Published Date: 2021-01-11
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According to the Graphical Research new growth forecast report titled “North America Electrophysiology Market Size By Product (EP Ablation Catheters {Radiofrequency, Cryoablation, Laser}, EP Diagnostic Catheters {Conventional, Advanced, Ultrasound}, EP Laboratory Devices {Mapping Systems, Recording Systems}), By Indication (Atrial Fibrillation, Ventricular Tachycardia, Atrial Tachycardia, Atrial Flutter, WOLFF-Parkinson-White (WPW) Syndrome, Atrioventricular Nodal Re-entry Tachycardia), By End-use (Hospitals, Catheterization Laboratories/EP Laboratories, Ambulatory Surgical Centers)”, Industry Analysis Report, Country Outlook (U.S. Canada), Estimated To Exceed USD 3.5 Billion By 2027
Novel product launch and growing incidence of several cardiac arrhythmias is set to gradually stimulate electrophysiology market growth.
The COVID-19 pandemic has significantly disrupted the healthcare industry up to great extent. It has impacted the business sales of several firms and subsequently the revenue generated through elective and non-emergent procedures. With such impact, the number of electrophysiology procedures conducted in 2020 witnessed considerable downfall and has thereby negatively influenced the overall North America electrophysiology market size. However, with growing incidence of heart rhythm disorders and subsequent deterioration in prevalence of coronavirus infection, the industry is forecasted to recover and gradually grow in the foreseeable future to meet the unmet market demand.
Risk of infection transmission has resulted into deferral of electrophysiology (EP) procedures among other cardiac rhythm management surgeries. Thus, hospitals and other healthcare settings cancelled or postponed EP procedures to culminate the potential risk of hospital acquired infections, thereby leading to reduction in the total revenues in 2020. However, new product approvals and introductions by the industry players will assist electrophysiologists in better procedural outcomes. Few companies including Stereotaxis are focusing on new product development in robotic space and thus, electrophysiology industry will foresee significant growth in the forthcoming years.
EP laboratory devices segment held over USD 190 million revenue in 2020. Innovations in mapping and navigation systems will drive the segmental revenue size in future. For instance, Stereotaxis received 510(k) from the U.S. FDA for Genesis RMN System in March 2020. It is aimed at providing robotic navigation to magnetic ablation catheters for treatment of cardiac arrhythmias. Such advancements coupled with increasing burden of cardiovascular diseases will boost the North America electrophysiology market growth.
Ventricular tachycardia segment held over 12% revenue in 2020. Ventricular tachycardia (VT) results in over 300,000 mortalities each year in United States. VT is one of the top factors leading to sudden cardiac deaths, and hence immediate medical attention is of high importance for such patients. Thus, unlike atrial fibrillation, ventricular tachycardia saw a lesser decline in procedure volume in 2020. In addition, with steady increase in elective surgeries in the coming period, the segment will experience growth in the forecast period.
Catheterization laboratories segment held over USD 150 million revenue size in 2020. Healthcare settings cut down the non-emergent procedures during the COVID-19 outbreak; however certain fatal cardiovascular conditions that lead to death have been crucial for emergent diagnosis and treatment. Hence, catheterization laboratories among others provided necessary medical intervention to cardiac patients along with adoption of effective safety protocol. The segment will foresee substantial growth in the foreseeable future with gradual decline in COVID-19 prevalence and relaxation of guidelines.
Canada electrophysiology market is estimated to foresee 10.7% CAGR during forecast period. Commendable progress in interventional and electrophysiological procedures in the country are attributable to momentous market growth. Canada has significant pool of skilled cardiologists and advanced equipment in hospitals as well as catheterization laboratories that attracts customer base. Furthermore, with ever growing pervasiveness of cardiac arrhythmias, the Canada electrophysiology market is projected to expand in the analysis timeframe.
Notable players in North America electrophysiology market are Abbott Laboratories, Biotronik SE & Co KG, Boston Scientific, Medtronic and Johnson and Johnson among others. Firms are emphasizing on development and launch of several electrophysiology products to broaden their business portfolio. In December 2020, Baylis Medical introduced EPstar Electrophysiology Catheters in Canada that is aimed at assisting electrophysiologists to access previously unreachable parts of the heart for mapping of the procedure.
North America electrophysiology market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2027, for the following segments:
North America Electrophysiology Market, By Product, 2016-2027 (USD Million)
North America Electrophysiology Market, By Indication, 2016-2027 (USD Million)
North America Electrophysiology Market, By End-use, 2016-2027 (USD Million)
The above information is provided for the following region and countries:
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