Electrophysiology Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 9.07 Billion |
| Market Size (2029) | USD 16.86 Billion |
| CAGR (2024 - 2029) | 13.20 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Electrophysiology Market Analysis
The Global Electrophysiology Market size is estimated at USD 9.07 billion in 2024, and is expected to reach USD 16.86 billion by 2029, at a CAGR of 13.20% during the forecast period (2024-2029).
Factors that are driving the growth of the market are the increasing incidence of target diseases, technological advancements in the field of electrophysiology, and rising demand for catheter ablation procedures.
The rising prevalence of cardiovascular diseases (CVD), particularly arrhythmias, among the population of the United States, has led to increased adoption of EP procedures, thereby driving the market growth. For instance, according to the Arrhythmia Alliance 2023, approximately 1 in 50 people in the United States under the age of 65 and 1 in 10 people over the age of 65 suffer from atrial fibrillation, while around 1 in 2,100 individuals experience ventricular arrhythmias. As irregular heart rhythm is the direct contributor to the market studied, the high incidence of arrhythmia is anticipated to drive market growth.
In addition, the rising demand for catheter ablation procedures for the treatment of atrial fibrillation is anticipated to increase the adoption of electrophysiology products, thereby boosting the market growth. For instance, according to the study published in the Journal of the American College of Cardiology in August 2024, catheter ablation is significantly effective for the treatment of atrial fibrillation (AF). Therefore, the high effectiveness of catheter ablation procedure is anticipated to increase the demand for electrophysiology devices, boosting the market growth.
Furthermore, the market players are adopting various strategies such as collaborations, partnerships, product approvals, and clearances to increase market share. For instance, in February 2023, Catheter Precision, Inc. launched LockeT product in the market with initial shipments to its distributors to begin immediately. The lockeT can be used in conjunction with the closure of a percutaneous wound site when a catheter has been inserted through the skin into a blood artery and withdrawn after an operation.
Hence, based on the factors mentioned above, such as the rising prevalence of arrhythmias and initiatives from key market players, the electrophysiology market is expected to witness growth over the forecast period. However, factors such as a lack of skilled electrophysiologists and unfavorable healthcare reforms are major restraints on the electrophysiology market.
Electrophysiology Market Trends
Ablation Catheters Segment is Expected to Hold Significant Market Share Over the Forecast Period
One form of heart ablation therapy used to treat irregular heart rhythms is catheter ablation. Ablation is a method for carefully removing aberrant tissue to restore normal heart function. Ablation catheters are helpful in removing anomalous heart tissues that may result in irregular heartbeats. Ablation catheters function through ablation, a minimally invasive procedure that directs catheters to destroy defective electrical pathways in the heart.
Factors such as increased technological advancements, research and development in the field of ablation catheters, and a rise in cardiac complications are boosting the market growth. For instance, a study published in Cureus Journal in August 2023 indicates that catheter ablation (CA) is used as a rhythm control strategy to restore normal rhythm in managing atrial fibrillation. Patients who underwent ablation reported significant improvements in their quality of life. Therefore, the advantages of cardiac ablation and the high prevalence of cardiac arrest in developed nations are anticipated to drive market growth.
Furthermore, the market players are adopting various strategies such as collaborations, partnerships, product launches, regulatory approvals, acquisitions, and expansions to increase market share. For instance, in May 2023, the United States Food and Drug Administration (FDA) has approved the Abbott's sensor enabled TactiFlex ablation catheter. This ablation catheter features a flexible tip and contact force technology intended for ablation procedures to treat atrial fibrillation (AFib). Therefore, such approvals facilitate the increased adoption of ablation catheters as they offer reduced procedure times and improved safety.
Hence, owing to the above-mentioned factors such as high prevalence of cardiac arrests, various advantages of cardiac ablations, and key initiatives adopted by the market players, the ablation catheter segment is expected to grow over the forecast period.
North America Holds a Significant Market Share and Expected to do Same in the Forecast Period
The North America region holds a significant market share of the electrophysiology market. It is expected to maintain its stronghold due to the presence of well-established healthcare facilities, technological advancements, an increase in the number of arrhythmia and heart failure cases, and the presence of key market players in the region.
The high prevalence of myocardial infarction in the United States is anticipated to increase the adoption of electrophysiology, driving market growth. For instance, according to the United States National Center for Health Statistics data published in 2024, the percentage of heart attacks for adults aged 18 and over in the United States was 3% in 2023. Such a huge incidence is anticipated to increase the adoption of electrophysiology to study the electrophysiological (EP) substrate of human ventricles after myocardial infarction.
Product launches and approvals, technical advancements, and key players in the field of electrophysiology fuel the market growth. For instance, in August 2023, the United States Food and Drugs Administration approved several products in the cardiac ablation portfolio developed by Biosense Webster, Inc. such as the THERMO COOL SMARTTOUCH SF catheter, which is majorly used ablation catheter for radiofrequency ablation. Such launches helps in increased adoption of advanced products for the effective treatment of arrhythmias, boosting the market growth.
Hence, owing to the above-mentioned factors such as high prevalence of myocardial infarction, key strategies adopted by the market players, the market for electrophysiology in North America is expected to drive the over the forecast period.
Electrophysiology Industry Overview
The Electrophysiology Market is semi-consolidated and consists of a few major players. The factors owing to the competition include the market players focusing on collaboration and partnership activities to strengthen their product portfolio of interventional imaging systems. Some market players operating in the market include Abbott Laboratories, Boston Scientific Corporation, Biotronik SE & Co. KG, GE Healthcare, and Medtronic Plc.
Electrophysiology Market Leaders
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Abbott Laboratories
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Boston Scientific Corporation
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Biotronik SE & Co. KG
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Medtronic Plc
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General Electric Company (GE Healthcare)
*Disclaimer: Major Players sorted in no particular order
Electrophysiology Market News
- January 2024: Boston Scientific Corporation obtained approval from the United States Food and Drug Administration (FDA) for its FARAPULSE Pulsed Field Ablation (PFA) System. This FARAPULSE PFA System is intended for the isolation of pulmonary veins in patients with drug-refractory, recurrent, symptomatic, paroxysmal (intermittent) atrial fibrillation (AF). It offers an alternative to traditional thermal ablation treatments.
- January 2024: CardioFocus, Inc., a medical device firm focused on enhancing ablation treatments for cardiac arrhythmias, acquired the electrophysiology technology division from Galvanize Therapeutics. Key assets in this acquisition comprise the CENTAURI System pulsed electric field generator, which holds CE marking and is actively marketed in the European Union and the United Kingdom, alongside the QuickShot catheter ablation system, which is presently under development.
Global Electrophysiology Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Target Diseases
4.2.2 Technological Advancements in the Field of Electrophysiology
4.2.3 Increasing Demand for Catheter Ablation Procedures
4.3 Market Restraints
4.3.1 Lack of Skilled Professionals
4.3.2 Unfavorable Healthcare Reforms
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value – USD)
5.1 By Product
5.1.1 Ablation Catheters
5.1.2 Laboratory Devices
5.1.3 Diagnostic Catheters
5.1.4 Access Devices
5.1.5 Other Products
5.2 By Disease
5.2.1 Atrial Fibrillation
5.2.2 Atrial Flutter
5.2.3 Wolff-Parkinson-White Syndrome
5.2.4 Atrioventricular Nodal Reentry Tachycardia
5.2.5 Other Diseases
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Biotronik SE & Co.KG
6.1.3 Boston Scientific Corporation
6.1.4 GE Healthcare
6.1.5 Johnson & Johnson
6.1.6 Medtronic PLC
6.1.7 Microport Scientific Corporation
6.1.8 Koninklijke Philips N.V.
6.1.9 Siemens Healthineers
6.1.10 Stereotaxis
6.1.11 Imricor Medical Systems
6.1.12 OSYPKA AG
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Electrophysiology Industry Segmentation
As per the scope of the report, electrophysiology is the biomedical field that deals with the study of electric activity in the body. Electrophysiology includes the study of the generation of electrical activity and the effects of that electrical activity on the body. The electrophysiology market is segmented by product, disease, and geography. By product, the market is segmented into ablation catheters, laboratory devices, diagnostic catheters, access devices, and other products. By disease, the market is segmented into atrial fibrillation, atrial flutter, wolff-parkinson-white syndrome, atrioventricular nodal reentry tachycardia, and other diseases. For each segment, the market size is provided in terms of value ( in USD).
| By Product | |
| Ablation Catheters | |
| Laboratory Devices | |
| Diagnostic Catheters | |
| Access Devices | |
| Other Products |
| By Disease | |
| Atrial Fibrillation | |
| Atrial Flutter | |
| Wolff-Parkinson-White Syndrome | |
| Atrioventricular Nodal Reentry Tachycardia | |
| Other Diseases |
| Geography | ||||||||
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Global Electrophysiology Market Research FAQs
How big is the Global Electrophysiology Market?
The Global Electrophysiology Market size is expected to reach USD 9.07 billion in 2024 and grow at a CAGR of 13.20% to reach USD 16.86 billion by 2029.
What is the current Global Electrophysiology Market size?
In 2024, the Global Electrophysiology Market size is expected to reach USD 9.07 billion.
Who are the key players in Global Electrophysiology Market?
Abbott Laboratories, Boston Scientific Corporation, Biotronik SE & Co. KG, Medtronic Plc and General Electric Company (GE Healthcare) are the major companies operating in the Global Electrophysiology Market.
Which is the fastest growing region in Global Electrophysiology Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Electrophysiology Market?
In 2024, the North America accounts for the largest market share in Global Electrophysiology Market.
What years does this Global Electrophysiology Market cover, and what was the market size in 2023?
In 2023, the Global Electrophysiology Market size was estimated at USD 7.87 billion. The report covers the Global Electrophysiology Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Electrophysiology Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Global Electrophysiology Industry Report
Statistics for the 2024 Electrophysiology Devices market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Electrophysiology Devices analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Global Electrophysiology Market Report Snapshots
