North America Electrophysiology Market - Growth, Trends, and Forecasts (2023-2028)

The North American electrophysiology market is expected to register a CAGR of nearly 7.2 % during the forecast period.

Key Highlights

• The impact of COVID-19 was adverse on the studied market due to supply chain interruptions and cancellations of elective treatments, including some electrophysiology services in hospitals. However, the market has started to gain traction as elective procedures resumed. The new product launches and increasing demand for electrophysiology devices have led the market recovery over the last year. For instance, Catheter Precision, Inc., a cardiac electrophysiology-focused medical device business, received three retail orders in the previous two months in October 2022 as demand for the device continues to rise in the United States. It is projected that the region's increasing need for electrophysiological equipment will drive market growth.
• In addition, the increasing prevalence of target diseases, technological advancements in the field of electrophysiology, and increasing demand for catheter ablation procedures are actively affecting the growth of the studied market. Electrophysiology devices have major applications in detecting heart failure rates, and the increasing number of heart failures is expected to drive the market. According to American Heart Association (AHA), more than 356,000 out-of-hospital cardiac arrests (OHCA) annually in the United States, and nearly 90% are fatal. The high burden of cardiac arrests in the region is anticipated to boost the electrophysiology market.
• As per the Heart and Stroke Foundation of Canada (HSFC), heart failure is one of the most frequent causes of hospitalization. One in five patients who are released is likely to be readmitted within a month. The healthcare costs associated with heart failure in Canada are projected to reach USD 2.8 billion per year by 2030. The high healthcare costs in the region will create opportunities for the market players to produce technologically advanced electrophysiology devices during the forecast period.
• Various hospitals in the North American region are engaged in incorporating catheter ablation procedures in recent times and receiving funding from government bodies that are driving the region's market growth. For instance, in October 2021, the Heart Hospital of New Mexico at Lovelace Medical Center performed the country's first robotic navigation cardiac ablation combined with pre-procedure arrhythmia localization, leading to more precise therapy and shorter procedure times.
• Furthermore, in July 2022, the National Institute of Health (NIH) funded USD 14.2 million to Cleveland Clinic to develop new treatments for atrial fibrillation. The five-year award is aimed at improving and finding new treatments for patients with atrial fibrillation. Electrophysiology is often used in treating atrial fibrillation; therefore, such funding is anticipated to accelerate the strengthening of healthcare organizations and market participants' atrial fibrillation solutions, including electrophysiology, thereby fueling the market's expansion.
• Therefore, owing to the aforementioned factors, the studied market is anticipated to witness growth over the analysis period. However, the lack of skilled and experienced electrophysiologists and unfavorable healthcare reforms will likely impede the market growth.

North America Electrophysiology Market Trends

Atrial Fibrillation Segment is Expected to Hold a Major Market Share in the North America Electrophysiology Market Over The Forecast Period

• The United States is expected to dominate the electrophysiology market in the future, owing to the presence of well-established healthcare facilities and rise in the number of arrhythmia and heart failure cases, strong presence of industry players, better healthcare infrastructure, awareness among people, and healthcare industry stakeholders about available technologies in the country.
• In addition, as per the Centers for Disease Control and Prevention (CDC), in the United States, the prevalence rate of atrial fibrillation is estimated to rise to 12.1 million by the year 2030. The country's high burden of atrial fibrillation is expected to show growth over the forecast period.
• According to the American Heart Association (AHA), around 45% of the United States population is predicted to suffer from heart disease by 2035 due to factors like high obesity, high smoking, and unhealthy lifestyles, which may lead to heart attacks and other related issues. An electrophysiology study is performed to assess the heart's electrical activity and diagnose heartbeats or arrhythmia. The country's high burden of heart diseases is projected to augment the electrophysiology market during the forecast period.
• Additionally, advancements in technology, increasing product approvals, partnerships, and acquisitions by key players are helping market growth. For instance, in February 2022, Medtronic received approval from the United States Food and Drug Administration (USFDA) for its Freezor and Freezor Xtra Cardiac Cryoablation Focal Catheters to treat the growing prevalence of pediatric Atrioventricular Nodal Reentrant Tachycardia (AVNRT). Such developments are projected to boost market growth during the forecast period.

United States is Expected to Dominate The North America Electrophysiology Market Over The Forecast Period

• Atrial fibrillation is a type of irregular heart rhythm (arrhythmia). Arrhythmias are due to electrical signal disturbances of the heart. Individuals with type 2 diabetes have an overall 35% higher risk of atrial fibrillation compared to age- and sex-matched controls from the general population.
• As per IDF, the number of adults with diabetes is expected to reach 57 million by 2030 and 63 million by 2045 in North America and the Caribbean. The high burden of diabetes in the region is likely to be associated with a high burden of atrial fibrillation during the forecast period.
• Furthermore, the clinical trials sponsored by healthcare institutes for technologically advanced products drive market growth. For instance, a study sponsored by the Canadian Institutes of Health Research (CIHR) aimed to compare the safety and efficacy of catheter ablation-based rhythm and rate control in the management of patients with atrial fibrillation (AF) and heart failure (HF).
• The trial results were presented at the ACC virtual annual scientific session held in May 2021. Such engagement of government healthcare institutions for the clinical trials of catheter ablation for the use of atrial fibrillation creates the opportunity for market growth in the region during the forecast period.

North America Electrophysiology Market Competitor Analysis

The North American electrophysiology market is fragmented due to the presence of many companies operating globally and regionally. The competitive landscape includes analyzing a few well-known international and local companies with significant market shares. Some key market players are Abbott Laboratories, Biotronik SE & Co. KG, Boston Scientific Corporation, General Electric Company (GE Healthcare), Hansen Medical, Johnson & Johnson Services, Inc., Medtronic Plc, Nihon Kohden Corporation, and Siemens Healthineers, among others.

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