Summary

The Electrophysiology Market is expected to register a CAGR of 8.5% during the forecast period.

Globally, the COVID-19 had a huge and unprecedented impact on public health and healthcare delivery across several countries. Most electrophysiology activities have been significantly reduced in order to accommodate the healthcare demands of the pandemic. Irrespective of challenges faced during the pandemic, electrophysiologists still play a vital role in managing cardiovascular complications related to COVID-19 and in maintaining services for urgent and emergency electrophysiology procedures.

The COVID-19 pandemic has resulted in a significant decrease in volume of electrophysiology procedures. For instance, according to a research study by Virginia K Singla et al., published in Journal of Cardiovascular Electrophysiology January 2021, the study results found that 98% of people reported a decrease in procedural volume as a result of the COVID-19 pandemic. Moreover, the overall decrease in annual number of ablations and device procedures performed by each fellow during the 2019-2020 period compared to the preceding year.

Certain factors that are driving the growth of the market are increasing prevalence of target diseases, technological advancements in the field of electrophysiology, and increasing demand for catheter ablation procedures.

According to a research study by Giuseppe Lippi et al., published in the International Journal of Stroke January 2020, globally, atrial fibrillation is the most frequent cardiac arrhythmia. It has been estimated that 17.9 million people in Europe will suffer with atrial fibrillation by 2060. Moreover, the incidence and prevalence have increased over the last 20 years and will continue to increase over the next 30 years, especially in countries with middle socio-demographic index, becoming one of the largest epidemics and public health challenges. Worldwide, atrial fibrillation burden may increase by more than 60% in 2050. Thus, such a high burden of atrial fibrillation is likely to rise demand for electrophysiology procedures in near future. In addition, a rapid increase in the aging population was found to be responsible for increasing heart failure rates, which has further contributed to the growth of the electrophysiology market.

Moreover, technological advancement is another contributing factor in the growth of electrophysiological market. For instance, in May 2019, Abbott Laboratories launched an advanced heart monitor for more accuracy in detecting arrhythmia. The next-generation Confirm Insertable Cardiac Monitor (ICM) received U.S. Food and Drug Administration (FDA) clearance and CE Mark in Europe for marketing. It is an implantable paperclip-sized device with smartphone connectivity and constant, remote monitoring to track unpredictable incorrect heart rhythm issues for swift and precise diagnostic.

The market players are adopting various strategies such as collaborations, partnerships, acquisitions and expansions to increase market share. For instance, in May 2019, Osypka AG entered into strategic collaboration agreement with Stereotaxis for the development of next-generation magnetic ablation catheter with integration of robotic technology of Stereotaxis. This has stimulated the growth potential of both the companies in the industry. However, factors such as the lack of skilled electrophysiologists and unfavorable healthcare reforms are acting as a major restraint for the electrophysiology market.

Key Market Trends

Ablation Catheters Segment is Expected to Hold Significant Market Share Over the Forecast Period

Ablation catheters are useful in removing anomalous heart tissues that may result in irregular heartbeats. These devices work on the basis of ablation, which is a minimally invasive procedure that employs catheters to demolish the defective electrical pathways from the heart. Radiofrequency ablation and cryoablation are the most commonly used types of ablation catheters, and both are expected to hold significant market shares, aided by related advancements in the technology.

During the COVID-19 pandemic 2020, the health care providers have reduced outpatient services and delayed elective cardiac surgeries during the epidemic, while a large number of patients face more cardiovascular risks compared with those of the pandemic. Furthermore, the COVID-19 pandemic has led to a major re-structuring of cardiac services within the United Kingdom (i.e. postponement of non-urgent elective procedures and rationalisation of acute services). The major British cardiac societies have provided guidance which has helped inform a timely update of local hospital protocols and pathways.

According to a research study by Kaige Li et al., published in ESC Heart Failure Journal September 2020, in China, from 1 January 2020 to 24 March 2020, a total of 269 arrhythmia patients hospitalized for catheter ablation under strict risk assessments and careful infection prevention were retrospectively analysed and considered for analysis. The study results found that by adopting strict risk assessments and careful infection prevention measures, catheter ablation in patients with arrhythmia can be safely and effectively performed during the COVID-19 epidemic in well-controlled areas.

Radiofrequency (RF) ablation uses locally delivered, high-energy RF signals to make the scars. On the other hand, cryoablation uses extremely cold temperatures for making the scars. Sometimes, laser light energy is also used. Increasing number of surgeries being performed due to rising cases of heart diseases is expected to increase the demand for ablation catheters, which will drive the market.

The market players are adopting various strategies such as collaborations, partnerships, acquisitions and expansions to increase market share. For instance, in January 2019, Medtronic Plc entered into an agreement with EPIX Therapeutics 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. Hence, owing to above mentioned factors it is expected to drive the segment growth over the forecast period.

North America Dominates the Market and Expected to do Same in the Forecast Period

The North America region dominates the electrophysiology market and the region is expected to continue its strong hold owing to the presence of well-established healthcare facilities, technolgical advancements, rise in the number of arrhythmia and heart failure cases and presence of key market players in the region.

In North America region, the COVID-19 pandemic had a profound effect on the practice of clinical medicine. Tremendous resources have been poured into caring for patients infected with the COVID-19 necessitating a reduction in elective medical procedures. According to a research study by Jeremy P.Berman et al., published in Indian Pacing and Electrophysiology Journal December 2020, in the United States, application of a massive alteration in workflow and personnel forced by the pandemic allowed team to efficiently address the intersection of COVID-19 with a range of electrophysiology issues.

In addition, electrophysiologists have been impacted personally and professionally by this global catastrophe. According to a research study by Dhanunjaya R. Lakkireddy et al., published in Circulation Journal Mar 2020, in the United States, Heart Rhythm Society, the American College of Cardiology, and the American Heart Association provided guidance for managing invasive and non-invasive electrophysiology procedures, clinic visits and cardiac device interrogations.

According to a research study by Giuseppe Lippi et al., published in the International Journal of Stroke January 2020, it has been estimated that around 6–12 million people will suffer with atrial fibrillation in the United States by 2050. Since electrophysiology devices have a major application in detecting heart failure rates, the increasing number of cardiac failures is expected to drive the market over the forecast period.

While most of the population in Mexico is suffering from obesity, who are prone to fall prey to cardiovascular diseases, which is expected to drive the market growth. For instance, according to the Research Article published in 2018, “Cardiovascular risk reduction: Past, present and future in Mexico”, it was estimated that approximately 182 deaths per 100,000 people were noticed, due to cardiovascular diseases. However, this rate is expected to increase in future due to high obesity and diabetes rates.

In September 2019, Johnson & Johnson (Biosense Webster) launched CARTONET, the world’s first secure, cloud-based network for electro-physiologists to review, analyze, and share atrial fibrillation case data to improve procedural efficiency. Hence, owing to above mentioned factors it is expected to drive the market growth over the forecast period.

Competitive Landscape

The Electrophysiology Market is highly consolidated competitive, consists of a few major players. The market players are moreover, focusing on collaboration and partnership activities. For instance, in June 2018, Koninklijke Philips N.V. acquired EPD Solutions, an innovator in image-guided procedures for cardiac arrhythmias, in order to strengthen Philips portfolio of interventional imaging systems. In terms of market share, few of the major players currently dominate the market. Some of the market players such as Abbott Laboratories, Boston Scientific Corporation, Biotronik SE & Co. KG, GE Healthcare, Medtronic Plc, among others.

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Table of Contents

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Target Diseases
4.2.2 Technological Advancements in the Field of Electrophysiology
4.2.3 Increasing Demand for Catheter Ablation Procedures
4.3 Market Restraints
4.3.1 Lack of Skilled Professionals
4.3.2 Unfavorable Healthcare Reforms
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 By Product
5.1.1 Ablation Catheters
5.1.2 Laboratory Devices
5.1.3 Diagnostic Catheters
5.1.4 Access Devices
5.1.5 Other Products
5.2 By Disease
5.2.1 Atrial Fibrillation
5.2.2 Atrial Flutter
5.2.3 Wolff-Parkinson-White Syndrome
5.2.4 Atrioventricular Nodal Reentry Tachycardia
5.2.5 Other Diseases
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Biotronik SE & Co.KG
6.1.3 Boston Scientific Corporation
6.1.4 GE Healthcare
6.1.5 Johnson & Johnson
6.1.6 Medtronic PLC
6.1.7 Microport Scientific Corporation
6.1.8 Koninklijke Philips N.V.
6.1.9 Siemens Healthineers
6.1.10 Stereotaxis
6.1.11 Imricor Medical Systems
6.1.12 OSYPKA AG

7 MARKET OPPORTUNITIES AND FUTURE TRENDS