Summary of the Conference Call on Electrophysiology Industry Overview - The electrophysiology (EP) industry in China is experiencing continuous growth, with a 10% increase in procedures in the first half of the year, and an expected nationwide growth of 10%-15% due to the adoption of new catheter ablation technologies like pulsed field ablation (PFA) and accelerated domestic substitution [2][3][4] - The patient base for atrial fibrillation (AF) is substantial, estimated at 14-18 million, with increasing incidence due to aging, although the penetration rate of catheter ablation remains low [2][4] Key Insights - **Procedure Growth**: The EP procedures are a highlight in the cardiovascular intervention field, with a 10% growth noted in a major center, and a higher national growth rate anticipated due to the increasing adoption of independent EP teams and local anesthesia techniques [3][4] - **Technology Trends**: - Cryoablation technology is being phased out, while radiofrequency ablation remains dominant. However, PFA is rapidly gaining traction due to its lower technical difficulty and higher safety profile [2][3][7] - In a specific center, radiofrequency ablation accounts for 60%-70% of procedures, while PFA represents 30%-40%, with expectations for PFA's share to increase further [7] - **Market Share**: In the thermal ablation market, Johnson & Johnson holds over 50% market share, Abbott has 30%-40%, and domestic brands have a smaller share. In the AF thermal ablation sector, Johnson & Johnson's market share exceeds 75% [2][9] Patient Treatment Dynamics - **Patient Willingness**: Paroxysmal AF patients typically try medication first, while persistent AF patients are more inclined to opt for catheter ablation due to poor medication efficacy [5][6] - **Success Rates**: Catheter ablation for AF has a high success rate of over 90%, but the recurrence rate is significant, especially for persistent AF [4][6] Competitive Landscape - **Domestic vs. International Brands**: In the PFA era, domestic brands like Jinjiang and Huitai are gaining market share due to their ability to perform procedures under local anesthesia, contrasting with foreign brands that rely on general anesthesia [10][11] - **Emerging Technologies**: The development of nanosecond PSA technology aims to reduce pain and anesthesia needs, although it is still in preclinical stages [15] Future Outlook - **Market Dynamics**: The competitive landscape is shifting, with foreign manufacturers like Abbott lagging behind in innovation. Domestic brands with robust 3D systems are expected to emerge as key players [26] - **Price Trends**: The overall trend in medical pricing is expected to become more affordable, although specific pricing for PFA terminal products remains undisclosed [27][28] Regulatory and Guideline Changes - **Clinical Guidelines**: The U.S. has updated its guidelines to position electrophysiology as a first-line treatment, which is expected to influence domestic guidelines in China [30] Additional Considerations - **One-stop Surgery**: The concept of one-stop surgeries combining electrophysiology and left atrial appendage closure is gaining traction, although it presents challenges in terms of cost and reimbursement [21][23] This summary encapsulates the key points from the conference call regarding the electrophysiology industry, highlighting growth trends, technological advancements, patient treatment dynamics, competitive landscape, future outlook, and regulatory changes.

Core Insights - The ablation catheter market in China is expected to grow significantly due to the rising incidence of cardiovascular diseases and the increasing demand for medical resources, with a projected market size of 7.392 billion yuan in 2024, representing a year-on-year growth of 10.28% [1][7][24] - The prevalence of arrhythmias is showing a notable trend towards younger demographics, with an estimated 12.37 million hospital visits for arrhythmias in 2024, marking a 21% increase from 2023 [1][5][24] Industry Definition and Classification - Ablation catheters are slender, flexible interventional devices inserted into specific areas of the heart via blood vessels, designed to release energy to create controlled damage, eliminating abnormal electrical signals that cause arrhythmias [2][3] Current Industry Development - The ablation catheter industry is experiencing rapid growth, supported by policy backing and increased per capita medical spending, with a significant rise in the number of related procedures due to an aging population and improved healthcare awareness [5][13] - The number of registered ablation catheter products in China has reached 60 from 2015 to 2024, with a notable increase in registrations for radiofrequency ablation catheters [9][24] Competitive Landscape - The market is dominated by multinational companies such as Johnson & Johnson and Abbott, which have established strong brand recognition and competitive advantages through long-term investments [15][24] - Domestic companies like Microelectrophysiology and Huatai Medical are emerging as significant players, with Microelectrophysiology achieving over 4,000 procedures in 2024 and Huatai Medical completing over 15,000 procedures, reflecting substantial growth in market share [18][22] Industry Trends - The high-end market remains dominated by international giants, but domestic companies are expected to accelerate their growth through technological collaboration and policy support, leading to increased market space for ablation catheters [24]