The Electrophysiology Catheters Market Size is driven by high prevalence of cardiovascular disorders and technological advancement. The electrophysiology diagnostic catheters segment held the largest share of the market in the global market and held the largest market share of 60.36% in 2021. The diagnosis segment dominated the global market and accounted for the largest market share of 50.24% in 2021.
NEW YORK, Dec. 9, 2021 /PRNewswire/ -- According to the new market research report "Electrophysiology Catheters Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Product Type (Electrophysiology Diagnostic Catheters, and Electrophysiology Ablation Catheters); Application (Diagnosis and Monitoring, Treatment of Cardiac Arrhythmias, and Imaging and Mapping); End User (Hospitals, Ambulatory Surgical Centers, and Cardiac Catheterization Labs)", published by The Insight Partners, the electrophysiology catheters market size is projected to reach US$ 7,288.50 million by 2028 from US$ 4,133.18 million in 2021; it is expected to grow at a CAGR of 8.4% from 2021 to 2028.
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Report Coverage | Details |
Market Size Value in | US$ 4,133.18 million in 2021 |
Market Size Value by | US$ 7,288.50 million by 2028 |
Growth Rate | CAGR of 8.4% from 2021 to 2028 |
Forecast Period | 2021-2028 |
Base Year | 2021 |
No. of Pages | 251 |
No. Tables | 137 |
No. of Charts & Figures | 79 |
Historical Data Available | Yes |
Segments Covered | Product Type, Application |
Regional Scope | North America; Europe; Asia Pacific; Latin America; MEA |
Country Scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, and Trends |
Electrophysiology Catheters Market: Competition Landscape and Key Developments
Companies such as MicroPort Scientific Corporation and Boston Scientific Corporation have implemented various inorganic developments that have bought about dynamic improvements in the electrophysiology catheter market in which they are operating. Various companies are focusing on organic strategies such as product launch and expansion. Inorganic growth strategies witnessed in the market were partnerships and collaboration. These growth strategies have aided the market players in expanding their business and enhancing their geographic presence. Additionally, growth strategies such as acquisitions and partnerships helped strengthen their customer base and increase the product portfolio.
In August 2021, MicroPort and Stereotaxis entered into a collaboration to advance technology innovation and commercial adoption of robotics in electrophysiology in China. The agreement bought MicroPort EP's commercial and product leadership in China's electrophysiology market with Stereotaxis' advanced Robotic Magnetic Navigation technology. As part of the collaboration, MicroPort EP became the exclusive distributor of Robotic Magnetic Navigation technology for electrophysiology in China.
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In December 2020, BIOTRONIK's AlCath Force was CE-market approved that led to the access of state-of-the-art, gold-tipped force-sensing ablation catheters to the electrophysiologists in Europe, and provided a complete solution for the treatment of complex atrial fibrillation (AF) cases.
In 2020, North America dominated the electrophysiology catheter market. The market growth in the region is attributed to the rising prevalence of arrhythmia cases among the population, and the rising number of cardiac ablation centers and procedures performed on high patient volume are contributing to the market growth. The electrophysiology catheter market in Asia Pacific is anticipated to grow at the fastest rate during the forecast period due to the growing investments by leading companies in the regional market that fuel the electrophysiology catheter growth.
Electrophysiology Catheters Market: Key Insights - COVID-19 Impact
The COVID-19 pandemic highly impacted hospital services. The hospitals were overloaded with the COVID-19 and the other routine patients. The surging number of COVID-19 patients negatively impacted the electrophysiology catheter market due to the reduction in medical setting visits to avoid infection. However, due to the development of various guidelines by government to provide constant and effective medical care, various key players operating in the electrophysiology catheter market were able to undergo various strategic initiatives such as product launches, mergers & acquisitions, and partnerships to increase their production capacities and fulfil the demand. For instance, on May 2021, MicroPort Scientific Corporation obtained registration approval from the Ministry of Health of Kazakhstan ("MOH") for multiple independently-developed products, marking the company's first entry into the Kazakhstani market. In total, 17 devices and catheters were approved for use, including the FireMagic Cardiac RF Ablation Catheter Series, the EasyFinder Diagnostic Catheter Series, and the EasyLoop Circular Mapping Catheter Series that were used to diagnose and treat cardiac arrhythmias. Moreover, in Asia Pacific countries, COVID-19 has created an extraordinary emergency that disrupted the supply chain. The supply chain disruptions, along with the surged demand for effective therapies for the treatment of COVID-19, have put the healthcare research industry in a critical situation. Although, the demand for electrophysiology procedures were high that led to continuous advancements in technology.
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Electrophysiology Catheters Market: Segmental Overview
Based on end user, the electrophysiology catheter market is segmented into hospitals, ambulatory surgical centers, and cardiac catheterization labs. The hospitals segment would hold the largest share of 60.55% in 2021 and is expected to retain its dominance during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 8.7% in the market during the forecast period. The American Heart Association, Inc. report states that the frequency of rhythm abnormalities in middle-aged to older community dwelling adults is substantial. Atrial fibrillation, bradyarrhythmia's, and conduction system diseases account for majority of abnormal rhythm conditions. For records, cardiac arrhythmias affect at least 2.3 million people in the United States alone resulting in increased risk of stroke and mortality. Additionally, 90,000 cases of supraventricular tachycardia are detected annually in the United States accounting to 25% of all emergency department visits for supraventricular tachycardia resulting in hospitalization. Apart from that, the NCBI report states that out of 5,585 hospital admissions for cardiac arrhythmias 2,020 (36.1%) had concurrent arrhythmias, and this will favor the segment growth during the forecast period.
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