USD 4.48 billion
Electrophysiology Market Size, Share, Growth Analysis, By Product(Laboratory Devices (3D mapping systems, Electrophysiology Recording Systems, Radiofrequency (RF) ablation SYSTEMS, Intracardiac Echocardiography (ICE) ultrasound imaging Systems), By Indication(Atrial fibrillation, Atrial flutter, Atrioventricular nodal reentry tachycardia (AVNRT), Wolff-Parkinson-White Syndrome (WPW)), By End User(Hospitals & cardiac centers, Ambulatory Surgery Centers), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2602 |
Region:
Global |
Published Date: September, 2024
Pages:
157
|Tables:
92
|Figures:
76
Electrophysiology Market Insights
Global Electrophysiology Market size was valued at around USD 7.26 billion in 2022 and is expected to rise from USD 8.20 billion in 2023 to reach a value of USD 21.80 billion by 2031, at a CAGR of 13% over the forecast period (2024–2031).
Electrophysiology market is significantly fueled by the growing number of electrophysiology procedures on the global scale, growing prevalence of cardiac diseases, and improvements in technology like advanced mapping systems, modernized catheter designs, and ablation technologies. The market is also impacted by the growing integration of machine learning and artificial intelligence for improved diagnostic precision. In addition, the rising trends towards less invasive procedures are considerably driving the need for more electrophysiological interventions. Providers and patients are increasingly preferring these methods due to less hospital stays and fast recovery times.
Nonetheless, a few barriers to market growth include the high price of electrophysiology procedures, strict regulatory challenges that may delay the approval of novel technologies and tools, and competitive pressure. Device limitations are also restricting the growth of the market. A few existing electrophysiology solutions may be restricted in terms of effectiveness, accuracy, and patient compatibility, which may restrict its adoption. Bob-patient compliance with follow-ups or treatments routines may negatively impact the intervention rate of electrophysiology solutions. Yet, the market is expected to progress over the estimated period owing to opportunities like rising demand for advanced therapies, progressing markets in Latin America, and Middle East and Africa, and Asia-Pacific, and continuous improvements in electrophysiology technologies.
US Electrophysiology Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024–2031
Global Market Size
Largest Segment
Hospitals & ASCs
Fastest Growth
Specialty Clinics & Diagnostic Centers
Growth Rate
11.47% CAGR
Global Electrophysiology Market ($ Bn)
Country Share for North America Region (%)
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Electrophysiology Market Segmental Analysis
Global Electrophysiology Market is segmented by Product, Indication, End User, and region. Based on Product, the market is segmented into Laboratory Devices (3D mapping systems, Electrophysiology Recording Systems, Radiofrequency (RF) ablation SYSTEMS, Intracardiac Echocardiography (ICE) ultrasound imaging Systems, Electrophysiology x-ray systems, Electrophysiology remote magnetic and robotic navigation systems), Ablation Catheters (Cryoablation electrophysiology catheters, Radiofrequency (RF) ablation catheters, Microwave Ablation (MWA) systems, Laser Ablation systems), Diagnostic Catheters (Conventional electrophysiology diagnostic catheters, Advanced electrophysiology diagnostic catheters, Ultrasound Electrophysiology Diagnostic Catheters, Electrophysiology access devices, Other devices) . Based on Indication, the market is segmented into Atrial fibrillation, Atrial flutter, Atrioventricular nodal reentry tachycardia (AVNRT), Wolff-Parkinson-White Syndrome (WPW), Other indication. Based on End User, the market is segmented into Hospitals & cardiac centers, Ambulatory surgery centers. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Electrophysiology Market Analysis by Product
Based on product, the electrophysiology market is categorized into laboratory devices, ablation catheters, and diagnostic catheters. The ablation catheters segment held a notable share of the market in the previous years and is expected to lead over the forecast period as well owing to rising cases of Arrhythmias, efficiency offered by ablation procedures, and advancements in technology. Atrial fibrillation and several other arrhythmias are increasing in number, which demands reliable treatments like catheter ablation. Catheter ablation has proven its efficacy and presented huge success in treating specific arrhythmias, thus increasing its preference among a large number of patients. Advancements in the design of ablation catheters like enhanced energy delivery and better mapping competencies have increased the efficiency and safety of these procedures.
On the other hand, the diagnostic catheters segment is projected to grow considerably over the forecast period owing to key role in diagnosis, growing number and awareness for cardiac conditions, increasing electrophysiology procedures, and incorporation with other technologies. Diagnostic catheters are vital for mapping electrical events in the patient’s heart, which allows precise arrhythmias diagnosis. Rising screening and awareness of heart diseases have reinforced diagnostic procedures. With the growing number of electrophysiology studies, the demand for diagnostic catheters also increases significantly. The compatibility of diagnostic catheters with mapping systems and advanced imaging is notably increasing their use and demand in clinical settings.
Electrophysiology Market Analysis by End User
Based on end user, the market is segmented into hospitals & cardiac centers, ambulatory surgery centers. The hospitals & cardiac centers segment held a notable market share in the previous years and is expected to continue dominance over the forecast period as well owing to the growing patient volume, availability of advanced facilities, and rising number of procedures. Specialized cardiac centers and hospitals usually deal with high numbers of cardiac patients, which increases the demand for electrophysiology facilities. These settings are well-equipped with essential resources and advanced technology for treating complex conditions. This ultimately increases their preference for these treatments. Also, the rising number of arrhythmias has increased the number of procedures in these settings.
On the other hand, the ambulatory surgery centers segment will hold a remarkable market share in the coming years owing to the cost-effectiveness, less invasive procedures, high patient convenience, and emphasis on outpatient care. The procedures offered by ASCs are usually low-priced, thus increasing this cost-effective option among patients as well as insurers. Several procedures conducted in ASCs are less painful, which allows speedy patient recovery and fewer hospital stays. Also, these settings have comparatively short waiting times and flexible scheduling, which improves patient satisfaction. Moreover, the inclination towards the said procedures complies with the competencies of ambulatory surgery centers. This allows them to manage a large number of electrophysiological incidences.
Global Electrophysiology Market Size By Product
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Electrophysiology Market Regional Insights
Geographically, North America dominated the market in the previous years and is expected to lead over the forecast period owing to growing cases of health-associated diseases, presence of developed healthcare infrastructure, and robust research and development. The region is leading in terms of higher number of cardiac conditions, which ultimately impacts the need for electrophysiology procedures. The region also brags about its well-developed healthcare services and facilities, and better access to superior technology for diverse treatments. This increased the adoption of modernized electrophysiology solutions. Also, the presence of a large number of research institutes and manufacturers is driving advancements in electrophysiology technologies and products. The key players profiled in the region include Abbott Laboratories, Medtronic, Biosense Webster, Boston Scientific, Siemens Healthineers, Stereotaxis, and more.
Europe is the fastest-growing region in the global electrophysiology market due to the availability of advanced healthcare systems, innovative R&D, and favorable regulatory environment. Europe holds high-tech healthcare infrastructures that aid the incorporation of improved electrophysiology procedures and technology. Heavy investments in healthcare research and alliances in industry and academia encourage the development of novel devices and technologies in electrophysiology. Furthermore, favorable regulatory scenario streamlines the adoption and approval of modernized techniques in the European countries. The regional growth is also impacted by the key emphasis on quality care, which increases focus on reliable and effective treatment and diagnostic options.
Global Electrophysiology Market Size By Geography
- Largest
- Fastest
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Electrophysiology Market Dynamics
Electrophysiology Market Driver
Rising Cases of Cardiovascular Diseases
- A notable rise in the cases of heart diseases, comprising heart failures, fibrillation, and arrhythmias is considerably fueling the demand for effective electrophysiological procedures. Also, with the growing population, the cases of age-associated heart diseases are also increasing. This ultimately demands electrophysiology services and the presence of well-developed technologies, facilities, and healthcare staff.
Improvements in Design and Integration
- Improvements in designs of catheters, ablation technologies, and mapping systems are increasing treatment effectiveness and diagnostic accuracy. Innovations like contact-force sensing catheter devices and 3D mapping enhance operational outcomes. Also, the use of improved technologies like AI in data analysis for procedural planning and risk examination is transforming the domain. This improves patient outcomes and patient management.
Restraints
Lack of Trained Professionals
- There is a major shortage of professional workforce and expert healthcare members for operation of electrophysiology in numerous regions. This limits the availability of electrophysiology and service quality, thus hampering the growth of the market. Also, the intricacies of electrophysiology procedures need extensive training, which could be an obstacle for the entry of new skilled labor in the domain.
Growing Risk of Complications
- Electrophysiology procedures like catheter ablation hold complication risks. This comprises infection to the nearby tissues and bleeding. These risks may create hesitation among patients and may refrain them from using this treatment. Also, negative outcomes may impede market growth. Unfavorable results may result in reduced patient confidence in electrophysiology, thus impacting the market demand.
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Electrophysiology Market Competitive Landscape
The competitive landscape of the global electrophysiology market is distinguished by several reasons including the presence of many lay players, innovations and research and development, and mergers and acquisitions. Leading companies like Medtronic, Abbott Laboratories, Biosense Webster (Johnson & Johnson), Boston Scientific, Philips Healthcare, and Siemens Healthineers are widely prominent for their strong market presence and innovative products. Other companies have also emphasized creating improved technologies like enhanced ablation catheters, 3D mapping systems, and AI-based diagnostics tools. The market also witnesses acquisitions and mergers for expansion of product portfolios and improved technological competencies.
Top Players in Electrophysiology Market are
- Johnson & Johnson
- Abbott Laboratories
- Medtronic PLC
- Koninklijke Philips N.V.
- GE Healthcare
- Boston Scientific Corporation
- Japan Lifeline
- Stereotaxis
- MicroPort Scientific Corporation
- Biotronik
- Acutus Medical
- EP Solutions SA
- APN Health, LLC
- Osypka
- EPMAP-System GmbH & Co. KG
- CathRx Ltd.
- Merit Medical Systems
- Cook Medical
- CathVision
- TZ Medical
- Teleflex
- Lepu Medical Technology
- CardioFocus
- Schwarzer Cardiotek
- Imricor Medical Systems
Electrophysiology Market Recent Developments
- In September 2024, Abbott signed an alliance with iCardio.ai to develop artificial intelligence applications for imaging technologies for the medtech giant. The alliance aims to speed up the incorporation of AI in Abbott’s product line of electrophysiology.
- In May 2024, Biosense Webster, Inc. a part of Johnson & Johnson MedTech, introduced CARTO™ 3 System Version 8. This is an ultra-modern edition of the firm’s prominent 3D heart mapping system for ablation procedures. The said software presents novel modules, comprising CARTOSOUND™ FAM Module and CARTO ELEVATE™ Module, carefullt designed for reproduceability, efficiency, and precision for electrophysiology experts to perform different procedures.
- In December 2023, Medtronic plc, a leader in healthcare technology, announced that it received the U.S. FDA approval for its PulseSelect (PFA) Pulsed Field Ablation System. The said system is used in the treatment of persistent and paroxysmal (AF) atrial fibrillation.
Electrophysiology Key Market Trends
- Less Invasive Techniques: There is an increasing preference for less invasive procedures like catheter ablation, that offers less complication rates, decreased recovery time, and comparatively less pain than the conventional surgeries. Improvements in designs of catheters like advanced energy delivery solutions, such as radiofrequency and cryoablation, and ultra-thin catheters are notably raising the efficiency and reliability of less invasive treatments.
- Telehealth and Remote Monitoring: Increasing shift towards outpatient care and wearable devices is currently trending in the electrophysiology market. The recent pandemic increased the adoption of telehealth and remote monitoring solutions. Healthcare professionals can now monitor and guide their patients with electrophysiology. This results in better access to patient care and less hospital visits for patients, saving time for patients as well as for professionals.
Electrophysiology Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the electrophysiology market is considerably progressing due to the growing number of electrophysiology procedures, growing healthcare expenditure, and favorable regulatory environments. Moreover, the market is impacted by increasing education and awareness for arrhythmias and the available treatment options. However, the market is hampered by growing risk of complications, low awareness in the developing markets, poor reimbursement policies, and technological limitations in terms of specificity, efficiency, and sensitivity. North America is anticipated to lead the market owing to increased patient awareness for arrhythmias and the benefits of the treatment, favorable reimbursement policies, strong research and development, and the presence of improved healthcare infrastructure. Nonetheless, a few opportunities for the growth of the electrophysiology market include increasing alliance with technology companies, expanding applications electrophysiology in pain management and neurology, and growing educational initiatives.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 7.26 billion |
| Market size value in 2031 | USD 21.80 billion |
| Growth Rate | 13% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Electrophysiology Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Electrophysiology Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Electrophysiology Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Electrophysiology Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electrophysiology Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Electrophysiology Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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