The size of the global electrophysiology market is projected to be worth USD 13.12 billion by 2026 and USD 8.22 billion in 2021, growing at a CAGR of 9.79% from 2021 to 2026.
Electrophysiology is a branch of science that helps assess electrical impulses in the human body and evaluate abnormal heartbeats. This technology made it doctors ease to effectively identify troublesome material with the help of 3d mapping and location. Unfortunately, as a result, there is a growing risk of various rhythm disorders, including unhealthy eating habits, smoking, alcoholism, and others.
The increasing pervasiveness of heart arrhythmias, ophthalmic issues, and epilepsy is a significant driver for the global electrophysiology market growth.
The growth of the global electrophysiology market is primarily driven by factors such as the growing geriatric population, rising incidence of chronic diseases, rising healthcare spending, new participants in the market, expanding investments, funds, and grants, healthcare reforms for infrastructure development, rising demand for advanced technologies, prominent players' growing emphasis on emerging markets, and less stringent regulations. In addition, with the rising post-pandemic need for standardized procedures to ensure optimum safety, the market is expected to develop significantly during the forecast period. The primary driver for market expansion is the growing number of instances of heart failure and other target illnesses. At the same time, advancements in electrophysiology technology and increased demand for the ablation catheter procedure are expected to fuel the market growth.
Over the forecast period, the market is further projected to be boosted by the introduction of new technologies such as cryoablation, laser ablation, ultrasonic ablation, and enhanced mapping technologies. The market is also being 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. 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 years. 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 the incidence of 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 main 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.
However, the government regulations, the high expense of treating complicated 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 European electrophysiology market. High installation costs and a lack of awareness are considerable challenges to the European 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 the electrophysiology industry. However, the implementation of 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 to the lockdown restrictions, there is an increase in the demand for the electrophysiology market.
Market Size Available
2020 to 2026
2021 to 2026
By Product, Indication, and Region
North America, Europe, Asia Pacific, Latin America, Middle East, and Africa
Various Analyses Analysed
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
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:
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 are effective in eliminating anomalous tissues of the heart 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 in 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:
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:
Geographically, North American dominates the global electrophysiology market, 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 in the future. North America accounts for a significant share in this market 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 of the market are also driving the growth in the region.
The next in the lead is in the Asia Pacific, followed by Europe. 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, and 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.
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:
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.1 Electrophysiology Diagnostic Catheters
184.108.40.206 into Advanced Electrophysiology Diagnostic Catheters
220.127.116.11 Conventional Electrophysiology Diagnostic Catheters
18.104.22.168 Ultrasound Electrophysiology Diagnostic Catheters
5.1.2 Electrophysiology Ablation Catheters
22.214.171.124 Radiofrequency (RF) Ablation Catheters
126.96.36.199 Cryoablation Electrophysiology Catheters
188.8.131.52 Laser Ablation Systems
184.108.40.206 Microwave Ablation Systems
220.127.116.11 Navigational Advanced Mapping Accessories
5.1.3 Electrophysiology Laboratory Devices
18.104.22.168 Electrophysiology Recording Systems
22.214.171.124 3D Mapping Systems
126.96.36.199 Radiofrequency (RF) Ablation Generators
188.8.131.52 Electrophysiology X-Ray Systems
184.108.40.206 Intracardiac Echocardiography (ICE) Systems
220.127.116.11 Electrophysiology Remote Steering Systems
5.1.4 Access Devices
5.1.5 Y-o-Y Growth Analysis, By Product
5.1.6 Market Attractiveness Analysis, By Product
5.1.7 Market Share Analysis, By Product
5.2.1 Atrial Flutter
5.2.2 Atrial Fibrillation
5.2.3 Wolff-Parkinson-White Syndrome
5.2.4 Atrioventricular Nodal Re-entry Tachycardia
5.2.5 Other Indications
5.2.6 Y-o-Y Growth Analysis, By Indication
5.2.7 Market Attractiveness Analysis, By Indication
5.2.8 Market Share Analysis, By Indication
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
18.104.22.168 By Product
22.214.171.124 By Indication
6.1.4 Market Attractiveness Analysis
126.96.36.199 By Product
188.8.131.52 By Indication
6.1.5 Market Share Analysis
184.108.40.206 By Product
220.127.116.11 By Indication
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Boston Scientific Corporation
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 GE Healthcare
8.3 Abbott Laboratories
8.4 Biosense Webster, Inc.
8.5 Microport Scientific Corporation
8.6 St. Jude Medical, Inc.
8.7 BIOTRONIK SE & Co. KG
8.8 Koninklijke Philips N.V.
8.9 Medtronic, Inc.
8.10 Siemens AG
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures