Electrophysiology Devices - Breaking Through the Bottlenecks of Effective Arrhythmia Treatment

Successful patient outcomes are taking over products and services as the key focal point of the healthcare industry. This reorientation of focus toward patient satisfaction and outcomes in healthcare pools is reinforcing the adoption of technology. For healthcare providers, technology has not only emerged as a magic wand revitalizing their services, but has also laid new grounds for enhanced customer interaction.

One of such technologies that caused a stir in the cardiology sector was 'electrophysiology (EP)', which was immensely appreciated for its efficacy in terms of controlling and treating arrhythmia. Arrhythmia continues to be one of the major cardiac disorders, preceded by sudden cardiac death (SCD), accounting for approximately 15-20% of total deaths. Electrophysiology devices are forcing their way through ingrained preferences for conventional methods to treat cardiac arrhythmia. Acknowledging the importance of this market, Transparency Market Research, in its recent research study, lays bare the untapped potential in this market for the forecast timeline of 2019–2027.

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Electrophysiology Devices are Even Beyond 'Here-to-Stay'

As the prevalence of cardiac arrhythmia is continuously increasing one a global level, electrophysiology is set for substantial recognition in the coming years. Distinctive modalities of electrophysiology devices, including cardiac computerized tomography (CT), cardiac magnetic resonance imaging (CMR), fluoroscopy, echocardiography, and electro-anatomic mapping, assist healthcare professionals to prodigiously analyze the underlying mechanisms of multiple cases of arrhythmia. Revenues from the electrophysiology devices market closed in on a valuation of nearly US$ 5,271 Mn in 2018.

Worldwide penetration of electrophysiology devices is likely to see a tectonic upshift through to 2027, as technological disruption is well underway in the healthcare space. The strategic expansion plans of market partakers remains aligned toward matured markets, which are already consolidated by the large-scale presence of prominent companies. While matured markets will continue to offer considerable revenue-making opportunities for aspiring brands in the electrophysiology devices market, emerging markets are likely to promise new opportunities for these brands to level up their sales revenues.

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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.

global electrophysiology devices market asia pacific landscape
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Winning Strategies of Market Players

Brands in the electrophysiology devices market, facing promising opportunities and unexpected headwinds, are vying to constantly innovate to remain relevant in the fast-evolving competitive sphere. Significant investments in research and development (R&D) continues to be a key cornerstone for market players, as extensive focus on R&D certainly pays off well. For instance, Johnson & Johnson is known to invest substantially in research & development initiatives to fuel new product launches and hold a technological edge over its rivals, which can be gauged by the fact that, its R&D expenses were recorded to be approximately US$ 10.8 Bn in 2018 alone.

Market frontrunners are also finding new ways to venture into low-income economies, wherein, optimal healthcare services are fairly scarce to serve an ever-increasing population pool. Market players, in a bid to shift the odds in their favor, are expanding into these economies, and offering effective cardiovascular services so as to reap huge profits. For instance, in 2018, Philips, along with the governments of Ethiopia and the Netherlands, signed a 7-year agreement to build Ethiopia’s first ever specialized cardiac care center, wherein, non-invasive electrophysiology techniques would be made available for the seamless detection and monitoring of arrhythmia.

A Panoramic View of the Market Structure

The electrophysiology devices market space, as far as the top 4 players are concerned, reflects a notable degree of consolidation, due to the fact that, these players command over 60% of the global market share. The monopoly of these companies, namely Boston Scientific Corporation, Medtronic Plc., Abbot Laboratories, and Biosense Webster, Inc., is predominantly led by powerful product portfolios and significant brand recognition. However, the market remains fragmented at the bottom with the large-scale presence of regional players.

The electrophysiology devices market space will continue being a highly competitive and dynamic sphere, wherein, products that will manage to out-perform others in terms of efficiency and performance will gain consumer appreciation. In addition, leading players in the electrophysiology will make headway with high investments in their R&D infrastructure, which will help them meet the changing industry requirements.

electrophysiology devices market segmentation

Analyst Viewpoint on the Electrophysiology Devices Market

The authors of this report project magnificent growth of the electrophysiology devices market through to 2027, as healthcare providers are recognizing the power of technologically-advanced devices and investing in the same. Pervasiveness of arrhythmia, worldwide, is laying the grounds for the necessary deployment of electrophysiology devices facilitating impeccable treatment.

Report authors opine that, the electrophysiology devices market is highly likely to reach a value of nearly US$ 11 Bn in 2027. However, market players still have a long way to go in terms of product innovation and development targeted toward successful outcomes and enriched patient experiences. 

The global electrophysiology devices market was valued at US$ 5,271 Mn in 2018. The lectrophysiology devices market is anticipated to reach a value of nearly US$ 11 Bn by 2027, expanding at a CAGR of more than 8% from 2019 to 2027. 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. 

The global electrophysiology devices market has been segmented based on product type, indication, end user, and region. In terms of product type, the global electrophysiology devices market has been classified into electrophysiology ablation catheters, electrophysiology diagnostic catheters, electrophysiology laboratory devices, access devices, and others. The electrophysiology ablation catheters segment has been further sub-segmented into cryoablation electrophysiology catheters, radiofrequency ablation catheters, laser ablation systems, microwave ablation systems, and navigational advanced mapping accessories. The radiofrequency ablation catheters sub-segment has been split into irrigated-tip radiofrequency ablation catheters and conventional radiofrequency ablation catheters. The electrophysiology diagnostic catheters sub-segment has been split into conventional electrophysiology diagnostic catheters, advanced electrophysiology diagnostic catheters, and ultrasound electrophysiology diagnostic catheters. The conventional electrophysiology diagnostic catheters sub-segment has been further divided into steerable diagnostic catheters and fixed diagnostic catheters. In terms of indication, the electrophysiology devices market has been segregated into Atrial Fibrillation (AF), Atrioventricular Nodal Re-entry Tachycardia (AVNRT), Wolff-Parkinson-White Syndrome (WPW), atrial flutter, and others. In terms of end user, the electrophysiology devices market has been split into hospitals, diagnostic centers, clinics, and others. Based on region, the global electrophysiology devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. 

Based on product type, the electrophysiology ablation catheters segment was a highly attractive segment of the electrophysiology devices market in 2018. This segment is expected to remain highly attractive during the forecast period too. Expansion of the segment is attributed to the increasing incidences of cardiovascular disorders, thereby boosting the usage of electrophysiology ablation catheters. Furthermore, rise in the geriatric population is boosting the market for electrophysiology ablation catheters. Based on indication, the atrial fibrillation segment is expected to be a prominent segment in the electrophysiology devices market, owing to the high incidences of atrial fibrillation. Based on end user, the hospitals segment accounted for a prominent share of the electrophysiology devices market in 2018. It is expected to dominate the electrophysiology devices market during the forecast period too. Increase in patient population and improvement in healthcare infrastructure are expected to drive the segment in the electrophysiology devices market during the forecast period. 

In terms of region, North America held a significant share of the global electrophysiology devices market in 2018. Factors such as the presence of a large number of well-equipped healthcare facilities, rising prevalence of diseases such as cardiac arrhythmias, which require electrophysiology monitoring, and established healthcare policies providing access to better healthcare facilities are driving the electrophysiology devices market in the region. The fact that a majority of the key players in the electrophysiology devices market, including Medtronic Inc., St. Jude Medical and Boston Scientific, are domiciled in the U.S., and consider this as their primary revenue generating electrophysiology devices market, also acts as a driver for the electrophysiology devices market. Europe was the second-leading market for electrophysiology devices in 2018. Latin America and Asia Pacific are likely to be lucrative regions in the global electrophysiology devices market during the forecast period. Cumulatively, they accounted for 30.3% share of the global electrophysiology devices market in 2018. Asia Pacific is a highly lucrative electrophysiology devices market due to the increasing incidences of diseases and investments by key players in this region. The electrophysiology devices market in the Middle East & Africa is expanding at a slow pace, due to sluggish economic growth, less awareness, and low per capita income in the region. 

Major players operating in the electrophysiology devices market are Nihon Kohden Corporation, Biosense Webster, Inc., Boston Scientific Corporation, GE Healthcare, Siemens AG, Medtronic plc, Koninklijke Philips N.V., Biotronik SE & Co.KG, Microport Scientific Corporation, and Abbott Laboratories.

Electrophysiology Devices Market – In-Depth Analysis and Detailed Opportunity Assessment

Transparency Market Research (TMR), in its recently published research study, unveils key insights into the electrophysiology devices market for the forecast period of 2019-2027. The report on the electrophysiology devices market offers a detailed overview of the market dynamics, which includes drivers, restraints, trends, and opportunities. The research study underlines the overall incremental opportunity in the electrophysiology devices market over the assessment timeline, so that readers can easily understand the scope of growth in the electrophysiology devices market.

The report on the electrophysiology devices market offers a pragmatic comparison of the historical value with the forecast value, so that readers comprehend the growth of the electrophysiology devices market so far, and also the potential that lies ahead. The report on the electrophysiology devices market enunciates the untapped potential for market players to leverage and grow their business value.

The report commences with a quick executive summary that sums up the entire electrophysiology devices market, along with a snapshot of all the key findings, so that readers get a glance of the lucrative segments of the electrophysiology devices market, and their estimated growth through to 2027. In addition, a broader analysis of all the macro- and micro-economic factors has been included to help readers understand the impact of these factors on the growth of the electrophysiology devices market.

The report on the electrophysiology devices market offers a deep dive into the regional analysis, wherein, every region has been evaluated in detail. Some of the regions include-

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa (MEA)

Electrophysiology Devices Market – Key Questions Answered

The research study on the electrophysiology devices market addresses all the key questions that would help readers understand the market behavior. Some of the questions answered in the electrophysiology devices market report include-

  • What is the total incremental opportunity for players in the electrophysiology devices market during 2019?2027?
  • What was the total market size in 2018?
  • How is the penetration of alternative treatment methods influencing the growth of the electrophysiology devices market?
  • Which are in high demand - electrophysiology monitoring devices or electrophysiology treatment devices?
  • What are the key differential strategies by leading players in the electrophysiology devices market?
  • How much emphasis are key players in the electrophysiology devices market placing on research and development?

Electrophysiology Devices Market - Research Methodology

The TMR study on the electrophysiology devices market has been prepared in an extremely meticulous manner by relying on a comprehensive research methodology. The research methodology for the research report on the electrophysiology devices market follows both, the bottom-up as well as top-down approach, to determine the market size on the basis of supply-/demand-side metrics.

In the primary research phase of the electrophysiology devices market report, respondents from the supply side, including CEOs, presidents, directors, chairmen, vice presidents, product/sales/marketing/brand managers, sales and marketing professionals of prominent companies, and distributors were contacted and interviewed. In addition, useful insights from doctors, nurses, laboratory technical staff, research centers, and hospitals are also included in the scope of the electrophysiology devices market report.

In the secondary research phase of the electrophysiology devices market report, multiple sources were referred to, including NCBI, PubMed, Centers for Disease Control and Prevention, International Cardiovascular Forum, American College of Cardiology, Heart Rhythm Society, Electrophysiology Symposium, WHO, National Institutes of Health, WebMD, Sci Forschen, R-statistics blog and Clinical Trials, ScienceDirect, Company Websites, Annual Reports, Investor Presentations, Cardiovascular blogs, and others.

The TMR research study offers a comprehensive evaluation of the market segmentation, wherein, the electrophysiology devices market has been analyzed in detail by product type, indication, and end user.

Product Type

EP Ablation Catheters

EP Diagnostic Catheters

EP Laboratory Devices

Access Devices

Others

Indication

Atrial Fibrillation (AF)

Atrioventricular Nodal Re-entry Tachycardia (AVNRT)

Wolff-Parkinson-White Syndrome (WPW)

Atrial Flutter

Others

End User

Hospitals

Diagnostic Centers

Clinics

Others

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