Electrophysiology Devices Market: Competitive Strategies, Regional Analysis Forecast 2027

Press Release

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.

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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.

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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.

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