The global electrophysiology devices market size was estimated at USD 10.07 billion in 2023 and is expected to expand at a CAGR of 13.9% from 2024 to 2030. Increasing use of electrophysiology (EP) tests in 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 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.
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.
The EP devices market is highly consolidated, with leading players acquiring small and niche companies. The market growth stage is high and the pace of market growth is accelerating.
The market is witnessing continuous research and development, such as the adoption of 3D mapping systems, the production of wireless and wearable devices for continuous monitoring, and the integration of artificial intelligence (AI) in electrophysiology procedures. Manufacturers are focusing on introducing novel technologies to produce more accurate, cost-effective, and user-friendly EP devices.
The electrophysiology devices market is characterized by a high level of M&A activities. The main reason for the frequent acquisitions in this market is technological soundness of small players with their robust product pipelines. It allows the key players to improve their market share, expand their product portfolio, and provide opportunities to be the first entrant into a niche market segment.
The stringent regulatory framework for approval and commercialization of electrophysiology devices impedes market growth. Compliance with regulatory standards further increases overall innovation, manufacturing, and development costs.
This market gives companies the opportunity to expand their geographic presence and product portfolios through strategic partnerships and product launches. The market participants are collaborating with healthcare providers and research institutes to research and develop niche EP devices.
The EP market has noticed a considerable rise in end-user concentration in past decade. With increasing prevalence of cardiovascular diseases, rising cases of neurological disorders, such as epilepsy, Parkinson’s disease, etc., and growing geriatric population globally, the market is growing further. Whether Inpatient Facilities, Ambulatory Surgery Centers (ASCs), or other healthcare centers are adopting advanced ablation technologies for improved procedural accuracy and patient outcomes.
Based on device type, the ablation catheters segment accounted for the largest revenue share of 45.6% in 2023. An ablation catheter is used to control irregular heartbeats that cannot be treated with medication. The ablation catheters segment comprises radiofrequency (RF) ablation, cryoablation, and pulse field ablation. Growing heart failure and arrhythmia incidences, awareness regarding the electrophysiology procedures’ reliability, advancement in EP technologies, and increasing minimally invasive procedures are factors responsible for the dominance of the segment. For instance, in January 2022, Abbott received approval for EnSite X EP System with EnSite omnipolar technology from the U.S. FDA for cardiac arrhythmias treatment.
The diagnostic catheters segment is anticipated to register a significant CAGR during the forecast period. Diagnostic catheters are used to investigate and evaluate patients with suspected cardiovascular diseases. These comprise EP mapping devices, cardiac output catheters, angiography catheters, and others. In November 2021, Koninklijke Philips N.V. acquired Cardiologs, a medical technology firm based in France. The acquisition was to expand cardiac monitoring and diagnostics portfolio of Philips with the company’s AI and cloud technology.
The atrial fibrillation segment dominated the market in 2023 and accounted for the maximum revenue share of 62.2%. It is the most common type of arrhythmia associated with a high risk of stroke and blood clotting. According to the British Heart Association, in 2022, approximately 1.5 million of the UK population will suffer 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, Inpatient Facilities and clinical settings are taking initiative 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 inpatient facility segment accounted for the highest share of 81.7% of the global revenue in 2023. 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 outpatient facilities segment is projected to grow at the fastest CAGR during the forecast period. A shift towards minimally invasive outpatient procedures and significant cost savings are augmenting the segment growth. For instance, a study by Health Affairs revealed that ASC procedures are cost and time-effective. It takes around 25% less time compared to the Inpatient Facilities, with USD 360 to 1,000 savings per patient owing to the lesser 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.
North America dominated the industry in 2023 and accounted for the maximum share of 48.3% of the global revenue due 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.
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. The untapped emerging markets in Asian countries like India and China offer a great opportunity to investors for expansion in the region.
Some key players operating in the market include Boston Scientific Corp., Medtronic, and Abbott.
Boston Scientific Corp offers a broad portfolio of less-invasive medical technologies covering the areas of cardiac rhythm management, electrophysiology, endoscopy, interventional cardiology therapies, neuromodulation, peripheral interventions, urology, and WATCHMAN. The company has various mapping and treatment technologies to diagnose and treat heart rhythm disorders.
The following are the leading companies in the electrophysiology devices market. These companies collectively hold the largest market share and dictate industry trends.
In October 2023, Boston Scientific Corporation received approval for the POLARx Cryoablation System by the U.S. Food and Drug Administration (FDA). This system features the POLARx FIT Cryoablation Balloon Catheter, which can treat patients with paroxysmal atrial fibrillation (AF) by enabling two different balloon sizes in one catheter.
In August 2023, Biosense Webster received approval for various atrial fibrillation ablation products that can be utilized in a workflow without fluoroscopy during catheter ablation procedures.
In May 2023, Abbott obtained approval from the U.S. Food and Drug Administration (FDA) for TactiFlex Ablation Catheter, Sensor Enabled, the first ablation catheter with contact force technology and a flexible tip. The TactiFlex catheter can treat atrial fibrillation (AFib) with reduced procedure times and better safety than previous-generation catheters.
In February 2022, Boston Scientific Corp. acquired Baylis Medical Company Inc., specializing in advanced transseptal solutions for the left side of the heart in catheter-based procedures.
Report Attribute |
Details |
Market size value in 2024 |
USD 11.48 billion |
Revenue forecast in 2030 |
USD 25.02 billion |
Growth rate |
CAGR of 13.9% from 2024 to 2030 |
Base year for estimation |
2023 |
Historical data |
2018 - 2022 |
Forecast period |
2024 - 2030 |
Quantitative units |
Revenue in USD million/billion and CAGR from 2024 to 2030 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, trends |
Segments covered |
Device type, indication, end-use, region |
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Country scope |
U.S.; Canada; UK; Germany; France; Italy; Spain; Denmark; Sweden; Norway; Japan; China; India; Australia; South Korea; Thailand; Mexico; Brazil; Argentina; South Africa; Saudi Arabia; UAE; Kuwait |
Key companies profiled |
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. |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
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 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global electrophysiology (EP) devices market report on the basis of device type , indication, end-use, and region:
Device Type Outlook (Revenue, USD Million, 2018 - 2030)
Ablation Catheters
Radiofrequency (RF) Ablation
Cryoablation
Pulse Field Ablation
Diagnostic Catheters
Laboratory Devices
Access Devices
Indication Outlook (Revenue, USD Million, 2018 - 2030)
Atrial Fibrillation (AF)
Non-Atrial Fibrillation
End-use Outlook (Revenue, USD Million, 2018 - 2030)
Inpatient Facilities
Outpatient Facilities
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
b. The global electrophysiology devices market size was estimated at USD 10.7 billion in 2023 and is expected to reach USD 11.48 billion in 2024
b. The global electrophysiology devices market is expected to grow at a compound annual growth rate of 13.9% from 2024 to 2030 to reach USD 25.02 billion by 2030
b. North America dominated the electrophysiology devices market with a share of 48.3.5% in 2023. This is attributable to the high patient base of cardiac arrhythmia resulting from unhealthy lifestyle habits and favorable reimbursement policies in the region
b. Some key players operating in the electrophysiology devices market include Boston Scientific Corporation, Medtronic, Abbott, Biosense Webster, Inc. (Johnson & Johnson), Biotronik SE & Co. KG., GE Healthcare, and Siemens Healthineers AG
b. Key factors that are driving the electrophysiology devices market growth include growing demand for cardiac rhythm management devices for continuous monitoring and the increasing use of these devices in out-of-hospital settings
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