Electrophysiology Market Overview:
The global electrophysiology market size was $3,420 million in 2015, and is expected to reach $8,271 million by 2022, while growing at a CAGR of 13.4% from 2016 to 2022. Electrophysiology (EP) is the branch of cardiology that deals with the diagnosis and treatment of heart rhythm disorders.
The EP study helps in the assessment of electrical impulses of the heart and to evaluate abnormal heartbeats. The significant advancement in the EP technologies have enhanced the ability to target the areas of the heart perpetuating that leads to atrial fibrillation (AF). The growing development has improved the diagnosis and treatment of other cardiac arrhythmias as well that include atrial flutter, Wolff-Parkinson-White Syndrome (WPW), atrioventricular nodal reentry tachycardia (AVNRT), and others. Based on product type, the electrophysiology industry is segmented into EP ablation catheters, EP laboratory devices, EP diagnostic catheters, and access devices. The EP ablation catheters segment holds a remarkable portion in the global electrophysiology market share, and is expected to grow at the fastest rate during the study period. This is attributed by the growing preference of catheter ablation for the treatment of cardiac arrhythmias and increased adoption by the physicians.
EP ablation is a minimally invasive procedure, which employs catheters to destroy faulty electrical pathways from heart. The device is useful in removal of the abnormal heart tissues that cause irregular heart rhythms. Radiofrequency and cryoablation types are the most widely used EP ablation catheters, and are expected to register significant market capture with pertinent advancements in the technology. In addition, the number of ablation procedures performed for the treatment of atrial fibrillation is expected to increase substantially in the foresee future. Catheter ablation is a low-risk process with high success rates, making it the most preferred modality for the treatment of cardiac arrhythmias. The treatment of cardiac arrhythmias, especially atrial fibrillation, by cardiac ablation is the potential target area for investment by the key players in this segment.
The atrial fibrillation application accounted for the majority market share in 2015. The cryoablation segment is poised to grow at a CAGR of 15.1% from 2016 to 2022. This growth is attributed to the elimination of disadvantages related with radiofrequency ablation, such as burns of RF, that disrupts the endothelium, tamponades, thromboembolic strokes, and atrial-oesophageal fistula. Moreover, cryoablation catheter ablation and laser ablation is a low-risk process with high success rates, making it a most preferred treatment modality for cardiac arrhythmias.
Asia Pacific Electrophysiology Market Scenario
The Asia-Pacific region includes China, Japan, India, Australia, South Korea, and other countries in the Asia-Pacific Rim. The region offers lucrative opportunities in the segment, and is anticipated to be the fastest growing market during the forecast period. Asia-Pacific is a densely-populated region, with India and China being the most populated countries. Emerging economies, such as India and China, provide attractive growth opportunities for electrophysiological device manufactures. The growth is supplemented by the increase in demand for advanced electrophysiology devices, an improvement of healthcare reforms, high prevalence of cardiac arrhythmias, and increased focus of key players for developing technologically advanced cost-effective electrophysiology devices in this region. However, the unfavorable reimbursement scenario for electrophysiology devices, low awareness among physicians and patients about different EP devices, and high cost of these devices are likely to impede the market growth in these countries. In Japan, the atrial fibrillation rate among geriatric population is 2-3%. With the rise in ageing population, it is estimated that atrial fibrillation will affect about one million people by 2050, thereby driving the electrophysiology devices market growth.
The electrophysiology ablation catheters market is chiefly segmented on the basis of energy sources used for ablating cardiac cells and tissues such as cryoablation EP catheters, radiofrequency ablation catheters, microwave, and laser ablation system. Navigational advanced mapping accessories also perform the EP procedure. Among these, radiofrequency ablation catheters market is further categorized into conventional RF ablation catheters and irrigated-tip RF ablation catheters. RF ablation catheters is the potential target areas for investment by the key players in the electrophysiology market. RF ablation catheters is the highest revenue-generating segment in the EP ablation catheters market owing to the advancements in RF ablation devices that positively impact the growth of the EP market. For example, irrigated-tip RF ablation catheters, which lowers the likelihood of char or thrombus formation and aids the creation of larger lesions. These technologically advanced RF ablation devices offers treatment that is more effective with potentially lower risks and lead to the high market growth.
Competitors in the market have launched technologically advanced electrophysiology devices for gaining a competitive edge. For instance, the top players of the market, such as Biosense Webster, St Jude Medical, Boston Scientific Corporation and Medtronic, hold impressive product portfolio in varied range. For instance, St Jude: FlexAbility Ablation Catheter, Sensor Enabled, and EnSite Precision Cardiac Mapping System; Medtronic: 4 mm RF Conductr (Multi-Curve) Series Ablation Catheters, 5 mm RF Conductr (Multi-Curve) Series Ablation Catheters, RF Contactr (Dual-Curve) Series Ablation Catheters, and BLAZER PRIME Temperature Ablation Catheter; and Boston Scientific Corporation: IntellaTip MiFi XP Catheter, Blazer II HTD temperature ablation catheter, and Chilli II cooled ablation catheter. Therefore, this increased pace of technological advancements in the field of electrophysiology and growth in demand of EP devices for the treatment of cardiac arrhythmias is poised to boost the EP market growth at a double-digit rate during the forecast period.
St. Jude Medical, Inc., Biosense Webster, Inc. (a Johnson & Johnson Company), Boston Scientific Corporation, GE Healthcare (a division of General Electric Company.), Siemens AG, Medtronic plc, Philips Healthcare (a division of Koninklijke Philips N.V.), Biotronik SE & Co.KG, Microport Scientific Corporation, and Abbott Laboratories are the key players that operate in this market.
ELECTROPHYSIOLOGY MARKET KEY BENEFITS
- The study provides an in-depth analysis of the global electrophysiology industry with current trends and future estimations to elucidate the imminent investment pockets in the market.
- The report provides a quantitative analysis from 2014 to 2022 to enable the stakeholders to capitalize on prevailing market opportunities.
- Extensive analysis of the market, by product, helps in understanding the various types of devices used for the treatment of atrial fibrillation and other related cardiac arrhythmias.
- Competitive intelligence highlights the business practices followed by leading market players across various geographical regions
- Porter’s Five Forces model will interpret the bargaining power of suppliers and buyers, threat of new entrants and substitutes, and competition amongst the key players.
ELECTROPHYSIOLOGY MARKET KEY SEGMENTS
- EP Ablation Catheters
- Cryoablation EP Catheters
- Radiofrequency Ablation Catheters
- Irrigated-tip Radiofrequency Ablation Catheters
- Conventional Radiofrequency Ablation Catheters
- Microwave Ablation Systems
- Laser Ablation Systems
- Navigational Advanced Mapping Accessories
- EP Laboratory Devices
- EP X-Ray Systems
- 3D Mapping Systems
- EP Recording Systems
- EP Remote Steering Systems
- EP Diagnostic Catheters
- Conventional EP Diagnostic Catheters
- Steerable Diagnostic Catheters
- Fixed Diagnostic Catheters
- Advanced EP Diagnostic Catheters
- Ultrasound EP Diagnostic Catheters
- Conventional EP Diagnostic Catheters
- Access Devices
- Atrial Fibrillation (AF)
- Atrial Flutter
- Wolff-Parkinson-White Syndrome (WPW)
- Atrioventricular Nodal Reentry Tachycardia (AVNRT)
- Rest of Europe
- Rest of Asia Pacific
- South Africa
- Rest of LAMEA