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The global electrophysiology market size is estimated to grow by USD 6.09 billion, at a CAGR of 10.71% between 2023 and 2028. The high scope for telemedicine and digital health is an emerging trend shaping market growth. The integration of telemedicine and digital health presents a substantial opportunity to empower catheters, catalyzing the growth of the market. By improving accessibility to electrophysiological services and revolutionizing patient care, these technologies provide real-time monitoring capabilities via secure cloud servers. The use of digital health and telemedicine is in line with the global movement toward decentralization of healthcare and remote patient management. Additionally, advancements in next-gen devices for minimally invasive electrophysiology therapies and patent analysis are driving innovation in the market, enhancing treatment options for patients.
In company offerings, we provide an in-depth analysis of 20 top company profiles, along with other valuable insights comprising:
• Company Overviews
• Key News and Updates
• Products and Services
• Market-leading Offerings
• Focused Segments
The following are the leading companies in the Electrophysiology Market. These companies are adopting various strategies, including strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to strengthen their market presence. Collectively, they hold the largest market share and set industry trends. The market research and growth report also provides detailed analyses of the competitive landscape and information about 15 key market companies, including:
Our segment comprises two primary segments, each with its respective sub-segments for further detailed analysis within specific national markets. Furthermore, our market coverage extends across geographic regions, with comprehensive breakdowns to provide in-depth insights. The market is rapidly evolving, driven by advancements in 3D mapping system and catheter placement technologies for ablation treatments. Increasing funding for research and development enhances electrophysiological devices and imaging modalities, supported by regulatory support and laws.
Based on Product, the lab devices sub-segment dominated the market in 2018 and was valued at USD 2.76 billion, and continues to grow during the forecast period. An electrophysiology laboratory is an operating room or a theatre equipped with high-tech equipment that is used to treat cardiovascular problems such as arrhythmia, fibrillation, congestive heart failure, and stroke, among others. Lab devices offer patients with arrhythmia or irregular heartbeat the opportunity to have the condition tested, diagnosed, and treated. Irregular heartbeats, which can lead to complications such as heart failure or stroke, are diagnosed and treated using lab devices, with procedures including real-time cardiac mapping, catheter-based cardiac ablation, and device insertion for implantable cardioverter-defibrillators, contributing to the devices holding the largest market share in the market, with increasing demand expected to drive market growth during the forecast period.
North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market in North America is growing at a steady rate. Through awareness campaigns and marketing tactics, manufacturers in this area are progressively incorporating electrophysiology products into their offerings. Numerous governmental and private entities are launching campaigns to raise public awareness of cardiovascular illnesses. For example, the American Heart Association (AHA) designates February as American Heart Month each year, a federally recognized occasion to raise awareness of heart conditions and the importance of early detection. In the upcoming year, the company will be heavily marketed and exposed to millions of content brands thanks to this program.
In addition, the presence of global vendors such as Abbott Laboratories, Boston Scientific Corp., General Electric Co., Johnson and Johnson, Medtronic Plc, and Siemens AG, which develop and launch innovative devices in the region, also drives market growth. The increasing availability of advanced devices in the US also drives market growth in the region. Therefore, growing partnerships, funding, and the presence of key vendors in the region will propel market growth in North America during the forecast period.
The market is witnessing growth driven by the increasing incidence of target diseases such as cardiovascular diseases and arrhythmias, necessitating advanced electrophysiology techniques and minimally invasive procedures for diagnosis and treatment. A notable trend in this market is the high scope for telemedicine and digital health, offering innovative solutions for remote patient monitoring and consultation.
However, the industry faces challenges due to the lack of qualified electrophysiologists, hindering the adoption of surgical interventions and the utilization of EP market devices such as wire electrodes and radio frequency generator. With a focus on patent analysis and among key stakeholders, the Electrophysiology Market continues to evolve, driven by advancements in ablation and collaboration diagnostic devices to address abnormal heart rhythms and improve patient outcomes through electrophysiology catheter-based interventions in blood vessels. Informed by comprehensive market analysis and reports, stakeholders navigate through market dynamics to capitalize on emerging opportunities and address challenges effectively.
The increasing incidence of target diseases and procedures is notably driving market growth. Atrial fibrillation is the most common arrhythmia diagnosed in healthcare facilities, which affects more than 886,000 new people each year in Europe. According to a study published in the Medical Journal of Australia in August 2015, the number of patients with atrial fibrillation who are aged above 55 years in Australia was 328,562 in June 2014 and is estimated to reach over 600,000 people by 2034. The rising incidence of such cardiac conditions will drive the demand for procedures further, which makes it a primary growth driver for the market.
For instance, the number of cardiac ablation procedures performed globally is expected to grow from 973,220 in 2017 to 1,455,000 per year by 2022, and within this category, complex cardiac ablations are expected to increase by 13.5% annually, from 440,629 in 2017 to 830,390 in 2022. These increasing target diseases, such as atrial fibrillation in the future will open huge opportunities for companies as they develop highly innovative products that cater to very specific diseases in the healthcare field. Therefore, the market will witness high growth during the forecast period.
The high scope for telemedicine and digital health is an emerging trend shaping market growth. The integration of telemedicine and digital health presents a substantial opportunity to empower catheters, catalyzing the growth of the market. By improving accessibility to electrophysiological services and revolutionizing patient care, these technologies provide real-time monitoring capabilities via secure cloud servers. The use of digital health and telemedicine is in line with the global movement toward decentralization of healthcare and remote patient management.
Moreover, the market will gain a lot from these technologies as they become more and more integrated into contemporary healthcare practices. This will lead to increased efficiency, increased market penetration, and better patient outcomes. This convergence of digital health and represents a paradigm shift that is promoting a more technologically sophisticated and globally integrated approach to cardiac care. These factors will propel the market growth and trends during the forecast period.
The lack of qualified electrophysiologists and other specialized healthcare workers is a significant challenge hindering market growth. Because of the intricacy of the interventions involved and the complexity of cardiac arrhythmias, procedures demand a high level of expertise, skill, and training. Insufficient numbers of qualified personnel may result in longer wait times for patients, postponed diagnosis, and restricted access to services. Furthermore, the scarcity of skilled medical personnel may cause current electrophysiologists to work longer hours, which may result in burnout and possible compromises in the standard of patient care.
Moreover, investing in workforce development, educational initiatives, and training programs is crucial to overcoming this obstacle and promoting market growth. This will guarantee a sufficient supply of qualified electrophysiologists and healthcare professionals who can fulfill the growing demand for services. These factors will hinder the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Electrophysiology Catheters Market: Electrophysiology Catheters Market by End-user, Product and Geography - Forecast and Analysis
Atrial Fibrillation Surgery Market: Atrial Fibrillation Surgery Market by Product and Geography - Forecast and Analysis
Catheters Market; Catheters Market by Distribution Channel, Product Type, and Geography - Forecast and Analysis
The Electrophysiology Market is witnessing rapid advancements driven by technological development and increased adoption of sophisticated electrophysiological technologies in healthcare settings. With a focus on minimally invasive procedures and surgical interventions, the market caters to the growing prevalence of cardiovascular diseases such as hypertension, high blood pressure, and abnormal heart rhythm. Electrophysiology procedures like cardiac ablation address cardiac arrhythmia and conditions such as atrial flutter. Devices like the EnSite X EP system and radio frequency generators improve outcomes in medical care. Rising healthcare spending, aging geriatric populations, and the prevalence of chronic diseases like diabetes drive market growth. Medical facilities and ambulatory surgery centers benefit from these innovations, despite challenges like labor shortages and ensuring skilled nurses.
Moreover, electrophysiological techniques like catheter ablation and EP ablation catheters play a crucial role in treating conditions like atrial fibrillation (AF) and Wolff-Parkinson-White Syndrome (WPW). The market also offers advanced electrophysiology devices including EP laboratory devices and EP diagnostic catheters for precise electrical activity of the heart analysis. Key stakeholders, including hospitals & cardiac centers and healthcare providers, invest in expensive equipment and capital investment to ensure optimal patient care. Digital cloud technology and AI-powered mapping enhance electrophysiological procedures, while reimbursement policies support medical device licensing and regulatory support. Labor shortages drive the need for electrophysiological training programs to train technicians and provide hands-on training and clinical shadowing for practical experience. Conference and webinar materials and mentoring programs further enrich the knowledge base of key stakeholders in the field.
Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
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 2023-2024(%) |
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 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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 dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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