Electrophysiology Devices Market
Electrophysiology Devices Market By Device Type (Treatment Devices [Defibrillators, Pacemakers, Cardiac Resynchronization Therapy Devices, Ablation Systems [Radiofrequency, Cryoablation, and Others], and Others], By Diagnostic Devices [Ecg Monitors [Stress, Rest, and Holter Monitors], Ep X-Ray Systems, Ep Recording Systems, Ep Imaging & Mapping Systems, Implantable Cardiac Monitors, And Others]), By Modality (Implantable And External), By Application (Ventricular Tachycardia, Atrial Fibrillation, Bradycardia, and Others), By End User (Hospitals, Ambulatory Surgical Centers, and Others), By Geography is expected to grow at a steady CAGR Forecast till 2026 owing to Rising Prevalence of Cardiovascular Diseases and Increasing Advancements in Product Development
Global Electrophysiology Devices Market was valued at USD 6.31 billion in 2020, growing at a CAGR of 9.73% during the forecast period from 2021 to 2026, to reach USD 9.22 billion by 2026. The demand for electrophysiology devices is primarily being boosted by rising prevalence of cardiovascular diseases, technological advancement in product development, increasing geriatric population, sedentary lifestyle, and increasing awareness programs regarding cardiovascular diseases.
Electrophysiology Devices Market Dynamics:
The EP study helps in the evaluation of electrical impulses of the heart to assess the abnormal heart rhythms. As per the data provided by the World Health Organization (2021), cardiovascular diseases (CVDs) are the leading cause of death across the globe, where in this group of disease account for an estimated 17.9 million lives each year. Furthermore, the same data by the WHO presented that over four out of five CVD deaths list strokes and heart attacks as the main cause, and one-third of these deaths are said to occur prematurely in people below 70 years of age. Over three quarters of CVD deaths take place in low- and middle-income countries.
According to the data provided by the European Society for Cardiology (ESC) (2021), each year cardiovascular disease (CVD) causes 3.9 million deaths in Europe and over 1.8 million deaths in the European Union. They represent about 45% of all deaths in Europe and 37% in the EU.
According to the data provided by the Global Health Data Exchange database which is considered as one of the most comprehensive worldwide catalogs of censuses, surveys, vital statistics, and other health-related data, it is estimated that by 2050, 6-12 million people will suffer from atrial fibrillation in the US by 2050 and 17.9 million people in Europe by 2060.
The above mentioned facts state the dire need for measures to address the rising disease burden of CVDs across the globe. Indications such as atherosclerosis, arrhythmias and heat failure can severely affect the quality of life of patients and may even prove to be life threatening. Furthermore, in many cases, the severity of CVDs can be reduced by regular monitoring of cardiac rhythms and activities. This can be achieved by deploying electrophysiology devices such as ECG monitors, implantable cardiac monitors, among others. These devices enable healthcare providers as well as patient to monitor the cardiac health as per the need, i.e either continuous or periodic monitoring, thereby helping in the improvement of disease prognosis as well helping in early disease diagnosis. Moreover, the advanced electrophysiology procedures such as cardiac ablation using different ablation procedures such as radiofrequency and cryoablation also offer a way for treating heart diseases of various etiologies. Therefore, the electrophysiology devices market is expected to witness remarkable growth during the forecast period due to the rising global prevalence of CVDs.
However, non-availability of the required healthcare infrastructure as well as skilled professionals in developing economies may prove to be certain restraints to the electrophysiology devices market growth.
Electrophysiology Devices Market Segment Analysis:
Electrophysiology Devices Market By Device Type (Treatment Devices [Defibrillators, Pacemakers, Cardiac Resynchronization Therapy Devices, Ablation Systems [Radiofrequency, Cryoablation, And Others], And Others], By Diagnostic Devices [ECG Monitors [Stress, Rest, And Holter Monitors], EP X-Ray Systems, EP Recording Systems, EP Imaging & Mapping Systems, Implantable Cardiac Monitors, And Others]), By Modality (Implantable And External), By Application (Ventricular Tachycardia, Atrial Fibrillation, Bradycardia, And Others), By End User (Hospitals, Ambulatory Surgical Centers, And Others), and Electrophysiology Devices by Geography (North America, Europe, Asia-Pacific, and Rest of the World).
In product segment in the diagnostic device segmentation of the electrophysiology devices market, the ECG monitors segment is expected to amass the largest market share during the forecast period. ECG systems have been the most commonly used devices for the purpose of cardiac monitoring. These devices are generally found in hospitals setups and have been the conventional and most preferred mode of ECG monitoring of patients. Besides being one of the oldest technologies present, these devices are economical to procure for healthcare facilities, which in turn, make them an affordable diagnostic procedure for patients. Furthermore, ECG tests are the preliminary test where cardiac malfunctioning is suspected where in their results become important before proceeding for advanced tests or deciding a treatment approach.
Furthermore, technological advancements and product innovations taking place in the development of ECG devices are likely to propel the electrophysiology devices market growth. In February 2021, Qardio Inc received the 510k approval from the US Food and Drug Administration for the QardioCore device, which is an ambulatory ECG monitoring device that can record ECG information for up to 24 hours in a single session.
North America Is Expected To Dominate The Overall Electrophysiology Devices Market:
Among all the regions, North America is expected to account for the largest share in the electrophysiology devices market. The growing prevalence of cardiovascular diseases such as heart failure and atrial fibrillation, access to better healthcare infrastructure along with the presence of major market players in the region are predicted to be the major influencing factors in driving the overall growth of the electrophysiology devices market over the forecast period.
As per the facts provided by the Centers for Disease Prevention and Control (CDC), heart disease is the leading cause of death for men, women, and people of most racial and ethnic groups in the United States where about 655,000 Americans die from heart disease each year.
As per the data provided by the National Center for Health Statistics, a part of CDC, in 2018, atrial fibrillation was mentioned as the cause of death in 25,845 of deaths and was in the United States. It further stated that approximately 12.1 million people in the United States will have AFib in 2030.
Additionally, a Report by the American Heart Association providing data for 2020 mentioned that near about 6.2 million adults in the United States have heart failure. The statistics for 2019 by the same organization stated that in 2018, heart failure was mentioned on 379,800 death certificates in the country. As electrophysiology devices have a major application in detecting heart failure Afib, the increasing number of AFib and heart failure patients in the country is expected to drive the market over the forecast period.
The well-established healthcare infrastructure in the country with supportive reimbursement programs covering the costs for the electrophysiology procedures as well as the treatment devices further encourages people to opt for such procedures and devices.
In June 2021, Medtronic received the expanded approval from the US Food and Drug Administration (FDA) for its Arctic Front Family of Cardiac Cryoablation Catheters for the treatment of recurrent symptomatic paroxysmal atrial fibrillation (AF).
In June 2020, Boston Scientific Corporation received the 510k approval from the US Food and Drug Administration for the LUX-Dx™ Insertable Cardiac Monitor (ICM) System which is a long-term implantable diagnostic device for the detection of arrhythmias associated with conditions such as cryptogenic stroke, atrial fibrillation (AF), and syncope.
Considering the presence of large patient pool in the US coupled with new product launches, the market for electrophysiology devices looks promising in the United States.
Electrophysiology Devices Market Key Players:
Some of the key market players operating in the electrophysiology devices market includes Boston Scientific Corporation, Lepu Medical Technology (Beijing) Co. Ltd, GENERAL ELECTRIC COMPANY, Medtronic, Abbott, BIOTRONIK, Microport Scientific Corporation, Acutus Medical, Inc., Imricor, Medical Devices Business Services, Inc. (Johnson & Johnson), Baylis Medical Company, Inc, Schwarzer Cardiotek GmbH, ATRICURE, INC., CardioFocus, Osypyka AG and others.
Recent Developmental Activities in Electropysiology Devices Market:
- In December 2020, Acutus Medical Inc announced the launch of their AcQBlate® Force Sensing Ablation System in Europe after securing CE Mark for the company’s AcQBlate FORCE ablation catheter and the Qubic Force Sensing Module (Qubic Force).
- In November 2020, Abbott received the CE mark and Approval from the Australian Regulatory Authority for their EnSite™ X EP System, which is equipped with advanced imaging capabilities and allows for the creation of the 3D model of cardiac anatomy of patients. This system is developed to offer electro physiologists a smoother platform to help deliver ablation therapy to treat abnormal heart rhythms.
- In January 2020, Imricor received CE mark approval for its Vision-MR Ablation Catheter and Vision-MR Dispersive Electrode. This is the first and only company to offer cardiac ablation devices for use in the MRI environment.
Key Takes Away From The Electrophysiology Devices Market Report Study
- Market size analysis for current market size (2020), and market forecast for 5 years (2021-2026)
- The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the electrophysiology devices market.
- Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
- Key companies dominating the Global Electrophysiology Devices Market.
- Various opportunities available for the other competitor in the Electrophysiology Devices Market space.
- What are the top performing segments in 2020? How these segments will perform in 2026.
- Which is the top-performing regions and countries in the current electrophysiology devices market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for electrophysiology devices market growth in the coming future?
Target Audience who can be benefited from this Electrophysiology Devices Market Report Study
- Electrophysiology Devices products providers
- Research organizations and consulting companies
- Electrophysiology Devices-related organization, association, forum, and other alliances
- Government and corporate offices
- Start-up companies, venture capitalists, and private equity firms
- Distributors and Traders dealing in electrophysiology devices
- Various End-users who want to know more about the Electrophysiology Devices market and latest technological developments in the Electrophysiology Devices market.
Frequently Asked Questions for Electrophysiology Devices Market:
What is an Electrophysiology Device?
An electrophysiology device helps in the assessment of the electrical activity of the heart. These devices help in the diagnosis as well as in the treatment of diseases related to the electrical system of the heart.
What is the market for Global Electrophysiology Devices?
Global Electrophysiology Devices Market was valued at USD 6.31 billion in 2020, growing at a CAGR of 9.73% during the forecast period from 2021 to 2026, to reach USD 9.22 billion by 2026.
What are the drivers for Global Electrophysiology Devices Market?
The major drivers of the global electrophysiology devices market are the rising of cardiovascular disease prevalence, technological advancement in product development, increasing geriatric population, sedentary lifestyle, and increasing focus on making people aware regarding cardiovascular diseases.
What are the key players operating in Global Electrophysiology Devices Market?
Some of the major players operating in the electrophysiology devices market includes Boston Scientific Corporation, Lepu Medical Technology (Beijing) Co. Ltd, GENERAL ELECTRIC COMPANY, Medtronic, Abbott, BIOTRONIK, Microport Scientific Corporation, Acutus Medical, Inc., Imricor, Medical Devices Business Services, Inc. (Johnson & Johnson), Baylis Medical Company, Inc, Schwarzer Cardiotek GmbH, ATRICURE, INC., CardioFocus, Osypyka AG and others.
What region has the highest share in Electrophysiology Devices market?
North America is expected to account for the largest revenue share in the overall electrophysiology devices market during the forecast period, 2021 to 2026. This high growth in the market can be attributed to the increasing prevalence of cardiovascular diseases such as atrial fibrillation and heart failure and encouraging reimbursement policies in the region, especially in the US.