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Industry Insights, Market Size, CAGR, High-Level Analysis: Electrophysiology Devices Market The global electrophysiology devices market size was valued at 5.1 billion in 2018. Increasing use of electrophysiology devices in the diagnosis and treatment of cardiovascular diseases such as atrial fibrillation, growing demand for cardiac rhythm management devices for continuous monitoring and increasing use of these devices in out-of-hospital settings are some high impact rendering growth drivers of the market. Growing prevalence of heart failure (HF) and cardiac arrest cases among the millennials attributed to lifestyle habits such as smoking and excessive alcohol consumption is the major factor propelling the market. As per the European Society of Cardiology, Sudden Cardiac Arrest due to abnormal heart rhythm is one of the major reasons for deaths in western countries. It affects approximately 1 in 1000 inhabitants per year. Electrophysiology devices are cardiology specialty devices used mainly in the diagnosis and treatment of cardiac arrhythmias and therefore, the growing prevalence of cardiovascular diseases is expected to serve this market as a driver. Introduction of new technologies such as cryoablation, laser ablation, and ultrasound ablation and advanced mapping technologies are also expected to boost the demand over the forecast period. However, high costs associated with these products, the presence of strict regulations and availability of alternative therapies are some factors expected to impede the market growth. Application Insights of Electrophysiology Devices Market Electrophysiology treatment devices and electrophysiology diagnostic devices are two application segments analyzed in this study. Electrophysiology diagnostic devices segment accounted for major share in 2018. High usage rates of cardiac monitors as a standard diagnostic and monitoring tool for arrhythmias is one of the factors attributing to its large share. Collectively, cardiac monitors segment emerged as the largest electrophysiology diagnostic segment in 2018. This includes Holter monitoring devices, Electrocardiograph (ECG) monitors, and insertable cardiac monitors (ICM). The growing use of these devices in interventional medical procedures such as catheter placement and the introduction of portable and digital systems are some factors expected to drive segment growth during the forecast period. Technological innovations such as GE Healthcare’s Innova IGS 520 and Optima IGS 320 are expected to present this market with lucrative future growth opportunities. These products are dose efficient interventional X-ray systems and enable physicians to perform complex interventional procedures with ease and accuracy. The electrophysiology treatment devices segment comprises Implantable Cardioverter Defibrillators (ICD), Automated External Defibrillators (AEDs), pacemakers, and catheters. Pacemakers were the largest sub-segment of this market in the year 2018. Growing incidence of different forms of arrhythmia is one of the major factors accounting for its rapid growth. AED is expected to witness the highest growth rate during the forecast period. As per the CDC report, the rising number of sudden cardiac arrest (SCA) cases is a big threat to the U.S. population. Increasing use of AEDs has proved helpful to reduce the death rates among patients suffering from cardiac arrest outside hospitals. Indication Insights Atrial fibrillation was the leading indication segment in the electrophysiology devices market in terms of revenue in 2018. It is a common type of arrhythmia associated with a high risk of stroke and blood clotting. In many cases, it remains undiagnosed in clinical practices with conventional monitoring, resulting in inadequate treatment at the right time. Therefore, monitoring of atrial fibrillation requires enhanced technological devices for diagnosis that can help overcome limitations imposed by conventional technologies. 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. End Use Insights Hospitals were the leading end-use segment of electrophysiology devices in 2018. Adoption of technologically advanced cardiac rhythm management and electrophysiological procedure devices by the interventional cardiologists at the hospital and the rising burden of cardiovascular disease contributes to the growth of the segment. In 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. A novel imaging technique, developed by an international team of researchers of the Heart Center at the University Medical Center Göttingen and Max Planck Institute for Dynamics and Self-Organization, is projected to help physicians at hospitals to identify heart rhythm disorders in the coming years. The new diagnostic method is poised to assist in the treatment of ventricular fibrillation and atrial fibrillation. Regional Insights of Electrophysiology Devices Market North America dominated the market in 2018 with the largest market share. This can be attributed to the growing prevalence of Heart Failure (HF), cardiac arrest cases, and cardiac arrhythmia in this region majorly as a result of an unhealthy lifestyle, smoking and alcohol consumption. Presence of sophisticated healthcare infrastructure and favorable reimbursement policies are also expected to drive the regional growth over the next seven years. The Asia Pacific electrophysiology devices market has a large presence of untapped opportunities in terms of unmet medical needs and rapidly growing incidence rates of target diseases. Improving healthcare infrastructure, increasing patient awareness and rising healthcare expenditure levels in the region is expected to assist manufacturers in capitalizing these available opportunities. Rapid developments in healthcare infrastructure and increase in disposable income in emerging economies such as India and China are expected to provide new avenues and opportunities for companies to capitalize over the forecast period. Moreover, technological advancement is another contributing factor in the growth of electrophysiological devices market. For instance, in May 2019, Abbott launched an advanced heart monitor for more accuracy in detecting arrhythmia. The next-generation Confirm Insertable Cardiac Monitor (ICM) received U.S. FDA clearance and CE Mark in Europe for marketing. It is an implantable paperclip-sized device with smartphone connectivity and constant, remote monitoring to track unpredictable incorrect heart rhythm issues for swift and precise diagnostic. Market Share Insights of Electrophysiology Devices Market The market is highly competitive with companies adhering to new product development and extensive R&D investments as sustainability strategies. Companies such as Boston Scientific Corporation, Medtronic Plc., Abbot Laboratories, and Biosense Webster, Inc. (Johnson & Johnson) hold strong product portfolios and significant brand recognition. Among others are companies like Biotronik SE & Co. KG., GE Healthcare, and Siemens Healthcare. Globally, companies are following inorganic growth strategy for strengthening product portfolio and establishing a foothold in the market of electrophysiology devices. For instance, in January 2019, Medtronic underwent an agreement to acquire a privately held medical device company named EPIX Therapeutics, which designs and manufactures new temperature-controlled, catheter-based, cardiac ablation system for treating the patient with cardiac arrhythmias including atrial fibrillation (AF). With this acquisition, Medtronic will expand its cardiac ablation product portfolio for treating cardiac arrhythmias. In July 2018, Boston Scientific Corporation acquired a privately held firm named Cryterion Medical, Inc., developing a treatment for atrial fibrillation (AF) through its single-shot cryoablation platform. With this acquisition, Boston Scientific Corporation became the first company to have a product portfolio for radiofrequency (RF) and cryothermal single-shot, balloon-based ablation therapies. In November 2018, Boston Scientific underwent an agreement to acquire a UK based company BTG plc, involved in the development and commercialization of products minimally invasive surgical (MIS) products for cancer and vascular diseases. The untapped emerging markets of Asian countries like India and China offers a great opportunity to the investors for facility expansion in the region to gain market share during the forecast period. For instance, in 2017 Johnson & Johnson set-up a USD 180 million medical device plant in China, to manufacture minimally invasive surgical procedures devices, to compete with its rivals in China. Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Electrophysiology Devices Market Research Report This report forecasts revenue growth and provides an analysis on the latest trends in each of the sub-segments from 2015 to 2026. For this study, this market research report has segmented the electrophysiology devices market based on application, indication, and end-use: Application Outlook (Revenue, USD Million; 2019 - 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; 2019 - 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; 2019 - 2030) Hospitals Ambulatory Surgical Centers Others
Table of Contents Chapter 1 Methodology and Scope 1.1 Market Segmentation & Scope 1.1.1 Application 22.214.171.124 Treatment Devices 126.96.36.199 Diagnostic Devices 1.1.2 Indication 1.1.3 End-Use 1.1.4 Regional Scope 1.1.5 Estimates And Forecast Timeline 1.2 Research Methodology 1.3 Information procurement 1.3.1 Purchased Database 1.3.2 G | read more...