Electrophysiology Industry Forecasts to 2025: Focus on Lab Devices, Ablation Catheters and Diagnostic Catheters

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Jul 28, 2020, 15:45 ET

DUBLIN, July 28, 2020 /PRNewswire/ -- The "Electrophysiology Market by Product (Lab Devices (3D Mapping, Recording), Ablation Catheters (Cryoablation, RF), Diagnostic Catheters (Conventional, Advanced, Ultrasound)), Indication (AF, AVNRT, WPW), End User (Hospitals, ASCs) - Global Forecasts to 2025" report has been added to ResearchAndMarkets.com's offering.

The global electrophysiology market is projected to reach USD 10.61 billion by 2025 from USD 6.87 billion in 2020, growing at a CAGR of 9.1% from 2020 to 2025.

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Technological advancements and increasing incidence of target diseases to support market growth

Factors driving the growth of the market are technological advancements; new entrants in the market; growing investments, funds, and grants; and increasing incidence of target diseases and procedures. Emerging markets are also expected to offer high growth opportunities for players operating in this market. However, factors such as high cost of electrophysiology products and inadequate reimbursement, unfavorable healthcare reforms in the US, and the cost-intensive requirement for clinical data for new product launches along with the availability of alternative technologies are expected to restrain the growth of this market in the coming years. The reuse and reprocessing of devices and lack of skilled and experienced electrophysiologists are some of the challenges in this market. The growth of the market is also expected to slow temporarily during the forecast period due to the COVID-19 pandemic.

3D Mapping Systems: The largest segment of EP laboratory devices market

Based on type of product, the EP laboratory devices market is segmented into 3D mapping systems, EP recording systems, RF ablation systems, intra-cardiac echocardiography (ICE) ultrasound imaging systems, EP X-ray systems, and other electrophysiology laboratory devices (MRI systems and EP remote magnetic and robotic navigation systems). 3D mapping systems accounted for the largest share of the global EP laboratory devices market in 2019. Driven by its high growth potential, markets players are increasingly focusing on the launch of new technologically advanced devices. For instance, in August 2018, BioSig Technologies received the US Food and Drug Administration (FDA) clearance for the PURE EP System.

Cryoablation EP Catheters: The largest segment of EP ablation catheters market

The EP ablation catheters market is further segmented into cryoablation EP catheters, radiofrequency ablation catheters, laser ablation systems, and microwave ablation systems. Cryoablation EP catheters accounted for the largest share of the global EP ablation catheters market in 2019. The therapeutic advantages of cryoablation over other ablation modalities such as radiofrequency ablation are driving the growth of this market. In addition, various market players are taking initiatives to increase their market presence and strengthen product portfolio; they are also engaging in clinical studies to evaluate the safety of their products. Such initiatives are further supporting market growth. In May 2019, Koninklijke Philips N.V. (Netherlands) entered into a partnership with Medtronic (Ireland). Philips' KODEX-EPD dielectric imaging and navigation system, dielectric imaging sensors, clinical software and services were expected to be leveraged to support cryoablation procedures performed using the Medtronic Arctic Front Advance cryoablation technology.

Conventional EP Diagnostic Catheters: The largest segment of EP diagnostic catheters market

On the basis of type, the EP diagnostic catheters market is segmented into conventional EP diagnostic catheters, advanced EP diagnostic catheters, and ultrasound EP diagnostic catheters. The conventional EP diagnostic catheters segment accounted for the largest share of the global EP diagnostic catheters market in 2019. This can be attributed to the development of technologically advanced fixed and steerable diagnostic catheters, rising prevalence of cardiac arrhythmias across the globe, and increasing demand for these lower-priced devices in emerging markets.

Atrial Fibrillation: The dominating indication segment of the electrophysiology market

Based on indication, the electrophysiology market is segmented into atrial fibrillation, atrioventricular nodal reentry tachycardia (AVNRT), Wolff-Parkinson-White (WPW) syndrome, atrial flutter, and other indications.

Atrial fibrillation segment commanded the largest share of the electrophysiology market in 2019; this segment is also expected to witness the highest growth during the forecast period. The rapid growth in the aging population across the globe, increasing prevalence of atrial fibrillation, a growing number of ablation procedures related to atrial fibrillation, and the development of advanced electrophysiology products for early diagnosis of atrial fibrillation are expected to drive the growth of this market segment in the coming years.

Hospitals & Cardiac Centers: The largest sub-segment of the electrophysiology segment

Based on end-user, the global electrophysiology market has been segmented into hospitals & cardiac centers and ambulatory surgery centers. The hospitals & cardiac centers segment accounted for the largest share in 2019 due to the increasing ablation procedures, the presence of big cath labs and electrophysiology labs in hospitals, and rising prevalence of CVDs. Technological advancements, coupled with government funding, are also encouraging the installation of new tools and devices in hospitals.

North America: The largest share contributing regional segment of the global electrophysiology market in 2019

The electrophysiology market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. North America accounted for a major share of the electrophysiology market in 2019. Factors such as the high burden of CVDs, an increasing number of clinical trials validating electrophysiology devices, the growing number of approvals for electrophysiology devices, and the presence of key players in this region are driving the growth of the electrophysiology market in the US. Moreover, the growing focus of government organizations on providing funding for research, the rising geriatric population, and the high incidence of cardiac diseases are the major factors driving the electrophysiology market in Canada.

Market Dynamics

Drivers

Technological Advancements
New Entrants in the Market
Growing Investments, Funds, and Grants
Increasing Incidence of Target Diseases and Procedures

Restraints

High Cost of Electrophysiology Products and Inadequate Reimbursement
Unfavorable Healthcare Reforms in the US
Cost-Intensive Requirement for Clinical Data for New Product Launches along with Availability of Alternative Technologies

Opportunities

Emerging Markets

Challenges

Reuse and Reprocessing of Devices
Lack of Skilled and Experienced Electrophysiologists

Companies Mentioned

Abbott Laboratories
Acutus Medical
APN Health, LLC
Baylis Medical
Biotronik
Boston Scientific Corporation
Cardiofocus
Cathrx Ltd.
Cathvision
Cook Medical
EP Solutions SA
EPMap-System
GE Healthcare
Imricor Medical Systems
Japan Lifeline
Johnson & Johnson
Koninklijke Philips N.V.
Lepu Medical
Medtronic PLC
Merit Medical Systems
Microport Scientific Corporation
Osypka
Schwarzer Cardiotek
Stereotaxis
Teleflex
TZ Medical

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