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North America Electrophysiology Market Size (2024 - 2029)

The North American electrophysiology market is projected to experience growth over the forecast period, driven by the increasing demand for electrophysiology devices and technological advancements in the field. The market's recovery is attributed to the resumption of elective procedures and the rising need for electrophysiological equipment, particularly in response to the high prevalence of heart-related conditions. Government funding and the incorporation of advanced procedures in hospitals further contribute to market expansion. Despite these positive trends, challenges such as a shortage of skilled professionals and unfavorable healthcare reforms may hinder market growth.

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Market Size of North America Electrophysiology Industry

North America Electrophysiology Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2021 - 2022
CAGR 7.20 %
Market Concentration Medium

Major Players

North America Electrophysiology Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Electrophysiology Market Analysis

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

  • 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 Industry Segmentation

As per the scope of the report, electrophysiology is an invasive percutaneous cardiac procedure used to investigate and treat certain arrhythmias. It aims to identify the precise cause of the arrhythmia, assess risk, and determine the need for treatment or therapy, including ablation of the aberrant circuit. 

The North America electrophysiology market is segmented by product (ablation catheters, laboratory devices, diagnostic catheters, access devices, and other products), target disease (atrial fibrillation, atrial flutter, wolff-parkinson-white syndrome, atrioventricular nodal re-entry tachycardia, other target diseases), and geography (United States, Canada, and Mexico). 

The report offers the value (in USD million) for the above segments.

By Product
Ablation Catheters
Laboratory Devices
Diagnostic Catheters
Access Devices
Other Products
By Target Disease
Atrial Fibrillation
Atrial Flutter
Wolff-Parkinson-White Syndrome
Atrioventricular Nodal Reentry Tachycardia
Other Target Diseases
Geography
United States
Canada
Mexico
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North America Electrophysiology Market Size Summary

The North American electrophysiology market is poised for significant growth, driven by the increasing demand for electrophysiology devices and advancements in technology. The market is recovering from the adverse impacts of COVID-19, which had caused supply chain disruptions and delays in elective procedures. However, the resumption of these procedures, coupled with new product launches, has spurred market recovery. The rising prevalence of heart-related diseases, such as atrial fibrillation and heart failure, is a key factor propelling market expansion. Electrophysiology devices play a crucial role in diagnosing and treating these conditions, and the growing need for catheter ablation procedures further supports market growth. Government funding and initiatives, such as those from the National Institute of Health and the Heart and Stroke Foundation of Canada, are also contributing to the development of advanced electrophysiology solutions.

The United States is expected to dominate the North American electrophysiology market due to its robust healthcare infrastructure, high prevalence of arrhythmias, and strong presence of industry players. The country's focus on technological advancements and regulatory approvals, such as those by the USFDA, is enhancing market prospects. The increasing burden of diabetes and its association with atrial fibrillation is another factor influencing market dynamics. The competitive landscape is characterized by the presence of both global and regional companies, with key players like Medtronic, Boston Scientific, and Abbott Laboratories leading the market. Collaborative efforts, such as mergers and acquisitions, and clinical trials sponsored by healthcare institutions are further driving innovation and growth in the region's electrophysiology market.

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North America Electrophysiology Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Increasing Prevalence of Target Diseases

      2. 1.2.2 Technological Advancements in the Field of Electrophysiology

      3. 1.2.3 Increasing Demand for Catheter Ablation Procedures

    3. 1.3 Market Restraints

      1. 1.3.1 Lack of Skilled And Experienced Electrophysiologists

      2. 1.3.2 Unfavorable Healthcare Reforms

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size by Value- USD million)

    1. 2.1 By Product

      1. 2.1.1 Ablation Catheters

      2. 2.1.2 Laboratory Devices

      3. 2.1.3 Diagnostic Catheters

      4. 2.1.4 Access Devices

      5. 2.1.5 Other Products

    2. 2.2 By Target Disease

      1. 2.2.1 Atrial Fibrillation

      2. 2.2.2 Atrial Flutter

      3. 2.2.3 Wolff-Parkinson-White Syndrome

      4. 2.2.4 Atrioventricular Nodal Reentry Tachycardia

      5. 2.2.5 Other Target Diseases

    3. 2.3 Geography

      1. 2.3.1 United States

      2. 2.3.2 Canada

      3. 2.3.3 Mexico

North America Electrophysiology Market Size FAQs

The North America Electrophysiology Market is projected to register a CAGR of 7.20% during the forecast period (2024-2029)

Medtronic Plc, Boston Scientific Corporation, Biotronik SE & Co. KG, Abbott Laboratories and GE Healthcare (GE Company) are the major companies operating in the North America Electrophysiology Market.

North America Electrophysiology Market Report Snapshots

North America Electrophysiology Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)