USD 4.48 billion
Global Electrophysiology Market Size, Share, Growth Analysis, By Type(Ablation Catheters, Diagnostic Catheters), By Application(Atrial Fibrillation, Supraventricular Tachycardia (SVT)), By End-use(Hospitals & ASCs, Specialty Clinics & Diagnostic Centers) - Industry Forecast 2024-2031
Report ID:
SQMIG35A2602 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
92 |
Figures:
76
Global Electrophysiology Market Insights
Global Electrophysiology Market size was valued at USD 4.48 billion in 2019 and is poised to grow from USD 5 billion in 2023 to USD 13.2 billion by 2031, growing at a CAGR of 11.47% in the forecast period (2024-2031).
The global electrophysiology market is growing due to factors such as technological advancements, new market entrants, increasing investments, funds, and grants, and an increase in the incidence of target diseases and procedures. Emerging markets are also expected to provide significant growth opportunities for market participants. However, factors such as the high cost of electrophysiology products, insufficient reimbursement, unfavourable healthcare reforms in the United States, the cost-intensive requirement for clinical data for new product launches, and the availability of alternative technologies are expected to limit the market's growth in the coming years. Some of the challenges in this market include device reuse and reprocessing, as well as a shortage of skilled and experienced electrophysiologists.
Moreover, technological advancement is a factor in the growth of the electrophysiological market. For example, in March 2020, Stereotaxis received 510(k) clearance from the US Food and Drug Administration (FDA) for the robotic navigation of magnetic ablation catheters to treat heart rhythm disorders. Furthermore, market participants are increasing their market share through various strategies such as collaborations, partnerships, product approvals, and clearances. For example, in April 2022, Transit Scientific announced that its XO Cross Support Catheter Platform had been cleared by the US Food and Drug Administration for coronary use. The platform is intended to guide and support a guidewire during access to the peripheral or coronary vasculature, as well as to allow wire exchanges and to serve as a conduit for drug delivery.
US Electrophysiology Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Hospitals & ASCs
Fastest Growth
Specialty Clinics & Diagnostic Centers
Growth Rate
11.47% CAGR
Global Electrophysiology Market, 2021-2028($ Bn)
Country Share for North America Region- 2021 (%)
Global Electrophysiology Market Size By End-use , 2021-2028 ($ Bn)
Global Electrophysiology Market Size By End-use, 2021-2028 (%)
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Global Electrophysiology Market Segmental Analysis
The global electrophysiology market is segmented based on type, end user, application and region. Based on the type, it is segmented into ablation catheters, diagnostic catheters, mapping systems, accessories, and others. Based on application, it is segmented into atrial fibrillation, supraventricular tachycardia (SVT), ventricular tachycardia, and others. Based on end user, it is segmented into hospitals & ASCS, specialty clinics & diagnostic centers. Based on region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Electrophysiology Market Analysis by Type
In 2021, the ablation catheters segment dominated the electrophysiology market. The increasing use of ablation procedures for the treatment of atrial fibrillation is driving this segment. The diagnostic catheters segment, on the other hand, is expected to grow at a significant CAGR during the forecast period. Rising market investment in the development of novel mapping systems and catheters is one of the major factors expected to propel the segment's growth in the coming years.
Electrophysiology Market Analysis by End-use
The hospitals and ASCs segment has a sizable market share and is expected to grow at a relatively rapid CAGR during the forecast period. The adoption of technologically advanced electrophysiological procedures and devices in hospitals by interventional cardiologists is increasing hospital demand for these devices. Furthermore, a greater preference for ASCs for cardiology ablation procedures results in a large patient pool undergoing procedures in ASCs. This is fueling ASC demand for these devices, particularly in the United States. The segment of specialty clinics and diagnostic centres is expected to grow at a significant CAGR during the forecast period, owing to the emergence of cardiac catheterization clinics and the increasing number of diagnostic centres performing the procedure.
Global Electrophysiology Market By End-use, 2021(%), 2023 (%)
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Global Electrophysiology Market Regional Insights
The global electrophysiology market is studied on the basis of geography as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is expected to dominate the global electrophysiology market. The region's market dominance can be attributed to the rising prevalence of heart failure (HF), cardiac arrest, and cardiac arrhythmia as a result of unhealthy lifestyles and increased smoking and alcohol consumption. One of the major factors expected to drive market growth is the presence of adequate reimbursement policies in the region. The European market for electrophysiology devices is expected to grow significantly. The increasing prevalence of cardiovascular diseases in Europe is expected to increase demand for electrophysiology devices in the region. According to a study published in the NCBI, the prevalence of atrial fibrillation in Germany is estimated to be around 2.3% of the total population.
Due to the rapidly increasing incidence of cardiovascular diseases, Asia Pacific is expected to grow at a significant CAGR during the forecast period. The region's rapidly developing healthcare infrastructure and rising healthcare expenditure levels are expected to boost investment by key market players. This is also expected to result in the introduction of new electrophysiology devices in Asia Pacific. The emergence of domestic players will result in intense price competition, driving demand for low-cost devices in the region.
Global Electrophysiology Market By Geography, 2021 - 2028, 2024-2031
- Largest
- Fastest
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Global Electrophysiology Market Dynamics
Electrophysiology Market Driver
- The increasing prevalence of atrial fibrillation, supraventricular tachycardia, and other heart conditions is driving up demand for electrophysiology. According to the CDC, atrial fibrillation affects 0.5% of the global population. Furthermore, approximately 2.0% of the population under the age of 65 suffers from the condition, while approximately 9.0% of the population over the age of 65 suffers from it globally in 2021. Another serious condition is ventricular tachycardia, which is responsible for an estimated 300,000 deaths in the United States alone each year. Thus, one of the primary factors driving demand for these devices for diagnosis and monitoring is the increasing prevalence of cardiovascular disorders. According to the American Heart Association, cardiovascular disease affects nearly half of all adults in the United States.
Electrophysiology Market Restrain
- Frequent product recalls related to ablation procedures are one of the major factors expected to impede global market growth during the forecast period. Furthermore, in both developed and developing countries, a lack of adequate reimbursement policies has hampered the adoption of these devices. These are some of the major factors limiting market growth prospects.
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Global Electrophysiology Market Competitive Landscape
The Electrophysiology Market is highly competitive and dominated by a few major players. Furthermore, market participants are focusing on collaboration and partnership activities. For example, in June 2018, Koninklijke Philips N.V. acquired EPD Solutions, a pioneer in image-guided procedures for cardiac arrhythmias, in order to expand Philips' interventional imaging system portfolio. Few major players currently dominate the market in terms of market share. Abbott Laboratories, Boston Scientific Corporation, Biotronik SE & Co. KG, GE Healthcare, and Medtronic Plc are among the market players.
Top Players in Global Electrophysiology Market are
- Abbott Laboratories
- Biosense Webster, Inc.
- Boston Scientific Corporation
- Medtronic PLC
- MicroPort Scientific Corporation
- St. Jude Medical, Inc.
- Siemens Healthineers
- Koninklijke Philips N.V.
- GE Healthcare
- Nihon Kohden Corporation
- CardioFocus, Inc.
- Advanced Cardiac Therapeutics, Inc.
- Atricure, Inc.
- Biotronik SE & Co. KG
- CardioInsight Technologies, Inc.
- Catheter Precision, Inc.
- Catheter Robotics, Inc.
- Ep Solutions SA
- Lepu Medical Technology (Beijing) Co., Ltd.
- Osypka AG
Electrophysiology Market Recent Developments
- In February 2022, The US Food and Drug Administration has approved Abbott's EnSite X EP System with EnSite Omnipolar Technology (OT). It is a new cardiac mapping platform available in the United States and Europe that is intended to help physicians treat abnormal heart rhythms more effectively. The system generates highly detailed three-dimensional maps of the heart to assist physicians in identifying and treating abnormal rhythms in the heart.
- In April 2021, The FDA granted Medtronic plc Breakthrough Device Designation for its Emprint ablation catheter kit. The device has yet to be approved in the United States. The catheter can be used for minimally invasive lung cancer treatment.
Global Electrophysiology Key Market Trends
- One of the major factors influencing market growth is the introduction of technologically advanced devices. During the forecast period, the use of various advanced mapping and guidance systems that aid in improved monitoring of heart rhythm is expected to increase.
- Europeans are more likely than African Americans to develop atrial fibrillation. According to the European Society of Cardiology, one of the leading causes of death in Western countries is sudden cardiac arrest caused by an abnormal heart rhythm. Every year, it affects about one in every 1,000 people. Electrophysiology devices are pieces of cardiology specialty equipment used to diagnose and treat cardiac arrhythmias. As a result, the rising prevalence of heart disease is fueling market growth.
Global Electrophysiology Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global electrophysiology market analysis, the growing use of electrophysiology (EP) tests in the treatment and diagnosis of heart diseases such as atrial fibrillation, as well as the growing demand for devices for cardiac rhythm management for continuous monitoring and the increasing application of these devices in out-of-hospital settings, are driving industry growth. Sedentary lifestyles, smoking, excessive alcohol consumption, and other factors are all contributing to an increase in the prevalence of heart failure, cardiac arrest, and atrial fibrillation among millennials. According to the Centers for Disease Control and Prevention, approximately 12.1 million Americans will have atrial fibrillation by 2030.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 4.48 billion |
| Market size value in 2031 | USD 13.2 billion |
| Growth Rate | 11.47% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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:-
|
| Historical Year | 2019 |
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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 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 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 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 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 Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Electrophysiology 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 Market Report Snapshots
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