Global Electrophysiology Market Size to Reach USD 18.01 Billion 2032 | Emergen Research

Vancouver, Aug. 22, 2023 (GLOBE NEWSWIRE) -- Anticipated to demonstrate a stable journey, the global electrophysiology market is poised to attain a value of USD 18.01 Billion, fostering a consistent revenue Compound Annual Growth Rate (CAGR) of 9.4% by the year 2032, as per the most recent assessment conducted by Emergen Research. This progressive expansion can be ascribed to the escalated utilization of enhanced intracardiac ablation systems, which plays a pivotal role in propelling the revenue growth of the electrophysiology market.

At the core of this market's revenue augmentation lies the heightened adoption of refined intracardiac ablation systems. These systems operate through the application of thermal energy or cold energy to create minute scars within the heart, with the objective of interrupting abnormal electrical signals and restoring a regular cardiac rhythm. Primarily employed to address issues concerning cardiac rhythm, also known as arrhythmias, this treatment holds the capacity to reinstate the heart's normal function.

The procedural landscape of cardiac ablation involves the strategic use of small, flexible catheter tubes that navigate through veins or arteries. These catheters are frequently employed during cardiac ablation procedures, enabling precision and minimally invasive interventions. In certain instances, ablation procedures can be integrated into broader cardiac surgeries.

The concept of cardiac ablation, a therapeutic approach, is employed to rectify irregularities in heart rhythm. The orchestrated sequence of electrical impulses that orchestrate the heart's contractions must traverse a designated pathway. Any disruption within this signaling pathway can potentially result in irregular heartbeats, medically termed arrhythmias. Depending on the specific nature of the heart rhythm ailment, cardiac ablation might be recommended as an initial therapeutic step or as a subsequent option if alternative treatments or medications prove ineffective.

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The substantial expense associated with electrophysiological products and the intricacies of the reimbursement process constitute significant factors that are projected to curtail the progression of market revenue growth. In the existing landscape, intense competition among established contenders has fostered a climate of considerable pricing competitiveness within this market. A noteworthy characteristic of many of these products is their elevated cost, encompassing essential elements such as equipment for 3D cardiac mapping and Electrophysiology (EP) recording.

To delve into specifics, the domain of 3D mapping systems for the cardiovascular system exemplifies this cost-intensive nature. These systems typically demand investments ranging from USD 250,000 to USD 800,000. Similarly, the realm of EP techniques is similarly characterized by their financial implications. The costs incurred span multiple dimensions, including substantial capital expenses, essential training expenditures, and the ongoing outlay for maintenance. A case in point is the catheter ablation procedure, which typically involves a cost bracket of USD 4,000 to USD 6,500.

Compounding this financial aspect is the intricate challenge posed by reimbursement processes in numerous countries. The reimbursement status for these specialized devices remains notably demanding, rendering them economically formidable for a notable portion of the target patient demographic. This convergence of factors underscores the high cost associated with electrophysiological products, prompting a concerted effort to navigate these challenges for the benefit of patients and the industry alike.

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Scope of Research

Major Companies and Competitive Landscape

The global electrophysiology market is consolidated, with few large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective electrophysiology products. Some major players included in the global electrophysiology market report are:

• Abbott
• Medtronic
• Koninklijke Philips N.V.
• GE HealthCare
• Siemens Healthcare GmbH
• Stereotaxis, Inc.
• Merit Medical Systems
• Boston Scientific Corporation
• AtriCure, Inc.
• APN Health, LLC

Strategic Development

On 9 January 2023, Resonetics revealed that it had reached an agreement with SAES Getters S.p.A. in Milan, Italy, to buy Memry Corporation and SAES Smart Materials, Inc. The operations of the two purchased companies are located in Bethel, Connecticut, New Hartford, New York, and Menlo Park, California, all in the United States. Funds administered by renowned private equity firm GTCR and global investment firm Carlyle support Resonetics. The deal has USD 900 million worth. Nitinol, a novel superelastic, shape-memory alloy, is enabling many technological advances in a growing array of therapeutic areas, including structural heart, peripheral vascular, electrophysiology, neurovascular, and orthopaedics. SAES Medical Nitinol is a leading supplier to the medical device industry with a broad set of capabilities focused 100% on nitinol.

On 13 June 2022, Resonetics revealed that it had acquired Agile MV, a Montreal, Quebec-based startup that is a leader in product development and turnkey device assembly. The organization, which was established in 2010, has a skilled group of engineers, scientists, and technicians who work with businesses to take concepts from conception to high-volume production. As a result of the acquisition, Resonetics will rename its current Design & Development Services division AGILE Product Development, with offices in Boston, San Diego, and Montreal. Each location will retain its own core strengths while sharing a commitment to quality, innovation, and agility. Specifically, for electrophysiology catheters using pulsed-field and cryotherapy ablation technologies, Agile MV adds to the market's top experience in cutting-edge, minimally invasive therapeutic and diagnostic medical devices. This enhances the current development capabilities of Resonetics, together with their extensive experience in interventional devices.

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Some Key Highlights From the Report

• The electrophysiology laboratory devices segment is expected to lead in terms of revenue share in the global market over the forecast period. An Electrophysiology (EP) lab is the location where Electrophysiological Studies (EPS) are conducted. These rooms house state-of-the-art equipment for monitoring and mapping the electrical systems of the heart, as well as for detecting and treating problems with cardiac rhythm (arrhythmias). Cardiac mapping, cardiac ablation, and device insertion/implantation are the three basic operations carried out in an electrophysiology laboratory. Electrophysiologists can map the real-time passage of electrical impulses through the heart muscle to determine the potential source of an irregular heart rhythm. A pacemaker or implanted cardioverter defibrillator can be put in to correct heart rhythm problems.
• The atrial fibrillation segment is expected to lead in terms of revenue share in the global market over the forecast period. Atrial fibrillation, also referred to as ‘AFib,’ is the most common condition associated with an irregular heartbeat (arrhythmia). More than 2.3 million individuals in the U.S. alone suffer from atrial fibrillation, and more than 160,000 new cases are discovered yearly. If left untreated, atrial fibrillation has been shown to more than five times increase the risk of stroke and more than double the chance of mortality. In atrial fibrillation, the two top chambers of the heart (the atria) contract irregularly and quickly in response to quick electrical signals (fibrillate). During atrial fibrillation, blood collects in the atria as a result of insufficient ventricular pumping (the lower chambers of the heart).
• Hospital & cardiac centers segment accounted for the largest revenue share in 2022 owing to the presence of advanced facilities and improvement in healthcare infrastructure in developing countries. The emergence of hospitals that specialize in cardiac surgery is another factor in the segment's rise. The number of procedures conducted in hospitals and the number of patients who attend the hospital with cardiac ailments that require electrophysiology are both growing, which is raising the segment's revenue. Cardiac centers offer individuals practical instruction in diagnosing and treating patients with irregular heart rhythms. Each issue includes up-to-date, expert lectures on a subject that is crucial to their line of work.
• Market in North America is expected to account for the largest revenue share during the forecast period, which is attributed to increasing activities by key market players in countries in the region. For instance, on January 9, 2023, American corporation Ra Medical Systems, Inc. declared the completion of its previously reported stock-for-stock merger with Catheter Precision, Inc., a company with a focus on the cardiac electrophysiology market. The main offering from Catheter Precision, known as VIVO (an acronym for View into Ventricular Onset), is Food and Drug Administration (FDA)- and CE-cleared and employs non-invasive inputs to identify the cause of ventricular arrhythmias. More than 800 procedures at prestigious hospitals in the U.S. and Europe have employed VIVO since its limited commercial debut, which began in the third quarter of 2021. It is expected that a full commercial launch will occur in the first quarter of 2023. Another item is the Amigo, a robotic arm that serves as a catheter control device.

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For the purpose of this report, Emergen Research has segmented the global electrophysiology market on the basis of product, indication type, end-use, and region:

• Product Outlook (Revenue, USD Million; 2022–2032)

• • Electrophysiology Laboratory Devices
  • Electrophysiology Ablation Catheters
  • Electrophysiology Diagnostic Catheters
  • Access Devices
  • Other Products

• Indication Type Outlook (Revenue, USD Million; 2022–2032)

• • Atrial Fibrillation
  • Atrial Flutter
  • Atrioventricular Nodal Reentry Tachycardia (AVNRT)
  • Wolff-Parkinson-White Syndrome (WPW)
  • Other Indications

• End-Use Outlook (Revenue, USD Million; 2022–2032)

• • Hospitals & Cardiac Centers
  • Ambulatory Surgical Centers

• Regional Outlook (Revenue, USD Million, 2022–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. U.K.
    3. France
    4. Spain
    5. BENELUX
    6. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. Israel
    4. Rest of MEA
       

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