医药生物行业专题研究：电生理：澎湃蓝海赛道，增量空间广阔

Investment Rating - The report maintains an "Outperform" rating for the medical biology industry [6] Core Viewpoints - The electrophysiology sector is experiencing rapid growth in surgical volumes, with a projected CAGR of 28% from 2021 to 2025, reaching approximately 574,600 procedures in China by 2025. The atrial fibrillation surgery volume is expected to grow at a CAGR of 39.56% during the same period, indicating significant unmet demand compared to the U.S. market, where the penetration rate is over ten times higher than in China [2][3] - Domestic electrophysiology medical device market is expected to grow at a CAGR of 42.3% from 2020 to 2024, driven by the maturation of local manufacturers and favorable procurement policies, which will benefit leading companies and accelerate market share gains [2][3] Summary by Sections 1. High Demand for Electrophysiology Procedures - The number of patients with arrhythmias in China exceeds 30 million, with significant growth expected in the number of patients suffering from atrial fibrillation and supraventricular tachycardia by 2025 [4][17] - Catheter ablation has been clinically validated as an effective treatment method, addressing the limitations of drug therapy and surgical risks [20][27] 2. Technological Breakthroughs in Measurement and Ablation - The transition from 2D to 3D electrophysiology procedures is becoming mainstream, with 3D procedures expected to account for 82.31% of all electrophysiology surgeries by 2021, up from 17.69% in 2015 [34][38] - Magnetic and electric field positioning technologies are enhancing the accuracy and safety of electrophysiology procedures, leading to improved success rates [40][41] 3. Low Penetration and Domestic Market Opportunities - The current low penetration and domestic production rates in the electrophysiology market present significant opportunities for growth, particularly as surgical volumes increase and technology advances [3][34] - The report highlights the potential for domestic companies to capture market share through innovation and competitive pricing strategies [3][34] 4. Key Players in the Electrophysiology Market - The report identifies key players such as Micro Electrophysiology (688351), Huatai Medical (688617), and Jinjiang Electronics (unlisted), which are expected to benefit from policy support and product innovation [3][4] - These companies are positioned to leverage their technological advancements and market strategies to enhance their competitive edge in the growing electrophysiology market [3][4]