Electrophysiology Devices Market Size, Share, Growth, Trends, Consumption, Revenue, Company Analysis, Regional Insights and Forecast 2021-2028

The global electrophysiology devices market size was valued at US$ 5.3 bn in 2020 and expected to surpass around US$ 11.2 billion by 2028 with a rising CAGR of 8.3% from 2021 to 2028.

The global electrophysiology devices market is driven by an increase in the incidences of cardiac arrhythmias, rise in geriatric population, technological advancements, increase in cardiovascular patients, and increase in disease awareness programs in developing regions. Furthermore, high healthcare investments and increase in awareness related to cardiovascular disorders are expected to create new opportunities in developing countries for the electrophysiology devices market. However, stringent approval processes by regulatory bodies and lack of reimbursement policies are expected to restraint the electrophysiology devices market during the forecast period.

Expansion of the healthcare industry, increase in healthcare expenditure, government initiatives, rise in product approvals, and increase in patient population are projected to augment the global electrophysiology devices market from 2019 to 2027. North America and Western Europe are likely to account for prominent shares in the global electrophysiology devices market, owing to the advancements in healthcare and products, and business expansion by various electrophysiology devices market leaders.

Development of healthcare infrastructure and high medical expenditure by governments in emerging markets such as China and India are likely to boost the electrophysiology devices market in Asia Pacific at a CAGR of around 9.3% from 2019 to 2028.

Trends Redefining Growth in the Electrophysiology Devices Market

Advances in the electrophysiology (EP) devices landscape have picked pace over the last few years, thereby pushing the limits of product innovation paradigms. One such overriding trend in the electrophysiology devices market was the introduction of leadless pacemakers. Leadless pacemakers serve as viable alternatives to the conventional variants, especially in case of patients who have a history of device infections. Conventional pacemakers are emerging as a major area of concern, for the fact that, they are associated with substantial risk of morbidity. This, in turn, is laying a strong foundation for a 'never seen before' adoption of leadless pacemakers.

Another overarching trend observed in the electrophysiology devices market is prominent healthcare hubs offering exclusive electrophysiology programs, which would cover all the treatment needs for heart rhythm disorders and associated conditions. For instance, UPMC Pinnacle, a leading healthcare hub, offers an extensive range of electrophysiology services. Effective remolding of product portfolios continues to be the best way forward for companies to accelerate growth in the electrophysiology devices landscape.

Rising Incidences of Cardiac Arrhythmias Expected to Propel the Electrophysiology Devices Market

Arrhythmias is a major indication for the need of an electrophysiology examination. Globally, rising incidences of different types of arrhythmias, such as atrial fibrillation, atrial flutter, ventricular tachycardia, and atrial tachycardia, are playing key roles in boosting the electrophysiology devices market. 

The geriatric population, and people with high blood pressure, diabetes, obesity, and other cardiovascular diseases are at high risk of developing arrhythmias. This factor is likely to boost the electrophysiology devices market. 

• According to the National Center for Biotechnology Information (NCBI), Center for Disease Control and Prevention (CDC), and the 'Sign Against Stroke in Atrial Fibrillation' campaign, atrial fibrillation is a highly common arrhythmia, which affected more than 2.6 million people in the U.S., around 6 million in Europe, and nearly 8 million in China, in the year 2016.
• It has been predicted that this toll is likely to increase 2.5 times by 2050, due to the influence of the globally rising geriatric population and changing lifestyle-related diseases. These factors are expected to boost the demand for electrophysiology devices at present, as well as in the near future.

Technological Advancements to Boost the Electrophysiology Devices Market

Significant technological advancements in the field of electrophysiology devices have dramatically changed the way physicians treat their patients, leading to improved outcomes. Minimally invasive surgeries offer shorter hospital stay, minimal incision, less post-surgery complications, and shorter recovery time. Pacemaker lead is a major factor causing complications in patients implanted with pacemakers.

• Nanostim, Inc. addressed this issue by producing a leadless pacemaker, the size of a pen tip, which is implanted with the help of a catheter. The introduction of other advanced electrophysiological products, such as MRI-compatible pacemakers, irrigated-tip catheters, 3D mapping systems, real-time digital Holter monitors, and steerable curve diagnostic catheters, has further enhanced the productivity of electrophysiology treatment, ultimately boosting the electrophysiological devices market.
• Hence, increasing technological advancements and growing demand for minimally-invasive surgeries attract patients and help manufacturers increase patient throughput.

Lack of Reimbursement Policies Restraining the Electrophysiology Devices Market

• Electrophysiology devices are extensively utilized; however, there are no reimbursement policies for electrophysiology devices. This is a matter of concern, especially in developing countries where there are large patient pools that cannot afford electrophysiology devices.
• Lack of reimbursement policies for a necessary devices, such as these, directly affects the sales of electrophysiology devices. For instance, the sales of Terumo Corporation’s micro guide catheters declined in Japan due to changes in the reimbursement policies concerning these catheters. Moreover, high volume of product recalls of Medtronic’s micro guide catheters in 2016 was a major setback for the global electrophysiology devices market.

Asia Pacific Market to Expand Significantly

• The electrophysiology devices market in Asia Pacific is anticipated to expand at an impressive CAGR during the forecast period. The electrophysiology devices market in Asia Pacific is estimated to expand at a CAGR of around 9.0% during the forecast period. India, China, and Japan are expected to drive the electrophysiology devices market in Asia Pacific.
• The increasing prevalence of cardiovascular diseases in countries such as India and China, increasing awareness regarding early diagnosis, and improving economic conditions are expected to fuel the electrophysiology devices market. 

Prominent Electrophysiology Devices Market Players - Biosense Webster, Inc., Abbott, Medtronic plc, and Boston Scientific Corporation

The electrophysiology devices market report also provides the profiles of leading players operating in the global electrophysiology devices market. These include Biosense Webster, Inc., Abbott, Medtronic plc, and Boston Scientific Corporation. Increase in mergers & acquisitions, strategic collaborations, and new product launches are expected to drive the global electrophysiology devices market during the forecast period. Additionally, strong product portfolio, high brand recognition, and strong geographic presence are expected to boost the electrophysiology devices market during the forecast period. 

Market Segmentation

By Product Type

• EP Ablation Catheters
  • • Cryoablation EP Catheters
    • Radiofrequency Ablation Catheters
      • Irrigated-tip Radiofrequency Ablation Catheters
      • Conventional Radiofrequency Ablation Catheters
    • Laser Ablation Systems
    • Microwave Ablation Systems
    • Navigational Advanced Mapping Accessories
• EP Diagnostic Catheters
  • • Conventional EP Diagnostic Catheters
      • Steerable Diagnostic Catheters
      • Fixed Diagnostic Catheters
    • Advanced EP Diagnostic Catheters
    • Ultrasound EP Diagnostic Catheters
• EP Laboratory Devices
• Access Devices
• Others

By Indication

• Atrial Fibrillation (AF)
• Atrioventricular Nodal Re-entry Tachycardia (AVNRT) 
• Wolff-Parkinson-White Syndrome (WPW) 
• Atrial Flutter
• Others

By End User

• Hospitals
• Diagnostic Centers
• Clinics
• Others

By Region

• • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • Italy
    • France
    • Spain
    • Rest of Europe
  • Asia Pacific
    • India
    • China
    • Japan
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

Report Scope

The Electrophysiology devices market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Electrophysiology devices market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Electrophysiology devices market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Electrophysiology devices market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Electrophysiology devices market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Electrophysiology devices capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Electrophysiology devices by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Electrophysiology devices market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Electrophysiology devices market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Electrophysiology devices market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Electrophysiology devices industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Electrophysiology devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Electrophysiology devices market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Electrophysiology devices market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Electrophysiology devices market. These factors have benefited the growth of the global market for Electrophysiology devices. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Electrophysiology devices. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Electrophysiology devices are as follows:

• History Year: 2017-2020
• Base Year: 2020
• Forecast Year 2021 to 2028

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
• To strategically profile the key players and comprehensively analyze their growth strategies.