An electrophysiology (EP) laboratory is an operating room or a theatre equipped with high-tech equipment used in the treatment of cardiovascular problems such as arrhythmia, fibrillation, congestive heart failure and stroke among others. EP lab offers patients the opportunity to have their arrhythmia, or irregular heartbeat, tested, diagnosed and treated. An irregular heartbeat can lead to heart complications, fatigue, congestive heart failure or stroke. The EP lab focuses on the electrical function of the heart and treats various conditions on the spot.
Electrophysiology laboratory devices market: Devices
Cardiac mapping can map and detect specific electrical activity of the heart in real time. Any electric irregularities can be immediately diagnosed and potentially treated. Ablation studies can identify a patient’s electrophysiological weaknesses and diagnose diseases to provide suitable preventive measures. This non-surgical, minimally invasive process involves threading a small catheter into the heart. Electric impulses are studied and then potentially blocked or treated to create a regular rhythm in the heart. Defibrillator implantation are for those with a dangerously irregular heart rhythm and a very high risk of cardiac death. In such cases, cardiologists may choose to implant a defibrillator. This device can detect a dangerous rhythm and shock the heart back into regular pace. The device is implanted into a small incision near the heart and connected electrically to the heart. Cardiac electrophysiology assists the diagnosis and treatment of arrhythmias which causes abnormal electrical activities in heart.
Electrophysiology laboratory devices market: WHO report
According to World Health Organization, around 17.5 million people die every year due to cardiovascular diseases. It is expected that, by 2030 about 23 million people may die each year due to cardiovascular diseases. This increasing prevalence of cardiac diseases is expected to boost the electrophysiology market as more and more patients will need medical attention. The prevalence of cardiac diseases is higher in developing nations.
With the potential of 12 million atrial fibrillation patients by the year 2050 and improvements in technology for atrial fibrillation ablation therapy, significant growth is predicted for the number of hospitals building electrophysiology labs. It is estimated that there are about 2,000 electrophysiology labs in the U.S. and 2,000 electrophysiology labs outside the U.S., each with an electrophysiology recording system costing an average of approximately $250,000.
Since past few decades cardiovascular disease prevalence is rising in populated countries such as China and India. Thus indicating a large market in Asia-Pacific in near future. Mobile and modular EP labs are a growing demand due to rise in emergency medicine and unmet on-field military applications. The market for electrophysiology devices is also expected to benefit due to quick adoption of ablation techniques for treating atrial fibrillation. As the technology advances, patients are exposed to less radiation, making it diagnosis and treatment safer for patients.
Electrophysiology laboratory devices market: Key players
Currently University of Rochester Medical Centre, Jeffrey M. Carlton Heart & Vascular Institute, London Bridge Hospital and many others are equipped with electrophysiology laboratory set-up. Corporates are continuously trying to acquire market share in this competitive market. In August 2013, St. Jude acquired Switzerland based Endosense. The deal was valued at USD 331 million, where St. Jude will gain access to TactiCath technology. In November 2013, Boston Scientific completed acquisition of C.R. Bard’s electrophysiology business. Other players in the market include Philips Healthcare, Medtronic, Inc., and GE Healthcare.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.