USD 6.10 billion
Global Electrophysiology Devices Market Size, Share, Growth Analysis, By Application(Treatment Devices, and Diagnostic Devices), By Indication(Atrial Fibrillation (AF), Supraventricular Tachycardia), By End-Use(Hospitals, Ambulatory Surgical Centers) - Industry Forecast 2024-2031
Report ID:
SQMIG35A2420 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|
Tables:
92 |
Figures:
76
Global Electrophysiology Devices Market Insights
Global Electrophysiology Devices Market size was valued at USD 6.10 billion in 2022 and is poised to grow from USD 6.78 billion in 2023 to USD 15.81 billion by 2031, growing at a CAGR of 11.16% during the forecast period (2024-2031).
The growing use of electrophysiology (EP) tests in both the prevention and treatment of heart diseases such as atrial fibrillation, as well as the increased demand for equipment for cardiac rhythm leadership for continuous monitoring and the increasing application of these gadgets in out-of-hospital settings, are driving industry growth. Sedentary lifestyles, cigarette smoking, excessive alcohol use, and other factors are all contributing to an increase in the occurrence of heart failure, sudden cardiac arrest, and AF among millennials. Furthermore, Europeans are more susceptible to atrial fibrillation than African Americans. According to the European Society of Cardiology, one of the leading causes of death in Western countries is abrupt cardiac arrest caused by an irregular heart rhythm. Every year, around one in every 1,000 persons is affected. Cardiology specialist equipment used for the detection and management of heart arrhythmias is electrophysiology devices. As a result, the rising prevalence of heart disease is fueling market expansion. EP has made mobile cardiac monitoring and ambulatory electrocardiogram (ECG) tracking more accessible. Remote monitoring of implanted cardiac devices, data storage in the public internet, and the addition of wireless transmission are projected to drive market expansion.
It enables healthcare providers to gain access to patient information, such as 3D photos and movies obtained during ablation treatments. Patients' preference for minimally invasive operations has grown in recent years. Cryoablation, laser therapy, ultrasonic ablation, and better mapping technologies are also anticipated to be beneficial to the sector. Medtronic, for example, got U.S. FDA approval in February 2022 for the Freezor & Freezor Xtra Cardiac Cryoablation Focal Catheters for the management of Atrioventricular Nodal Reentrant Tachycardia (AVNRT) in pediatric patients.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Diagnostic Devices
Fastest Growth
Diagnostic Devices
Growth Rate
11.16% CAGR
Global Electrophysiology Devices Market ($ Bn)
Country Share for North America Region (%)
Global Electrophysiology Devices Market By Application ($ Bn)
Global Electrophysiology Devices Market By Application (%)
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Global Electrophysiology Devices Market Segmental Analysis
The global electrophysiology devices market is segmented on the basis of application, indication, end-use, and region. Based on application, the market is segmented into treatment devices, and diagnostic devices. Based on indication, the market is segmented into Atrial Fibrillation (AF), Supraventricular Tachycardia, Atrioventricular Nodal Re-entry Tachycardia (AVNRT), Wolff-Parkinson-White Syndrome (WPW), Bradycardia, and other. Based on end-use the market is segmented into hospitals, ambulatory surgical centers, and others. Based on region the global Electrophysiology Devices Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Electrophysiology Devices Market Analysis by Application
The diagnostic equipment segment was responsible for more than 52.1% of global revenue. The segment's significant share is due to the widespread use of cardiac monitors as a standard diagnosis and monitoring tool for arrhythmias, as well as the increasing acceptance of ambulatory monitoring equipment. Holter monitors, electrocardiographs (ECG), diagnostic catheters, mapping and imaging devices, and insertable cardiac monitors are examples of EP diagnostic equipment. The increasing use of such instruments in percutaneous medical procedures including catheter placement, as well as the development of portable and digital systems, are likely to fuel sector growth over the forecast period.
The acquisition would help Philips develop its cardiac diagnostic and monitoring business by leveraging the company's AI and cloud capabilities. Increased investment in new technology is anticipated to favor segment growth. During the projected period, the treatment equipment segment is expected to grow at a maximum CAGR of 11.62%. Implantable Cardioverter Defibrillators (ICD), Automatic External Defibrillators (AEDs), heart rate monitors, and catheters are all part of the therapeutic devices section. The increased prevalence of atrial fibrillation and arrhythmia, as well as the increasing acceptance of cardiac implanted electronic devices and healthcare approvals, are all boosting category growth. For example, Abbott got FDA approval for the EnSite X EP System using EnSite omnipolar technology in January 2022 for the treatment of arrhythmias in the heart.
Electrophysiology Devices Market Analysis by Indication
In 2023, the atrial fibrillation category dominated the market, accounting for more than 32.3% of total revenue. It is the most frequent type of arrhythmia, and it is linked to an increased risk of stroke and clotting of the blood. According to the British Heart Association, around 1.5 million people in the United Kingdom will have atrial fibrillation by 2023. Furthermore, an estimated 270,000 people aged 65 and up in the country have undetected atrial fibrillation. The high frequency of the condition accounts for the lion's share of the sector.
Innovative smartphone applications that connect arrhythmic patients with healthcare professionals have been created in recent years. Furthermore, hospitals and professional settings are taking steps to incorporate arrhythmia care into their treatment plans. During the forecast period, the Supraventricular Tachycardia (SVT) segment is expected to increase at a rate of 12.27%. Increased research to establish a therapy for SVT, rising medical expenses, and an increase in emergency admissions are all anticipated to favor sector expansion. SVT has a rate of 2.25 cases per 1,000 in the population as a whole, with a rate of 35 cases per 100,000 patients, according to a study released by the National Library of Medicine.
Global Electrophysiology Devices Market By Application, 2023 (%)
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Global Electrophysiology Devices Market Regional Insights
North America dominated the industry, accounting for more than 37.5% of worldwide sales in 2023, owing to high rates of heart failure, heart attack, and cardiac arrhythmia. The availability of modern healthcare infrastructure and favorable reimbursement policies is likely to support the region's growth over the forecast period.
The Asia Pacific market is expected to develop at the quickest rate during the projected period. The region's expansion is being driven mostly by a large aging population, an increasing risk of heart disease, and unmet therapeutic needs. Furthermore, manufacturers are likely to benefit from improved healthcare infrastructure, increased patient awareness, & rising spending on healthcare levels in the region in order to capitalize on these potential prospects. Rapid developments in healthcare facilities as well as rising disposable wealth in emerging markets like China and India, are likely to stimulate interest in EP systems.
Global Electrophysiology Devices Market By Geography, 2024-2031
- Largest
- Fastest
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Global Electrophysiology Devices Market Dynamics
Electrophysiology Devices Market Drivers
Increasing Prevalence of Cardiac Arrhythmias
- The growing prevalence of cardiac arrhythmias, such as atrial fibrillation and ventricular tachycardia, is a major driver of the electrophysiology devices market. These conditions require accurate diagnosis and treatment, which can be facilitated by electrophysiology devices.
Electrophysiology Devices Market Restraints
High Cost of Electrophysiology Devices
- Electrophysiology devices can be expensive, which can limit their adoption, particularly in regions with limited healthcare budgets or in healthcare systems with strict reimbursement policies. The high cost of these devices can act as a restraint in the market.
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Global Electrophysiology Devices Market Competitive Landscape
The market is extremely competitive, with players pursuing new product development and large R&D investments as a long-term strategy. Companies around the world are pursuing an inorganic growth approach to expand product portfolios and gain a presence in the sector. For example, Boston Scientific Corp. finalized the acquisition of Baylis Medical firm Inc. in February 2022, a firm specializing in providing an advanced transseptal option for catheter-based treatments on the left side of the heart.
Electrophysiology Devices Market Top Player’s Company Profiles
- Biosense Webster (a Johnson & Johnson company)
- St. Jude Medical (part of Abbott Laboratories)
- Siemens Healthineers
- Koninklijke Philips N.V.
- GE Healthcare
- MicroPort Scientific Corporation
- Biotronik SE & Co. KG
- CardioFocus Inc.
- LivaNova PLC
- Penumbra, Inc.
- Stereotaxis, Inc.
- nContact, Inc. (part of AtriCure, Inc.)
- Advanced Cardiac Therapeutics, Inc.
- CathRx Ltd.
- Osypka Medical GmbH
- Auris Health, Inc. (part of Johnson & Johnson)
- AngioDynamics, Inc.
Electrophysiology Devices Market Recent Developments
- The U.S. Food and Drug Administration (FDA) approved Boston Scientific Corporation's POLARx Cryoablation System in October 2023. This system includes the POLARx FIT Cryoablation Balloon Catheter, which allows for the use of two distinct balloon diameters in a single catheter to treat patients with paroxysmal atrial fibrillation (AF).
- Several atrial fibrillation ablation solutions that Biosense Webster can use in a workflow without fluoroscopy during catheter ablation operations were approved in August 2023.
- In September 2023, Kestra Medical Technologies launched the ASSURE Clinician Experience (ACE), a program that lets electrophysiology and cardiology professionals wear and simulate use of the ASSURE Wearable Cardioverter Defibrillator (WCD) system. Clinicians that join will be measured, fit, and trained in the use of a demonstration ASSURE WCD System and experience everyday usage of the ASSURE system while participating in conference activities.
- Abbott received FDA approval in May 2023 for their TactiFlex Ablation Catheter, Sensor Enabled, the first ablation catheter with a flexible tip and contact force technology. Compared to earlier-generation catheters, the TactiFlex catheter offers improved safety and shorter operation times for the treatment of atrial fibrillation (AFib).
Global Electrophysiology Devices Key Market Trends
- Minimally invasive procedures: There is a growing trend towards minimally invasive procedures in the field of electrophysiology. Advances in technology and device design have enabled the development of catheter-based techniques that allow for precise diagnosis and treatment of cardiac arrhythmias with reduced patient discomfort, shorter recovery times, and lower risk of complications.
- Integration of imaging technologies: Electrophysiology devices are increasingly incorporating advanced imaging technologies such as fluoroscopy, ultrasound, and three-dimensional mapping systems. These imaging modalities provide real-time visualization of the heart's electrical activity, aiding in accurate diagnosis, procedure planning, and guiding catheter placement during ablation procedures.
- Adoption of robotic-assisted procedures: Robotic-assisted electrophysiology procedures are gaining traction. Robotic systems offer enhanced precision, stability, and maneuverability during catheter manipulations, reducing the risk of human error and improving overall procedural outcomes. The use of robotic systems allows for better control and access to anatomical regions that are difficult to reach manually.
- Expansion in atrial fibrillation treatment: Atrial fibrillation (AF) is one of the most common cardiac arrhythmias, and its treatment represents a significant market opportunity. Electrophysiology devices, particularly those used for AF ablation, are experiencing strong growth due to the increasing prevalence of AF and the demand for effective treatment options to restore normal heart rhythm and improve patient outcomes.
Global Electrophysiology Devices Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global electrophysiology devices market analysis, the growing use of electrophysiology (EP) tests in both the prevention and treatment of heart diseases such as atrial fibrillation, as well as the increased demand for equipment for cardiac rhythm leadership for continuous monitoring and the increasing application of these gadgets in out-of-hospital settings, are driving industry growth. Sedentary lifestyles, cigarette smoking, excessive alcohol use, and other factors are all contributing to an increase in the occurrence of heart failure, sudden cardiac arrest, and AF among millennials
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 6.10 billion |
| Market size value in 2031 | USD 15.81 billion |
| Growth Rate | 11.16% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Electrophysiology Devices Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Electrophysiology Devices Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Electrophysiology Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Electrophysiology Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Electrophysiology Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Electrophysiology Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Electrophysiology Devices Market Report Snapshots
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