Electrophysiology Devices Market To Reach $25.00 Billion By 2030

May 2024 | Report Format: Electronic (PDF)

Electrophysiology Devices Market Growth & Trends

The global electrophysiology devices market size is expected to reach USD 25.00 billion by 2030, expanding at a CAGR of 13.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. The demand for electrophysiology procedures is expected to increase owing to the growing geriatric population and frequent cardiac arrhythmias incidents. According to the World Health Organization, the population aged 60 years and above was approximately 1 billion in 2020 and is expected to reach 1.4 billion by 2030. The adoption of diagnostics and ablation techniques among medical professionals has resulted in the high usage of EP products in the past few years and is likely to drive market growth. The development of new products, such as Nanostim-dual-chamber leadless pacemakers, is anticipated to fuel demand for EP products.

Cardiac ablation has gained popularity as the first-line treatment, rendering a 95% success rate for several rhythm disorders, which, in turn, is boosting its demand. Technological developments, such as laser ablation, cryo-ablation, and ultrasound ablation, coupled with optimized mapping techniques are anticipated to augment market growth over the forecast period. For instance, in September 2020, Koninklijke Philips N.V. released new imaging and workflow enhancements for their novel Kodex-EPD cardiac imaging and mapping system. The market was profusely impacted by the COVID-19 pandemic. Disruptions in the supply chain and postponement of elective surgeries declined the sales of EP systems. According to a study published in the Journal of Cardiothoracic Surgery, approximately 50 to 75% of reduction in cardiac surgeries was reported during the pandemic.

The market is now revamped owing to the adoption of digital health and technological advancements in cardiac surgeries. Moreover, virtual clinics were launched for patients suffering from Atrial Fibrillation(AFib) during the pandemic. For instance, in April 2020, the Physician-Patient Alliance for Health and Safety launched Virtual Patient Care for patients suffering from AFib and had treatment with electrophysiology systems. Prominent players are adopting various strategies including new product launches andM&As to strengthen their position. For instance, in June 2020, Boston Scientific Corp. launched Directsense Technology in the U.S. It will monitor the radiofrequency energy delivery effects during the procedures for cardiac ablation. Directsense technology was approved by the U.S. FDA in April 2020 and is available on RHYTHMIA HDx Mapping System.

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Electrophysiology Devices Market Report Highlights

  • Based on type, the ablation catheter segment accounted for the largest share of 45.6% of the market in 2023 due to growing heart failure and arrhythmia incidences, awareness regarding the electrophysiology procedures’ reliability, and advancement in EP technologies

  • Based on indication, the atrial fibrillation segment accounted for the largest market share in 2023. It is estimated to register the fastest CAGR of 14.4% during the forecast period. It is the most common type of arrhythmia associated with a high risk of stroke and blood clotting

  • Inpatient facilities accounted for the largest end-use segment with over 81.7% share in 2023, attributed to the high number of surgeries performed in hospitals

  • North America dominated the market with a revenue share of over 48.3% in 2023, due to the high prevalence of heart failure, growing aging population, and robust healthcare system.

Electrophysiology Devices Market Segmentation

Grand View Research has segmented the global electrophysiology devices market based on device type, indication, end-use, and region:

Electrophysiology Device Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Ablation Catheters

    • Radiofrequency (RF) Ablation

    • Cryoablation

    • Pulse Field Ablation

  • Diagnostic Catheters

  • Laboratory Devices

  • Access Devices

Electrophysiology Devices Indication Outlook (Revenue, USD Million, 2018 - 2030)

  • Atrial Fibrillation

  • Non-Atrial Fibrillation

Electrophysiology Devices End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Inpatient Facilities

  • Outpatient Facilities

  • Others

Electrophysiology Devices 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 Araba

    • UAE

    • Kuwait

List of Key Players in the Electrophysiology Devices Market

  • Boston Scientific Corp.

  • Medtronic

  • Abbott

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

  • Biotronik

  • General Electric Company

  • Siemens Healthcare AG

  • MicroPort Scientific Corp.

  • Koninklijke Philips N.V.

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