[211 Page Report] The global electrophysiology market is projected to reach USD 10.6 billion by 2025 from USD 6.8 billion in 2020, growing at a CAGR of 9.1% from 2020 to 2025. Technological advancements; new entrants in the market; growing investments, funds, and grants; and increasing incidence of target diseases and procedures are responsible for the significant growth of the market during the review period.

COVID-19 Impact on the global electrophysiology market

The impact of the coronavirus pandemic and the lockdown it triggered is visible in various industries, including the electrophysiology market. Enforcement of new guidelines and regulations are hampering the growth of this industry. Moreover, limited access to clinics, social distancing, the lockdown of the population, which results in slow-down in patient flow and referrals, has also impacted the market growth.

Electrophysiology Market Dynamics

Driver: Increasing incidence of target diseases and procedures

AF is the most common arrhythmia diagnosed in clinical practices, affecting over 886,000 new people each year in Europe. By 2030, the number of people with AF is expected to increase by up to 70% of the population; by 2050, Europe is expected to have the highest number of patients with AF (Source: 2018 Report on Burden of Atrial Fibrillation). In the US, AF affected between about 2.7 million to 6.1 million people in 2012; this is estimated to rise to 12.1 million by 2030 (Source: CDC). According to a study published in the Medical Journal of Australia in August 2015, the number of AF patients aged above 55 years in Australia was 328,562 in June 2014 and is estimated to reach to over 600,000 cases by 2034. The rising incidence of these diseases will correspondingly drive the demand for EP procedures, which makes it a primary growth driver for the electrophysiology market. For instance, global ablation procedure numbers are predicted to grow from 973,220 in 2017 to 1,455,000 per year by 2022; within this category, complex ablations (AF and VT) is expected to increase by 13.5% annually from 440,629 in 2017 to 830,390 in 2022 (Source: BioSig Technologies, Annual Report, 2019).

Restraint: High cost of electrophysiology products and inadequate reimbursement

Currently, the electrophysiology market is extremely competitive in terms of pricing owing to the competitive intensity among existing players. Most of these products are premium-priced products, including the cardiac 3D mapping systems and EP recording systems. The average list price of cardiac 3D mapping systems ranges from USD 250,000 to 800,000 (Source: APN Health). The cost of an EP recording system is USD 160,000 (Source: BioSig Technologies, Annual Report, 2019). Owing to the high capital, training, and maintenance costs, EP procedures are generally expensive. For instance, the average cost of a catheter ablation procedure ranges from USD 4,000�6,500. This, coupled with the unfavorable reimbursement scenario for these products in several countries, makes them unaffordable for a large section of the target patient population.

Opportunity: Emerging markets

Emerging markets are expected to offer significant growth opportunities for players in the cardiac mapping systems market, mainly due to their increasing patient population, rising adoption of cardiac mapping systems, growing awareness of CVDs, rising disposable incomes, improving healthcare infrastructure, and comparatively lenient guidelines as compared to developed countries. The emerging countries have registered a sustained increase in the number of surgical procedures during the past decade, driven by the growing target patient population and the rising number of CVD-related deaths, along with rising medical tourism.

Regulatory policies in Asia Pacific are more adaptive and business-friendly. Increasing competition in mature markets will further compel electrophysiology device manufacturers to focus on emerging markets in the coming years.

Challenge: Reuse and reprocessing of devices

As per the FDA and EU guidelines, ablation catheters are labeled as single-use devices (SUDs). However, high per-unit cost of these devices and limited reimbursement has led to their reprocessing and reuse, mainly in hospitals with budget constraints. The cost incurred by a hospital/surgical center for reprocessing and reuse is less than 10% of the cost of a new ablation device, reducing the overall procedural cost by around 50%.

Owing to this, many market leaders are now promoting refurbished devices through various programs. In May 2019, Stryker�s Sustainability Solutions segment, involved in reprocessing of electrophysiology (EP) catheters, EP cables, steerable introducer sheaths, and intracardiac echocardiography (ICE) catheters, sold its four-millionth reprocessed EP device. This equates to cost savings of more than USD 800 million for participating health systems.

The increasing demand for refurbished devices poses a major challenge for market players, especially for small manufacturers. To strengthen their position in the market and create a strong user base for their electrophysiology products, market players either have to position their products at lower prices or have to develop better or more advanced technologies that can address the unmet needs in the market.

�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.

Asia Pacific market to register highest growth for the electrophysiology market

The electrophysiology market in Asia Pacific, particularly in China, Japan, and India, is expected to witness high growth in the coming five years. China and India are expected to account for the highest growth; changing lifestyles and eating habits, increasing stress, and habitual smoking and drinking in these countries have resulted in growing health-related problems such as obesity, heart disease, and other chronic diseases. Factors such as the large population, increasing geriatric population, growing incidence of chronic diseases, rising healthcare spending, healthcare reforms for infrastructural development, increasing demand for advanced technologies, growing emphasis of prominent players on emerging markets, and less stringent regulations are also fueling the demand for electrophysiology devices in this region.

Key Market Players

Johnson & Johnson (US), Boston Scientific (US), Abbott Laboratories (US), Medtronic (Ireland), Koninklijke Philips N.V. (Royal Philips) (Netherlands), GE Healthcare (US), MicroPort Scientific Corporation (China), Stereotaxis (US), Imricor Medical Systems (US), EP Solutions (Switzerland), Epmap-System (Germany), OSYPKA AG (Germany), CardioFocus (US), CathVision (Denmark), Merit Medical Systems (US), BIOTRONIK (Germany), Siemens Healthineers (Germany), Lepu Medical (China), TZ Medical (US), Schwarzer Cardiotek GmbH (Germany), APN Health (US), Acutus Medical (US), Baylis Medical (Canada), Japan Lifeline (Japan), and CathRx (Australia).

In 2019, Johnson & Johnson dominated the electrophysiology. The company�s large share can be attributed to its strong suite of cardiac mapping systems, software, and electrophysiology catheters. Johnson & Johnson�s products are mainly targeted at the diagnosis and treatment of several cardiac arrhythmias, such as atrial fibrillation. The company has a strong geographic presence across the world. It focuses on product launches to establish a strong foothold in the market. In 2019, Biosense introduced CARTONET, a cloud-based networking and data analytics software solution.

Scope of the Report

Report Metric Details Market Size Available for Years 2018�2025 Base Year Considered 2019 Forecast Period 2020�205 Forecast Units Value (USD) Segments Covered Product, Indication, End User, and Region Geographies Covered North America (US & Canada), Europe (Germany, France, UK, Italy, Spain, and RoE), APAC (Japan, China, India, Australia, South Korea, and RoAPAC), Latin America (Brazil, Mexico, and, RoLA), and Middle East & Africa Companies Covered Johnson & Johnson (US), Boston Scientific (US), Abbott Laboratories (US), Medtronic (Ireland), Koninklijke Philips N.V. (Royal Philips) (Netherlands), GE Healthcare (US), MicroPort Scientific Corporation (China), Stereotaxis (US), Imricor Medical Systems (US), EP Solutions (Switzerland), Epmap-System (Germany), OSYPKA AG (Germany), CardioFocus (US), CathVision (Denmark), Merit Medical Systems (US), BIOTRONIK (Germany), Siemens Healthineers (Germany), Lepu Medical (China), TZ Medical (US), Schwarzer Cardiotek GmbH (Germany), APN Health (US), Acutus Medical (US), Baylis Medical (Canada), Japan Lifeline (Japan), and CathRx (Australia). Major 25 players covered.

This research report categorizes the electrophysiology market based on product, indication, end user, and region.

Electrophysiology Market, by Product

Electrophysiology Ablation Catheters Cryoablation Electrophysiology Catheters Radiofrequency Ablation Catheters Microwave Ablation (MWA) Systems Laser Ablation Systems

Electrophysiology Laboratory Devices 3D Mapping Systems Electrophysiology Recording Systems Radiofrequency Ablation Systems Intracardiac Echocardiography (ICE) Ultrasound Imaging System Electrophysiology X-ray Systems

Other Electrophysiology Laboratory Devices Electrophysiology Diagnostic Catheters Conventional Electrophysiology Diagnostic Catheters Advanced Electrophysiology Diagnostic Catheters Ultrasound Electrophysiology Diagnostic Catheters Access Devices Other Products



Electrophysiology Market, by Indication

Atrial Fibrillation

Atrial Flutter

Atrioventricular Nodal Reentry Tachycardia (AVNRT)

Wolff-Parkinson-White Syndrome (WPW)

Other Indications

Electrophysiology Market, by End User

Hospitals & Cardiac Centers

Ambulatory Surgery Centers

Electrophysiology Market, by Region

North America US Canada

Europe Germany France UK Italy Spain RoE

Asia Pacific Japan China India Australia South Korea RoAPAC

Latin America Brazil Mexico RoLA

Middle East & Africa

Recent Developments

In March 2020, Stereotaxis (US) announced FDA clearance and US launch of the Genesis RMN System.

In June 2019, Abbott entered into a partnership with CARE (Switzerland). Under this partnership, Abbott announced a three-year program to screen, diagnose, prevent, and manage noncommunicable diseases (NCDs), such as diabetes, cardiovascular diseases, and other chronic diseases, for people who were displaced after the armed conflict in Marawi, Philippines.

In January 2019, Medtronic entered into an agreement with EPIX Therapeutics (US) to expand Medtronic�s cardiac ablation portfolio with the addition of EPIX�s proprietary catheter-based, temperature-controlled cardiac ablation system for treating patients with cardiac arrhythmias.

In June 2018, Koninklijke Philips N.V. acquired EPD Solutions (Israel), an innovator in image-guided procedures for cardiac arrhythmias, in order to strengthen Philips� portfolio of interventional imaging systems.

In April 2018, Boston Scientific Corporation acquired Securus Medical Group, Inc. (US) to enhance Boston Scientific�s electrophysiology cardiac ablation portfolio.

Frequently Asked Questions (FAQ):

What is the expected addressable market value of major electrophysiology products over a 5-year period? The global electrophysiology market is estimated to reach USD 10,611 million in 2025 from USD 6,866 million in 2020, at a CAGR of 9.1% during the forecast period. Which product segment is expected to garner highest traction within the electrophysiology market? Based on product, the electrophysiology market is segmented into EP laboratory devices, EP ablation catheters, EP diagnostic catheters, access devices, and other products. The EP laboratory devices segment accounted for the largest share of the market in 2019. The large share of this segment can be attributed to the growing focus of market players on the launch of technologically advanced 3D mapping systems, increasing public private funding for the development of novel electrophysiology recording systems, rising number of RF ablation procedures, cost effectiveness of RF ablation procedures as compared to other ablation techniques, and increasing availability of these products in major markets. What are the major factors expected to limit the growth of the electrophysiology market? The reuse and reprocessing of devices and lack of skilled and experienced electrophysiologists are some of the challenges in this market. What are the major revenue pockets in the electrophysiology market currently? The Asia Pacific (APAC) market is expected to record the highest CAGR during the forecast period. Growth in this region can be attributed to the favorable reimbursement scenario in Japan, the growing geriatric population in China, increasing government initiatives towards healthcare in India and South Korea, and the rising incidence of target diseases. Who all are the key players operating in the electrophysiology market and what are the key growth strategies applied? The electrophysiology market is diversified and competitive, with a large number of players dominating different product segments, depending on their core competencies. As of 2019, the electrophysiology market was dominated by Johnson & Johnson (US), Abbott Laboratories (US), Medtronic (Ireland), Koninklijke Philips N.V. (Royal Philips) (Netherlands), GE Healthcare (US), and Boston Scientific (US). The players adopted key strategies, such as, new product launches, partnerships, acquisitions, agreements, and alliances to increase their market penetration. .

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