The electrophysiology devices market is poised to garner significant gains from advancements in digital healthcare technologies. As diagnosis and treatment of cardiac conditions continues to evolve at a rapid pace, the demand for electrophysiology devices has increased substantially. The Global electrophysiology devices market is estimated to be valued at US$ 7,756.5 Mn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period of 2023 to 2030.
Electrophysiology devices are used to diagnose and treat various cardiac arrhythmias and conduction disorders. These devices help cardiologists and electrophysiologists in mapping the electrical activity of the heart and detecting any abnormalities. Some key electrophysiology devices include EP ablation catheters, EP diagnostic catheters, access devices, EP recording systems, and others. Adoption of these devices has grown due to rising incidence of atrial fibrillation and implementation of innovative catheter ablation procedures for complex arrhythmias. Growing prevalence of cardiovascular diseases along with increasing demand for minimally invasive procedures are some major factors propelling the demand for electrophysiology devices.
Key Takeaways
Key players operating in the electrophysiology devices market are General Electric Company, Biotricity, Medtronic, VivaQuant, Inc., Johnson & Johnson Services, Inc., AliveCor, Inc., Bittium, Nihon Kohden Corporation, Shimmer, OMRON Healthcare, Co., Ltd., VivaLNK, Inc., Abbott, BIOTRONIK, Boston Scientific Corporation, MicroPort Scientific Corporation, Koninklijke Philips N.V., Siemens Healthcare GmbH, HeartSciences, anumana, Inc., and Omega Medical Imaging, LLC.
The growing demand for catheter ablation procedures globally is expected to drive the electrophysiology devices market during the forecast period. Catheter ablation procedures offer reduced procedural costs, shorter hospital stays, and faster recovery times compared to antiarrhythmic medications or surgical treatments.
Key players in the electrophysiology devices market are focusing on geographic expansion strategies and acquisitions to strengthen their global footprint. For example, Medtronic acquired Affera and Cardinal Health acquired Medtronic's vascular business to augment their portfolio of cardiac devices and expand their customer base internationally.
Market Key Trends
Adoption of digital technologies like the IoT, AI, and remote monitoring in electrophysiology is a key trend in the market. Digital platforms allow continuous monitoring of cardiac rhythms and conduction times to improve diagnosis and post-procedure care. Integrating such technologies enables identification of arrhythmias quickly and reduces re-hospitalization rates significantly. This also aids electrophysiologists in getting real-time insights into devices like pacemakers and defibrillators implanted in patients.
Porter's Analysis
Threat of new entrants: The threat of new entrants into the electrophysiology devices market is moderate due to the high costs involved in R&D, manufacturing, marketing and distribution.
Bargaining power of buyers: The bargaining power of buyers is moderate given the availability of substitutes and undifferentiated products offered by various manufacturers. However, innovations can reduce buyer power over time.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many component suppliers present in the market. However, suppliers of specialized components may wield some pricing power.
Threat of new substitutes: The threat of new substitutes is low as electrophysiology monitoring offers unique advantages over alternative treatments. However, technological advancements may introduce innovative substitutes.
Competitive rivalry: Fierce competition exists among the major players to gain higher market share through new product launches and frequent mergers and acquisitions.
Geographical regions: North America holds the largest share of the electrophysiology devices market primarily due to the presence of highly developed healthcare systems, rising prevalence of cardiovascular diseases, growing awareness regarding early disease diagnosis, and availability of reimbursement policies in the region.
Asia Pacific is projected to grow at the highest CAGR during the forecast period due to high unmet medical needs, rising healthcare expenditure, growing geriatric population, and improving healthcare infrastructure in emerging countries such as China and India.
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