Overview
Electrophysiology devices are used by cardiologists and electrophysiologists to diagnose and treat arrhythmias, which are irregularities in the normal rhythm of the heart. The primary market segments are implantable pacing devices and their accessories, and external devices for interventional (ablation) procedures and emergency defibrillation.
The implantable portion of the electrophysiology market is made up of pacemakers, implantable cardioverter defibrillators (ICD’)s and cardiac resynchronization therapy devices (CRT’s). These devices are used to detect and address life-threatening arrhythmias. Pacemakers are typically used to increase the heart rate when it beats abnormally slow. ICD’s re-establish normal rhythm should the heart undergo erratic fluctuations. CRT’s resynchronize an inefficient heart and typically pace both the right (as with a traditional pacer) and the left side of the heart (biventricular pacing) in an attempt to make the two chambers work together more efficiently and thereby maintain adequate circulation.
Electrophysiology accessories include access devices, leads and programming equipment. Access devices include items such as safety needles and vessel introducers. Leads relay a pacing pulse from a pacemaker or ICD to the heart, and may also relay information about the heart’s electrical activity back to the device. ICD’s and leads are usually sold as a complete system, unlike pacemakers and leads which are often mixed and matched between brands, according to surgeon preference.
Other segments of the electrophysiology market include systems and disposables used for mapping and ablation of cardiac tissue (generally to address non-life-threatening arrhythmias); external defibrillators for the initial treatment of sudden cardiac arrest; and implantable heart monitors designed to diagnose heart-related syncope (unexplained episodes of fainting) or other transient symptoms such as unexplained recurrent palpitations, light headedness, or dizziness.
Market Opportunity
Kairos estimates the total market for Electrophysiology devices to exceed $7 billion annually, growing at an annual rate of approximately 14%. Implantable devices make up approximately 85% of the total revenue in this market, with mapping and ablation technologies and external devices comprising the remainder. Recently, the fastest growing segments have been ICD’s (22% annually) and mapping and ablation systems (18% annually).
Kairos Focus
Kairos is focused on the niches where the required level of technical sophistication and financial investment in product development permits the entry of emerging growth companies. Accessory devices, including safety needles for percutaneous access, vessel introducers and leads and lead delivery systems, is one such niche. Other focus areas for Kairos are diagnostic systems and disposables used to map and ablate non-life-threatening arrhythmias, and external defibrillation devices. |
