Report : North America Electrophysiology Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product (Electrophysiology Ablation Catheters, Electrophysiology Laboratory Devices, Electrophysiology Diagnostic Catheters, Access Devices, and Others) and Indication [Atrial Fibrillation (AF), Atrial Flutter, Wolff-Parkinson White Syndrome (WPW), Atrioventricular Nodal Reentry Tachycardia (AVNRT), and Others]
At 10.4% CAGR, the North America Electrophysiology Market is speculated to be worth US$ 5361.98 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America electrophysiology market was valued at US$ 2955.68 million in 2022 and is expected to reach US$ 5361.98 million by 2028, registering an annual growth rate of 10.4% from 2022 to 2028. increasing incidence of target diseases and procedures and growing geriatric population are the critical factors attributed to the market expansion.
According to the World Health Organization (WHO), cardiovascular disease (CVD) is one of the leading causes of death across the region. The main factors contributing to the increasing prevalence of CVD and stroke include family history, ethnicity, and age. Tobacco use, high blood pressure (hypertension), high cholesterol, lack of exercise, unhealthy diet, alcohol consumption, and diseases such as dyslipidemia, obesity, and diabetes are increasingly contributing to the rising incidence of CVD. As per the Centers for Disease Control and Prevention (CDC), in the US, it is estimated that this number will increase to 12.1 million by 2030. So, increasing incidence of target diseases and procedures is expected to drive the market growth.
On the contrary, high cost of electrophysiology products and inadequate reimbursement process secret hurdles the growth of North America electrophysiology market.
Based on product, the North America electrophysiology market is segmented into electrophysiology ablation catheters, electrophysiology laboratory devices, electrophysiology diagnostic catheters, access devices, and others. The electrophysiology laboratory devices segment held 39.3% market share in 2022, amassing US$ 1,162.12 million. It is projected to garner US$ 2,139.25 million by 2028 to expand at 10.7% CAGR during 2022–2028.
Based on indication, the North America electrophysiology market is segmented into atrial fibrillation (AF), atrial flutter, atrioventricular nodal reentry tachycardia (AVNRT), wolff-parkinson-white syndrome (WPW), and others. The atrial fibrillation (AF) held 35.7% market share in 2022, amassing US$ 1,056.06 million. It is projected to garner US$ 1,999.77 million by 2028 to expand at 11.2% CAGR during 2022–2028.
Based on country, the North America electrophysiology market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 73.0% market share in 2022. It was assessed at US$ 2,156.76 million in 2022 and is likely to hit US$ 4,040.25 million by 2028, exhibiting a CAGR of 11.0% during the forecast period.
Key players dominating the North America electrophysiology market are Abbott; Biotronik, Inc.; Boston Scientific Corporation; CardioFocus; GE Healthcare; Johnson & Johnson Services, Inc.; Koninklijke Philips N.V.; Medtronic; MicroPort Scientific Corporation; and Siemens Healthineers AG among others.
- In Feb 2020, Boston Scientific Corporation (NYSE: BSX) announced it has received U.S. Food and Drug Administration (FDA) approval for its latest image guided programming software, Vercise Neural Navigator with STIMVIEW XT. Developed in collaboration with Brainlab AG, a leading software-driven medical technology company, STIMVIEW XT enables clinicians in real-time, the ability to visualize both lead placement and stimulation modeling of the brain anatomy of their patients living with Parkinson’s disease or essential tremor .
- In Mar 2022, BIOTRONIK announced the CE approval for HeartInsight, its remote heart failure (HF) management solution that accurately identifies patients at higher risk of HF decompensation early on. HeartInsight predicts two out of three HF hospitalizations, coupled with an industry-low false alert rate. Compared to other available solutions, HeartInsight provides the earliest notification, a median advance notice of 42 days before an impending HF hospitalization, which allows clinicians to proactively care for their patients.
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