation,Cardio Focus,Inc,GE electrophysiology Johnson & Johnson Inc | |
| Leading Segment By Based on Product | EP Ablation Catheters | |
| Leading Region | North America | |
| Segments covered | Based on Product, Based on Indication, Based On End-User, Based On Regions | |
| Growth Drivers | ||
| The rising prevalence of cardiac disorders globally, advancements in the field, and rising investments by companies in the market. | ||
Going by-product, EP Ablation Catheters dominated the market with approximately 46% of the market share. The catheters are most commonly used to treat various arrhythmias. The most common type of arrhythmia is atrial fibrillation or AFib. As per the CDC data, estimates suggest that 12.1 million US citizens will have AFib by the year 2030. According to the Canadian Cardiovascular Society, the occurrence of AFib is increasing by 4.5% per year in the population. Hence, with rising cases of arrhythmias, the demand for the market would increase rapidly.
Data from the end-user study found that hospitals and cardiac centres occupy 90% of the market share. The primary reason is that the procedures or EP studies must be conducted in controlled settings to prevent untoward incidents. Ventricular Fibrillation is associated with over 70% of cardiac arrest patients. With the rising number of VFib cases, we would see the market grow for treating such cases using EP study.
Based on Indication, atrial fibrillation holds the highest market share due to its high occurrence in the population. According to the CDC, over 180,000 deaths in the US had AFib mentioned in the death certificates, which was directly responsible for over 26,000 deaths. Further, over 454,000 hospitalizations annually in the US are primarily due to AFib. With rising comorbidities such as obesity, high blood pressure and diabetes, the cases of AFib will also increase; hence, the market will grow.
By region, North America dominates the market with 48% of the market share. The dominance in the market is attributed to the infrastructure present in the region and the high existence of heart diseases in that particular region. As per Health Canada statistics, over 669,000 Canadians over the age of 40 suffer from at least one form of heart failure. In the US, over 18 million adults have coronary artery disease, and over 805,000 people suffer from heart attacks. With stifling statistics on heart disease, the region would continue to dominate the market for electrophysiology.
Major Firms Involved in the Electrophysiology Market:
- Abbott Laboratories
- Stereotaxis Inc.
- Siemens Healthcare GmbH
- Osypka Medical
- MicroPort Scientific Corp.
- Merit Medical Systems
- Medtronic,PLC
- Koninklijke Philips N.V
- Johnson & Johnson, Inc.
- Japan Lifeline Co., Ltd
- GE Healthcare
- CardioFocus, Inc.
- Boston Scientific Corporation
- Biotronik SE & Co. KG
- Biosense Webster
- Baylis Medical Company, Inc.
- AtriCure, Inc.
- APN Health, LLC
- AngioDynamics
- Acutus Medical, Inc.
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Recent Developments:
- In May 2022, CathVision announced that it had received FDA approval for its new high-fidelity and low-noise product, ECGenius EP Recording System. In trials, the device demonstrated effectiveness in diagnosing and treating complex atrial arrhythmias.
- In March 2022, the National Institute of Cardiology in Warsaw, Poland, introduced a course in robotic electrophysiology with the assistance of Stereotaxis. The program aims to train physicians to use the Genesis Robotic Magnetic Navigation System to aid in treating arrhythmias.
- In January 2022, Medtronic plc entered an agreement to acquire a majority stake in Affera, Inc. Affera manufactures devices that help treat cardiac arrhythmia. The acquisition would take until Q1 2023 for all formalities to be completed, with the move to expand Medtronic’s presence in the electrophysiology market.
- In September 2021, Biosense Webster launched its new EP catheter, HELIOSTAR, in the European market. The device is a radio-frequency(RF) balloon developed to assist physicians in quickly mapping, isolating, and treating conditions with a single-shot system.
- In January 2021, Farapulse got a CE mark from European health authorities to use pulse-field ablation (PFA) as a treatment for atrial fibrillation. PFA is a new technology that does not heat or freeze the tissue in the treatment process, thereby bypassing surrounding arteries, nerves and veins.
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