Electrophysiology Market 2020: Global Industry Analysis, Size, Share, Growth, Trends And Forecast To 2030
The escalating burden of cardiac arrhythmias such as atrial fibrillation, atrial flutter, ventricular tachycardia, Wolff-Parkinson-White (WPW) syndrome and AV-nodal reentrant tachycardia (AVNRT) has been fuelling the demand of the electrophysiology devices and procedures. Future Market Insights in a new study has projected the reach a valuation of US$ 6.02 Bn by the end of 2021.
The increasing demand for minimally invasive, safer, and efficient electrophysiology therapies has transcended electrophysiology market growth. The latest electrophysiology catheters, devices and access devices offer advanced cardiac electromapping, ablations and diagnostic procedures. The next-generation electrophysiology devices offer minimal invasive interventions that offer short hospital stay period.
The increasing adoption of the ablation catheterization for the management of the cardiac arrhythmias is escalated by the introduction of advanced, safer and efficient electrophysiology solutions by the key players. The minimally invasive nature of the incoming electrophysiology solutions is safer for patients with medical comorbidities.
The cardiac arrhythmia treatment regime is frequently combining these latest electrophysiology devices with several antiarrhythmic drugs such as procainamide, amiodarone, flecainide and others. The shift towards the increased adoption of the disposable catheters due to their affordability, sterility and safety has also rocketed the sales of the electrophysiology market. Manufacturers have eyed on the acquisitions, collaborations, product approvals and launching into the various geographies to penetrate deep into the potential electrophysiology markets.
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The COVID19 pandemic in the first few months of 2020 has imparted a negative impact on the electrophysiology market. The massive global lockdown, along with the shutting down of the economies such as China has halted the demand and supply activities. Seeing the massive influx of the COVID19 patients and the risk of hospital-acquired infections, several cardiology and electrophysiology committees jotted updated strategies and protocols of conduct to cut down on the number of electrophysiology procedures, and to only perform the interventional procedures for the high priority cases.
Key Takeaways from Electrophysiology Market Study
- The global electrophysiology market is estimated to be US$ 7.84 Bn in 2020, exhibiting a CAGR of ~12.7 % during the forecast period (2020-2030)
- The U.S. will remain a highly lucrative market, accounting for over 95% of North America market in 2021, based on volume
- Demand from U.K. is poised to surge considerably. FMI forecasts it to exhibit 8.5% Y-o-Y growth in 2021
- Germany and France will emerge as other key markets for electrophysiology in the U.K.
- Demand from both Japan and South Korea is expected to increase at a considerable pace in the coming years
The leading manufactures have eyed in the improvisation of the ablation procedures with the introduction of the latest contact-force sensing technology that offers high precision ablation, irrigated tip ablation catheters with controlled and target specific ablation and balloon catheters with more predictable and reproducible ablation.
Stereotaxis and Acutus Medical have introduced telerobotics in the cardiac ablation catheter surgeries that offer high precision ablation, real-time cardiac imaging and high-resolution cardiac mapping. Digital cloud technology has also been integrated into the electrophysiology devices that allows the interventionalist to remotely access the cardiac data.
For instance, J&J’s Biosense Webster launched a new cloud-based network, CARTONET platform that connects the field’s myriad devices to share the 3D image files into laptops, tablets, etc.
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