Medi-Tech Insights: Rapid growth in geriatric population prone to target diseases, growing number of electrophysiology labs, development of technologically advanced products and high investments and funding by market players and government bodies are some of the key factors driving the growth of global electrophysiology market.
BRUSSELS, Belgium, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Description:
Electrophysiology is a test used to diagnose abnormal heart rhythm or arrhythmias. It helps in evaluating the electrical activity of the heart by inserting a catheter into blood vessels that enter heart and then measuring the electrical activity through wire electrodes. There are different types of EP products which include EP ablation catheters, EP laboratory devices, EP diagnostic catheters, and EP access devices.
New Product Development and Commercialization to fuel its Electrophysiology Market Demand
Technological advancements in terms of new product development tend to provide competitive edge to manufacturers and therefore, major players are continuously 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. Some of the recent developments are listed below:
In May 2022, CathVision received the US Food and Drug Administration (FDA) clearance for its ECGenius electrophysiology recording system offering high-fidelity, low-noise, cardiac electrograms, which helps 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.
Growing Number of Electrophysiology Labs to Boost Adoption of Electrophysiology Market
Increasing prevalence of atrial fibrillation and other target diseases drives the adoption of electrophysiology procedures across the globe. Public as well as private bodies are continuously focusing on establishing EP labs and expanding their services to offer advanced treatment options to patients.
In February 2022, Ramesh Hospitals (India) launched an advanced cardiac electrophysiology lab in Vijayawada, India with an aim to help and treat patients through advanced therapies such as RF ablation.
In February 2022, Catholic Health (US) launched St. Francis Heart Center (SFHC) at its St. Catherine of Siena Hospital (SCSH) in Smithtown, US, for the treatment of patients with acute chest pain.
In January 2022, Pulse Heart Institute (US) partnered with Summit Health Oregon (SHO), one of the largest independent multispecialty and physician-led medical group in Central Oregon, to launch EP services through the Heart Rhythm COE.
Efficient Growth Strategies Adopted by Leading Market Players in Electrophysiology Market
All leading players operating in the global electrophysiology market have adopted acquisitions as key growth strategy to expand their product offerings and to develop advanced products. Some of these developments are listed below-
In January 2022, Medtronic plc entered into an agreement to acquire Affera, Inc. offering solutions for cardiac arrhythmias. With this acquisition, Medtronic intends to advance its electrophysiology by entering into additional 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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