Electrophysiology Market Worth CAGR of 9.4 % by 2027- Global Trend, Business Analysis, Recent Development, Share Analysis
2022, Abbott has received the U.S. Food and Drug Administration for its EnSite X EP System with EnSite Omnipolar Technology (OT). It is a new cardiac mapping platform available in the US and across Europe that is designed to help physicians better treat abnormal heart rhythms. The system creates highly detailed three-dimensional maps of the heart to help physicians identify and then treat areas of the heart where abnormal rhythms originate.
Northbrook, IL 60062 -- (SBWire) -- 11/24/2022 --The report "Electrophysiology Market" by Product (Lab Devices (3D Mapping, Recording), Ablation Catheters (Cryoablation, RF), Diagnostic Catheters (Conventional, Advanced, Ultrasound)), Indication (AF, AVNRT, WPW), End User (Hospitals, ASCs) - Global Forecasts to 2027" The global electrophysiology market is projected to reach USD 11.6 billion by 2027 from USD 6.8 billion in 2021, at a CAGR of 9.4% during the forecast period of 2022 to 2027.The growth of the global electrophysiology market can be attributed to factors such as technological advancements; new entrants in the market; growing investments, funds, and grants; and an increased incidence of target diseases and procedures. Emerging markets are also expected to offer high growth opportunities for players operating in this market.
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Browse in-depth TOC on " Electrophysiology Market"
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Key Market Player
Prominent players in the Electrophysiology market include Abbott (US), Medtronic (Ireland), Boston Scientific Corporation (US), Koninklijke Philips N.V. (Netherlands), GE Healthcare (US), Siemens Healthcare GmbH (Germany), Stereotaxis, Inc. (US), Merit Medical Systems (US), Atricure Inc. (US), APN Health, LLC (US), Osypka Medical (Germany), Japan LifeLine Co., Ltd. (Japan), Johnson & Johnson (US), Biotronik (Germany), MicroPort Scientific Corporation (China), and Acutus Medical, Inc. (US).
Medtronic provides electrophysiology products through the Cardiac Rhythm & Heart Failure segment under the Cardiac and Vascular business unit. The company focuses on obtaining product approvals with the aim of strengthening its product portfolio and revenue growth.
Medtronic's Advantage Over Other Companies: The company's major competitors in the electrophysiology market are Biosense Webster, Abbott, Boston Scientific Corporation, and MicroPort Scientific Corporation. Medtronic offers the only true non-invasive cardiac mapping system without catheterization in the cardiac mapping arena. The CardioInsight system is based on the unique and patented Electrocardiographic Mapping (ECM) platform that combines body surface electrical data with heart-torso anatomical data to provide simultaneous, bi-atrial, and biventricular 3D maps of the hearts electrical activities. Owing to this, Medtronic possesses the advantage of offering a mapping solution without the downsides of surgical intervention.
The company has a strong presence in countries across the globe, with the US accounting for 50% of its revenue. The company is not dependent on any single market and has a reasonably strong presence in the emerging markets (Middle East, Africa, and Asia). The company generated roughly 30% of its revenue from the non-US developed markets in FY 2020.
The electrophysiology product segment is one of the major revenue-generating segments under the Medical Devices unit of the company. The company aims to strengthen its R&D, manufacturing, quality, and regulatory assurance functions. It also invests heavily in the Medical Devices business segment to increase its overall growth potential and profitability. Sales in the electrophysiology product segment reported to be USD 1,578 million in 2020 as compared to USD 1,721 million in 2019; this drop in revenue is because of the COVID – 19 pandemic as it disturbed the distribution channel and also restricted the movement of patients to the hospitals.
Abbott's Advantage Over Other Companies: Abbott's principal competitors in the electrophysiology market are Biosense Webster, Medtronic, Boston Scientific, and MicroPort Scientific Corporation. The company offers an advanced EnSite Precision cardiac mapping system, along with sensor-enabled catheters compatible with the mapping system. The company's key advantage over its competition is that it leverages its industry scale in high-growth and emerging markets, such as China, Japan, and India.
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