The Global Electrophysiology Market size is expected to reach $11.9 billion by 2028, rising at a market growth of 8.8% CAGR during the forecast period.
Electrophysiology (EP) devices are a type of medical equipment that is used to diagnose and treat cardiovascular problems. These gadgets assess aberrant heartbeats by analyzing the electrical impulses of the heart. Pacemakers, Implantable cardioverter defibrillators (ICDs), automated external defibrillators (AEDs), radiofrequency ablation catheters, cryoablation EP catheters, and microwave & laser ablation systems are some of the most often utilized EP devices. In the event of an emergency, these devices send & receive electrical signals to & from the heart to regulate the heartbeat. They are non-invasive & assist in the removal of defective heart tissues that might cause abnormal heart rhythms.
As per a study published in the International Journal of Stroke in January 2020 by Giuseppe Lippi et al., atrial fibrillation is the most common cardiac arrhythmia worldwide. As per predictions, 17.9 million people in Europe will suffer atrial fibrillation by 2060. Moreover, the incidence and prevalence of the disease have increased over the previous 20 years & will continue to rise over the next 30 years, particularly in nations with a middling socio-demographic index, making it one of the most serious pandemics and public health problems. In 2050, the global burden of atrial fibrillation is expected to rise significantly. As a result of the increased prevalence of atrial fibrillation, electrophysiology operations are likely to become more popular soon. Additionally, a significant rise in the ageing population has been linked to an increase in heart failure rates.
Technological improvement is driving the industry forward. For example, Abbott Laboratories released an improved heart monitor in May 2019 to improve the accuracy of arrhythmia detection. The next-generation Confirm Insertable Cardiac Monitor (ICM) has been cleared for commercialization by the US Food and Drug Administration (FDA) & the CE Mark in Europe. It's a paperclip-sized implantable device with smartphone connectivity and continuous, remote monitoring that tracks irregular cardiac rhythms for a quick and exact diagnosis.
As per the World Health Organization (WHO), there were over a billion persons aged 60 and up in 2019. By 2030, this number is expected to rise to 1.4 billion, and by 2050, to 2.1 billion. In addition, according to a study by the European Society of Cardiology, roughly 7.6 million people over 65 in Europe had atrial fibrillation in 2016, and this number is expected to rise by 89 percent to 14.4 million by 2060. Strokes are more common in the elderly. As a result, market participants are interested in the creation of effective goods that will aid the overall industry growth to cater to the growing patient population.
Many market leaders are now promoting refurbished gadgets through various programs as a result of this. Stryker's Sustainability Solutions business, which reprocesses EP cables, electrophysiology (EP) catheters, intracardiac echocardiography (ICE) catheters, and steerable introducer sheaths sold its four-millionth reprocessed EP device.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Johnson & Johnson are the forerunners in the Electrophysiology Market. Companies such as General Electric (GE) Co., Siemens Healthineers AG, MicroPort Scientific Corporation are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Abbott Laboratories, Boston Scientific Corporation, General Electric (GE) Co. (GE Healthcare), Medtronic PLC, Koninklijke Philips N.V., Siemens Healthineers AG, Johnson & Johnson, MicroPort Scientific Corporation, Stereotaxis Inc., and Acutus Medical, Inc.
By Type
Electrophysiology (EP) devices are a type of medical equipment that is used to diagnose and treat cardiovascular problems. These gadgets assess aberrant heartbeats by analyzing the electrical impulses of the heart. Pacemakers, Implantable cardioverter defibrillators (ICDs), automated external defibrillators (AEDs), radiofrequency ablation catheters, cryoablation EP catheters, and microwave & laser ablation systems are some of the most often utilized EP devices. In the event of an emergency, these devices send & receive electrical signals to & from the heart to regulate the heartbeat. They are non-invasive & assist in the removal of defective heart tissues that might cause abnormal heart rhythms.
As per a study published in the International Journal of Stroke in January 2020 by Giuseppe Lippi et al., atrial fibrillation is the most common cardiac arrhythmia worldwide. As per predictions, 17.9 million people in Europe will suffer atrial fibrillation by 2060. Moreover, the incidence and prevalence of the disease have increased over the previous 20 years & will continue to rise over the next 30 years, particularly in nations with a middling socio-demographic index, making it one of the most serious pandemics and public health problems. In 2050, the global burden of atrial fibrillation is expected to rise significantly. As a result of the increased prevalence of atrial fibrillation, electrophysiology operations are likely to become more popular soon. Additionally, a significant rise in the ageing population has been linked to an increase in heart failure rates.
Technological improvement is driving the industry forward. For example, Abbott Laboratories released an improved heart monitor in May 2019 to improve the accuracy of arrhythmia detection. The next-generation Confirm Insertable Cardiac Monitor (ICM) has been cleared for commercialization by the US Food and Drug Administration (FDA) & the CE Mark in Europe. It's a paperclip-sized implantable device with smartphone connectivity and continuous, remote monitoring that tracks irregular cardiac rhythms for a quick and exact diagnosis.
As per the World Health Organization (WHO), there were over a billion persons aged 60 and up in 2019. By 2030, this number is expected to rise to 1.4 billion, and by 2050, to 2.1 billion. In addition, according to a study by the European Society of Cardiology, roughly 7.6 million people over 65 in Europe had atrial fibrillation in 2016, and this number is expected to rise by 89 percent to 14.4 million by 2060. Strokes are more common in the elderly. As a result, market participants are interested in the creation of effective goods that will aid the overall industry growth to cater to the growing patient population.
COVID-19 Impact Analysis
The COVID-19 pandemic's impact and the resulting lockdown can be seen in a variety of industries, comprising the electrophysiology market. While industries like oil & petroleum, aeronautics, & mining are seeing a drop in revenue, the healthcare, biotechnology, and pharmaceutical industries are taking advantage of the situation to serve as many patients & healthcare professionals as possible. In 2021, the COVID-19 pandemic harmed the economy and posed numerous obstacles to clinical healthcare practitioners and patients all over the world. Logistical concerns, illness management, prioritizing patients with comorbidities and pre-existing disorders, and further protecting the public and hospital frontline staff from COVID-19 are all key challenges that healthcare systems around the world are dealing with.Market Growth Factors:
The incidence of target diseases & procedures is on the rise
As per the World Health Organization, cardiovascular disease is the dominating cause of mortality worldwide. Family history, ethnicity, & age are all major contributors to the increased prevalence of CVD and strokes. Tobacco use, high cholesterol, high blood pressure (hypertension), obesity, physical inactivity, diabetes, poor diets, and alcohol drinking are all risk factors. Hypertension, dyslipidemia, diabetes, and obesity are all contributing to an increase in the incidence of CVD. As per the American Heart Association, 41.4 percent of adults in the United States will have hypertension by 2030. (An increase of 8.4 percent from 2012). According to the WHO organization, CVD expenses is expected to reach USD 1,044 billion by 2030, up from USD 863 billion in 2010. CVD claimed the lives of 17.9 million persons worldwide in 2016. By 2030, it is expected that this number will have risen to 23.6 million.An increasing number of emerging markets
Due to their growing patient population, rising adoption of cardiac mapping systems, rising awareness of CVDs, growing disposable incomes, enhancing healthcare infrastructure, & comparatively lenient guidelines compared to developed countries, emerging markets are anticipated to give substantial growth opportunities for players in the electrophysiology market. The number of surgical procedures performed in emerging countries has increased steadily over the last decade, owing to a growing target patient population, a growing number of CVD-related deaths, and increased medical tourism.Marketing Restraining Factor:
The growing rate of reusing & reprocessing of devices
Ablation catheters are classified as single-use devices by the FDA and the European Union (SUDs). Although due to their high per-unit cost and restricted reimbursement, these devices are being reprocessed and reused, mostly in hospitals with limited budgets. The cost of reprocessing and reuse for a hospital/surgical center is significantly less than the cost of a new ablation device, resulting in a reduction by half in overall procedure costs.Many market leaders are now promoting refurbished gadgets through various programs as a result of this. Stryker's Sustainability Solutions business, which reprocesses EP cables, electrophysiology (EP) catheters, intracardiac echocardiography (ICE) catheters, and steerable introducer sheaths sold its four-millionth reprocessed EP device.
Type Outlook
Based on Type, the market is segmented into Electrophysiology Laboratory Devices, Electrophysiology Diagnostic Catheters, Electrophysiology Ablation Catheters, Electrophysiology Access Devices, and Others. Based on Electrophysiology Diagnostic Catheters Type, the market is segmented into Conventional, Ultrasound, and Advanced. The electrophysiology ablation catheters segment garnered a significant revenue share in the electrophysiology market in 2021. Atrial fibrillation, atrial flutter, supraventricular tachycardias (SVT), & Wolff-Parkinson-White syndrome are among the arrhythmias that EP ablation catheters are used to treat. An electrophysiologist at a catheterization laboratory or a specialist EP laboratory uses these catheters to perform arrhythmia ablation procedures. Cryoablation EP catheters, laser ablation systems, radiofrequency ablation catheters, and microwave ablation systems are the many types of EP ablation catheters available.Electrophysiology Laboratory Devices Type Outlook
Based on Electrophysiology Laboratory Devices Type, the market is segmented into ICE Ultrasound Imaging Systems, Electrophysiology X-Ray Systems, Radiofrequency (RF) Ablation Systems, 3D Mapping Systems & Electrophysiology Recording Systems, and Electrophysiology Remote Magnetic & Robotic Navigation Systems. The radiofrequency ablation systems sub-segment garnered a substantial revenue share in the electrophysiology market in 2021. This system is a safe and effective way to stop pain signals from inflamed facet joints in the spine, genicular nerves in the knee, and the femoral and obturator nerves in the hip. A radiofrequency current is used to heat up a small patch of nerve tissue, blocking pain impulses in that area. The goal of radiofrequency ablation is to give long-term pain relief.Electrophysiology Ablation Catheters Type Outlook
Based on Electrophysiology Ablation Catheters Type, the market is segmented into Laser, Cryoablation, and Radiofrequency (RF) & Microwave. The laser sub-segment acquired the highest revenue share in the electrophysiology market in 2021. The increasing spending by the manufacturers on the R&D activities for the advancements of laser ablation catheters is expected to augment the growth of the segment in the coming years.End User Outlook
Based on End User, the market is segmented into Hospitals & Cardiac centres, and Ambulatory Surgery Centers. The ambulatory surgery centers segment procured a substantial revenue share in the electrophysiology market in 2021. Ambulatory surgery centers (ASCs) offer operational and financial benefits, such as lower prices, easier patient access, and more chances for physician interaction. As a result, Corazon believes that hospitals and healthcare systems should investigate how to profit from this trend, particularly in the cardiovascular service line.Indication type Outlook Outlook
Based on Indication type, the market is segmented into Atrial Fibrillation, Atrial Flutter, AVNRT & WPW, and Others. The atrial fibrillation segment acquired the highest revenue share in the electrophysiology market in 2021. Atrial fibrillation is a kind of arrhythmia that causes an irregular and fast heart rhythms. It happens when rapid electric signals drive the upper chamber of the heart to contract rapidly, preventing the atria from properly pumping blood into the ventricles and causing blood clots. People with atrial fibrillation are more likely to have serious heart issues such as strokes and heart failure. This is because of factors such as the rising prevalence of atrial fibrillation, the rising number of ablation surgeries for atrial fibrillation, the rapid expansion in the global ageing population, & the development of improved cardiac mapping technologies for the early detection of atrial fibrillation.Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The North American region acquired the highest revenue share in the in the electrophysiology market with the largest revenue share in 2021. Obesity, heart disease, and other chronic diseases are on the rise in these countries as a result of changing lifestyles & eating habits, rising stress, & rising habitual smoking & drinking. Large populations, rising geriatric populations, rising chronic disease incidence, increasing healthcare spending, healthcare reforms for infrastructure development, rising demand for advanced technologies, prominent players" increasing focus on emerging markets, and less stringent regulations are all driving demand for electrophysiology devices in this region.Electrophysiology Market Competition Analysis
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Johnson & Johnson are the forerunners in the Electrophysiology Market. Companies such as General Electric (GE) Co., Siemens Healthineers AG, MicroPort Scientific Corporation are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Abbott Laboratories, Boston Scientific Corporation, General Electric (GE) Co. (GE Healthcare), Medtronic PLC, Koninklijke Philips N.V., Siemens Healthineers AG, Johnson & Johnson, MicroPort Scientific Corporation, Stereotaxis Inc., and Acutus Medical, Inc.
Recent Strategies Deployed in Electrophysiology Market
Partnerships, Collaborations and Agreements:
- Apr-2022: GE Healthcare formed a partnership with AliveCor, a medical devices and AI company producing ECG hardware and software for consumer mobile devices. This partnership aimed to serve medical-grade six-lead electrocardiograms (ECGs) taken by patients on AliveCor KardiaMobile 6L ECG device outside of the hospital setting at home or on the go directly into GE Healthcare's MUSE Cardiac Management System for physicians to view and assess. This partnership is expected to provide physicians access to trusted patient data within their present workflow, aiding to raise their diagnostic confidence and enhancing the capability to effectively handle patients proactively over the care continuum.
- Aug-2021: Stereotaxis joined hands with Shanghai Microport EP Medtech. This collaboration aimed to advance technology innovation & commercial acceptance of robotics in electrophysiology in the China. This collaboration is expected to integrate MicroPort EP's commercial & product leadership in China's electrophysiology market with Stereotaxis’ advanced Robotic Magnetic Navigation technology. Under this collaboration, MicroPort EP is expected to become a exclusive distributor of Robotic Magnetic Navigation technology for electrophysiology in China. Furthermore, MicroPort EP is expected to also seek for regulatory approvals for Stereotaxis’ latest innovations comprising the Genesis RMN system & proprietary magnetic ablation catheter.
- Jul-2021: Acutus Medical joined hands with AliveCor, a medical device and AI company. Under this collaboration, the companies is expected to assess the unification of data collection tools over the cardiology continuum of care that could potentially advance the field of arrhythmia treatment & disease management.
- Jun-2021: MicroPort Scientifc entered into an agreement with Implicity, a leader in remote patient monitoring software & cardiac data management solutions. This agreement aimed to sell and distribute Implicity's innovative, cloud-based solution in the United States as part of its remote patient monitoring offerings with a new digital service that is expected to allow cardiologists and electrophysiologists to seamlessly manage data being collected by numerous cardiac implantable electronic devices (CIEDs).
- Jan-2021: MicroPort Scientific extended its French distribution partnership agreement with CardioFocus, a medical device company. This extended partnership is aimed to include both Portugal and Spain.
- May-2020: Acutus Medical joined hands with Biotronik, a limited partnership multi-national cardiovascular biomedical research and technology company. This collaboration aimed to provide a comprehensive portfolio of electrophysiology, mapping, ablation & accessory products for catheter-based treatment of cardiac arrhythmias across select markets, comprising Europe & Asia. In addition, the collaboration aimed to optimise care for arrhythmia patients with a range of devices & monitors that is expected to be linked digitally.
Approvals and Trials:
- Jan-2022: Abbott Laboratories received approval from the FDA for the EnSite X EP System with EnSite Omnipolar Technology (OT). This product is a new cardiac mapping platform that is made available in the US and all over Europe, it is made to assist physicians to treat abnormal heart rhythms in enhanced manner, which is also termed as cardiac arrhythmias. Created with input from electrophysiologists from all over the world, the system displays accurately detailed three-dimensional maps of the heart to assist the physicians identify & then treat areas of the heart where abnormal rhythms take place.
- Feb-2022: Medtronic recieved approval from FDA for Freezor & Freezor Xtra Cardiac Cryoablation Catheters. It is the sole ablation catheters approved to treat rising presence of pediatric Atrioventricular Nodal Reentrant Tachycardia (AVNRT).
- Jun-2021: Siemens Healthineers received an approval from CE for AcuNav Volume ICE (Intracardiac Echocardiography) catheter. It is a therapy-enabling imaging guide that gives real-time, wide-angle visualization of heart anatomy during the procedure of Structural Heart and Electrophysiology.
- May-2021: Acutus Medical received an approval from CE for for a large suite of EP products. These products is expected to comprise the AcQCross family of universal transseptal crossing devices, the next generation AcQGuide MAX & VUE large bore delivery sheaths & the next generation AcQMap mapping catheter. These products are created in a way to streamline procedural workflow in all left heart procedures & further enhance ease-of-use of Acutus’ proprietary non-contact mapping technology, which enables electrophysiologists to swiftly and precisely map the most complex atrial arrhythmias in minutes.
- Nov-2020: Abbott received approval from CE in Australia for EnSite X EP System, and launched the system all over Australia & Europe. This device is the sole system that provides the choice to traverse inside the cardiac anatomy two different ways on one platform. This cardiac mapping platform builds upon the company's electrophysiology portfolio & is created to better in a manner physicians deliver ablation therapy to treat abnormal heart rhythms.
- Mar-2020: Stereotaxis received an approval from FDS for Genesis RMN System. It is used for robotic navigation of magnetic ablation catheters to treat heart rhythm disorders. This newly approved system is build upon the established advantages & reliability of RMN in an innovative architecture that is quicker, smaller, lighter & more flexible. It uses smaller magnets rotated with their center-of-mass for raised speed & control.
Product Launches and Product Expansions:
- Aug-2020: Koninklijke Philips launched its novel KODEX-EPD cardiac imaging and mapping system, a new imaging & workflow enhancements. This system is utilized to treat patients with Atrial Fibrillation (AF), a common heart rhythm disorder, at 40 sites all over world & over 1500 patients treated. This new launch comprises betterment in imaging & mapping performance, along with improved features to assist cryoablation procedures.
- May-2019: Johnson & Johnson unveiled a new cloud-based network, Biosense Webster's CARTONET platform to join up the field's myriad devices & share the data used in practice. This platform is expected to target to let doctors & health systems easily communicate & review case information like as videos & 3D image files received during the procedure of ablation, also comprising from the company's CARTO 3 mapping system & make the data accessible on any laptop computer or tablet.
- Jun-2019: Abbott introduced HD grid mapping catheter, which is sensor permitted in India. This catheter positions a design that enables physicians to see things different manner, capturing & analyzing data in a novel manner to display accurately detailed maps of the heart that distinguish healthy from unhealthy tissue in better way. This new mapping catheter is to enhance how physicians perform the procedure of cardiac ablation, comprising cardiac mapping systems & treatment catheters. This product has received USFDA clearance last year in May.
Acquisitions and Mergers:
- Jan-2022: Medtronic signed an agreement to acquire Affera, a medical technology company. This acquisition is expected to widen the Medtronic portfolio of advanced cardiac ablation products & accessories to match physician requirements among rising patient population. Full-suite of solutions & technologies of Affera is expected to suit the present Medtronic atrial & ventricular arrhythmia disease management portfolio.
- Oct-2021: Boston Scientific signed an agreement to acquire Baylis Medical Company. This acquisition is expected to widen the Boston Scientific electrophysiology & structural heart product portfolios to comprise the radiofrequency (RF) NRG & VersaCross Transseptal Platforms and family of guidewires, sheaths, and dilators utilized to assist left heart access. These platforms have advanced transseptal puncture & are proven clinically to improve safety, efficacy, and efficiency when crossing the atrial septum to give therapies in the left side of the heart, like as atrial fibrillation ablation, left atrial appendage closure (LAAC) & mitral valve interventions.
- Jun-2021: Boston Scientific took over Farapulse by chosing its option to purchase the shares of Farapulse. Under this acquisition, Boston Scientific electrophysiology portfolio is expected to comprise Farapulse Field Ablation (PFA) system. In addition, Farapulse Field Ablation system is a non-thermal ablation system for the treatment of atrial fibrillation (AF) & other cardiac arrhythmias.
Scope of the Study
Market Segments Covered in the Report:
By Type
- Electrophysiology Laboratory Devices
- ICE Ultrasound Imaging Systems
- Electrophysiology X-Ray Systems
- Radiofrequency (RF) Ablation Systems
- 3D Mapping Systems & Electrophysiology Recording Systems
- Electrophysiology Remote Magnetic & Robotic Navigation Systems
- Electrophysiology Diagnostic Catheters
- Conventional
- Ultrasound
- Advanced
- Electrophysiology Ablation Catheters
- Laser
- Cryoablation
- Radiofrequency (RF) & Microwave
- Electrophysiology Access Devices
- Others
- Hospitals & Cardiac centres
- Ambulatory Surgery Centers
- Atrial Fibrillation
- Atrial Flutter
- AVNRT & WPW
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Abbott Laboratories
- Boston Scientific Corporation
- General Electric (GE) Co. (GE Healthcare)
- Medtronic PLC
- Koninklijke Philips N.V.
- Siemens Healthineers AG
- Johnson & Johnson
- MicroPort Scientific Corporation
- Stereotaxis Inc.
- Acutus Medical, Inc.
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Global Electrophysiology Market by Type
Chapter 5. Global Electrophysiology Market by End User
Chapter 6. Global Electrophysiology Market by Indication type
Chapter 7. Global Electrophysiology Market by Region
Chapter 8. Company Profiles
Companies Mentioned
- Abbott Laboratories
- Boston Scientific Corporation
- General Electric (GE) Co. (GE Healthcare)
- Medtronic PLC
- Koninklijke Philips N.V.
- Siemens Healthineers AG
- Johnson & Johnson
- MicroPort Scientific Corporation
- Stereotaxis Inc.
- Acutus Medical, Inc.
Methodology
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