The growing burden of cardiovascular diseases to drive the global atrial fibrillation market

calendar_today 12 October, 2022 person_outline Growth Plus Reports

According to the deep-dive market assessment study by Growth+Reports, the global atrial fibrillation market was pegged at ~US$ 1.4 billion in 2021, and is expected to expand at a compound annual growth rate (CAGR) of ~6.3% from 2022 to 2030.

A rise in the prevalence of atrial fibrillation in the elderly population, technological advancements, and a preference for catheter ablation as a cardiac arrhythmia therapy is driving the expansion of the atrial fibrillation market. Moreover, combination drugs and devices yield better results when treating cardiac arrhythmia. As a result, this could support market growth for atrial fibrillation during the anticipated period.

The global increase in obesity and cardiac disorders is a significant driver of the atrial fibrillation market. Additionally, cardiac illnesses are one of the leading causes of death worldwide, and their prevalence is increasing rapidly due to changing lifestyles. Further, introducing new products to the market will accelerate market expansion. For instance, AtriCure, Inc. introduced the EnCompass Clamp, a component of the Isolator Synergy Ablation System, in the United States in April 2022. The EnCompass Clamp, given FDA 510(k) clearance for ablation of cardiac tissue during cardiac surgery, is designed to enhance the effectiveness of concomitant surgical ablations.
The market will also profit from the expanding R&D practices highlighting the developments in the atrial fibrillation market. For instance, Peerbridge Health and Northwell Health collaborated to establish their AFib Center of Excellence in January 2022. This multidisciplinary initiative aims to improve the care of patients with atrial fibrillation (AFib). Northwell's AFib Center of Excellence will run a pilot program concentrating on AFib patients with undiagnosed obstructive sleep apnea with Peerbridge (OSA) assistance. The pilot aims to educate cardiologists and sleep specialists about the crucial connection between the two disorders and the most efficient ways to treat AFib and OSA simultaneously. Thus, the market is anticipated to be driven by advancements in the treatment of atrial fibrillation.

Moreover, the market's key companies' expansion plans, such as their acquisitions of electrophysiological device producers to launch cutting-edge goods and technologies, will present a substantial potential to win over customers. For instance, developing intracardiac ultrasound pictures combined with fluoroscopic images has improved atrial fibrillation procedures. Likewise, stroke complications in atrial fibrillation patients have also been successfully minimized because of mechanical developments and the introduction of ground-breaking technologies like LAA invasive and surgical devices. 

However, the expansion of the global atrial fibrillation market is anticipated to be hampered by strict product approval rules. The U.S. FDA classifies implantable pacemakers, defibrillators, and catheters for atrial fibrillation as class III high-risk medical devices. As a result, these devices go through extensive safety and effectiveness studies before getting approval. Additionally, premarket approval is required for these devices, which is costly and time-consuming.

The atrial fibrillation market has seen its highest level of revenue in North America. The main factor driving the growth of the atrial fibrillation market is the increased adoption of technologically improved devices for atrial fibrillation in North American nations. One of the healthcare systems' most significant issues is the fast rise in cardiac illnesses among the elderly. As a result, numerous new products are authorized and introduced in North American nations to address this issue, which further fuels the expansion of the atrial fibrillation market.

Asia Pacific is predicted to stake a robust revenue CAGR over the forecast period due to the rising prevalence of atrial fibrillation among the geriatric population, the availability of cutting-edge medical equipment and skilled professionals, rising investments to speed up R&D activities, the creation of effective atrial fibrillation medical management plans, and the expanding use of atrial fibrillation treatment devices.

Some of the major players in the global atrial fibrillation market include Abbott Laboratories, Atricure Inc., Johnson & Johnson, Microport Scientific Corporation, Boston Scientific Corporation, Biosense Webster, Inc., Siemens AG, Medtronic Plc, Koninklijke Philips N.V., Cardiofocus, Inc., Biotitic Se & Co. Kg, Inc., Carima, Inc., Ncontact, Inc., and Agricore, Inc., and others. More companies are anticipated to enter the market due to technological developments and the focus on enhancing the healthcare system, thus boosting the market growth.

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