Electrophysiology devices market is estimated to be valued at USD 9.70 Bn in 2024, exhibiting a CAGR of 12.8% over the forecast period (2024-2031). Global electrophysiology devices market growth is driven due to rising prevalence of cardiac arrhythmias.
Market Dynamics:
Global electrophysiology devices market growth is driven by rising prevalence of cardiac arrhythmias and an increasing geriatric population globally. Cardiac arrhythmias such as atrial fibrillation are more common in elderly patients and chances of developing atrial fibrillation increases with age. According to the American Heart Association, the prevalence of atrial fibrillation is projected to increase from 6-12 million persons in the U.S. by 2030. Hence, aging demography is expected to boost demand for electrophysiology devices and procedures for treatment of arrhythmias. Moreover, technological advancements in electrophysiology devices, such as introduction of advanced 3D mapping systems, is further expected to drive the market growth during the forecast period. However, issues related to safety and efficacy of these devices along with stringent regulatory framework may hinder the market growth.
Increasing Prevalence of Cardiac Arrhythmias
One of the major drivers for the growth of the global electrophysiology devices market is increasing prevalence of cardiac arrhythmias globally. Cardiac arrhythmias refer to any abnormal heart rhythm that can affect the heart's ability to pump blood effectively. Some common types of arrhythmias include atrial fibrillation, ventricular fibrillation, bradycardia and tachycardia. The risks of developing arrhythmias increases with age as the heart muscles and conduction tissues deteriorate over time. With improving life expectancy and growing geriatric population worldwide, there has been increase in incidence of arrhythmias. Electrophysiology devices play a crucial role in both diagnosing as well as treating different types of arrhythmias.
Growing Awareness about the Benefits of Catheter Ablation
Another major driver for electrophysiology devices market is increasing awareness among patients and doctors about the benefits of catheter ablation for treating arrhythmias. Catheter ablation has emerged as a minimally invasive and effective alternative to medications for cardiac arrhythmias. It involves inserting thin wire electrodes into the heart chambers through catheters to destroy tiny areas of heart tissue that trigger irregular heartbeats. Compared to lifelong medications, catheter ablation offers the promise of a cure with a single procedure for many arrhythmias. Growing success rates and recommendation by guidelines are driving greater adoption of catheter ablation therapies. This boosts sales of EP diagnostic and ablation catheters which form the crux of electrophysiology procedures.
Limited Reimbursement for High-cost EP Procedures
One of the key challenges for the electrophysiology devices market is the lack of favorable reimbursement policies for complex ablation procedures in several countries. Electrophysiology devices require significant capital investments and the procedures involving their use are often expensive. However, the reimbursement for EP procedures varies widely globally, with certain countries providing little to no coverage. Limited or no coverage for costly ablation therapies can significantly deter their use. Patients often have to bear high out-of-pocket expenses for EP treatments, making such procedures unaffordable for many people. This acts as a major restraint on the global electrophysiology devices market uptake of advanced electrophysiology technologies in underdeveloped nations with absence of proper coverage frameworks.
Rising Investment in Atrial Fibrillation Ablation
Atrial fibrillation (AF) has emerged as one of the focal areas offering major growth opportunities for electrophysiology device manufacturers. AF is the most common cardiac arrhythmia encountered in clinical practice, affecting over 33 million people globally. With the aging population and other risk factors driving AF epidemic, its incidence is expected to increase substantially in the coming years. This has spurred significant research focus and capital investments into developing improved ablation technologies and techniques with superior success and safety profiles for AF treatment. Companies are actively striving to gain approvals for novel advanced irrigated-tip catheters, cryoablation, laser and robotic navigation systems that can improve the AF ablation outcomes.
Growing Adoption of Remote Patient Monitoring and Tele-EP
Another emerging opportunity area pertains to increasing adoption of remote patient monitoring and telehealth in electrophysiology. Technological advancements are enabling remote monitoring of cardiac arrhythmias using implantable cardiac monitors and mobile cardiac outpatient telemetry devices. This allows early detection of arrhythmia recurrences without rehospitalization. Tele-electrophysiology is gaining prominence through live remote support, remote procedural proctoring and tele rounding during the COVID-19 pandemic. Tele-EP is expected to play a key role by expanding access to specialist care.
*Link: https://www.coherentmarketinsights.com/market-insight/electrophysiology-devices-market-1641
Key Development
- In November 2023, Norav Medical, a global leader in ECG solutions, launched the innovative NR-314P Holter device, thus, marking a major advancement in long-term cardiac monitoring. The compact yet robust NR-314P enables up to 14 days of continuous ambulatory ECG recording and boasts wireless connectivity and an easy-to-use interface.
- In May 2023, Medtronic, a medical device company, announced that the U.S. Food and Drug Administration (FDA) had approved Micra AV2 and Micra VR2, the next generation of its industry-leading miniaturized, leadless pacemakers. Micra AV2 and Micra VR2, the world's smallest pacemakers, provide longer battery life and easier programming than prior Micra pacemakers.
- In July 2022, Siemens Healthcare GmbH, a global medical technology company, launched Mobilett Impact, its newest mobile X-ray system. The system combines all the benefits of a mobile X-ray system for imaging at the patient’s bedside with full digital integration.
- In June 2020, Boston Scientific Corporation, a medical technology, announced the U.S. launch of the DIRECTSENSE Technology, a tool for monitoring the effect of radiofrequency (RF) energy delivery during cardiac ablation procedures
Key Players: Medtronic, VivaQuant, Inc., Johnson & Johnson Services, Inc., AliveCor, Inc., Bittium, Nihon Kohden Corporation, Shimmer, OMRON Healthcare, Co., Ltd., VivaLNK, Inc., Abbott, BIOTRONIK, Koninklijke Philips N.V., Omega Medical Imaging, LLC., HeartSciences, MicroPort Scientific Corporation, Siemens Healthcare GmbH
