Electrophysiology Market

Electrophysiology Market Size (2023 to 2028)

The size of the global electrophysiology market is projected to be worth USD 14.39 billion by 2028 and USD 9.02 billion in 2023, growing at a CAGR of 9.79% from 2023 to 2028.

MARKET DRIVERS:

The increasing prevalence of heart arrhythmias, ophthalmic issues, and epilepsy propel the growth of the global electrophysiology market.

Over the forecast period, the worldwide electrophysiology market is further projected to be boosted by introducing new technologies such as cryoablation, laser ablation, ultrasonic ablation, and enhanced mapping technologies. The market is also propelled by the rising prevalence of heart failure (HF) and cardiac arrest cases among millennials related to lifestyle choices such as smoking and excessive alcohol use. In addition, tSmaller EP monitsmallerstems have increased demand for these devices in the global electrophysiology market, particularly during the COVID-19 period. As a result, the cardiac rhythm and failure divisions are paying close attention to remote monitoring and the programming capabilities of implanted electrophysiology (EP) devices.

The market participants emphasize developing advanced products, which is expected to improve the industry's growth potential. As a result of the rising illness burden worldwide and the acceptance of development activities by organizations, the electrophysiology market is expected to expand in the future. Emerging markets are expected to offer significant growth opportunities for cardiac mapping systems players due to their growing patient population, increasing adoption of cardiac mapping systems, increasing awareness of CVDs, rising disposable incomes, improving healthcare infrastructure, and relatively lenient guidelines compared to developed countries. In addition, growth in atrial fibrillation and the baby boomer generation's elevated risk of targeted illnesses and increased use of EP catheter ablation are driving the market. The market's growth is fueled by major companies' increased focus on new EP technologies and the expansion of EP laboratories. Electrophysiology equipment with several modalities, such as cardiac magnetic resonance imaging (CMR), cardiac computed tomography (CT), echocardiography, fluoroscopy, and electro-anatomic mapping, let healthcare practitioners assess the leading causes of multiple arrhythmia cases quickly. As the prevalence of cardiac arrhythmia continues to rise, electrophysiological devices are expected to gain much traction in the future years.

MARKET RESTRAINTS:

However, government regulations, the high expense of treating complex arrhythmias, the preference for pharmacological therapies (drugs) over electrophysiological interventions, and a scarcity of qualified and experienced electrophysiologists are expected to restrict the global electrophysiology market expansion. Additionally, the scarcity of trained experts and tight regulatory rules are further expected to hamper the growth rate of the electrophysiology market. High installation costs and a lack of awareness are considerable challenges to the worldwide electrophysiology market.

Impact of COVID-19 on the global electrophysiology market:

The coronavirus pandemic's effect and the resulting lockdown can be seen in various industries, including electrophysiology. However, implementing new rules and regulations is suppressing the industry's progress. Furthermore, restricted access to hospitals, social alienation, and community lockdown, which result in a slowdown of patient flow and referrals, have affected the market growth. However, post the lockdown restrictions, there is an increase in the demand for the electrophysiology market. 

REPORT COVERAGE:

This research report on the global electrophysiology market has been segmented and sub-segmented based on the product, indication, and region.

Electrophysiology Market – By Product: 

• Electrophysiology Diagnostic Catheters
  • Advanced Electrophysiology Diagnostic Catheters
  • Conventional Electrophysiology Diagnostic Catheters
  • Ultrasound Electrophysiology Diagnostic Catheters
• Electrophysiology Ablation Catheters
  • Radiofrequency (RF) Ablation Catheters
  • Cryoablation Electrophysiology Catheters
  • Laser Ablation Systems
  • Microwave Ablation Systems
  • Navigational Advanced Mapping Accessories
• Electrophysiology Laboratory Devices 
  • Electrophysiology Recording Systems
  • 3D Mapping Systems
  • Radiofrequency (RF) Ablation Generators
  • Electrophysiology X-Ray Systems
  • Intracardiac Echocardiography (ICE) Systems
  • Electrophysiology Remote Steering Systems
• Access Devices

Based on the product, the Electrophysiology Ablation Catheters segment is anticipated to account for the largest share of the market in the product type. Ablation catheters eliminate abnormal heart tissues that can result in irregular heartbeats. Such machines work based on ablation, a minimally invasive technique that uses catheters to destroy the heart's damaged electrical pathways.

Ablation is a minimally invasive procedure that destroys abnormal heart tissues that cause irregular heart rhythms. Radiofrequency, microwave ablation, and laser are also part of ablation catheters. It is a safe procedure with less risk associated with treating abnormal cardiac tissue cases. Ablation catheters are the most widely used devices and are expected to register a significant market share with technology advancements. It accounted for the substantial market size in 2019 of the total electrophysiology market. Collectively, diagnostic catheters also emerged as the largest segment in ep. The increased use of this device in the introduction of portable and digital systems.

Electrophysiology Market – By Indication: 

• Atrial Flutter 
• Atrial Fibrillation 
• Wolff-Parkinson-White Syndrome
• Atrioventricular Nodal Re-entry Tachycardia 
• Other Indications

Based on indication, the segment of Atrial Fibrillation has been leading the market. It is expected to show the highest revenue growth during the forecast period as Atrial fibrillation monitoring requires enhanced diagnostic technology to overcome the limitations imposed by conventional techniques.

The atrial fibrillation segment accounted for the larger share in 2019. The developing number of ablation systems identified with atrial fibrillation, fast development in the aging population across the globe, expanding pervasiveness of atrial fibrillation, and the improvement of cutting-edge electrophysiology items for early conclusion of atrial fibrillation are required to drive the development of this market fragment in the coming years.

Electrophysiology Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Geographically, The electrophysiology market in North America is dominating, and it is anticipated to continue its stronghold for a few more years. Due to well-established healthcare facilities and the rising cases of arrhythmia, strokes, and heart failure, this region is expected to increase its market share. North America has a significant market share due to increased cardiovascular diseases and large clinical trials validating electrophysiology devices. Heart arrhythmias cause about 40000 deaths per year in Canada. And the key players in the market are also driving the growth in the region. 

The electrophysiology market in the Asia Pacific is estimated to grow at a healthy CAGR during the forecast period. In terms of unmet medical needs and rapidly increasing targeted disease occurrence levels, the Asia Pacific Electrophysiology market has a significant presence of untapped opportunities. Improving healthcare infrastructure, increasing patient awareness, and increasing regional healthcare expenditure are expected to help the market grow. Asia, especially China, Japan, and India, is expected to witness excess growth in the forthcoming years. Lifestyle changes, eating habits, increasing stress, smoking, and drinking have resulted in growing health-related issues. Less government intervention is helping the demand for electrophysiology devices in the region.

The electrophysiology market in Europe had a substantial share of the global market in 2021 and is estimated to grow at a promising CAGR during the forecast period owing to the rising incidence of cardiovascular diseases over the forecast period since electrophysiological devices have essential applications in identifying heart failure rates. According to the European Society of Cardiology data, more than 6 million cardiovascular illnesses (CVDs) were identified in the European Union, with almost 11 million CVD cases reported in the whole of Europe.

The electrophysiology market in Latin America is driven by the factors such as Technological improvements, increasing frequency of atrial fibrillation, and rapid expansion in the aging population with a higher risk of target illnesses. Also, the increased demand for catheter ablation operations drives market growth. 

The electrophysiology market in the Middle East and Africa was worth USD 568.67 million in 2021. It is estimated to be growing at a CAGR of 9.36% to reach USD 889.52 million by 2026.

KEY MARKET PLAYERS:

Some of the notable market players leading the global electrophysiology market profiled in this report are Boston Scientific Corporation (U.S.), GE Healthcare, Abbott Laboratories (U.S.), Biosense Webster, Inc. (U.S.), Microport Scientific Corporation (China), St. Jude Medical, Inc. (U.S.), BIOTRONIK SE & Co. KG (Germany), Koninklijke Philips N.V. (The Netherlands), Medtronic, Inc. (U.S.) and Siemens AG (Germany).

RECENT MARKET HAPPENINGS:

• In March 2020, Stereotaxis (US) declared FDA approval and the Genesis RMN System's introduction in the United States.
• In 2019, Medtronic and EPIX Therapeutics (US) announced an agreement to incorporate EPIX's proprietary catheter-based, temperature-controlled cardiac ablation to treat patients with cardiac arrhythmias into Medtronic's cardiac ablation portfolio.