NEW YORK, July 31, 2024 /PRNewswire/ -- The
global electrophysiology market size is estimated to grow
by USD 6.09 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of 10.71% during the forecast period. Increasing incidence of
target diseases and electrophysiology procedures is
driving market growth, with a trend towards technological
advancements in electrophysiology. However, high cost of
electrophysiology products poses a challenge. Key market players
include Abbott Laboratories, Acutus Medical Inc., APN Health
LLC, Asahi Kasei Corp., BIOTRONIK SE and Co. KG, Boston Scientific
Corp., CathRx Pty Ltd., EP Solutions SA, EPMap System GmbH, GE
Healthcare Technologies Inc., Imricor Medical Systems Inc., Japan
Lifeline Co. Ltd., Johnson and Johnson, Koninklijke Philips N.V.,
Medtronic Plc, Merit Medical Systems Inc., MicroPort Scientific
Corp., OSYPKA AG, Siemens AG, and Stereotaxis Inc..
Get a detailed analysis on regions, market
segments, customer landscape, and companies- View the
snapshot of this report
Electrophysiology
Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
10.71%
|
Market growth
2024-2028
|
USD 6.09
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
9.66
|
Regional
analysis
|
North America, Europe,
Asia, and Rest of World (ROW)
|
Performing market
contribution
|
North America at
37%
|
Key
countries
|
US, Germany, UK, China,
and Japan
|
Key companies
profiled
|
Abbott Laboratories,
Acutus Medical Inc., APN Health LLC, Asahi Kasei Corp., BIOTRONIK
SE and Co. KG, Boston Scientific Corp., CathRx Pty Ltd., EP
Solutions SA, EPMap System GmbH, GE Healthcare Technologies Inc.,
Imricor Medical Systems Inc., Japan Lifeline Co. Ltd., Johnson and
Johnson, Koninklijke Philips N.V., Medtronic Plc, Merit Medical
Systems Inc., MicroPort Scientific Corp., OSYPKA AG, Siemens AG,
and Stereotaxis Inc.
|
Market Driver
The global electrophysiology market is experiencing significant
growth due to advancements in technology that enhance customer
interaction. Electrophysiology, a technology used in cardiology to
treat arrhythmia, is gaining popularity for its effectiveness in
controlling and managing this cardiac disorder, responsible for
15-20% of total deaths. Leadless pacemakers, a new technological
advancement, offer a viable alternative to conventional pacemakers,
particularly for patients with a history of device-related
infections. Conventional pacemakers carry a risk of morbidity,
leading to increased demand for leadless pacemakers. Market
players, including Johnson & Johnson, invest heavily in
research and development (R&D) to innovate and stay
competitive. In 2020, Johnson & Johnson spent approximately
USD12.2 billion on R&D. These
investments and technological advancements will drive the growth of
the global electrophysiology market.
The Electrophysiology (EP) market is experiencing significant
growth, driven by the increasing prevalence of cardiovascular
diseases and arrhythmias, particularly Atrial Fibrillation (AF).
Key trends include the use of advanced EP laboratory devices, EP
diagnostic catheters, and next-gen EP ablation catheters. Hospitals
& cardiac centers and ambulatory surgery centers are major
buyers. Reimbursement policies and laws are shaping the market.
Digital health, telemedicine, and digital cloud technology are
transforming EP, with AI-powered mapping and 3D mapping systems
streamlining catheter placement and ablation treatments. Other
areas of focus include gastroenterology, neurology, pain
management, and buying behavior. Minimally invasive procedures and
surgical interventions continue to gain popularity, while imaging
modalities and electrophysiological techniques remain essential.
The future of EP lies in the integration of advanced technologies
and minimally invasive approaches to improve patient
outcomes.
Discover 360° analysis of this market. For
complete information, schedule your consultation - Book
Here!
Market Challenges
- The global electrophysiology market faces challenges due to the
high cost of electrophysiology products, which can hinder the
adoption of these procedures. Reimbursement policies vary
significantly among countries, with only a few providing coverage
for arrhythmia procedures. For instance, in developed countries
like the US, reimbursements exist, increasing the adoption of
electrophysiology products. However, in developing countries such
as India and China, no government reimbursement exists,
requiring patients to rely on private insurance or pay out of
pocket. The market is highly competitive, with premium-priced
products such as electrophysiology recording systems (USD160,000) and cardiac 3D mapping systems
(USD250,000-USD800,000). The high initial investment,
training, and maintenance costs make electrophysiology procedures
expensive, with an average cost of USD4,000-USD6,500
for a catheter ablation procedure. These factors may impede market
growth during the forecast period.
- The Electrophysiology (EP) market faces several challenges in
delivering optimal patient outcomes. Medical care providers grapple
with regulatory support and medical device licensing for expensive
EP equipment. Capital investment in electrophysiology laboratories
is a significant hurdle for healthcare facilities. A shortage of
qualified electrophysiologists and specialized healthcare workers
adds to the challenge. Training programs, including practical
experience, hands-on training, clinical shadowing, and mentoring,
are essential to address labor shortages. EP procedures, such as
catheter ablation for atrial flutter and hypertension-related heart
rhythm issues, require advanced technology like ablation catheters,
3D mapping systems, radio frequency generators, and access devices.
These technological developments cater to the growing patient base,
including those with chronic diseases like diabetes and the
geriatric population. The EP market continues to evolve, addressing
the needs of patients with cardiac arrhythmias and abnormal heart
rhythms.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This electrophysiology market report extensively covers market
segmentation by
- Product
- 1.1 Lab devices
- 1.2 Ablation catheters
- 1.3 Diagnostic catheters
- 1.4 Access devices
- End-user
- 2.1 Hospitals and cardiac centers
- 2.2 ASCs
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 Asia
- 3.4 Rest of World (ROW)
1.1 Lab devices- An electrophysiology laboratory is
a specialized healthcare facility equipped with advanced equipment
to diagnose and treat cardiovascular conditions, such as
arrhythmia, fibrillation, congestive heart failure, and stroke.
These labs offer patients with irregular heartbeats the opportunity
for testing, diagnosis, and treatment. Irregular heartbeats can
lead to complications like heart failure or stroke.
Electrophysiology lab devices focus on assessing the electrical
function of the heart and offer procedures like cardiac mapping,
cardiac ablation, and device insertion or implantation. Cardiac
mapping identifies the origin of irregular heart rhythms, while
cardiac ablation uses catheters with electrodes to diagnose and
treat arrhythmias. Device insertion or implantation corrects
irregular heart rhythms using pacemakers or implantable
cardioverter-defibrillators. The electrophysiology lab devices hold
the largest market share in the global electrophysiology market due
to increasing demand, making it a significant growth driver during
the forecast period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
The Electrophysiology (EP) market is driven by the increasing
prevalence of cardiovascular diseases, particularly arrhythmias
such as atrial fibrillation. Buying behavior in this market is
influenced by the need for minimally invasive procedures and
surgical interventions to treat abnormal heart rhythms. EP market
devices include catheters with wire electrodes, ablation catheters,
3D mapping systems, radio frequency generators, and access devices.
Advanced electrophysiology devices employ digital cloud technology
and AI-powered mapping for improved accuracy and efficiency.
Reimbursement policies and next-gen devices, such as telemedicine
and digital health solutions, are also shaping the market.
Hospitals continue to be the primary end users, with a growing
trend towards outpatient procedures.
Market Research Overview
The Electrophysiology (EP) market is driven by the increasing
prevalence of cardiovascular diseases, particularly arrhythmias
such as Atrial Fibrillation (AF), Atrial Flutter, and Hypertension.
Buying behavior in this market is influenced by patient outcomes,
regulatory support, medical care, and healthcare spending.
Minimally invasive procedures like catheter ablation and surgical
interventions using electrophysiological techniques have gained
popularity due to their effectiveness and reduced recovery time.
Advanced EP devices, including ablation catheters, 3D mapping
systems, and imaging modalities, are essential for these
procedures. The use of expensive equipment in EP laboratories
requires significant capital investment, making qualified
electrophysiologists and specialized healthcare workers in high
demand. Labor shortages necessitate training programs, practical
experience, hands-on training, clinical shadowing, and mentoring
for nurses, technicians, and other healthcare professionals. The
geriatric population, diabetics, and those with chronic diseases
are significant consumers of EP services due to their increased
risk of abnormal heart rhythms. Technological development in EP
market devices, such as next-gen devices, digital cloud technology,
telemedicine, and digital health, is transforming the industry.
Reimbursement policies, AI-powered mapping, and the integration of
EP procedures into various medical facilities like hospitals,
cardiac centers, and ambulatory surgery centers, are also shaping
the market landscape. EP procedures involve the use of catheters
with wire electrodes, radiofrequency generators, access devices,
and EP laboratory devices for diagnostic and ablation purposes.
Cardiac arrhythmias, including AF, are treated using radiofrequency
energy and EP ablation catheters. Imaging modalities and advanced
diagnostic catheters help in the accurate identification and
localization of abnormal heart rhythms. The EP market is subject to
various laws and regulations, which impact medical device licensing
and the overall growth of the industry. The integration of EP
procedures into gastroenterology, neurology, and pain management
practices is expanding the market scope.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Lab Devices
- Ablation Catheters
- Diagnostic Catheters
- Access Devices
- End-user
-
- Hospitals And Cardiac Centers
- ASCs
- Geography
-
- North America
- Europe
- Asia
- Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download
multimedia:https://www.prnewswire.com/news-releases/electrophysiology-market-size-is-set-to-grow-by-usd-6-09-billion-from-2024-2028--increasing-incidence-of-target-diseases-and-electrophysiology-procedures-boost-the-market-technavio-302209993.html
SOURCE Technavio