The scope of the electrophysiology catheter market includes product type, application, end user and geography. Based on region, the electrophysiology catheter market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. The report offers insights and in-depth analysis of the electrophysiology catheter market, emphasizing various parameters such as market trends and opportunities, market dynamics, and competitive landscape analysis of leading market players across North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. It also includes COVID–19 impact analysis across the regions.
Persistent improvement in medical science and continuous technological advancements resulted in extending longevity and improved quality of life. Developments, such as introducing three-dimensional (3D) EAM systems, have a long-lasting influence on catheter visualization, arrhythmia mapping, and reducing and eliminating fluoroscopy/radiation exposure in cardiac electrophysiology. The Frontiers S.A. report states that in addition to the continuous improvement in existing mapping systems, the global market is significantly driven by the launch of several new tools over the last few years. For example, Philips recently launched a new, non-fluoroscopic, dielectric-based imaging and navigation system, called KODEX-EPD. The system generates high-resolution 3D cardiac anatomical images without the need for direct catheter-tissue contact or pre-acquired imaging. Also, it holds high potential representing an open platform allowing high-quality procedures by reducing cost and burden on the patient. The company's design goal for electrophysiology catheters is to incorporate features that improve outcomes for patients and clinicians by reducing costs for healthcare providers. Moreover, in September 2020, Acutus Medical announced receiving FDA 510 (k) clearance for its second generation AcQMap 3D imaging and mapping catheter. This new product is the world's only integrated high-resolution ultrasound-based imaging and non-contact mapping catheter capable of capturing cardiac imaging information leading to an upward thrust in the market's growth.
Based on product type, the electrophysiology catheter market is segmented into electrophysiology diagnostic catheters and electrophysiology ablation catheters. The electrophysiology diagnostic catheters are sub-segmented as conventional electrophysiology diagnostic catheters, advanced electrophysiology diagnostic catheters, and ultrasound electrophysiology diagnostic catheters. Further, electrophysiology ablation catheters are sub-segmented as cryoablation electrophysiology catheters, radiofrequency ablation catheters, microwave ablation systems, and laser ablation systems. The electrophysiology diagnostic catheters segment held the largest share of the market in 2021, and the same segment is anticipated to register the highest CAGR of 8.8% in the market during the forecast period.
Based on application, the electrophysiology catheter market is segmented into diagnosis and monitoring, treatment of cardiac arrhythmias, and imaging and mapping. The diagnosis and monitoring segment held the largest share of the market in 2021, and the same segment is anticipated to register the highest CAGR of 9.0% in the market during the forecast period.
Based on end user, the electrophysiology catheter market is segmented into hospitals, ambulatory surgical centers, and cardiac catheterization labs. The hospitals segment held the largest share of the market in 2021, and the same segment is anticipated to register the highest CAGR of 8.7% in the market during the forecast period.
Companies commonly adopt inorganic strategies such as mergers and acquisitions to cater to changing customer demand and maintain their brand name worldwide. Market players operating in the electrophysiology catheter market also adopt organic strategies such as product launch and expansion to outstretch their footprint and product portfolio worldwide and meet the growing demand.
The regional trends and factors influencing the Electrophysiology Catheter Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Electrophysiology Catheter Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 4.13 Billion |
| Market Size by 2028 | US$ 7.29 Billion |
| Global CAGR (2021 - 2028) | 8.4% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Electrophysiology Catheter Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Electrophysiology Catheter Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
With COVID-19 continuing to spread all over the world, researchers are looking into numerous options for possible treatment, including existing options. The pandemic of COVID-19 has had a significant impact on clinical medicine. Because so many resources have been poured into caring for those afflicted with the virus, elective medical treatments have reduced. The rates of atrial fibrillation ablation and implanted cardioverter-defibrillators (ICD) implantation fell faster than the rates of ventricular tachycardia (VT) ablation and device generator changes, indicating a shift away from elective medical operations. Telemedicine and digital health platforms proved effective during the pandemic as it was largely limited pre-pandemic due to technical and reimbursement barriers. But in the current COVID-19 crisis, the adoption of virtual medical services has grown tremendously and is projected to grow steadily in the coming years. For example, The Centers for Medicare and Medicaid Services have expanded telehealth services to keep people safe and assist healthcare providers to focus on individuals requiring the most dire healthcare needs.
Global electrophysiology catheters market is segmented by region into North America, Europe, Asia Pacific, Middle East & Africa and South & Central America. In North America, the U.S. is the largest market for electrophysiology catheters. The growth of this market is primarily driven by the increasing prevalence of cardiovascular disorders and growing number of product launches by key players. The presence of well-established healthcare facilities coupled with infrastructure and high prevalence of arrhythmia and heart failure cases accounts for significant revenue till the forecast period. Heart disease is the leading cause of death in the US, resulting in recording approx. 647,000 deaths per year as per the Centers for Disease Control and Prevention (CDC).
Johnson and Johnson Services, Inc. and Abbott are the top two companies that hold huge market shares in the electrophysiology catheters market.
The electrophysiology catheters market majorly consists of the players such St. Jude Medical (Abbott), Boston Scientific Corporation, Stryker Corporation, Medtronic, Transonic Systems Inc., CathRx Ltd, APT MEDICAL INC., MicroPort Scientific Corporation, Biosense Webster (Johnson and Johnson Services, Inc.), and Biotronik, Inc. among others.
The electrophysiology diagnostic catheters segment held the largest share of the market in the global electrophysiology catheters market and held the largest market share of 60.36% in 2021.
The diagnosis segment dominated the global electrophysiology catheters market and accounted for the largest market share of 50.24% in 2021.
The hospitals segment dominated the global electrophysiology catheters market and held the largest market share of 60.55% in 2021.
Electrophysiology catheters are designed to be used for better compatibility to perform standard electrophysiology studies. The catheter comprises of compatible stimulators/amplifiers that are purchased separately by the operator. Depending on the features of the simulator/amplifier, pacing, and recording protocols can be performed inside the human's body to determine abnormalities. For example, electrophysiology catheters are performed inside the heart (intracardiac) or through the esophagus (transesophageal) for determining electrical properties of the atrium and ventricle. Diagnostic electrophysiology (EP) catheters are used for temporary intra-cardiac sensing, recording, stimulation, and mapping.
Key factors that are driving the growth of this market are prevalence of cardiovascular disorders and technological advancement in electrophysiology catheters are expected to boost the market growth for the electrophysiology catheters over the years.
The CAGR value of the electrophysiology catheters market during the forecasted period of 2021-2028 is 8.4%.