Atrial Fibrillation Market

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The global Atrial Fibrillation Market is valued at USD 17.5 Billion in 2022 and is projected to reach a value of USD 38.9 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 12.1% over the forecast period.

Atrial Fibrillation, or A-FiB, is a rapid heart rhythm (arrhythmia) that can often lead to blood clots in the heart. A-FiB increases the risk of stroke, heart failure, and other heart-related complications. The global Atrial Fibrillation market is expected to be driven by primary drivers such as the rising elderly population, technological development, and the preference for catheter ablation for cardiac arrhythmia therapy. Additionally, the integration of novel medicine therapy based on biotechnology and genetics will boost the growth of the global Atrial Fibrillation market during the forecast period. Moreover, studies have indicated that devices produce better outcomes when treating combined medications. Catheter ablation is a procedure for treating irregular cardiac rhythm when medicines are often ineffective. It is a low-risk treatment. These factors are expected to widen the growth potential of the global Atrial Fibrillation market during the forecast period.

The catheter ablation device includes the removal of defective cardiac tissue that causes irregular heartbeats. This procedure has a success rate of over 95% while treating cardiac arrhythmia. Furthermore, prominent players are manufacturing advanced catheter ablation for treating Atrial Fibrillation by reducing the risk of stroke among patients. For instance, in August 2020, Abbott Laboratories, a manufacturer of healthcare products and medical devices, introduced TactiFlex PAF IDE ablation catheter. This product will be used for treating patients suffering from irregular heartbeats. It has sensors that will enable treating patients suffering from A-FiB symptoms that cannot be treated with medicine. These factors are expected to increase the footprint of the global Atrial Fibrillation market during the forecast period.

The rising geriatric population is expected to contribute to the global Atrial Fibrillation market. Favorable results exhibited by clinical trials have prompted combined pharmacological therapy, such as the HARMONY trial, to contribute to the worldwide market. The rising prevalence of disorders causing Atrial Fibrillation such as hypertension and obesity, is projected to widen the global market scope further. Studies have indicated that Atrial Fibrillation are highly cost-effective and a cheaper alternative to non- pharmacologist's procedures. Rising product approval will add to the significant growth of the global Atrial Fibrillation market during the forecast period.

Economic Insights

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1. Adoption of Ablation Catheters: The ablation catheterization technique is most widely utilized for its various benefits, such as effectively destroying a target cardiac collapse. Since these procedures were widely used for treating high-priority COVID-19 cases, ablation procedures for critical arrhythmia were accelerated. This led to the growth of ablation catheters, fuelling the development of the global Atrial Fibrillation market during the forecast period.

2. Technological Advancements: Technological developments are gaining tremendous opportunities within the Atrial Fibrillation market. Prominent manufacturers are focused on developing new technologies to maintain their dominant position. For instance, in October 2020, Biosense Webster, a US-based healthcare company, announced that they received FDA approval for a new technology called the Thermocool Smarttouch Catheter for use in A-FiB patients.

3. Widened Product Adoption: One of the major factors for incremental growth in the global Atrial Fibrillation market is increased product approval. This leads to accelerated product adaption. For instance, in August 2021, Abbott, a US-based multinational device manufacturer, announced that the US FDA approved the company's Amplatzer. This device will be used to treat people at risk of ischemic stroke.

Market Segmentation

The global Atrial Fibrillation market can be categorized on the following: Type, Technology, Application, End-Use and Regions. Based on type, the market can be categorized into surgical and non-surgical. By technology, the market can be segmented across radiofrequency, laser, cryotherapy, and others. By end user, the market can be fragmented across hospitals, specialty clinics, and others. Likewise, based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Type

Surgical Devices to Dominate Market Owing to Rising Number of Patients Suffering from Arrhythmia

The global Atrial Fibrillation market is expected to be dominated by the segmental growth of surgical devices during the forecast period. Factors such as increasing patients suffering from arrhythmia or an irregular heartbeat disorder are expected to contribute to segmental growth. Additionally, the rising geriatric population and increasing prevalence of disorders, including obesity, hypertension, and other underlying disorders will add to the utilization of surgical devices. According to the American Heart Association, it is estimated that more than 2.7 million Americans are living with Atrial Fibrillation. This number will overgrow by 2030, providing a viable opportunity for the segment to flourish. Non-surgical devices are expected to grow with the fastest growing CAGR during the forecast period owing to the growing prevalence of Atrial Fibrillation devices.

Based on Technology

Radiofrequency to Occupy Largest Market Share Owing to Rising Prevalence of Drug Resistant Atrial Fibrillation

Radiofrequency is expected to fuel the largest market share during the forecast period in revenue and share. Factors such as wider utilization of radiofrequency for treating patients suffering from drug resistance Atrial Fibrillation (AF) is expected to contribute to the segmental growth. Factors such as a higher success rate, and more than 75% in experienced centers will add to the radiofrequency growth. Additionally, studies have indicated conduction recovery in patients treated with RD ablation recovery faster. The laser will account for the fastest-growing CAGR during the forecast period because the latter is a safe and effective treatment option.

Based on End User

Hospitals to Account for Largest Market Share Owing to Rising Adoption of Laser and RF Methods

The hospital segment will account for the largest market share in revenue and sales during the forecast period. Hospitals are adopting laser and radiofrequency procedures at a wider rate, adding to the segmental growth. The rising prevalence of Atrial Fibrillation is expected to widen the growth potential of hospitals further. For instance, according to the Centers for Disease Control and Prevention (CDC), more than 454,000 hospitalizations with Atrial Fibrillations have taken place as the primary diagnosis in the United States alone. Additional data indicates more than 158,000 deaths occurring in the US. These factors are expected to widen the hospital segment's growth during the forecast period. Specialty clinics will grow with the fastest-growing CAGR during the forecast period owing to rising flux of patients.

Based on Region

North America to Dominate Global Market Owing to Adoption of Technologically Advanced Devices

The global Atrial Fibrillation market is expected to be dominated by the North American region owing to the increased adoption of technologically advanced devices combined with rapid increase of cardiac disorders among the aging and general population. Additionally, a well-established healthcare infrastructure is expected to support North America's sustainable growth of Atrial Fibrillation market. High disposable income among patients and rising fibrillation prevalence will further contribute to the North American Atrial Fibrillation market during the forecast period.

Asia Pacific will grow with the fastest growing CAGR during the forecast period owing to improving purchase power among the consumer combined with various initiatives undertaken by government agencies. Additionally, improving healthcare infrastructure and inclination toward better disease management will add to the market.

Competitive Landscape

The global Atrial Fibrillation market is expected to be highly fragmented and competitive due to the presence of numerous players. The players are divided into international and regional outlooks. Investments are being made towards the research and development departments to diversify their product portfolio. Additionally, supply chains are optimized to reduce product cost and make the product available to numerous consumers and industry verticals.

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.), Medtronic PLC (Dublin, U.S.), Abbott Laboratories (Chicago, U.S.), Biotronik SE & Co. KG (Berlin, Germany), Koninklijke Philips N.V. (Netherlands), Siemens AG (U.S.), AtriCure Inc. (U.S.) among others.

Recent Market Developments:

· January 2022: Voluntis, an Aptar Pharma company and a global leader in digital therapeutics announced that they agreed with AliveCor. for advancement management of Atrial Fibrillation for patients with cancer.

· July 2021: AliveCor, Inc. announced that they were partnering to evaluate the integration of data collection tools across various cardiology continuum care. The goal of the partnership is to improve arrhythmia treatment and disease management.

· November 2020: Abbott announced the launch of their new Ensite X EP System in Australia and Europe. This product is indicated for electro-mapping for cardiac arrhythmia.

· February 2020: Biosense Webster announced a collaboration with Rhythm AI for identifying the sources or drivers of Atrial Fibrillation from the information acquired by a 3D mapping system.

· May 2020: CardioFocus Inc., announced that they received the U.S. Food & Drug Administration approval for its next-generation HearLight X3 Endoscopic Ablation System. The system can be used for drug refractory recurrent symptomatic paroxysmal Atrial Fibrillation treatment.

· September 2019: iRhythm Technologies, Inc. announced that they were collaborating with Verily, an Alphabet company, to develop solutions for improving the screening, diagnosis, and management of Atrial Fibrillation patients (AFib).

Segmentation of the Global Atrial Fibrillation Market