The electrophysiology devices market comprises electrophysiology ablation catheters, electrophysiology laboratory devices, electrophysiology diagnostic catheters, and access devices. Electrophysiology ablation catheters are minimally invasive catheters used to treat arrhythmias by delivering energy to the areas of irregular electrical signals in the heart. Electrophysiology laboratory devices include 3D mapping systems and intra-cardiac echocardiography (ICE) systems used to guide electrophysiology procedures and ablation catheters. Electrophysiology diagnostic catheters comprise recording and multielectrode diagnostic catheters inserted into the heart to help doctors map electrical signals and diagnose arrhythmias. Access devices such as sheaths and guidewires support entry of other catheters into the heart during electrophysiology procedures. The growing prevalence of cardiac arrhythmias and technological advancements in electrophysiology devices are major factors expected to drive market growth. The Global Electrophysiology Devices Market is estimated to be valued at US$ 7,756.5 Mn in 2024 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the electrophysiology devices market are General Electric Company, Biotricity, Medtronic, VivaQuant, Inc., Johnson & Johnson Services, Inc., AliveCor, Inc., Bittium, Nihon Kohden Corporation, Shimmer, OMRON Healthcare, Co., Ltd., VivaLNK, Inc., Abbott, BIOTRONIK, Boston Scientific Corporation, MicroPort Scientific Corporation, Koninklijke Philips N.V., Siemens Healthcare GmbH, HeartSciences, anumana, Inc., and Omega Medical Imaging, LLC. Medtronic and Abbott hold a major share of over 55% of the market.
The electrophysiology devices market is mainly driven by the rising prevalence of cardiac arrhythmias globally. According to the Centers for Disease Control and Prevention, approximately 2.7 to 6.1 million people in the U.S. suffer from atrial fibrillation. Atrial fibrillation increases the risk of stroke by nearly 5 times.
Technological developments are expected to provide opportunities for growth in the electrophysiology devices market. Major players are focusing on developing advanced electrophysiology devices with features such as integrated systems, remote monitoring capabilities, catheter miniaturization, and irrigated-tip catheters. For instance, Medtronic launched the StealthStation S8 system with advanced 3D visualization and navigation capabilities for complex ablation procedures.
Market Trends
One of the key trends in the electrophysiology devices market is the growing demand for robotic systems. Robotic systems offer advantages over conventional manual systems such as improved ergonomics, optimal catheter control and stability, and integration of 3D mapping and imaging capabilities. For example, the Stereotaxis Niobe ES system is a magnetic navigation system that allows robotic control of catheter movement for complex ablation procedures.
Increasing adoption of catheter ablation procedures is another major trend. Compared to medication, catheter ablation is more effective in eliminating arrhythmias. It has demonstrated success rates over 90% for treating conditions like atrial fibrillation and is generally preferred over other treatments due to its mini-invasive nature. This is expected to drive the uptake of electrophysiology devices in clinics worldwide.
Market Opportunities
Growing geriatric population susceptible to arrhythmias presents a notable growth opportunity. According to the United Nations, people aged 60 years or older are projected to outnumber children under 10 years by 2050. The aged population is at a higher risk of developing cardiac conditions like atrial fibrillation, creating subsequent demand for diagnostic and ablation procedures.
Emerging markets like India, China, Brazil are also opening new avenues for electrophysiology device manufacturers. These markets have a large underpenetrated population that can benefit from therapeutics and have growing healthcare infrastructure to support the uptake of advanced cardiac procedures. Companies are actively expanding their presence in developing countries through partnerships and local manufacturing units.
The COVID-19 pandemic has significantly impacted the growth of the electrophysiology devices market. The shutdown of non-emergency medical procedures during the peak of the pandemic led to postponement of elective cardiac ablation and mapping procedures that utilize electrophysiology devices. This resulted in reduced demand for electrophysiology devices in 2020. However, as the restrictions eased in 2021, the deferred procedures were performed which helped drive the market growth. But supply chain disruptions caused by lockdowns impacted the availability of some electrophysiology devices.
The post-COVID scenario is expected to see higher growth in the coming years as the deferred cardiac procedures are being performed and the demand rises. The market is also expected to be fueled by the increasing geriatric population who are more prone to cardiac conditions, rising prevalence of arrhythmias, and growing awareness about early detection and treatment of cardiac arrhythmias. Innovation in electrophysiology technology with devices offering improved accuracy, minimal invasiveness, and new applications will further support the market expansion. Ongoing clinical research evaluating the role of new electrophysiology technologies is contributing to the development of advanced treatment options. However, shortage of skilled electrophysiologists and challenges in commercialization of innovative devices may hamper the market growth to some extent.
In terms of value, North America holds the largest share of the electrophysiology devices market primarily due to the rising incidence of arrhythmias, growing elderly population, technological advancement, availability of reimbursement, and strategic presence of key device manufacturers in the region. Within North America, the United States accounts for the major market share. Europe is the second largest market for electrophysiology devices owing to the increasing healthcare expenditure and government support for research. Asia Pacific is anticipated to be the fastest growing region during the forecast period majorly driven by developing healthcare infrastructure, growing medical tourism, rising per capita income, expansion of private-sector hospitals and clinics, and increasing focus of key players on tapping opportunities in emerging Asian countries.
China has emerged as the single largest market in Asia Pacific and is expected to experience strong growth over the coming years supported by rapidly aging population, expanding medical industry, and rising healthcare expenditure. Some other fast growing regional markets include India, Indonesia, Thailand, Malaysia and South Korea. These countries show immense growth potential due to improving accessibility to advanced treatment options, availability of low-cost generic devices, and growing patient awareness about effective cardiac care.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191
