Electrophysiology Devices Market Size, Share & Trends Analysis Report By Application (Treatment, Diagnostic), By Indication (AF, SVT, AVNRT, WPW), By End-use (Hospitals, ASCs), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global electrophysiology devices market size was valued at USD 6.1 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 11.16% from 2023 to 2030. Increasing use of Electrophysiology (EP) test in the treatment and diagnosis of heart diseases, such as atrial fibrillation, growing demand for devices for cardiac rhythm management for constant monitoring, and increasing application of these devices in out-of-hospital settings, are propelling the industry growth. The prevalence of heart failure, cardiac arrest, and atrial fibrillation among millennials is rising due to sedentary lifestyles, smoking, excessive alcohol consumption, and others. According to the CDC, approximately 12.1 million Americans will be suffering from atrial fibrillation by 2030.

In addition, European people are more prone to atrial fibrillation than African Americans. As per the European Society of Cardiology, sudden cardiac arrest due to abnormal heart rhythm is one of the major reasons for death in western countries. It affects approximately 1 in 1,000 inhabitants per year. Electrophysiology devices are cardiology specialty equipment used mainly in the diagnosis and treatment of cardiac arrhythmias. Thus, the increasing prevalence of heart diseases is augmenting the market growth. EP has facilitated the use of mobile cardiac telemetry and ambulatory ECG monitoring. Technological advancements, such as remote monitoring of implantable cardiac devices,data storage in the cloud, and the incorporation of wireless transmission, are expected to propel market growth.

COVID-19 Electrophysiology Devices Market Impact: 1.3% Decrease From 2019 To 2021

For instance, in May 2019, Biosense Webster launched the CARTONET platform, a novel cloud-based network that interconnects myriad devices and transfers the data that is utilized during the practice. It aids the healthcare providers to access the patient’s information, such as 3D images and videos, which are obtained during the ablation procedures. In recent years, the shift of patients towards minimally invasive surgeries has increased. The introduction of minimally invasive technologies, such as cryoablation, laser ablation, ultrasound ablation, and advanced mapping technologies, is also expected to bode well with the industry. For instance, in February 2022, Medtronic received U.S. FDA approval for the Freezor & Freezor Xtra, Cardiac Cryoablation Focal Catheters for the treatment of Atrioventricular Nodal Reentrant Tachycardia (AVNRT) in pediatric patients.

Application Insights

Based on application, the industry is classified into treatment devices and diagnostic devices. The diagnostic devices segment accounted for the largest share of more than 52.1% of the global revenue in 2022. High usage rates of cardiac monitors as a standard diagnostic and monitoring tool for arrhythmias and rising adoption of ambulatory monitoring equipment are factors responsible for the dominant share of the segment. EP diagnostic devices include Holter monitors, Electrocardiograph (ECG), diagnostic catheters, mapping & imaging systems, and insertable cardiac monitors. The growing use of these equipment in interventional medical procedures, such as catheter placement, and the introduction of portable & digital systems are expected to drive segment growth during the forecast period.

In November 2021, Koninklijke Philips N.V. announced the acquisition of Cardiologs, a medical technology firm based in France. The acquisition will expand the cardiac diagnostics and monitoring business of Philips with the company’s AI and cloud technology. Increasing investment to incorporate new technologies is likely to favor segment growth. The treatment devices segment is anticipated to register the maximum CAGR of 11.62% during the forecast period. The treatment devices segment comprises Implantable Cardioverter Defibrillators (ICD), Automated External Defibrillators (AEDs), pacemakers, and catheters. The growing incidence of atrial fibrillation & arrhythmia, rising adoption of cardiac implantable electronic devices, and healthcare approvals are favoring the segment growth. For instance, in January 2022, Abbott received approval for EnSite X EP System with EnSite omnipolar technology from the U.S. FDA for the treatment of cardiac arrhythmias.

Indication Insights

In terms of indication, the electrophysiology devices market is bifurcated into Atrial Fibrillation (AF), Supraventricular Tachycardia (SVT), Atrioventricular Nodal Re-entry Tachycardia (AVNRT), Wolff-Parkinson-White Syndrome (WPW), bradycardia, and others. The atrial fibrillation segment dominated the market in 2022 and accounted for the maximum revenue share of more than 32.3%. It is the most common type of arrhythmia associated with a high risk of stroke and blood clotting. According to the British Heart Association estimates in 2022, approximately 1.5 million of the U.K. population suffers from atrial fibrillation. In addition, an expected 270,000 individuals aged 65 years and above have undiagnosed atrial fibrillation in the country. The high prevalence of the disease is responsible for the prominent share of the segment.

In recent years, innovative smartphone applications have been introduced for arrhythmic patients that can connect them with healthcare professionals. Moreover, hospitals and clinical settings are taking initiatives to involve arrhythmia care in their treatment routine. In May 2018, UNC AFib Care Network launched a new clinic for atrial fibrillation patients - AFib Integrated Care Clinic. The Supraventricular Tachycardia (SVT) segment is anticipated to witness remarkable growth of 12.27% during the forecast period. Increasing research to develop the treatment for SVT, rising healthcare cost, and an increasing number of emergency admissions are likely to favor the segment growth. According to a study published in the National Library of Medicine, SVT has a prevalence of 2.25 cases per 1,000 in the general population, with an incidence of 35 cases per 100,000 patients.

End-use Insights

The hospitals segment accounted for the highest share of 54.1% of the global revenue in 2022. The adoption of technologically advanced cardiac rhythm management and EP systems by interventional cardiologists and the rising burden of Cardiovascular Disease(CVD) is responsible for the dominant share of the segment. As per a study published in April 2018, daily short-term rhythm strip recordings identified an increase of 13.0% in the elderly population hospitalized for atrial fibrillation, leading to an overall prevalence of 46.0% in hospitalized patients. The ASCs segment is projected to exhibit considerable growth with a CAGR of 11.81% during the forecast period.

A shift towards minimally invasive outpatient procedures and significant cost savings are augmenting the growth of the segment. For instance, a study by Health Affairs revealed that ASC procedures are cost- and time-effective. It takes around 25% less time as compared to the hospitals with USD 360 to 1,000 savings per patient owing to the less fixed costs. Furthermore, government initiatives to reduce the cost of treatment and favor reimbursement policies are propelling the segment growth. The Centers for Medicare & Medicaid Services (CMS) extended ambulatory surgical coverage for cardiac interventional procedures, such as pacemaker implants, endovenous ablation, and catheterization procedures.

Regional Insights

North America dominated the industry in 2021 and accounted for the maximum share of more than 37.5% of the global revenue owing to the high cases of heart failure, cardiac arrest, and cardiac arrhythmia. The presence of sophisticated healthcare infrastructure and favorable reimbursement policies are expected to drive the region’s growth during the forecast period.

The market in Asia Pacific is estimated to witness the fastest growth rate during the forecast period. The high geriatric population, growing risk of heart diseases, and unmet clinical needs are primary factors driving the region’s growth.

Furthermore, improving healthcare infrastructure, increasing patient awareness, and rising healthcare expenditure levels in the region are expected to assist manufacturers in capitalizing on these available opportunities. Rapid developments in healthcare infrastructure and an increase in disposable income in emerging economies, such as India and China, are projected to boost the demand for EP systems. Moreover, technological advancements in the region are another factor contributing to the market growth. For instance, in August 2021, Shanghai Microport EP Medtech Co., Ltd. collaborated with Stereotaxis, Inc. Under the terms of the agreement, Microport EP will be distributing Robotic Magnetic Navigation technology for EP in China.

Key Companies & Market Share Insights

The market is highly competitive with companies adhering to new product development and extensive R&D investments as sustainability strategies. Globally, companies are following an inorganic growth strategy for strengthening product portfolios and establishing a foothold in the industry. For instance, in February 2022, Boston Scientific Corp. completed the acquisition of Baylis Medical Company Inc., a company specialized in offering an advanced transseptal solution for catheter-based procedures for the left side of the heart.

The untapped emerging markets in Asian countries like India and China offer a great opportunity to investors for expansion in the region. For instance, in June 2021, Medtronic launched the Micra AV in India. It is a completely self-contained, compact pacemaker that provides innovative pacing technology to AV block patients via minimally invasive methods. The device can detect activities in the atria without the aid of another device in the upper chamber of the heart. Some of the companies operating in the global electrophysiology devices market are:

• Boston Scientific Corp.

• Medtronic

• Abbott

• Biosense Webster (Johnson & Johnson Services, Inc.)

• Biotronik

• General Electric Company

• Siemens Healthcare AG

• MicroPort Scientific Corporation

• Koninklijke Philips N.V.

Electrophysiology Devices Market Report Scope

Global Electrophysiology Devices Market Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis on the latest industry trends in each of the sub-segments from 2016 to 2030. For the purpose of this study, Grand View Research has segmented the global electrophysiology devices market report on the basis of application, indication, end-use, and region:

• Application Outlook (Revenue, USD Million; 2018 - 2030)

  • Treatment Devices

    • Implantable Cardioverter Defibrillators (ICDs)

    • Automated External defibrillators (AEDs)

    • Pacemakers

    • CRT-P

    • CRT-D

    • Catheters

    • Others

  • Diagnostic Devices

    • Holter Monitoring Devices

    • Diagnostic Electrophysiology Catheters

    • Electrocardiograph (ECG)

    • EP Mapping & Imaging Systems

    • Insertable Cardiac Monitors (ICM)

    • Others

• Indication Outlook (Revenue, USD Million; 2018 - 2030)

  • Atrial Fibrillation (AF)

  • Supraventricular Tachycardia

  • Atrioventricular Nodal Re-entry Tachycardia (AVNRT) 

  • Wolff-Parkinson-White Syndrome (WPW) 

  • Bradycardia

  • Other

• End-Use Outlook (Revenue, USD Million; 2018 - 2030)

  • Hospitals

  • Ambulatory Surgical Centers

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Thailand

  • Latin America

    • Mexico

    • Brazil

    • Argentina

  • Middle East & Africa (MEA)

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait