Market Trends of Global Electrophysiology Industry
This section covers the major market trends shaping the Electrophysiology Market according to our research experts:
Ablation Catheters Segment is Expected to Hold Significant Market Share Over the Forecast Period
Ablation catheters are useful in removing anomalous heart tissues that may result in irregular heartbeats. A catheter is a tiny tube that is placed into the heart's blood vessel. One form of heart ablation therapy used to treat irregular heart rhythms is catheter ablation. Ablation is a method for carefully removing aberrant tissue and putting your heart back in working order. Ablation catheters work based on 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 used types of ablation catheters, and both are expected to hold significant market shares, aided by related advancements in the technology.
Factors such as increased technological advancements, research, and development in the field of ablation catheters, and increased cardiac complications boost the market growth. For instance, a study published in 2022 under the title 'Optimal Catheter Ablation Strategy for Patients with Persistent Atrial Fibrillation and Heart Failure: A Retrospective Study', for patients with persistent atrial fibrillation (PeAF) and heart failure (HF), catheter ablation (CA) appears to improve the left ventricular function. Additionally, as per the report from the Cardiac Arrest Registry to Enhance Survival (CARES) 2021 annual report, out-of-hospital cardiac arrest (OHCA) affected more than 250,000 Americans each year. This prevalence leads to the increased adoption of electrophysiology devices which boosts the market growth. Furthermore, the market players are adopting various strategies such as collaborations, partnerships, product launches, regulatory approvals, acquisitions, and expansions to increase market share. For instance, in January 2021, Medtronic plc announced it has received United States Food and Drug Administration (FDA) approval for its DiamondTemp Ablation (DTA) system which treats patients with recurrent, symptomatic paroxysmal atrial fibrillation (AF) who have been unresponsive to drug therapy. Moreover, in February 2022, Medtronic announced that they received FDA expanded approval for Freezor and Freezor Xtra Cardiac Cryoablation Focal Catheters, which are the first and only ablation catheters that are approved to treat the growing prevalence of pediatric Atrioventricular Nodal Reentrant Tachycardia (AVNRT).
Hence, owing to the above-mentioned factors ablation catheter segment is expected to drive growth over the forecast period.
North America Dominates the Market and Expected to do Same in the Forecast Period
In the North America region, the COVID-19 pandemic had a profound effect on the practice of clinical medicine. Tremendous resources have been poured into caring for patients infected with COVID-19 necessitating a reduction in elective medical procedures. According to a research study published in 2020 under the title "Cardiac electrophysiology consultative experience at the epicenter of the COVID-19 pandemic in the United States", the United States, application of a massive alteration in workflow and personnel forced by the pandemic allowed the team to efficiently address the intersection of COVID-19 with a range of electrophysiology issues.
The North America region dominates the electrophysiology market and the region is expected to continue its stronghold owing to the presence of well-established healthcare facilities, technological advancements, a rise in the number of arrhythmia and heart failure cases, and the presence of key market players in the region. In addition, electrophysiologists have been impacted personally and professionally by this global catastrophe. While most of the population in America is suffering from obesity, they are prone to fall prey to cardiovascular diseases, which is expected to drive market growth. For instance, as per the report from World Obesity Atlas 2022, Across the Americas region, 1 in 3 men (34.41%) and almost two-fifths of women (39.72%) are predicted to have a BMI 30kg/m2 by 2030.
Product launches, technical advancements, and key players in the field of electrophysiology fuel the market growth. For instance, in January 2022, Abbott announced it has received clearance from the United States Food and Drug Administration for the EnSite X EP System with EnSite Omnipolar Technology (OT), a new cardiac mapping platform available in the U.S. and across Europe that is designed to help physicians better treat abnormal heart rhythms, also known as cardiac arrhythmias.
Hence, owing to the above-mentioned factors North America is expected to drive the market growth over the forecast period.
