The size of the Electrophysiology Market in North America is predicted to worth USD 3.13 billion in 2022. This figure is estimated to be growing at a CAGR of 9.66%, to reach USD 4.96 billion by 2027. North America is estimated to rule the global electrophysiology market during the forecast period.
Rapid growth in the increase in the geriatric population, technological advancements, the presence of well-organized healthcare amenities, and the growing number of arrhythmia and heart failure cases increase the need for Electrophysiology Market in North America. It is reported that nearly 92.1 million American adults are suffering from some heart diseases and the effects after stroke, according to the American Heart Association Research Report 2017.
Additionally, the existence of key players in this region, the growing number of heart failures, and being electrophysiology devices are the most important application in identifying the heart failure rate is significantly contributing to the growth of the market in this region. High-stress levels in patients with cardiovascular diseases and the growing number of clinical trials supporting the electrophysiology devices are other factors favoring the market growth.
Lack of motion amidst most established electrophysiologists and the scarcity of skilled professionals in the electrophysiology medical field are significant challenges to the market. Moreover, the cost of the electrophysiology products and insufficient reimbursement scenario and the availability of alternative technologies are further obstructing the growth of the market to a small extent.
This research report on the North America Electrophysiology Market has been segmented and sub-segmented into the following categories:
North America region has the largest market for electrophysiology in the world. In the North America region, the United States has the largest share. Factors such as the rising geriatric population and advancements in technology are expected to propel the regional market growth.
The Electrophysiology market in the United States leads the North American market with the highest share due to the advanced technologies and increase in the necessity for catheter ablation procedures. According to the Centers for Disease Control and Prevention, the Y-O-Y growth rate of atrial fibrillation is anticipated to increase to 12.1 million by 2030. An increasing number of obese people, adoption of spree eating habits, and lack of physical activity contribute to CVD’s like irregular heart rhythm.
The Canadian market is the second leading market in North America and is considered to have rapid growth. Nearly 1-2% of the amount spent on healthcare which fuels the market. New vital players' entry into the market, increasing funds, and investments for electrophysiology products and approvals of the products foster the market. Around 20,000 Canadians are affected by atrial fibrillation, and approximately 40,000 deaths are caused every year in this country due to Heart arrhythmias.
Companies playing a dominant role in the North America Electrophysiology Market profiled in this report are Boston Scientific Corporation (U.S.), GE Healthcare (U.K.), Abbott Laboratories (U.S.), Biosense Webster, Inc. (U.S.), Microport Scientific Corporation (China), St. Jude Medical, Inc. (U.S.), BIOTRONIK SE & Co. KG (Germany), Koninklijke Philips N.V. (The Netherlands), Medtronic, Inc. (U.S.), and Siemens AG (Germany).
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