North America Electrophysiology Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

North America Electrophysiology Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

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

• North America is expected to increase its share in 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 in the region.
• Electrophysiology devices have major applications in detecting heart failure rates, and the increasing number of heart failures is expected to drive the market over the forecast period.
• According to the American Heart Association Research Report 2017, about 92.1 million American adults are suffering from some form of cardiovascular disease or the after-effects of stroke. Moreover, according to the Centers for Disease Control and Prevention (CDC), in 2017, atrial fibrillation was responsible for 26,077 deaths in United States.
• The other factors, such as high adoption rates in the emerging markets in the North American region, due to technological advancements, rapid growth in aging population, and increase in demand for catheter ablation procedures are also driving the market.
• However, due to lack of mobility among majority of established electrophysiologists, there is a distinct lag in their geographical dispersion, resulting in a rift between the demand and supply and a visible disparity among electrophysiologists.
• The lack of skilled electrophysiologists is acting as a major restraint in the North American electrophysiology market. Additionally, unfavorable healthcare reforms are also responsible for hindering the growth of the market.

• Ablation catheters are useful in removing anomalous heart tissues that may result in irregular heartbeats. These devices work on the basis of ablation, which is a minimally invasive procedure that employs catheters to demolish the defective electrical pathways from the heart.
• Radiofrequency ablation and cryoablation are the most commonly used types of ablation catheters, and both are expected to hold significant market shares, aided by related advancements in the technology.
• Radiofrequency (RF) ablation uses locally delivered high-energy RF signals to make the scars. On the other hand, cryoablation uses extremely cold temperatures for making the scars. Laser light energy is also used for the same. In January 2017, Abbott launched its new EnSite Precision Cardiac Mapping System and Advisor FL Circular Mapping Catheter- Sensor Enabled to map cardiac arrhythmias during ablation treatments.
• Furthermore, according to the Centers for Disease Control and Prevention (CDC), in United States, prevalence rate of atrial fibrillation is estimated to rise to 12.1 million by the year 2030. Thus, owing to above factors the segment is expected to show growth over the forecast period.

• The North American electrophysiology market is fragmented competitive, consists of several players, who currently dominate the market, in terms of market shares.
• Companies, such as Abbott Laboratories, Boston Scientific Corporation, and Medtronic, among others, hold substantial shares in the North American electrophysiology market.
• Recently, various developments have been taking place in the market. For instance, in January 2018, BioSig Technologies, a medical device company engaged in the development of a biomedical signal processing platform, designed to address the demand for electrophysiology market, partnered with Mr Charles Austin and JK Advisors to scale up the operational activities.
• In January 2018, Rhythmlink announced the patent license agreement with Dignity Health for improving and expanding brain health monitoring options. The proprietary technology by Dignity Health allows quick and easy collection of EEG data, which can be further distributed to healthcare personnel for analysis and intervention.

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