North America Electrophysiology Market Size

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.