Electrophysiology Market Analysis

Global Electrophysiology Market Overview

The Electrophysiology Market Size was valued at USD 7.1 Billion in 2022 and is projected to grow from USD 7.8 Billion in 2023 to USD 16.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.80% during the forecast period (2023 - 2032). Growing demand for cardiac rhythm management devices and increasing usage of electrophysiology (EP) tests in the diagnosis and treatment of heart disorders, are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Electrophysiology Market Trends

• Increasing use of electrophysiology (EP) test in the treatment and diagnosis of heart diseases is driving the market growth

Growing demand for devices for cardiac rhythm management for continuous monitoring, increasing use of these devices in non-hospital settings, and increasing use of Electrophysiology (EP) tests in the treatment and diagnosis of heart diseases, such as atrial fibrillation, are driving the industry's expansion. Due to factors including smoking, drinking too much alcohol, living sedentary lifestyles, and atrial fibrillation, millennials are more likely to experience these conditions. By 2030, the CDC projects that 12.1 million Americans will be affected by atrial fibrillation. Additionally, compared to African Americans, Europeans are more prone to atrial fibrillation. According to the European Society of Cardiology, one of the main causes of death in western countries is abrupt cardiac arrest brought on by an irregular heart rhythm. Every year, it affects about 1 in 1000 people. Cardiology specialist equipment used to diagnose and treat cardiac arrhythmias includes electrophysiology devices. Thus, the market growth is being boosted by the rising frequency of heart illnesses. Ambulatory ECG monitoring and mobile cardiac telemetry have been made easier by EP. Technology developments such cloud data storage, wireless transmission, and remote monitoring of implantable cardiac devices are anticipated to drive market expansion.

The demand for electrophysiological devices is rising as atrial fibrillation, supraventricular tachycardia, and other heart disorders become more common. For instance, the CDC estimates that 0.5% of the world's population has atrial fibrillation. Additionally, the disorder affects about 2.0% of people under the age of 65, whereas it affected about 9.0% of people over the age of 65 globally in 2019. Another dangerous disorder, ventricular tachycardia, is thought to be the cause of 300,000 fatalities annually in the United States alone. Thus, one of the main factors driving the need for these devices for diagnosis and monitoring is the rising prevalence of cardiovascular illnesses. Nearly half of American people, according to the American Heart Association, have cardiovascular disease. Additionally, atrial fibrillation (AF), which currently affects more than 16 million individuals in Asia Pacific, is expected to affect 72 million people by the year 2050, according to a report released by Biosense Webster Inc., a subsidiary of Johnson & Johnson Services. Thus, driving the Electrophysiology market revenue.

Electrophysiology Market Segment Insights

Electrophysiology Product Insights

The Market segments of Electrophysiology, based on product, includes EP ablation catheters, EP laboratory devices, EP diagnostic catheters, access devices, and others. EP laboratory devices segment dominated the global market in 2022. This segment's significant market share can be attributed to a number of factors, including an increase in public-private funding for the development of novel electrophysiology recording systems, an increase in the number of RF ablation procedures, their cost-effectiveness when compared to other ablation techniques, and the expansion of their availability in key markets.

Electrophysiology Indication Insights

The Electrophysiology Market segmentation, based on Indication, includes atrial fibrillation (AF), atrial flutter, Wolff-Parkinson-White Syndrome (WPW), Atrioventricular Nodal Reentry Tachycardia (AVNRT), and others. Atrial fibrillation (AF) segment dominated the global market in 2022. It is the type of arrhythmia that occurs most frequently and is closely associated with a significant risk of blood clotting and stroke. In 2022, the British Heart Association predicts that 1.5 million people in the United Kingdom will have atrial fibrillation. In addition, the nation's undetected atrial fibrillation affects an estimated 270,000 people 65 and older. The significant portion of the section is caused by the disease's high prevalence.

Electrophysiology End User Insights

The Market segmentation of Electrophysiology, based on end user, includes hospitals & cardiac centers, ambulatory surgery centers, and others. Hospitals & cardiac centers segment dominated the Electrophysiology Market in 2022. The majority of the market is accounted for by interventional cardiologists' use of cutting-edge cardiac rhythm management and EP technologies as well as the growing prevalence of cardiovascular disease (CVD). According to a study released in April 2018, daily short-term rhythm strip recordings revealed a rise of 13.0% in the older population admitted to hospitals for atrial fibrillation, bringing the prevalence of the condition to 46.0% overall among patients.

Figure 1: Electrophysiology Market, by End User, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Electrophysiology Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Electrophysiology Market dominated this market in 2022 (45.80%). The high rates of heart failure, cardiac arrest, and cardiac arrhythmia are to blame for this. During the projected period, the availability of modern healthcare infrastructure and kind reimbursement policies is anticipated to fuel the region's expansion. Further, the U.S. market of electrophysiology held the largest market share, and the Canada market of electrophysiology was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: ELECTROPHYSIOLOGY MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Electrophysiology market accounted for the healthy market share in 2022. The market for EP systems is expected to expand because to the quick expansion of the healthcare infrastructure and the rise in disposable income in emerging economies like Spain and Italy. The region's technological developments are also a role in the market's expansion. Further, the German market of electrophysiology held the largest market share, and the U.K market of electrophysiology was the fastest growing market in the European region

The Asia Pacific Electrophysiology market is expected to register significant growth from 2023 to 2032. The region's expansion is mostly being fueled by the high elderly population, rising risk of cardiac illnesses, and unmet clinical needs. Additionally, it is anticipated that the region's expanding healthcare spending rates, better patient awareness levels, and improved healthcare infrastructure will help manufacturers take advantage of these prospects. Moreover, China’s market of electrophysiology held the largest market share and the Indian market of electrophysiology was the fastest growing market in the Asia-Pacific region.

Electrophysiology Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the market of electrophysiology, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Electrophysiology industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Electrophysiology industry to benefit clients and increase the market sector. In recent years, the Electrophysiology industry has offered some of the most significant advantages to medicine. Major players in the Electrophysiology market, including Medtronic plc. (Zephyr Technology Corporation), Biotronik SE & Co. KG, MICROPORT SCIENTIFIC CORPORATION, Johnson & Johnson Services, Inc., Siemens Healthineers AG, CardioFocus, Inc., Koninklijke Philips N.V., GE Healthcare, ABBOTT LABORATORIES, and BOSTON SCIENTIFIC CORPORATION, are attempting to increase market demand by investing in research and development Indications.

A medical device business at the commercial stage is BioSig Technologies Inc. To reduce noise and artifacts from cardiac recordings during electrophysiology research and ablation, it is creating a proprietary technology platform. A medical technology business called BioSig Technologies, Inc. declared the commencement of its national commercial launch campaign in May 2022. The shift of BioSig's PURE EP System from a limited market release to a nationwide launch has been aided by a number of significant efforts. A non-invasive class II device with 510(k) clearance from the Food and Drug Administration, the PURE EP(TM) is designed to improve cardiac electrophysiology procedures' effectiveness and efficiency.

A medical technology firm called Medtronic Plc (Medtronic), originally known as Medtronic Inc., creates, develops, produces, and sells a variety of medical products. It provides products for the treatment of conditions such heart valve issues, heart failure, aortic, peripheral vascular, venous renal, and neurological problems, as well as spine and musculoskeletal issues, ear, nose, and throat conditions. Additionally, it offers biologic solutions for the dental and orthopedic markets. In Asia Pacific, Europe, the Americas, the Middle East, and Africa, it provides its products to hospitals, third-party healthcare providers, clinics, institutions, including governmental health care programs, distributors, and group purchasing groups. The headquarters of Medtronic are in Dublin, Ireland. The Arctic Front Cardiac Cryoablation Catheter System was introduced in November 2021 by India Medtronic Private Limited, a wholly-owned subsidiary of Medtronic plc. It is the first and only cryoballoon catheter authorized by CDSCO for the treatment of atrial fibrillation (AF) in India.

Key Companies in the market of electrophysiology include

• Medtronic plc. (Zephyr Technology Corporation)


• Biotronik SE & Co. KG


• MICROPORT SCIENTIFIC CORPORATION


• Johnson & Johnson Services, Inc.


• Siemens Healthineers AG


• CardioFocus, Inc.


• Koninklijke Philips N.V.


• GE Healthcare


• ABBOTT LABORATORIES


• BOSTON SCIENTIFIC CORPORATION

Electrophysiology Industry Developments

January 2022 The EnSite X EP System with EnSite Omnipolar Technology (OT), a new cardiac mapping platform available in the U.S. and throughout Europe that is designed to help doctors better treat irregular heart rhythms, also known as cardiac arrhythmias, has been approved by the United States Food and Drug Administration, according to a statement from Abbott.

Electrophysiology Market Segmentation

Electrophysiology Product Outlook

• EP ablation catheters


• EP laboratory devices


• EP diagnostic catheters


• Access devices


• Others

Electrophysiology Indication Outlook

• Atrial fibrillation (AF)


• Atrial flutter


• Wolff-Parkinson-White Syndrome (WPW)


• Atrioventricular Nodal Reentry Tachycardia (AVNRT)


• Others

Electrophysiology End User Outlook

• Hospitals & cardiac centers


• Ambulatory surgery centers


• Others

Electrophysiology Regional Outlook

• North America
  
  
  
  • U.S.
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  
  


• Rest of Europe
  
  
  
  • Asia-Pacific
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America