Electrophysiology

Electrophysiology Market Research Report: Forecast (2023-2028)

By Product (Electrophysiology Laboratory Devices (3D Mapping Systems, Electrophysiology Recording System, Radio Frequency (RF) Ablation Systems, Intracardiac Echocardiography (ICE) Ultrasound Imaging Read more

  • Healthcare
  • Dec 2022
  • 189
  • HC10255

Market Definition

Electrophysiology is the branch of physiology, primarily concerned with the electrical properties of biological cells and tissues. It involves measurements of voltage changes or electric current or manipulations on a wide variety of scales from single ion channel proteins to whole organs like the heart.

Market Insights

The Global Electrophysiology Market is projected to grow at a CAGR of around 10.5% during the forecast period, i.e., 2023-28. The market is largely driven by the intensifying burden of cardiac arrhythmias worldwide. The emerging need for high precision and controlled cardiac diagnostic and ablation procedures paired with conducive reimbursement policies is observed to be a solid booster to the adoption of minimally invasive electrophysiology therapies. Atrial Fibrillation, Atrial Flutter, Wolff-Parkinson-White (WPW), Ventricular Tachycardia, And Atrioventricular Nodal Reentry Tachycardia all have rising prevalence and incidence rates.  Besides, in order to facilitate better sterility, safety, and affordability, the key market players have switched to disposable catheters for intermittent cardiac procedures, making the demand for disposable catheters skyrocket in the coming years.

Report Coverage Details
Study Period Historical Data: 2018-21
Base Year: 2022
Forecast Period: 2023-28
CAGR (2023-2028) 10.5%
Regions Covered North America: US, Canada, Mexico
Europe: Germany, The UK, France, Spain, Italy, Rest of Europe
Asia-Pacific: China, India, Japan,  Australia, Rest of Asia-Pacific
South America: Brazil, Argentina
Middle East & Africa: The UAE, Saudi Arabia, South Africa, Rest of MEA
Key Companies Profiled Abbott, Medtronic, Boston Scientific Corporation, Koninklijke Philips N.V., General Electric Company, Siemens Healthineers International AG, Stereotaxis Inc, Merit Medical Systems, APN Health LLC, Osypka Medical, Japan Lifeline Co Ltd, Johnson & Johnson, Biotronik, Microport Scientific Corporation, Cathrx Ltd., Others (Cook Medical, Teleflex Incorporated, etc.).
Unit Denominations USD Million/Billion

 

Moreover, the integration of telemedicine with electrophysiology catheters and devices has smoothly eliminated the need for a visit to hospitals and clinics for electrophysiology monitoring. The incorporation of robust and innovative technologies in electrophysiology devices provides the required impetus to the augmenting demand for safer, affordable, and minimally invasive diagnosis and therapies of cardiac arrhythmias. Besides, the next-generation technologies of advanced cardiac mapping, telerobotics, and remote and real-time monitoring, are likely to influence the market dynamics for electrophysiology devices, therapies, and procedures.

Market Segmentation

Based on Product,

  • Electrophysiology Laboratory Devices
  • 3D Mapping Systems
  • Electrophysiology Recording System
  • Radio Frequency (RF) Ablation Systems
  • Intracardiac Echocardiography (ICE) Ultrasound Imaging Systems
  • Electrophysiology X-Ray Systems
  • Electrophysiology Remote Magnetic and Robotic Navigation Systems
  • Electrophysiology Ablation Catheters
  • Cryoablation Electrophysiology Catheters
  • Radiofrequency (RF) Ablation Catheters
  • Microwave Ablation (MWA) Systems
  • Laser Ablation Systems
  • Electrophysiology Diagnostic Catheters
  • Conventional Electrophysiology Diagnostic Catheters
  • Advanced Electrophysiology Diagnostic Catheters
  • Ultrasound Electrophysiology Diagnostic Catheters
  • Access Devices
  • Other Products

Here, Electrophysiology Ablation Catheters are anticipated to dominate the market, during the forecast period, among others. With radiofrequency ablation, and cryoablation acquiring prominent shares, ablation catheters are likely to gain traction in the coming years, owing to associated technological improvements. A catheter is a small tube inserted into the blood artery, and catheter ablation is a type of heart ablation therapy used to treat irregular heart rhythms. Ablation, a minimally invasive process that uses catheters to destroy the heart's damaged electrical circuits, is the basis for how ablation catheters function. It is basically a procedure that restores the functionality of your heart by carefully removing any abnormal tissue. With the aid of ablation catheters, abnormal heart tissues that could cause erratic heartbeats, can be regulated. Thus, these aspects continue to account for accelerating demand for Ablation Catheters, encouraging market expansion in the projected time frame. For instance,

  • In February 2022, Medtronic announced that FDA expanded approval for the Freezor Xtra Cardiac Cryoablation Focal Catheters, the first and only ablation catheters that received approval to treat pediatric Atrioventricular Nodal Reentrant Tachycardia (AVNRT) patients.

Regional Projection

Geographically, the Global Electrophysiology Market expands across:

  • North America
  • South America
  • Europe
  • Middle East & Africa
  • Asia-Pacific

Here, North America acquired the largest market share in recent years and is anticipated to prevail in the same dominance during the forecast period. It owes principally to the massive investments by the governments of different countries in the region in the healthcare sector, including the electrophysiology units, and conducting numerous research & development activities to bring innovations in the diagnosis, treatment, and care of heart patients. According to CDC, Heart disease is the leading cause of death for men, women, and people of most racial and ethnic groups in the United States. In fact, every 34 seconds, one person succumbs to cardiovascular disease here. The key factors backing such alarming condition is the high blood pressure, high blood cholesterol, and smoking. The data clearly hints at the immediate need to address the crisis with effective treatment techniques and procedures, thereby generating growth opportunities for the leading players to increase their offerings and cater to the burgeoning requirements. Furthermore, exhibiting large-scale investment to develop patient-oriented electrophysiology systems, the region is all set to have an advanced healthcare infrastructure in the future and hints toward a lucrative outlook for the market. For instance,

  • In January 2022, Abbott received approval from the United States Food and Drug Administration for the EnSite X EP System with EnSite Omnipolar Technology (OT), a new cardiac mapping platform available in the U.S. and across Europe, intended to treat cardiac arrhythmias.

Regulatory Landscape in the Global Electrophysiology Market

The U.S.A

  • The policies governing reimbursement span a wide spectrum of electrophysiological devices. Hospital outpatient, extensive electrophysiological testing, catheter ablation, intracardiac echo / transeptal access (add-on services), esophageal recording, and induction of arrhythmia are frequently covered by a reimbursement system.
  • The standard healthcare system has fostered the electrophysiology industry making it more accessible to the public. For instance, the U.S. enforced the Affordable Care Act making healthcare facilities accessible to around 40 million uninsured U.S. citizens.

Recent Developments in the Global Electrophysiology Market

  • In May 2022, CathVision declared that ECGenius EP Recording System, a new high-fidelity and low-noise solution, has been given FDA approval. The device successfully diagnosed and treated complex atrial arrhythmias during tests.
  • In March 2022, The National Institute of Cardiology in Warsaw, Poland, used Stereotaxis to launch a robotic electrophysiology course. The program's goal is to teach doctors how to treat arrhythmias using the Genesis Robotic Magnetic Navigation System.
  • In January 2022, a deal was made for Medtronic PLC to buy the majority of Affera, Inc. The company produces equipment that aids in the treatment of cardiac arrhythmia. The acquisition, which aims to increase Medtronic's market share in the electrophysiology sector, shall be finalized by the first quarter of 2023.

Market Dynamics

Key Driver: The Transcending Burden of Cardiovascular Diseases Worldwide

An alarming rise in the number of cardiac arrhythmias has compelled innovations in the manufacturing of electrophysiology devices. According to WHO, around 17.9 million people succumb to Cardiovascular diseases (CVDs) every year, accounting for 32% of total deaths worldwide. Out of 5, four CVD deaths are due to strokes and heart attacks, with one-third of these deaths occurring in people under 70. Likewise, as per Canadian government health statistics, one out of twelve Canadians lives with heart disease. Backed by behavioral risk factors such as unhealthy diet, physical inactivity, and excess alcohol and tobacco consumption, the patient pool is expected to surge in the coming years, presenting the need for more effective electrophysiology devices. As a result, the market is expected to enthrall in the coming years.

Key Questions Answered in the Market Research Report:

  1. What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares) of the Global Electrophysiology Market?
  2. What are the region-wise industry size, growth drivers, and challenges?
  3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Electrophysiology Market?
  4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Global Electrophysiology Market based on the competitive benchmarking matrix?
  5. What are the key results derived from surveys conducted during the Global Electrophysiology Market study?

Frequently Asked Questions

A. The Electrophysiology Market is projected to grow at a CAGR of around 10.5% during 2023-28.

A. The transcending burden of cardiovascular diseases worldwide is expected to drive the Electrophysiology Market during 2023-28.

A. The prominent players in the market are Abbott, Medtronic, Boston Scientific Corporation, Koninklijke Philips N.V., General Electric Company, Siemens Healthineers International AG, Stereotaxis Inc, Merit Medical Systems, APN Health LLC, Osypka Medical, Japan Lifeline Co Ltd, Johnson & Johnson, Biotronik, Microport Scientific Corporation, Cathrx Ltd., Others (Cook Medical, Teleflex Incorporated, etc.).

A. Electrophysiology Ablation Catheters is anticipated to emerge as an area of remunerative opportunities for the leading players in the Electrophysiology Market during the forecast period.

A. Globally, North America would provide lucrative prospects for the Electrophysiology Market in the years ahead.

  1. Market Segmentation
  2. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
  3. Executive Summary
  4. Global Electrophysiology Market Regulations & Policies
  5. Global Electrophysiology Market Trends & Insights
  6. Global Electrophysiology Market Dynamics
    1. Growth Drivers
    2. Challenges
  7. Global Electrophysiology Market Hotspot & Opportunities
  8. Global Electrophysiology Market Outlook, 2018- 2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Product
        1. Electrophysiology Laboratory Devices
          1. 3D Mapping Systems
          2. Electrophysiology Recording System
          3. Radio Frequency (RF) Ablation Systems
          4. Intracardiac Echocardiography (ICE) Ultrasound Imaging Systems
          5. Electrophysiology X-Ray Systems
          6. Electrophysiology Remote Magnetic and Robotic Navigation Systems
        2. Electrophysiology Ablation Catheters
          1. Cryoablation Electrophysiology Catheters
          2. Radiofrequency (RF) Ablation Catheters
          3. Microwave Ablation (MWA) Systems
          4. Laser Ablation Systems
        3. Electrophysiology Diagnostic Catheters
          1. Conventional Electrophysiology Diagnostic Catheters
          2. Advanced Electrophysiology Diagnostic Catheters
          3. Ultrasound Electrophysiology Diagnostic Catheters
        4. Access Devices
        5. Other Products
      2. By Indication Type
        1. Atrial Fibrillation
        2. Atrial Flutter        
        3. Atrioventricular Nodal Reentry Tachycardia (AVNRT)
        4. Wolff-Parkinson-White Syndrome (WPW)
        5. Other Indications
      3. By End User
        1. Hospitals & Cardiac Centers
        2. Ambulatory Surgery Centers
      4. By Region
        1. North America
        2. South America
        3. Europe
        4. The Middle East & Africa
        5. Asia-Pacific
      5. By Company
        1. Competition Characteristics
        2. Revenue Shares
  9. North America Electrophysiology Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Product
      2. By Indication Type
      3. By End User
      4. By Country
        1. The US
        2. Canada
        3. Mexico
    3. The US Electrophysiology Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product
        2. By Indication Type
    4. Canada Electrophysiology Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product
        2. By Indication Type
    5. Mexico Electrophysiology Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product
        2. By Indication Type
  10. South America Electrophysiology Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Product
      2. By Indication Type
      3. By End User
      4. By Country
        1. Brazil
        2. Argentina
    3. Brazil Electrophysiology Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product
        2. By Indication Type
    4. Argentina Electrophysiology Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product
        2. By Indication Type
  11. Europe Electrophysiology Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Product
      2. By Indication Type
      3. By End User
      4. By Country
        1. The UK
        2. Italy
        3. Germany
        4. France
        5. Spain
        6. Others
    3. The UK Electrophysiology Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product
        2. By Indication Type
    4. Italy Electrophysiology Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product
        2. By Indication Type
    5. Germany Electrophysiology Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product
        2. By Indication Type
    6. France Electrophysiology Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product
        2. By Indication Type
    7. Spain Electrophysiology Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product
        2. By Indication Type
  12. The Middle East & Africa Electrophysiology Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Product
      2. By Indication Type
      3. By End User
      4. By Country
        1. Saudi Arabia
        2. The UAE
        3. South Africa
        4. Rest of the Middle East & Africa
    3. Saudi Arabia Electrophysiology Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product
        2. By Indication Type
    4. The UAE Electrophysiology Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product
        2. By Indication Type
    5. South Africa Electrophysiology Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product
        2. By Indication Type
  13. Asia-Pacific Electrophysiology Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Product
      2. By Indication Type
      3. By End User
      4. By Country
        1. China
        2. Japan
        3. India
        4. Australia
        5. Others
    3. China Electrophysiology Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product
        2. By Indication Type
    4. Japan Electrophysiology Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product
        2. By Indication Type
    5. India Electrophysiology Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product
        2. By Indication Type
    6. Australia Electrophysiology Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product
        2. By Indication Type
  14. Competition Outlook
    1. Competition Matrix
      1. Product Portfolio
      2. Target Markets
      3. Research & Development
      4. Strategic Alliances
      5. Strategic Initiatives
    2. Company Profiles (Business Description, Solutions Offered, Business Segments, Financials, Future Plans)
      1. Abbott
      2. Medtronic
      3. Boston Scientific Corporation
      4. Koninklijke Philips N.V.
      5. General Electric Company
      6. Siemens Healthineers International AG
      7. Stereotaxis Inc
      8. Merit Medical Systems
      9. APN Health LLC
      10. Osypka Medical
      11. Japan Lifeline Co Ltd
      12. Johnson & Johnson
      13. Biotronik
      14. Microport Scientific Corporation
      15. Cathrx Ltd.
      16. Others (Cook Medical, Teleflex Incorporated, etc.)
  15. Disclaimer
Electrophysiology Market Segmentation Slide