Electrophysiology Market – By Product (EP Diagnostic Catheters, EP Ablation Catheters, EP Laboratory Devices, and Others), By Indication (Atrial Fibrillation, Ventricular Fibrillation, Ventricular Tachycardia, Atrial Tachycardia, Atrial Flutter, Wolff-Parkinson-White Syndrome, and Atrioventricular Nodal Reentry Tachycardia, and Other Target Diseases), and By Region - Global Opportunity Analysis and Industry Forecast, 2020 – 2030

Electrophysiology Market is anticipated to grow from USD 5016.7 million in 2020 to USD 17798.2 million by 2030, at a CAGR of 13.5% approx., during the forecast period. Electrophysiology is a biomedical term dealing with the study of electrical activity within the body. It includes the study of the generation of electrical activity and its effects on the body. Electrophysiological devices are used to detect any abnormality in the electrical pulses generated by the tissues or the cells within the human body. Electrophysiology helps in the diagnosis and management of heart arrhythmias. Arrhythmia is a problem with the rate of the beating of the heart, which means that the heart beats too quickly, or too slowly, or in an irregular pattern.  

Market Segmentation:

On the basis of products, the electrophysiology market can be classified into EP diagnostic catheters, EP ablation catheters, EP laboratory devices, and others. The EP diagnostic catheters segment can be further classified into conventional EP diagnostic catheters, advanced EP diagnostic catheters, and ultrasound EP diagnostic catheters. The EP ablation catheters segment can be further divided into radiofrequency (RF) EP ablation catheters, cryoablation EP catheters, laser ablation systems, navigation advanced mapping accessories, and microwave ablation. The EP laboratory devices segment can be further categorised into X-ray systems, 3D mapping systems, EP recording systems, remote steering systems, intracardiac echocardiography systems (ICE), and radiofrequency ablation generators. Based on indication, the electrophysiology market is broadly classified into atrial fibrillation, ventricular fibrillation, ventricular tachycardia, atrial tachycardia, atrial flutter, Wolf-Parkinson-White syndrome, atrioventricular nodal re-entry tachycardia, and other target diseases. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.  

Market Dynamics and Factors:

The growing geriatric population coupled with factors such as unhealthy eating, excessive smoking, alcoholism, and others have given rise to various heart ailments, one of which is heart arrhythmia. For instance, according to United Nations Population Fund (UNFPA), the elderly population is estimated to grow from 8.6% in 2011 to 19% of the global population by 2050. This is a major factor driving the electrophysiology market across the globe. Technological advancements in EP devices leading to early diagnosis of cardio-vascular disorders, growing focus of key players to expand their geographic presence in untapped markets are other key reasons fuelling the market growth of electrophysiology devices. Rise in the use of ablation catheters in removing heart tissues that result in abnormal heart beats is another key factor attributing to the growth of the electrophysiology market. For instance, in Canada accounts for 40000 deaths per year due to heart arrhythmias, thus enabling the adoption of EP and ablation catheters in the region. However, high cost of electrophysiology devices, dearth of skilled professionals in the EP market are some factors that are restraining the growth of the electrophysiology market. For instance, in 2017 only 6-8% of cardiologists in the U.S had specialized degree on electrophysiology.

Geographic Analysis:

North America will continue to dominate the electrophysiology market in terms of market share followed by Europe during the forecast period. Rise in the number of arrhythmia and cardio vascular cases, presence of well-established players of the EP market, and advanced healthcare facilities are some of the key reasons responsible for the dominance of this region. For instance, according to American Heart Association, in 2016 almost 5.5 million people in the U.S were diagnosed with heart failure and this number is estimated to reach 8 million by 2030. The Asia Pacific market is expected to witness significant growth during the forecast period. Growing medical tourism, increasing rate of heart disorders, and improving healthcare facilities in emerging economies are the major reasons driving the growth of the electrophysiology market in APAC.

Competitive Scenario:

The key players operating in the global electrophysiology market are –

Abbott Laboratories, Biosense Webster Inc., Boston Scientific Corporation, GE Healthcare, Siemens AG, Microport Scientific Corporation, Medtronic PLC., Johnson & Johnson, Philips Healthcare, Biotronik SE & Co.

Electrophysiology Market Report Scope