Rapid growth in the geriatric population susceptible to target diseases, an increasing number of electrophysiology labs, technologically advanced product development by market players, and high investments and funding by market players and government bodies are some of the key factors driving the growth of the global electrophysiology market.
Electrophysiology is a test used to detect abnormal heart rhythms, often known as arrhythmias. It aids in the evaluation of the heart’s electrical activity by introducing a catheter into blood arteries that enter the heart and then measuring the electrical activity with wire electrodes. EP products are classified into four types: EP ablation catheters, EP laboratory devices, EP diagnostic catheters, and EP access devices.
New Product Development and Commercialization to Drive Demand in the Electrophysiology Market
Technological advancements in new product development tend to provide manufacturers with a competitive advantage, so major players are constantly focusing on investing in research activities for new product development and expanding their geographic reach to strengthen their positions in this high growth electrophysiology market. The following are some recent developments:
· In May 2022, CathVision has received FDA clearance for its ECGenius electrophysiology recording system, which provides high-fidelity, low-noise cardiac electrograms to help electrophysiologists improve diagnosis and treatment of complex atrial arrhythmias such as atrial fibrillation (AF).
· In February 2022, Medtronic received the US FDA expanded approval for its Freezor and Freezor Xtra Cardiac Cryoablation Focal Catheters for the treatment of pediatric atrioventricular nodal reentrant tachycardia (AVNRT).
· In January 2022, Abbott received the US FDA clearance for its EnSite X EP System featuring EnSite Omnipolar Technology (OT), designed for the treatment of cardiac arrhythmias efficiently by creating three-dimensional maps of the heart.
· In June 2021, Siemens Healthineers received CE mark for its ACUSON AcuNav Volume ICE Catheter that helps in improving procedural efficiency for structural heart procedures due to reduction of general anesthesia.
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Growing Number of Electrophysiology Labs to Drive Electrophysiology Market Adoption
The rising prevalence of atrial fibrillation and other target disorders is driving the global adoption of electrophysiological operations. Both public and commercial organizations are working hard to create EP labs and extend their services in order to provide patients with advanced treatment alternatives.
· In February 2022, Ramesh Hospitals (India) has opened an advanced cardiac electrophysiology lab in Vijayawada, India, with the goal of assisting and treating patients with modern therapies such as radiofrequency ablation.
· In February 2022, Catholic Health (US) launched St. Francis Heart Center (SFHC) at St. Catherine of Siena Hospital (SCSH) in Smithtown, New York, to treat patients suffering from acute chest pain.
· In January 2022, Pulse Heart Institute (US) collaborated with Summit Health Oregon (SHO), Central Oregon’s largest independent multispecialty and physician-led medical organization, to launch EP services via the Heart Rhythm COE.
Leading Market Players in the Electrophysiology Market Use Efficient Growth Strategies
To extend their product offerings and produce sophisticated goods, all of the main competitors in the worldwide electrophysiology market have used acquisitions as a significant growth strategy. Some of these developments are as follows:
· In January 2022, Medtronic plc has agreed to buy Affera, Inc., a provider of cardiac arrhythmia solutions. Medtronic wants to improve its electrophysiology with this acquisition by entering new EP segments such as mapping and navigation.
· In January 2022, H-CYTE, Inc. entered into a letter of intent to acquire Catheter Precision, Inc., a company focussed on developing advanced cardiac electrophysiology products.
· In June 2021, Boston Scientific Corporation exercised its option and acquired remaining shares of Farapulse, Inc., to complement its existing EP portfolio by including FARAPULSE Pulsed Field Ablation (PFA) System.
· In January 2021, Haemonetics Corporation entered into an agreement to acquire Cardiva Medical, Inc., a manufacturer of vascular closure system used during electrophysiology procedures.
Competitive Landscape Analysis: Electrophysiology Market
The global electrophysiology market is marked by the presence of established market players such as Abbott Laboratories (US); Medtronic plc (Ireland); Boston Scientific Corporation (US); BIOTRONIK SE & Co. KG (Germany); Johnson & Johnson (US); and others.
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