The healthcare sector is forever evolving and readily embraces new technologies that are proven efficient at providing cure to the community.
The healthcare sector is forever evolving and readily embraces new technologies that are proven efficient at providing cure to the community. Minimally invasive procedures have been very well received by the medical practitioners and its application has escalated in the recent past, providing a traction to the EP catheter ablation market. A recent business intelligence study by Transparency Market Research (TMR) has estimated that the global ET catheter ablation market will be worth US$2.74 bn by the end of 2026, with the demand incrementing at a formidable CAGR of 7.9% during the forecast period of 2017 to 2026.
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Technological Advancements to Determine Market Leader
Owing to its apparent lucrativeness, a number of companies functioning in the healthcare industry have thrown their hat into the market for EP catheter ablation, making the value-chain-landscape fairly fragmented and intensely competitive. The report identifies Medtronic Plc., Boston Scientific Corporation, Abbott Laboratories Inc., Johnson & Johnson, BIOTRONIK SE & Co. KG, Lepu Medical Tech Co. Ltd., MicroPort Scientific Corporation, CardioFocus Inc., and Hansen Medical, Inc. as some of the key companies in the global ET catheter ablation market. Most of these companies are well established with strong geographical presence and financial might. In the near future, these companies are expected to focus on the development of advanced devices that can provide convenient diagnosis.
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While Biosense Webster, which is a subsidiary of Johnson & Johnson, dominates in the cardiac ablation market as it is a major supplier of diagnostic electrophysiology catheters, and is ahead of the curve as far as localization capabilities are concerned. In the same segment, Boston Scientific is not far behind either with its Ultra ICE catheter and Blazer II RF ablation catheter products. St. Jude Medical has also expanded its outreach by acquiring Irvine Biomedical and EP Medsystems.
Over the course of the forecast period, 2017–2026, the analysts of the report have anticipated that the number of ablation procedures will increase as a result of approval of new diagnostic EP catheters that can incorporate localization or mapping capabilities. In addition to that, innovations pertaining to wireless and software-based diagnosis procedures are also expected carve a niche for the market players.
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Based on product, the TMR report segments the EP catheter ablation market into radiofrequency (RF) ablation catheters, cryoablation electrophysiology catheters, microwave ablation (MWA) systems, navigational advanced mapping accessories, and laser ablation systems, whereas indication-wise, the market has been categorized into atrial fibrillation and flutter, cardiac arrhythmia, tachycardia, and other indications. On the basis of end-users, the market for EP catheter ablation has been bifurcated into hospitals, specialty clinics, and ambulatory surgical centers. Geographically, the analysts of the report have rated North America are the most profitable region, which is primarily a reflection of high prevalence of cardiovascular diseases in the developed country of the U.S. The demand in the North America EP catheter ablation market has been projected to increment at a CAGR of 6.7% during the aforementioned forecast period.
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Prevalence of Cardiovascular Diseases Driving Demand
Prevalence of cardiovascular diseases as a result of escalating percentage of geriatrics in the global population, growing awareness regarding the reliability of electrophysiology procedures, increasing adoption of minimally invasive procedures, government support to promote the usage of new technologies, and improving healthcare infrastructure in a number of emerging economies are some of the key factors augmenting the demand in the global EP catheter ablation market.
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