Chicago, Dec. 07, 2022 (GLOBE NEWSWIRE) -- According to the new market research report "Electrophysiology Market by Product (Lab Devices (3D Mapping, Recording), Ablation Catheters (Cryoablation, RF), Diagnostic Catheters (Conventional, Advanced, Ultrasound)), Indication (AF, AVNRT, WPW), End User (Hospitals, ASCs) - Global Forecasts to 2027", The global electrophysiology market is projected to reach USD 11.6 billion by 2027 from USD 6.8 billion in 2021, at a CAGR of 9.4% during the forecast period of 2022 to 2027.
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180 - Tables
44 - Figures
291 - Pages
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Scope of the Report:
| Report Coverage | Details |
| Market Size | USD 11.6 billion by 2027 |
| CAGR | 9.4% |
| Historical Data | 2019-2027 |
| Base Year | 2021 |
| Forecast Period | 2022-2027 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, By Indication type, By End User, and By Region |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
| Key Companies Profiled/Vendors | Prominent players in the electrophysiology market include Abbott (US), Medtronic (Ireland), Boston Scientific Corporation (US), Koninklijke Philips N.V. (Netherlands), GE Healthcare (US), Siemens Healthcare GmbH (Germany), Stereotaxis, Inc. (US), Merit Medical Systems (US), Atricure Inc. (US), APN Health, LLC (US), Osypka Medical (Germany), Japan LifeLine Co., Ltd. (Japan), Johnson & Johnson (US), Biotronik (Germany), MicroPort Scientific Corporation (China), and Acutus Medical, Inc. (US). Other players in the market include Lepu Medical Technology (Beijing) Co., Ltd. (China), CathRx Ltd. (Australia), Cook Medical (US), CathVision ApS (Denmark), TZ Medical (US), Teleflex Incorporated (US), Imricor (US), CardioFocus (US), Schwarzer Cardiotek GmbH (Germany), Kardium (Canada), EP Solutions SA (Switzerland), BioSig Technologies Inc. (BSGM) (US), Coremap (US), and EPMap System GmbH (Germany). |
| Key Market Opportunities | Rising number of emerging markets |
| Key Market Drivers | Increasing incidence of target diseases and procedures |
An electrophysiology (EP) test is conducted to study the electrical activities and electrical pathways of the patient’s heart to diagnose and treat complex cardiac diseases. It enables electrophysiologists to understand the cause of heart rhythm disturbances and suggest the required treatment. Electrophysiology (EP) is defined as the heart’s electrical system that is being studied to analyze and diagnose its electrical activities. Cardiac electrophysiology studies the phenomena by recording the electrical activities of the heart using an invasive catheter. This study helps in assessing complex Arrhythmias or heart rhythm disorders.
The growth of the global electrophysiology market can be attributed to factors such as technological advancements; new entrants in the market; growing investments, funds, and grants; and an increased incidence of target diseases and procedures. Emerging markets are also expected to offer high growth opportunities for players operating in this market.
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A number of innovations in different technologies have been made to develop advanced, more effective, and easy-to-use electrophysiological devices. Technological advancements will also ensure faster treatment and improved patient comfort. Products that provide these benefits will have a very high growth potential in a short time span, especially in mature markets where the adoption rate of technologically advanced products is high. Such devices provide competition for similar products by other players in the market. Hence, companies focus on technological advancements to strengthen their position and share in the market.
According to the WHO, CVD is the leading cause of death around the world. Major factors contributing to the rising prevalence of CVD and strokes include family history, ethnicity, and age. Atrial Fibrillation is the most common arrhythmia diagnosed in clinical practices, affecting over 886,000 new people each year in Europe. By 2030, the number of people with AF is expected to increase by up to 70% of the population; by 2050, Europe is expected to have the highest number of patients with AF (Source: 2018 Report on Burden of Atrial Fibrillation). In the US, AF affected between about 2.7 million to 6.1 million people in 2012; this is estimated to rise to 12.1 million by 2030 (Source: CDC). According to a study published in the Medical Journal of Australia in August 2015, the number of AF patients aged above 55 years in Australia was 328,562 in June 2014 and is estimated to reach over 600,000 cases by 2034. The rising incidence of these diseases will correspondingly drive the demand for EP procedures, which makes it a primary growth driver for the electrophysiology market. For instance, the global ablation procedure numbers are predicted to grow from 973,220 in 2017 to 1,455,000 per year by 2022; within this category, complex ablations (AF and VT) is expected to increase by 13.5% annually from 440,629 in 2017 to 830,390 in 2022 (Source: BioSig Technologies, Annual Report, 2019).
According to the American Heart Association (AHA), catheter-based ablation procedures boast a 90% success rate, have a low risk of complications, and allow patients to resume normal activities in a few days.
The limited efficacy of anti-arrhythmic drugs for the treatment of arterial filtration is further driving the demand for catheter ablation. In May 2012, at the Heart Rhythm Society meeting held in Massachusetts (US), a study called Radiofrequency Ablation vs. Antiarrhythmic Drugs as First-Line Treatment of Paroxysmal Atrial Fibrillation (RAAFT 2) reported that ablation of AF, performed as a first-line strategy, was superior to rhythm-control drugs.
However, factors such as the high cost of electrophysiology products, inadequate reimbursement, unfavorable healthcare reforms in the US, cost-intensive requirement for clinical data for new product launches, and the availability of alternative technologies are expected to restrain the growth of this market in the coming years. The reuse & reprocessing of devices and lack of skilled and experienced electrophysiologists are some of the challenges in this market. The growth of the market is also expected to slow temporarily during the forecast period due to the COVID-19 pandemic.
On the basis of product, the global electrophysiology market is broadly classified into EP diagnostic catheters, EP ablation catheters, EP laboratory devices, access devices, and other products.
Electrophysiology laboratory devices are most commonly used by clinicians or physicians to diagnose and treat complex cardiac arrhythmias during electrophysiology tests. EP laboratory devices comprise capital-intensive equipment used by electrophysiologists to conduct complex diagnostic and therapeutic procedures for heart diseases. Based on the type of product, the EP laboratory devices market is segmented into 3D mapping systems, EP recording systems, RF ablation systems, intra-cardiac echocardiography (ICE) ultrasound imaging systems, EP X-ray systems, and other electrophysiology laboratory devices (MRI systems and EP remote magnetic and robotic navigation systems).
EP ablation catheters are used to treat various types of arrhythmia such as atrial fibrillation, atrial flutter, supraventricular tachycardias (SVT), and Wolff-Parkinson-White syndrome. These catheters are used by an electrophysiologist in a catheterization laboratory or a specialized EP laboratory to perform ablation procedures related to arrhythmia. The EP ablation catheters market is further segmented into cryoablation EP catheters, radiofrequency ablation catheters, laser ablation systems, and microwave ablation systems.
Diagnostic electrophysiology (EP) catheters are specially designed electrode catheters that transmit electrical impulses and can be positioned for endocardial recording or stimulation. They help determine the appropriate treatment methods for complex cardiac arrhythmias. Such catheters incorporate a handpiece, a flexible shaft, and a distal tip section containing diagnostic electrodes. Although catheters with mapping capabilities are highly-priced, they are increasingly being used in electrophysiology diagnostics. On the basis of products, the EP diagnostic catheters market is segmented into conventional EP diagnostic catheters, advanced EP diagnostic catheters, and ultrasound EP diagnostic catheters.
The EP laboratory devices segment commanded the largest share of 57.0% of the electrophysiology market in 2021. This segment is estimated to grow at a CAGR of 10.6% during the forecast period.
On the basis of the end user segment, the electrophysiology market is segmented into hospitals & cardiac centers and ambulatory surgery centers. The hospitals & cardiac centers segment holds the largest share of the market (92.53%) in 2021. The large share of this end user segment can primarily be attributed to the presence of big cath labs and electrophysiology labs in hospitals, a rising prevalence of CVDs, and an increased number of ablation procedures.
The hospital & cardiac centers segment includes both government & private hospitals and cardiac centers that provide treatment to patients with cardiac diseases. Almost all electrophysiology procedures are carried out in the electrophysiology (EP) laboratory or catheterization laboratory (cath lab) of hospitals or cardiac centers.
The number of cardiac centers providing treatment to patients with heart conditions is growing rapidly across the world. For instance, in June 2016, Health Sciences North (Canada) and a team of cardiologists in Greater Sudbury (Canada) joined forces to launch a new one-stop center for cardiac care. In October 2016, US-based Kare Partners Group launched a specialized heart care center in Chandigarh, India. Such launches are expected to drive the demand for electrophysiology devices.
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On the basis of indication type, the electrophysiology market is segmented into atrial fibrillation, atrioventricular nodal reentry tachycardia (AVNRT), Wolff-Parkinson-White (WPW) syndrome, atrial flutter, and other indications.
The atrial fibrillation market accounted for the largest share of 36.0% of the electrophysiology market, by indication, in 2021. The increasing prevalence of atrial fibrillation, the growing number of ablation procedures related to atrial fibrillation, rapid growth in the aging population globally, and the development of advanced electrophysiology products for the early diagnosis of atrial fibrillation are expected to drive the growth of this market segment in the coming years.
The atrial flutter segment is estimated to account for the second-largest share of the global electrophysiology market in 2021.
Geographical Growth Scenario:
The global electrophysiology market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2021, North America accounted for the largest share of 51.2% of the global electrophysiology market, followed by Europe with a share of 24.8%. On the other hand, the Asia Pacific market is estimated to register the highest growth rate during the forecast period. Factors such as large population, increasing geriatric population, the growing incidence of chronic diseases, rising healthcare spending, healthcare reforms for infrastructural development, increasing demand for advanced technologies, the growing emphasis of prominent players on emerging markets, and less stringent regulations are also fueling the demand for electrophysiology devices in this region.
Key Players:
Prominent players in the Electrophysiology market include Abbott (US), Medtronic (Ireland), Boston Scientific Corporation (US), Koninklijke Philips N.V. (Netherlands), GE Healthcare (US), Siemens Healthcare GmbH (Germany), Stereotaxis, Inc. (US), Merit Medical Systems (US), Atricure Inc. (US), APN Health, LLC (US), Osypka Medical (Germany), Japan LifeLine Co., Ltd. (Japan), Johnson & Johnson (US), Biotronik (Germany), MicroPort Scientific Corporation (China), and Acutus Medical, Inc. (US), and Among others
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