Report : North America Electrophysiology Catheter Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Electrophysiology Diagnostic Catheters and Electrophysiology Ablation Catheters), Application (Diagnosis and Monitoring, Imaging and Mapping, and Treatment of Cardiac Arrhythmias), and End User (Hospitals, Ambulatory Surgical Centers, and Cardiac Catheterization Labs)
Hospitals Segment to Dominate North America Electrophysiology Catheter Market during 2019–2028
According to a new market research study on “North America Electrophysiology Catheter Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product Type, Application, and End User,” is expected to reach US$ 2,837.99 million by 2028 from US$ 1,601.86 million in 2021. The market is estimated to grow at a CAGR of 8.5% from 2021 to 2028. Robotics in electrophysiology catheterization procedures is the major factor driving the growth of the North America electrophysiology catheter market. However, high cost of electrophysiology catheters may hinder the growth of North America electrophysiology catheter market. The report provides trends prevailing in the North America electrophysiology catheter market along with the drivers and restraints pertaining to the market growth.
According to the report released by the American Heart Association, Inc., COVID-19 is an unprecedented challenge, severely affecting lifestyle as people struggle to follow strict regulations. In addition, COVID-19 severely affecting healthcare delivery by involving cardiac electrophysiology procedures. Most of the patients suffering from cardiovascular disease such as arrhythmias are in critical condition. To avoid such extreme situations, the US leverages virtual care and remote monitoring abilities to assure full support to patients, as electrophysiology procedure is critical for patients suffering from CVDs. Furthermore, a report by the American Heart Association, Inc. states that remote monitoring has been proven to be a powerful tool for off-site cardiac rhythm management among many EP patients with a cardiovascular implantable electronic device (CIED). Remote monitoring is one of the most effective and feasible tools among patient groups for reducing the need for non-urgent clinical visits. Furthermore, telemedicine and digital health platforms, which were limited pre-pandemic due to technical and reimbursement barriers, have proved effective during the pandemic. The centers for Medicare and Medicaid services have expanded telehealth services to keep people safe and assist healthcare providers to focus on individuals that are in the dire need of healthcare. Moreover, the Office for Civil Rights for the US Department of Health and Human Services released a notification of enforcement discretion for telehealth by allowing consultation with the use of audio or non-public facing video communication. Therefore, the accelerated trend of telehealth has been benefitting the North America electrophysiology catheter market growth throughout the pandemic period.
The North America electrophysiology catheter market is segmented into product type, application, end user, and country. The North America electrophysiology catheter market, based on product type, has been classified electrophysiology diagnostic catheters and electrophysiology ablation catheters. In 2021, the electrophysiology diagnostic catheters segment held the largest share North America electrophysiology catheter market. The electrophysiology diagnostic catheters are sub-segmented as conventional electrophysiology diagnostic catheters, advanced electrophysiology diagnostic catheters, and ultrasound electrophysiology diagnostic catheters. In 2021, the conventional electrophysiology diagnostic catheters segment held the largest share North America electrophysiology catheter market. Further, electrophysiology ablation catheters are sub-segmented as cryoablation electrophysiology catheter, radiofrequency ablation catheters, microwave ablation systems, and laser ablation systems. In 2021, the cryoablation electrophysiology catheter segment held the largest share North America electrophysiology catheter market. The North America electrophysiology catheter market, based on application is segmented into diagnosis and monitoring, imaging and mapping, and treatment of cardiac arrhythmias. In 2021, the diagnosis and monitoring segment held the largest share North America electrophysiology catheter market. The North America electrophysiology catheter market, based on end user is segmented into hospitals, ambulatory surgical centers, and cardiac catheterization labs. In 2021, the hospitals segment held the largest share North America electrophysiology catheter market. Based on country the North America electrophysiology catheter market is segmented into the US, Canada, and Mexico. In 2021, the US held the largest share North America electrophysiology catheter market.
Abbott; APT Medical Inc.; Biosense Webster (Johnson and Johnson Services, Inc.); Biotronik, Inc.; Boston Scientific Corporation; Medtroni; MicroPort Scientific Corporation; Stryker Corporation; and Transonic Systems Inc. are among the leading companies in the North America Electrophysiology Catheter Market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Boston Scientific Corporation entered into a definitive agreement to acquire Baylis Medical Company Inc. for an upfront payment of $1.75 billion, subject to closing adjustments. The acquisition expanded the company's electrophysiology and structural heart product portfolios to include the radiofrequency (RF) NRG and VersaCross Transseptal Platforms and a family of guidewires, sheaths and dilators used to support left heart access.
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