Electrophysiology Devices Market Size, Share & Industry Analysis, By Type (Ablation Catheters, Diagnostic Catheters, Mapping Systems, Accessories, and 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, 2020-2027

The global electrophysiology devices market size was valued at USD 5.10 billion in 2019 and is projected to reach USD 9.71 billion by 2027, exhibiting a CAGR of 10.8% during the forecast period.

Electrophysiology devices are majorly used in the diagnosis and treatment of conditions that affect the heart, including atrial and ventricular fibrillation, and tachycardia, among others. Various types of devices based on the electrophysiology technique, including ablation and diagnostic catheters, mapping systems, etc., are employed by healthcare providers to diagnose and treat these conditions.

According to the Centers for Disease Control and Prevention (CDC), atrial fibrillation affects an estimated 2.7 million to 6.0 million people in the U.S. According to the American College of Cardiology, cardiovascular diseases are the leading cause of deaths in the U.S., and an estimated 840,800 deaths in 2016 were attributed to cardiovascular diseases. Growing adoption of electrophysiology devices in the diagnosis and treatment of cardiovascular diseases such as atrial fibrillation, coupled with increasing demand for cardiac rhythm management devices for continuous monitoring, are some factors expected to propel market growth rate during the forecast period.

Covid-19 and Cardiovascular Diseases Exerting Mixed Impact on the Market

The sudden outbreak of the COVID-19 pandemic has had mixed impact on the global medical devices market. Some segments experienced an overall negative impact due to decline in the number of patient visits to the hospitals globally. However, patients with pre-existing heart disease suffering from COVID-19 are more prone to high risks of heart attack or develop congestive heart failure. A more unusual condition called myocarditis has been observed in COVID-19 patients being admitted in emergency departments globally. Additionally, the National Health Commission (NHC) of China demonstrated that 35.0% of the total patients diagnosed with COVID-19 (sample size of 46,248) were suffering from hypertension and 17.0% were suffering from coronary heart disease.

However, according to the various studies, in the U.S., hospitalizations for acute myocardial infarction (MI) and admissions for diagnosis witnessed a decline of 40.0% to 50.0% between March and April 2020. Additionally, according to a study conducted in Northern California, the weekly rates of hospitalization for cardiac conditions decreased by about 48.0% during the COVID-19 period.

A study conducted in Italy revealed a 49.4% reduction in hospital admissions of patients with acute myocardial infarction in Q1 and Q2 2020, as compared to 2019. The decline has led to limited demand for electrophysiology devices, hampering the growth of the market. Additionally, key market players operating in the market witnessed decline in the revenues generated from these devices in the first half of 2020.

LATEST TRENDS

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Technological Advancements in Electrophysiology to Spur Demand        

Introduction of technologically advanced devices is one of the major elements influencing the market growth. Usage of various advanced mapping and guidance systems which assist in improved monitoring of heart rhythm is expected to escalate the adoption of these devices during the forecast period.

Currently, only a handful of players operating in the market are providing technologically advanced solutions to the healthcare industry. For instance, in January 2019, Abbott launched its sensor-enabled TactiCath Contact Force Ablation Catheter for the treatment of Afib. The product allows accurate imaging of the heart during ablation procedure. The rising prevalence of atrial fibrillation coupled with introduction of technologically advanced solutions is anticipated to boost the market during the forecast period.

DRIVING FACTORS

Rising Prevalence of Cardiac Diseases to Propel Product Demand Globally

Rising prevalence of atrial fibrillation, supraventricular tachycardia, and other heart conditions is increasing the demand for electrophysiology devices. For instance, according to the CDC, 0.5% of the global population suffers from atrial fibrillation. Additionally, approximately 2.0% of the population below 65 years of age suffers from the condition, while about 9.0% percent population over 65 years of age globally was suffering from atrial fibrillation in 2019.

Ventricular tachycardia is another serious condition, which is responsible for an estimated 300,000 deaths each year in the U.S. alone. Thus, increasing prevalence of cardiovascular disorders is one of the primary factors propelling the demand for these devices for diagnosis and monitoring. According to American Heart Association, nearly half of the adults in the U.S. suffer from cardiovascular disease. Additionally, according to a report published by Biosense Webster Inc., a Johnson & Johnson Services company, atrial fibrillation (AF) affects more than 16 million people in Asia Pacific and is anticipated to rise to 72 million by 2050.

RESTRAINING FACTORS

Frequent Product Recalls to Hamper Market Growth     

Frequent product recalls related to devices used for ablation procedures is one of the major elements anticipated to hamper the global market growth during the forecast period. For instance, in May 2017, Sterilmed Inc. recalled EP Ablation Cables. Prior to that, in 2015, Biosense Webster recalled its Class 2 Lasso NAV Duo Loop eco catheters due to difficulties with retraction.

Additionally, the lack of adequate reimbursement policies in both developed and developing countries has limited the adoption of these devices. These are some of the major factors restraining the market growth opportunities.

SEGMENTATION

By Type Analysis

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 Ablation Catheters Segment to Dominate the Market Share

Based on type, the market is segmented into ablation catheters, diagnostic catheters, mapping systems, accessories, and others. The ablation catheters segment held a dominant Electrophysiology Devices market share in 2019. This segment is primarily driven by the increasing use of the ablation procedures for the treatment of atrial fibrillation.

However, the diagnostic catheters segment is anticipated to grow at a significant CAGR during the forecast period. Rising investment by 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 in the coming years.

By Application Analysis

Supraventricular Tachycardia (SVT) Dominated the Application Segment in 2019

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 2019. The increasing incidence of the supraventricular tachycardia, along with superiority of catheter ablation procedure in the treatment of the condition, has boosted their demand in the global market.

Rising prevalence of atrial fibrillation and introduction of advanced catheters and other devices by market players for treatment of atrial fibrillation is driving the adoption of these devices.

By End User Analysis

Hospital & ASCs Segment Held a Dominant Share in 2019

Based on end user, this market is segmented to hospitals & ambulatory surgical centers (ASCs), and specialty clinics & diagnostic centers. The hospitals & ASCs segment holds a substantial market share and is anticipated to grow at a relatively significant CAGR during the forecast period. Adoption of technologically advanced electrophysiological procedures and devices by interventional cardiologists in hospitals is leading to higher demand for these devices from hospitals.

Also, higher preference towards ASCs for cardiology ablation procedures is presenting a large patient pool undergoing procedures in ASCs. This is fuelling the demand from ASCs, especially in the U.S., for these devices. Specialty clinics and diagnostic centers segment is anticipated to grow at significant CAGR during the forecast period, mainly owing to the emergence of cardiac catheterization clinics, and increasing number of diagnostic centers performing the procedure.

REGIONAL INSIGHTS

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The market size in North America stood at USD 1.82 billion in 2019. The dominance of the region in the market is attributable to the rising prevalence of heart failure (HF), cardiac arrest, and cardiac arrhythmia owing to unhealthy lifestyles, and increased smoking and alcohol consumption. Presence of adequate reimbursement policies in the region is also one of the major elements expected to spur market growth.

On the other hand, Europe is projected to witness significant electrophysiology devices market growth. Rising prevalence of cardiovascular diseases in Europe is expected to lead to an increase in the demand for the electrophysiology devices in the region. For instance, according to an article published in the NCBI, the prevalence of atrial fibrillation in Germany was estimated to be around 2.3% of the total population in the country.

Asia Pacific is anticipated to grow at a significant CAGR during the forecast period owing to the rapidly growing incidence of cardiovascular diseases. A rapidly developing healthcare infrastructure and rising healthcare expenditure levels in the region are expected to boost the investment by key market players in the region. This is further expected to lead to the introduction of new electrophysiology devices in the Asia Pacific region. Emergence of domestic players will lead to intense price competition and drive the demand for cost-efficient devices in the region.

Latin America & the Middle East & Africa accounted for a comparatively lower share of the market owing to the presence of a huge underpenetrated market.

KEY INDUSTRY PLAYERS

Medical Devices Giants to Monopolize Market Competition

Top market players are focusing on strategies such as mergers and acquisitions, collaborations, and new product launches developments to strengthen their market position globally. For instance, in January 2019, Medtronic acquired EPIX Therapeutics, a medical device company engaged in designing and manufacturing of cardiac ablation systems for treatment of cardiac arrhythmias including atrial fibrillation (AF). This acquisition will expand Medtronic’s cardiac ablation portfolio and strengthen the company’s brand name.

Other key players such as Abbott and Boston Scientific Corporation have also entered the market competition with novel and technologically advanced devices.

LIST OF KEY COMPANIES PROFILED:

• Abbott (Chicago, U.S.)


• Medtronic (Dublin, Ireland)


• Boston Scientific Corporation (Massachusetts, U.S.)


• Johnson & Johnson Services, Inc. (New Jersey, U.S.)


• Stereotaxis, Inc. (Missouri, U.S.)


• AtriCure, Inc. (Ohio, U.S.)    


• AngioDynamics (New York, U.S.)


• Biotronik, Inc. (Berlin, Germany)


• Other Players

KEY INDUSTRY DEVELOPMENTS:

• April 2021- Medtronic plc received Breakthrough Device Designation for Emprint ablation catheter kit from U.S FDA. The device is yet to be approved in U.S. The catheter can be used for minimally invasive treatment of malignant lesions in lung.


• March 2021 – Beaumont Health announced the launch of a new ablation procedure for atrial fibrillation with an aim to study whether pulsed field ablation can be used to treat patients with irregular heartbeats.


• December 2020 – Acutus Medical announced the launch of AcQBlate Force Sensing Ablation System in Europe. The company has also received CE mark for AcQBlate Force ablation catheter and Qubic Force sensing module.

REPORT COVERAGE

An Infographic Representation of Electrophysiology Devices Market

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The electrophysiology devices market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth and advancement of the market over the recent years.

Report Scope & Segmentation