ELECTROPHYSIOLOGY DEVICES MARKET ANALYSIS

Market Size and Trends

Global electrophysiology devices market is estimated to be valued at USD 9.70 Bn in 2024 and is expected to reach USD 22.54 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 12.8% from 2024 to 2031.

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Rising incidences of cardiac arrhythmias, growing geriatric population, technological advancements in electrophysiology such as remote magnetic navigation, 3D mapping systems, and robotic navigation are expected to drive growth of the electrophysiology devices market. ising awareness about early disease diagnosis and treatment and availability of reimbursements are further expected to boost demand for electrophysiology devices for diagnosis and treatment of cardiac arrhythmias. However, high cost of complex cardiac electrophysiology procedures and dearth of skilled physicians can hamper the market growth.

Increasing Prevalence of Cardiovascular Diseases

Global electrophysiology devices market growth is driven by rising prevalence of cardiovascular diseases around the world. Cardiovascular diseases have been increasing at an alarming rate over the past few decades due to changing lifestyle patterns and risk factors such as rising levels of obesity, lack of physical activity, stressful living and working conditions, and increasing consumption of tobacco, alcohol, and unhealthy foods. Heart diseases and disorders related to heart rhythm abnormalities are becoming more widespread in both developing and developed countries. Some of the key factors leading to the higher risk of cardiovascular diseases include growing levels of stress, aging populations, complex treatments prolonging lifespan, and genetic predispositions. Even in developing nations, lifestyle-related non-communicable diseases are rising sharply as people adopt western diets and consuming more refined carbs, sugar, unhealthy fats while leading sedentary lives with little physical activity. All these direct and indirect factors have contributed to a considerable increase in the number of people diagnosed with conditions such as atrial fibrillation, heart block, ventricular tachycardia, and atrial flutter. Electrophysiology procedures help to treat various types of cardiac arrhythmias using sophisticated mapping and ablation techniques. Thus, growing disease burden of cardiovascular illnesses boosts demand for electrophysiology devices.

Market Concentration and Competitive Landscape

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Increasing adoption of organic growth strategies such as product launches by key market players is expected to drive the global electrophysiology devices market growth over the forecast period. For instance, in June 2021, Medtronic, a medical device company, launched Micra AV, a miniaturized, fully self-contained pacemaker that delivers advanced pacing technology to atrioventricular block patients through a minimally invasive approach.

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Increasing number of product recalls by regulatory authorities such as the U.S. Food and Drug Administration is expected to hamper the market growth over the forecast period. For instance, in February 2021, the U.S. Food and Drug Administration recalled a class I device EMBLEM S-ICD, a subcutaneous implantable cardioverter defibrillator, which was manufactured by Boston Scientific Corporation, a medical technology company. The device was recalled because the manufacturing process may allow moisture to get inside the defibrillator and cause a short-circuit when it tries to deliver high voltage shocks.

Market Opportunity – Increasing Awareness Campaigns

Increasing adoption of inorganic growth strategies such as launch of awareness campaigns can offer opportunities for the market growth. For instance, on February 20, 2024, OMRON Healthcare, Co., Ltd., a medical device company, launched a global campaign to promote awareness about atrial fibrillation (AFib), the most common type of heart arrythmia1, and how to reduce the high stroke risk associated with the condition. As a part of the campaign, the company released The Sound of AFib, a film short that was the centerpiece of the campaign.

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Product Type segment is sub-segmented into electrophysiology monitoring devices and electrophysiology treatment devices. Electrophysiology Treatment Devices  segment is estimated to hold 61.3% of the market share in 2024, owing to rising prevalence of various cardiac disorders globally. Electrophysiology monitoring devices such as Electrocardiography (ECG) devices, Electroencephalography (EEG) devices, Electromyography (EMG) devices and other monitoring equipment play a crucial role in diagnosing cardiac arrhythmias and other heart conditions. These help physicians to continuously record and monitor the electrical activities and signals of patients’ hearts. Growing geriatric population who are more susceptible to developing arrhythmias and other heart diseases has significantly boosted demand for these monitoring devices. Increasing awareness about early detection of cardiac disorders and availability of advanced cardiac monitoring devices are expected to drive the segment growth. Furthermore, ongoing technological advancements in cardiac monitoring equipment like wireless and remote monitoring solutions have boosted the adoption of electrophysiology monitoring devices across hospitals and diagnostic centers.

Insights, By Indication: Rising prevalence of atrial fibrillation boosts electrophysiology treatment devices

Indication segment is sub-segmented into  atrial fibrillation, atrioventricular nodal re-entry tachycardia, supraventricular tachycardia, bradycardia, others (Wolff-Parkinson-White Syndrome, etc.). Atrial Fibrillation  segment is estimated to hold 42.7% of the market share in 2024, owing to its rising global prevalence. Electrophysiology treatment devices such as ablation catheters, cardiac mapping systems, EP lab devices and other accessories play a vital role in treating various cardiac arrhythmias, especially atrial fibrillation (AFib). The consistently increasing incidence of AFib worldwide primarily due to aging population and prevalent risk factors like obesity, high blood pressure, diabetes,and others . has boosted demand for electrophysiology treatment devices for AFib treatment. The favorable reimbursement policies for cardiac ablation procedures in developed countries and growing preference for minimally invasive treatments have further augmented the growth of this segment.

Insights, By End User: Growing hospital infrastructure boosts hospitals segment

End User segment is sub-segmented into hospitals, diagnostic centers, clinics, others (ambulatory surgical centers, etc.). Hospitals  segment is estimated to hold 39.2% of the market share in 2024, owing to well-established healthcare infrastructure and availability of cutting-edge cardiac facilities. Majority of cardiac ablation and electrophysiological diagnostic procedures are performed in hospitals equipped with specialized EP labs, cardiac catheters labs and highly skilled electrophysiologists. The rapidly growing hospital industry worldwide especially in developing nations, increasing healthcare expenditures, favorable reimbursements and heavy investments by both private and public players in developing hospital infrastructure have created an ideal environment for growth of this end-user segment. Hospitals offer one-stop solutions for cardiac patients requiring long-term care before and after complex electrophysiology procedures.

Regional Insights

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North America remains the dominant region in the global electrophysiology devices market and is estimated to hold 36.9% of the market share in 2024. With a strong presence of leading medical device companies, the region has witnessed rapid technological advancements in electrophysiology. Several new product launches catering to arrhythmias and Atrial Fibrillation treatments have cemented North America's position as the innovation hub. Moreover, favorable reimbursement policies for complex ablation procedures in the U.S. and Canada have ensured higher procedure volumes. Leading healthcare institutions in the region are also early adopters of new electrophysiology technologies. This helps companies gauge real-world performance and drives further innovation.

The Asia Pacific region is emerging as the fastest growing market for electrophysiology devices. Countries like China, India, Japan and South Korea are witnessing significant investments by global medtech giants to tap into their huge untreated patient populations. Local manufacturing is also being incentivized through favorable regulation. Countries in Asia Pacific present a unique growth opportunity due to rising healthcare expenditures and a growing demand for high-quality care. However, pricing pressures remain a key challenge due to price-sensitive markets and universal healthcare systems. Companies must offer highly competitive products tailored to the requirements of this cost-conscious region.

Market Report Scope

Key Developments

• In November 2023, Norav Medical, a global leader in ECG solutions, launched the innovative NR-314P Holter device, marking a major advancement in long-term cardiac monitoring. The compact yet robust NR-314P enables up to 14 days of continuous ambulatory ECG recording and boasts wireless connectivity and an easy-to-use interface.
• In May 2023, Medtronic, a medical device company, announced that the U.S. Food and Drug Administration (FDA) had approved Micra AV2 and Micra VR2, the next generation of its industry-leading miniaturized, leadless pacemakers. Micra AV2 and Micra VR2, the world's smallest pacemakers, provide longer battery life and easier programming than prior Micra pacemakers
• In July 2022, Siemens Healthcare GmbH, a global medical technology company, launched Mobilett Impact, its newest mobile X-ray system. The system combines all the benefits of a mobile X-ray system for imaging at the patient’s bedside with full digital integration
• In June 2020, Boston Scientific Corporation, a medical technology, announced the U.S. launch of the DIRECTSENSE Technology, a tool for monitoring the effect of radiofrequency (RF) energy delivery during cardiac ablation procedures

*Definition: Electrophysiology devices are medical devices that are used to diagnose arrhythmias and atrial fibrillation. Atrial fibrillation is arrhythmia where the chambers of the heart begin to rapidly beat. An electrophysiology study is a test performed to assess heart's electrical system or activity and is used to diagnose abnormal heartbeats or arrhythmia. The test is performed by inserting catheters and then wire electrodes, which measure electrical activity, through blood vessels that enter the heart.

Market Segmentation

•  Product Type Insights (Revenue, USD Bn, 2019 - 2031)
  • Electrophysiology Monitoring Devices
    • Electrocardiograph
    • Holter Monitoring Devices
    • X-Ray Systems
    • Combo systems - Imaging and 3D mapping systems
    • Diagnostic Electrophysiology Catheters
  • Electrophysiology Treatment Devices
    • Implantable Cardioveter Defibrillators
    • Pacemakers
    • Cardiac Resynchronization Therapy Devices
    • Catheters
•  Indication Insights (Revenue, USD Bn, 2019 - 2031)
  • Atrial Fibrillation
  • Atrioventricular Nodal Re-entry Tachycardia
  • Supraventricular Tachycardia
  • Bradycardia
  • Others (Wolff-Parkinson-White Syndrome, etc.)
•  End User Insights (Revenue, USD Bn, 2019 - 2031)
  • Hospitals
  • Diagnostic Centers
  • Clinics
  • Others (Ambulatory Surgical Centers, etc.)
• Regional Insights (Revenue, USD Bn, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
  • Medtronic
  • VivaQuant, Inc.
  • Johnson & Johnson Services, Inc.
  • AliveCor, Inc.
  • Bittium
  • Nihon Kohden Corporation
  • Shimmer
  • OMRON Healthcare, Co., Ltd.
  • VivaLNK, Inc.
  • Abbott
  • BIOTRONIK
  • Koninklijke Philips N.V.
  • Omega Medical Imaging, LLC.
  • HeartSciences
  • MicroPort Scientific Corporation
  • Siemens Healthcare GmbH