Electrophysiology Market Size By Product (EP Ablation Catheters {Radiofrequency (RF), Cryoablation, Laser}, EP Diagnostic Catheters {Conventional, Advanced, Ultrasound}, EP Laboratory Devices {Mapping Systems, Recording Systems}), By Indication (Atrial Fibrillation, Ventricular Tachycardia, Atrial Tachycardia, Atrial Flutter, WOLFF-Parkinson-White (WPW) Syndrome, Atrioventricular Nodal Re-entry Tachycardia), By End-use (Hospitals, Catheterization/EP Laboratories, Ambulatory Surgical Centers), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

Industry trends

Electrophysiology (EP) Market size exceeded USD 4.5 billion in 2020 and is anticipated to grow at over 12.4% CAGR between 2021 and 2027. Growing number of cases of cardiac arrhythmia globally owing to adoption of unhealthy lifestyle will augment the market growth. Acceptance of technological advanced products to enhance treatment will thereby accelerate the demand for electrophysiology products in the coming years.
 

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Growing geriatric population base along with increasing prevalence of cardiac rhythm is one of the major factors driving the market expansion. According to the World Health Organization (WHO), in 2019, people aged 60 years and older accounted for around a billion. This number is projected to increase to 1.4 billion by 2030 and 2.1 billion by 2050. Adding to this, as per study of European Society of Cardiology, approximately 7.6 million individuals over age 65 in the Europe suffered from atrial fibrillation in 2016 and this will increase by 89% to 14.4 million by 2060. Elderly patients are vulnerable to stroke. Hence, in order to cater to rising patient population, market players are involved in development of effective products that will benefit the overall industry growth.
 

Increasing technological advancements in electrophysiology devices along with rising usage will impel the market progression. Advances in electrophysiology has contributed to enhancement of atrial fibrillation (AF) treatment outcomes and developed devices that makes procedures less invasive. Thus, growing development of such procedure technologies for better results will stimulate the industry revenue potential. However, high capital, procedure and maintenance costs will hinder the industry expansion.
 

The global pandemic has affected millions of people worldwide, resulting into high mortality. Due to lockdown and movement restrictions, various medical procedures witnessed significant decline in the initial period. Strict regulations related to non-emergency medical procedures and high infection rate kept the number of electrophysiology procedures low. However, with rise in patient pool and gradual decline in COVID-19 cases, the market will continue to foresee substantial growth during the forecast timeline.
 

High efficiency of ablation procedures will offer several growth opportunities

EP ablation catheters segment held around 47% of the electrophysiology market share in 2020. Among EP ablation catheters, cryoablation is majorly growing segment owing to its superior therapeutic advantages. Ablation catheters deliver minimally invasive way to efficiently treat wide range of arrhythmias with lesser pain and blood loss. Moreover, shorter procedure time coupled with rapid advances that increase procedure’s success rate will the adoption and demand for ablation catheters in the coming years.
 

Growing prevalence of atrial fibrillation will spur the EP product demand

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Atrial fibrillation segment is expected to showcase 12.5% growth rate through 2027. Acceptance of ablation procedures has increased for the treatment of atrial fibrillation. According to CDC, around 12.1 million people are slated to diagnosed with Atrial fibrillation in U.S. by 2030.
 

Development of advanced catheters and other devices by market players is assisting electrophysiologists in effectively treating patients with AF. For instance, Johnson & Johnson received approval for its THERMOCOOL SMARTTOUCH SF Ablation Catheter. The product is indicated towards persistent AF treatment.

Increasing preference of patients towards hospitals offers significant growth opportunities

Hospitals segment is poised to expand at more than 12.3% CAGR till 2027. Increased spending capacity of hospitals on innovative EP products along with presence of skilled expertise is primarily fostering the segment growth. In addition, increasing number of patient visits to the hospitals well-equipped with electrophysiology departments will drive the segment expansion.
 

Rising prevalence of cardiac arrhythmias will continue to strengthen the growth for North America region

North America electrophysiology market captured over 33% of revenue share in 2020 led by increasing prevalence of arrhythmias that is boosting the demand for electrophysiology in the region. According to the report published by American Heart Association Research, in 2017, approximately 92.1 million American adults suffered from some form of cardiovascular disorder or the post-effects of stroke. Hence, growing incidence of lifestyle-associated factors and unhealthy dietary habits will influence the market. Adding to this, increasing number of ablation centres and procedures coupled with growing use of electrophysiology devices rate will positively impact the regional growth.
 

Product innovations and partnerships to widen offerings are assisting the firms in business expansion

The global market consists of several players including Abbott Laboratories, Biotronik SE & Co KG, Boston Scientific Corporation, GE Healthcare, Japan Lifeline, Johnson & Johnson, Koninklijke Philips and Medtronic. These companies are adopting several expansion and growth strategies such as partnerships, acquisitions and product launches to increase their market presence.
 

Some of the recent industry developments:

• In November 2020, Japan Lifeline entered in partnership with Baylis Medical to introduce advanced electrophysiology procedures in Europe. This has allowed business expansion of the firm in European countries
   
• In September 2020, MicroPort EP has received registration approval from Australia’s TGA for its EasyFinder Fixed Curve Diagnostic Catheter and EasyFinder Steerable Curve Diagnostic Catheter. The launch of new products in future will fuel the revenue growth of the firm.
   

The Electrophysiology (EP) market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027 for the following segments:

Market, By Product

• EP Ablation Catheters
  • Radiofrequency (RF)
  • Cryoablation
  • Laser
  • Others
• EP Diagnostic Catheters
  • Conventional
  • Advanced
  • Ultrasound
• EP Laboratory Devices
  • Mapping Systems
  • Recording Systems
  • Others

Market, By Indication

• Atrial Fibrillation
• Ventricular Tachycardia
• Atrial Tachycardia
• Atrial Flutter
• WOLFF-Parkinson-White (WPW) Syndrome
• Atrioventricular Nodal Reentry Tachycardia

Market, By End-use

• Hospitals
• Catheterization/EP Laboratories
• Ambulatory Surgical Centers
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Russia
  • Ukraine
  • Poland
  • Switzerland
  • Belgium
  • Greece
  • Czech Republic
  • The Netherlands
  • Sweden
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Malaysia
  • Thailand
  • Indonesia
  • Singapore
  • Taiwan
  • Philippines
  • Vietnam
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Kuwait
  • UAE