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Electrophysiology Devices Market Size, Share & Industry Analysis, By Type (Ablation Catheters, Diagnostic Catheters, Mapping Systems, Accessories & Others), By Application (Atrial Fibrillation, Supraventricular Tachycardia (SVT), Ventricular Tachycardia, and Others), By End User (Hospitals & ASCs, and Specialty Clinics & Diagnostic Centers), and Regional Forecast, 2019-2026

Region : Global | Published Date: Dec, 2019 | Report ID: FBI101730

 

KEY MARKET INSIGHTS

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Today, electrophysiology devices are an important segment in the healthcare industry. Electrophysiology devices are mainly used in the diagnosis and treatment of cardiac arrhythmias or abnormal heartbeats. Increasing adoption of electrophysiology devices in the diagnosis and treatment of cardiovascular diseases such as atrial fibrillation, and increasing demand for cardiac rhythm management devices for continuous monitoring are some factors anticipated to drive the growth of the global electrophysiology devices market during the forecast period.


Increasing prevalence of heart failure (HF) and cardiac arrest cases, due to smoking and excessive alcohol consumption, have created a high demand for electrophysiology devices. The growing demand for the product will have a positive influence on the growth of the market. According to an article published by the US National Library of Medicine National Institutes of Health, sudden cardiac death (SCD) occurs in approximately 40 cases per 100,000 people in Asia Pacific annually.


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Introduction of technologically advanced electrophysiology devices and advanced mapping technologies are some of the additional factors expected to boost the demand for electrophysiology devices during the forecast period. For instance, in January 2017, Abbott launched first commercial uses of the new EnSite Precision cardiac mapping system, and Advisor FL circular mapping catheter, Sensor Enabled, to map cardiac arrhythmias during ablation treatments.


MARKET DRIVERS


“Rising Prevalence of Atrial Fibrillation Likely to Propel the Growth of the Market.”


Rising prevalence of atrial fibrillation leading to increasing demand for electrophysiology devices is one of the factors anticipated to propel the electrophysiology devices market growth. For instance, according to the Centers for Disease Control and Prevention, prevalence of atrial fibrillation in the United States was ranging from about 2.7 million to 6.1 million in 2018 and is expected to reach 12.1 million in 2030.


Additionally, increasing prevalence of cardiovascular diseases in developed and developing countries is one of the major factors contributing to the increasing demand for the electrophysiology devices for treatment and diagnosis. For instance, according to the Sudden Cardiac Arrest Foundation, more than 356,000 out-of-hospital cardiac arrests (OHCA) are registered in the U.S. every year.


According to a report published by Biosense Webster Inc., a Johnson & Johnson Services, Inc., company, atrial fibrillation (AF) is affecting more than 16 million people in Asia Pacific and anticipated to rise to 72 million in by 2050. The rising prevalence of atrial fibrillation is one of the major factors expected to fuel the demand for electrophysiology devices, which in turn will aid the growth of the electrophysiology devices market during the forecast period.


 “Introduction of Technologically Advanced Electrophysiology Devices is expected to Aid Market Growth”


The introduction of novel and technologically advanced electrophysiology devices is leading to increased adoption and demand for electrophysiology devices globally. This coupled with rising prevalence of cardiovascular disease are some of the factors expected to fuel the market growth during the forecast period.


For instance, In January 2019, Abbott received approval from the U.S. Food and Drug Administration (FDA) for TactiCath contact force ablation catheter, Sensor Enabled, a new ablation catheter designed to help physicians accurately and effectively treat atrial fibrillation (AFib). Additionally, in May 2016, Boston Scientific received FDA approval for IntellaNav XP and the IntellaNav MiFi XP navigation enabled ablation catheters for the treatment of Type I atrial flutter and can be used with the Rhythmia mapping system.


Increasing investment by key market players in the development of the electrophysiology devices to cater to unmet needs globally, is a key element offering new products in the market. The introduction of new catheters for the treatment of cardiovascular diseases is anticipated to further propel the demand for the devices and hence anticipated to drive the growth of the market.


SEGMENTATION


By Type Outlook


“The Ablation Catheters Segment is Anticipated to Dominate the Market during Forecast Period”


Based on type, the electrophysiology devices market is segmented into ablation catheters, diagnostic catheters, mapping systems, accessories and others. Ablation catheters segment is anticipated to hold a significant electrophysiology devices market share and is expected to grow at a significant CAGR during the forecast period.


The ablation catheters segment is primarily driven by the increase in the use of the ablation procedures for the treatment of atrial fibrillation. According to the European Heart Rhythm Association (EHRA) survey, more than 50,000 catheter ablations are performed every year in Europe. The rising prevalence of atrial fibrillation is one of the major factors propelling the demand for the ablation catheters across the world.


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Rising investment by key market players in the development of novel mapping systems and catheters are some of the major factors anticipated to propel the growth of the segment during the forecast period of 2019-2026.


By Application Outlook


“Supraventricular Tachycardia (SVT) Dominated the Application Segment in 2018”


Based on application, the market can be segmented into atrial fibrillation, supraventricular tachycardia (SVT), ventricular tachycardia and others. Supraventricular Tachycardia (SVT) dominated the application segment in the electrophysiology devices market in 2018. According to the American Academy of Family Physicians, the incidence of supraventricular tachycardia among general population was estimated to be around 35 cases per 100,000 population globally. The condition is potentially life-threatening if left untreated, and accounts for an estimated 300,000 deaths each year. The increasing incidence of the condition, along with superiority of catheter ablation procedure in the treatment of the condition, has fueled the demand for electrophysiology devices in the global market. These factors have propelled the growth of the segment in the global market in 2018.


According to the European Society of Cardiology, 7.6 million people over age 65 in Europe were suffering from atrial fibrillation in 2016 and anticipated to increase by 89.0% to 14.4 million by 2060. The rising prevalence of atrial fibrillation is expected to propel the demand for the electrophysiology devices and hence propelling the growth of the segment.


By End User Outlook


“Hospital & ASC’s Segment held the Highest Share in 2018.”


Based on end user, the electrophysiology devices market is segmented to hospitals & ASCs, and specialty clinics & diagnostic centers. The hospitals & ASC’s segment holds a substantial share and is anticipate to grow at a relatively significant CAGR during the forecast period.


Adoption of technologically advanced cardiac rhythm management and electrophysiological procedure devices by the interventional cardiologists in hospitals and increasing prevalence of cardiovascular disease are some of the factors anticipated to propel the use of the electrophysiology devices at hospitals and hence propelling the segment growth.


Similarly, specialty clinics and diagnostic centers segment is anticipated to grow at significant CAGR during the forecast period.


REGIONAL ANALYSIS


North America generated a revenue of USD 1.65 billion in 2018 and is anticipated to emerge as a dominant region in the electrophysiology devices market during the forecast period. The dominance is attributable to the growing prevalence of heart failure (HF), cardiac arrest, and cardiac arrhythmia in this region due to an unhealthy lifestyle, smoking and alcohol consumption. Presence of favorable reimbursement policies in the region is also one of the major elements expected to drive the market growth during the forecast period.


The electrophysiology devices market in Asia Pacific is projected to grow at a significant CAGR during the forecast period due to the rapidly growing incidence of cardiovascular diseases. Refining healthcare infrastructure, increasing patient awareness, and rising healthcare expenditure levels in the region is expected to boost the investment by key market players in the region and hence anticipated to propel the market.


North America Electrophysiology Devices Market Size, 2018

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On the other hand, Europe is projected to witness significant growth in the electrophysiology devices market. The high growth countries, including Germany, Spain, and the Italy would contribute to the growth of the electrophysiology devices market in the region. Rising prevalence of cardiovascular diseases in Germany will lead to an increase in the demand for the electrophysiology devices in the country. For instance, according to an article published in the NCBI, the prevalence of atrial fibrillation in Germany is 2.3%.


Moreover, technological advancement is another contributing factor in the growth of electrophysiological devices market. For instance, in May 2019, Abbott launched an advanced heart monitor for more accuracy in detecting arrhythmia, called Confirm Insertable Cardiac Monitor (ICM). The device received U.S. FDA clearance and CE Mark in Europe for marketing. It is an implantable paperclip-sized device with smartphone connectivity and constant, remote monitoring to track unpredictable incorrect heart rhythm issues for swift and precise diagnostic.


The Middle East and Africa and Latin America are anticipated to grow at a significant CAGR due to increasing awareness about cardiovascular disease and adoption of technologically advanced electrophysiology devices in the region.  


INDUSTRY KEY PLAYERS


“Abbott, Medtronic, Boston Scientific Corporation, Johnson & Johnson Services, Inc., hold Substantial Market Share in the Electrophysiology Devices Market”


Top market players focus on strategies, such as mergers and acquisitions, collaborations, and new product developments and launches to strengthen their market position globally and increase their market share. For instance, in January 2019, 2019, Medtronic acquired EPIX Therapeutics a medical device company designs and manufactures new temperature-controlled, catheter-based, cardiac ablation system for treatment of cardiac arrhythmias including atrial fibrillation (AF). This acquisition will expand Medtronic’s cardiac ablation portfolio and strengthen company’s brand name.


Abbott is among the key market players in the healthcare industry and major player in electrophysiology devices. In January 2017, Abbott acquired St. Jude Medical, Inc.one of the prominent player in the medical devices with a strong product portfolio in atrial fibrillation, heart failure, structural heart and chronic pain complement. The acquisition will expand company’s product portfolio and help to establish a strong market. Having a strong product portfolio and supply chain makes the company dominant in the electrophysiology devices market. Abbott along Boston Scientific Corporation, Johnson & Johnson Services, Inc. and holds larger market share by providing a wide range of electrophysiology devices for treatment and diagnosis.


LIST OF KEY COMPANIES PROFILED:



REPORT COVERAGE


Rising prevalence of cardiac diseases along with introduction of novel technologically advanced electrophysiology devices and emphasis of companies to cater unmet needs are some of the major factors propelling the growth of the electrophysiology devices market during the forecast period.


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Along with this, the report provides an elaborative analysis of the global electrophysiology devices market dynamics and competitive landscape. Various key insights presented in the report are the price trend analysis, recent industry developments in the global electrophysiology devices market, such as mergers & acquisitions, pricing analysis by key market players, prevalence of key disease indications by regions.


Report Scope & Segmentation











































 ATTRIBUTE



 DETAILS



Study Period



   2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD billion)



Segmentation



By Type



  • Ablation Catheters

  • Diagnostic Catheters

  • Mapping System

  • Accessories

  • Others



By Application



  • Atrial Fibrillation

  • Supraventricular Tachycardia (SVT)

  • Ventricular Tachycardia

  • Others



By End User



  • Hospitals & ASCs

  • Specialty Clinics & Diagnostic Centers



By Geography



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)

  • Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)



 


INDUSTRY DEVELOPMENT:



  • June 2019: Abbott launched HD grid mapping catheter sensor enabled in India. The new electrophysiology (EP) mapping catheter design permits physicians to see things differently during transcatheter EP cardiac ablation procedures. The product received FDA approval in May 2018.

  • September 2019: Johnson & Johnson company Biosense Webster launched CARTONET world’s first secure, cloud-based network for electro- physiologists to review, analyze and share atrial fibrillation case data to improve procedural efficiency.


Frequently Asked Questions

Fortune Business Insights says that the electrophysiology devices market was valued at USD 4.60 billion in 2018 and is projected to reach USD 10.51 billion by 2026.

In 2018, the electrophysiology devices market was valued at USD 4.60 billion.

The electrophysiology market is expected to grow at a significant CAGR of 10.9% during the forecast period.

Ablation catheters segment is expected to be the leading segment in electrophysiology devices market during the forecast period.

Rising prevalence of cardiac arrhythmia and introduction of technologically advanced electrophysiology devices are some of the factors anticipated to drive the growth of the electrophysiology market

Abbott, Medtronic, Boston Scientific Corporation, Johnson & Johnson Services, Inc., are some of the top players in electrophysiology devices market.

North America is expected to hold the highest market share in the electrophysiology devices market during 2019-2026.

Electrophysiology Devices Market Size, Share and Global Industry Trend Forecast till 2026
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