The global atrial fibrillation market is expected to reach US$ 18,085.96 Mn in 2027 from US$ 6,446.08 Mn in 2019.
Atrial Fibrillation Market: Key Insights
According to The Insight Partners market research study of Atrial Fibrillation Market to 2027 – Global Analysis and Forecasts by Treatment Type and End User'. The global atrial fibrillation market is expected to reach US$ 18,085.96 Mn in 2027 from US$ 6,446.08 Mn in 2019. The market is estimated to grow with a CAGR of 14.0% from 2020-2027. The report provides trends prevailing in the global Atrial Fibrillation Market and the factors driving market along with those that act as hindrances.
Atrial fibrillation also referred to as AFib or AF is a medical condition that causes irregular heartbeat (arrhythmia) and which can further lead to blood clots, stroke, heart failure and other heart-related complications.The global atrial fibrillation market is driven by factors such as include increasing prevalence of atrial fibrillation and rising awareness regarding atrial fibrillation are expected to boost the market growth over the years. However, high cost of atrial fibrillation devices and procedures is likely to have negative impact on the growth of the market in the coming years.
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Atrial Fibrillation Market Competitive Landscape
Leading companies operating in the atrial fibrillation market are Boston Scientific Corporation, Medtronic, AtriCure, Inc, Biosense Webster, Inc., BOEHRINGER INGELHEIM GMBH, CardioFocus, Abbott, Sanofi, Biotronik, Inc., and Bristol-Myers Squibb Company among others.
Moreover, due COVID-19 pandemic, there has been growing demand for atrial fibrillation drugs because arrhythmia occurrences have been observed in most of the COVID patients. For instance, according to the cardiology magazine of March 2020 in Unites State, up to 440,000 hospitalized and as many as 36,000 deaths in the U.S. alone and most of the patients developed the risk of incident atrial fibrillation (H.R., 0.94; p=0.009). Therefore, so many uses of antiarrhythmic drugs and different beta-blockers in North American region is likely to increase the demand for atrial fibrillation drugs for treatment purpose
Increasing Prevalence of Atrial Fibrillation
Atrial fibrillation, is the most common type of heart disorder, where the heart beats too fast, too slow, or in an irregular way. The Centers for Disease Control and Prevention (CDC) estimated that between 2.7 million and 6.1 million people are suffering from AFib in the United States. In 2017, around 166,793 death certificates mention AFib and was the main cause death in 26,077 deaths. Every year over 454,000 hospitalizations were due to AFib in the United States and every year about 158,000 deaths are due to atrial fibrillation.
Furthermore, European Society of Cardiology reported that Atrial fibrillation is the most common arrhythmia and accounts for 0.28% to 2.6% of healthcare spending in European countries. It also mentioned that patients suffering from atrial fibrillation have a five times higher risk getting a stroke and 20% to 30% of total strokes in Europe are caused due to atrial fibrillation. As per the study conducted by the European Society of Cardiology in 2016, approximately 7.6 million people aged 65 or more in the EU had atrial fibrillation. The European Society of Cardiology estimated that the number is expected to increase by 89% in 2060 and approximately 14.4 million people will have atrial fibrillation. And the prevalence of 7.8% is expected to reach 9.5% in 2060.
Atrial Fibrillation Market: Segmental Overview
The atrial fibrillation market, by treatment type, is segmented into non-pharmacological and pharmacological. In 2019, the non-pharmacological accounted for the largest market share in the global atrial fibrillation market by treatment type owing to common use of surgical devices for the treatment of cardiac arrhythmias. Moreover, medications to treat atrial fibrillation are not always successful and hence non-pharmacological techniques are widely adopted. Thus, owing to these benefits and their wide acceptance of non-pharmacological techniques the non-pharmacological held the largest share in the market
The end-user segment market is segmented into hospitals, ambulatory surgical centers and cardiac catheterization laboratories. The hospitals segment held the largest share of the market in 2019. In addition, the segment is also estimated to register the highest CAGR in the market during the forecast period. The hospital segment held the largest share as hospitals are primary point of care for most of the population across the globe and the treatment procedures for atrial fibrillation are easily carried out in the hospitals due to availability of the experienced cardiologists, experts and assisting staffs.
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