Electrophysiology Market – Global Industry Size, Growth, Opportunity and Forecast 2014 – 2022 : Acute Market Reports
The global electrophysiology market was $3,420 million in 2015 and is expected to reach $8,271 million by 2022, growing at a CAGR of 13.4% from 2016 to 2022. Electrophysiology (EP) is the branch of cardiology that deals with the diagnosis and treatment of heart rhythm disorders. The EP study helps in the assessment of electrical impulses of the heart and to evaluate abnormal heartbeats. The significant advancement in the EP technologies have enhanced the ability to target the areas of the heart perpetuating that leads to atrial fibrillation (AF). The growing development has improved the diagnosis and treatment of other cardiac arrhythmias as well that include atrial flutter, Wolff-Parkinson-White Syndrome (WPW), atrioventricular nodal reentry tachycardia (AVNRT), and others. The electrophysiology market is segmented based on product type into EP ablation catheters, EP laboratory devices, EP diagnostic catheters, access devices and others. The EP ablation catheters holds a remarkable share in the global electrophysiology market and is expected to grow at the fastest rate during the study period. This is attributed by the growing preference of catheter ablation for the treatment of cardiac arrhythmias and increased adoption by the physicians.
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Segment Review:EP ablation is a minimally invasive procedure, which employs catheters to destroy faulty electrical pathways from heart. The device is useful to remove abnormal heart tissues that causes irregular heart rhythms. Radiofrequency and cryoablation are the most widely used EP ablation catheters and are expected to increase significantly with the advancement in the technology. In addition, the number of ablation procedures performed for the treatment of atrial fibrillation is expected to increase substantially in the foresee future. Catheter ablation is a low-risk process with high success rate, making it a most preferred modality for the treatment of cardiac arrhythmias. The treatment of cardiac arrhythmias especially atrial fibrillation by cardiac ablation is the potential target areas for investment by the key players in the electrophysiology market.
The Global electrophysiology market is projected reach $8,271 Million by 2022, growing at a CAGR of 13.4% during 2016 to 2022, augmenting the demand for electrophysiology devices. Additionally, atrial fibrillation accounted for the major share in the electrophysiology market in 2015. Moreover, cryoablation is poised to grow at a highest CAGR of 15.1% from 2016 to 2022. This growth is attributed to overcome the disadvantages related with radiofrequency ablation such as burns of RF that disrupts the endothelium, tamponades, thromboembolic strokes, and atrial-esophageal fistula. Furthermore, cryoablation catheter ablation and laser ablation is a low-risk process with high success rate, making it a most preferred treatment modality for cardiac arrhythmias.
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Asia Pacific Electrophysiology Market Scenario
The Asia-Pacific region includes China, Japan, India, Australia, South Korea, and other countries in the Asia-Pacific Rim. The Asia-Pacific region offers lucrative opportunities in the electrophysiology market, and is anticipated to be the fastest growing market during the forecast period. Asia-Pacifc is densly populated with India and China being the most populated countries. Emerging economies such as India and China provide attractive opportinities for growth to electrophysilogical device manufactures. The growth is supplemented by the growing demand for advanced electrophysiology devices, improving healthcare reforms, high prevalence of cardiac arrhythmias, and increased focus of key players for developing technologically advanced cost-effective electrophysiology devices in this region. However, the unfavorable reimbursement scenario for electrophysiology devices, low awareness among physicians & patients about different EP devices, and high cost of these devices are likely to impede the growth of the electrophysiology market in these countries. Furthermore, in Japan, the atrial fibrillation rate among geriatric population is 2-3%. With the rise in ageing population, it is estimated that about 1 million population by 2050 will be affected by atrial fibrillation, thereby driving the electrophysiology devices market.
The electrophysiology ablation catheters market is chiefly segmented on the basis of energy sources used for ablating cardiac cells and tissues such as cryoablation EP catheters, radiofrequency ablation catheters, microwave and laser ablation system. Navigational advanced mapping accessories also perform the EP procedure. Among these, radiofrequency ablation catheters market is further categorized into conventional RF ablation catheters and irrigated-tip RF ablation catheters. RF ablation catheters is the potential target areas for investment by the key players in the electrophysiology market. RF ablation catheters is the highest revenue-generating segment in the EP ablation catheters market owing to the advancement of RF ablation devices that positively impact the growth of the EP market. For example irrigated-tip RF ablation catheters, which lowers the likelihood of char & thrombus formation and aids in the creation of larger lesions. These technologically advanced RF ablation devices offers treatment that is more effective with potentially lower risk leading to the high market growth.
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