Global Atrial Fibrillation Market
As stated in our extensive report; the Global Atrial Fibrillation Market accounted for USD 17.5 Billion in the year 2022 and is forecast to reach USD 38.9 Billion by 2030 at a CAGR of 12.1%.
The most common type of arrhythmia is atrial fibrillation, which happens when the upper chambers that are atria of the heart receive irregular electrical impulses, which results in an irregular and rapid heartbeat. In the last 20 years, the cases of Atrial Fibrillation is seen to be higher around the world. The raising cases in the U.S. by approximately 200,000 to 400,000 each year prompted the growth of the market. The rapid increase in the elderly population drives the Atrial Fibrillation market as the rise in the frequency of Atrial Fibrillation in the elderly population.
The raising prevalence of Atrial Fibrillation is expected to drive market growth over the forecast period. For instance, the Centers for Disease Control and Prevention (CDC), published data on July 2022, which stated that more than 454,000 hospitalizations with Atrial Fibrillation in the U.S. results in about 158,000 deaths per year the U.S. Significant increase in the approval of the new products by U.S. Food and Drug Administration (FDA) is expected to drive the Atrial Fibrillation market over the forecast period. Also, an increase in the developed treatments like catheter ablation technique used to treat irregular cardiac rhythms when medicines are not effective, is expected to drive the market.
These are the primary factors that must be considered to propel the growth of the global Atrial Fibrillation market. Increasing new products and technology is helping to drive the market growth but one factor that is limiting the growth is the excessively high price of the treatment process. The treatment is costly and cannot be applicable every time to use it tremendously.
Key factors influencing Atrial Fibrillation Market Growth
The growth of the global Atrial Fibrillation market can be attributable to the following:
- During the treatment of atrial fibrillation, increase in the adoption of cardiac monitoring systems resulted in the surgical segment generating the most revenue in 2020.
- As the number of patients suffering from arrhythmia or an irregular heartbeat is increasing, there is an increase in demand for cardiac monitors which will propel the market growth.
- Advancement in technology is pushing the Atrial Fibrillation market. Advanced catheter ablation for the treatment of Atrial Fibrillation and lowering the risk of stroke in patients is key area being focussed by important players.
- On a single platform, different tools and applications are combined and managed. The unified ecosystem that these solutions offer is one that many organizations all around the world are focussed on.
- The rise of the Atrial Fibrillation market is driven by an increase in the frequency of Atrial Fibrillation in the elderly population and technical development in the treatment of atrial fibrillation.
- A preference for catheter ablation for cardiac arrhythmia therapy is increasing as it is a low-risk, and minimally invasive method and has a success rate of 95.0%.
- There is an increasing demand for the most often used surgical device for the treatment of cardiac arrhythmias is a catheter ablation device, which includes removing cardiac tissue which is defective and causes irregular heartbeats.
North America Region to Lead the Market
On the basis of geographic regions, the global Atrial Fibrillation market is segmented into North America, Europe, Asia Pacific and Rest of the world. North America achieved the highest sales in the Atrial Fibrillation market in 2020. High popularity of high-tech Atrial Fibrillation treatment devices in North America countries is the main development driver of Atrial Fibrillation market. In addition, increasing prevalence of heart disease in an aging population poses a major challenge to healthcare systems. Therefore, to meet this challenge, many new products are being approved and launched in North America countries, further fueling the growth of the Atrial Fibrillation industry. The Asia Pacific region is projected to grow the fastest during the forecast period 2022 to 2029 owing to the growing number of geriatric people and the increase in people’s disposable income.
Increasing approval of products and increase in the prevalence of Atrial Fibrillation, are positively influencing the overall Atrial Fibrillation market.
Some of the key players in the Global Atrial Fibrillation Market include- Johnson & Johnson (New Brunswick, U.S.), Micro Port Scientific Corporation (China), Boston Scientific Corporation (Marlborough, U.S.), St. Jude Medical (Saint Paul, U.S.) to name a few.