North America Electrophysiology market was valued at over USD 1.0 billion in 2020 and is expected to witness over 10.5% CAGR from 2021 to 2027.
Electrophysiology (EP) procedure is used by cardiologists/electrophysiologists to diagnose and treat cardiac disorders related to irregular heart rhythm through interventional approach. Electrophysiology uses several devices to diagnose, ablate and map the treatment of several cardiac arrhythmias in patients. These procedures are majorly conducted in independent or associated catheterization laboratories. Electrophysiology procedures have experienced some setback during the COVID-19 pandemic due to restrictions on non-emergent procedures in 2020. However, with rising number of patients suffering from cardiac arrhythmias, the market will foresee gradual growth in the upcoming years. moreover, instances of arrhythmias in patients can also potentially
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Increasing awareness and demand for catheter ablation procedures to effectually treat cardiac arrhythmia with minimal invasion will impel the market growth. Ablation is being recognized as an effective treatment for patients with atrial fibrillation and recommended as the first-line therapy in certain patients. Also, catheter ablation provides cost-effectiveness of the treatment procedure, that further drives the customer preference. Thus, with growing advances in ablations catheter and treatment techniques, the market will witness robust expansion in future.
North America Market, By Product
EP ablation catheters segment held USD 500 million revenue in 2020. Growing cases of atrial fibrillation is creating demand for ablation procedures. Also, deferral of ablation procedures in the early phase of 2020 will create demand for them in near future. Moreover, approval of novel ablation catheters including the AcQBlate Force Sensing Ablation System will aid in market expansion. This new device from Acutus Medical is the pioneer gold-tipped, force-sensing, irrigated, RF ablation catheter that is aimed to deliver superior treatment with its state-of-the-art technology, thereby augmenting market growth.
North America Market, By Indication
Atrial fibrillation (AF) held over 40% revenue share in 2020 and is forecasted to hold the largest share throughout the forecast years. Electrophysiology procedures for atrial fibrillation patients have witnessed rapid decrease during the pandemic in comparison to other indications. More than 450,000 hospital admissions related to atrial fibrillation are done each year in the region. Thus, large patient pool suffering from AF will stimulate gradual increase in procedure volume and thereby offset segmental growth in future.
North America Market, By End-use
Hospitals segment constituted for more than 75% market share in 2020. Greater number of patient admissions for diagnosis and treatment of cardiac disorders in hospitals drives the segment size. Hospitals are equipped with electrophysiology facilities and skilled expertise, that further increases the patient preference for EP procedures in hospitals. However, hospitals had rescheduled or postponed non-urgent procedures, that negatively impacted the electrophysiology market revenue. Nevertheless, with the advent of innovative mapping systems for faster diagnosis and tracking, hospitals will witness positive influence in recontinuation of procedures impacted due to COVID-19 pandemic. Thus, technological advancements and decrease in COVID-19 patients, the segment will experience substantial growth.
North America Market, By Country
U.S electrophysiology market accounted for more than USD 940 million revenue in 2020. Presence of large patient pool suffering from atrial fibrillation among various other arrhythmias in the country will offer growth opportunities to electrophysiology industry in future. Healthcare facilities in the U.S. provide progressive treatments in state-of-the-art infrastructure, that allows faster recovery and superior outcomes. In addition, presence of dominant players in the U.S. that are advancing their electrophysiology business, will further assist in market growth.
Competitive Market Share
Some of the major industry players involved in North America electrophysiology market include Boston Scientific Corporation, Biotronik SE & Co KG, Abbott Laboratories, Medtronic plc and Johnson and Johnson among others. Firms are undertaking partnerships and collaborative strategies to capture greater market share. For instance, in May 2020, Biotronik and Acutus Medical announced about their collaborative strategy for working on electrophysiology products across some markets. The strategy will allow the companies to cater to larger customer base in future.
Cardiac electrophysiology has progressed significantly since the past thirty years. Eventually, advances were made to develop better diagnostic EP techniques after 1970s, allowing mapping of cardiac arrhythmias electrically, during ablation procedures. Surgical ablation made progress after 1980s. With emergence of newer ablation technologies with minimum invasion as well as launch of superior mapping and recording systems, the field of electrophysiology witnessed commendable growth. Furthermore, presently companies are integrating robotics in EP diagnosis and treatment, that will allow electrophysiologists to effectually deliver superlative treatment with higher success rates. In future, the market is set to foresee lucrative growth owing to advancement in ablation technologies, thereby offsetting industry expansion.