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Global Atrial Fibrillation Market generated revenue of US$ 3,310.1 million in 2022 and is estimated to reach a valuation of US$ 6,839.8 million by 2031 at a CAGR of 8.71% during the forecast period, 2023–2031.
The demand for treatment in the global atrial fibrillation market is growing across the globe. This is due to the aging population and the increase in the prevalence of risk factors for atrial fibrillation, such as obesity and diabetes. Atrial fibrillation is the most common type of arrhythmia, or irregular heartbeat. It affects more than 2.2 million Americans and is responsible for approximately 130,000 deaths each year. There are many treatments available for atrial fibrillation, including medications, surgery, and catheter ablation. The most effective treatment depends on the individual patient. The demand for atrial fibrillation treatment will continue to grow as the population ages and more people develop risk factors for the condition.
Atrial fibrillation is a common cause of stroke, and strokes can be disabling or even fatal. Treatment options in the global atrial fibrillation market has improved in recent years. There are now effective medications that can reduce the risk of stroke. These drugs include blood thinners and antiarrhythmic medications. In some cases, surgery may be needed to correct the underlying problem. The growing demand for atrial fibrillation treatment is being driven by an aging population and improved treatment options. With better treatments available, more people are living with this condition and seeking treatment. This trend is expected to continue in the coming years.
Key Dynamics of Atrial Fibrillation Market
Increasing Prevalence of Atrial Fibrillation
The prevalence of atrial fibrillation (AF) is increasing worldwide. The condition is most common in people over the age of 60, and the risk of developing AF increases with age. AF is also more common in men than women. There are several factors that may contribute to the increasing prevalence of AF. First, the population is aging. As people live longer, they are more likely to develop AF. Second, lifestyle factors such as smoking and obesity are becoming more prevalent in the global atrial fibrillation market. These factors increase the risk of developing AF. Third, the use of certain medications, such as beta blockers and ACE inhibitors, has increased. These medications can cause AF or make it worse. treatment options for AF have improved in recent years. However, the condition can still lead to serious complications, such as stroke. Therefore, it is important for people at risk for AF to be aware of the symptoms and seek medical help if they develop them.
Strokes brought on by side effects with AFib are typically more severe than strokes brought on by other underlying conditions in the atrial fibrillation market. According to CDC, In the United States, AFib is the predominant diagnosis in more than 454,000 hospital admissions annually. Each year, the disease is a factor in roughly 158,000 fatalities.
High Treatment Cost
The cost of treating atrial fibrillation can be quite high. Unfortunately, treatment for AFib can be very expensive. In the United States, the average cost of an AFib episode is more than $6,000. The condition itself is a serious one, and it often requires expensive treatments and procedures. In addition, the medications used to treat atrial fibrillation can be quite costly. There are a number of ways to treat atrial fibrillation.
Some of the most common treatments in the global atrial fibrillation market include electrical cardioversion, catheter ablation, and medications. Electrical cardioversion is a procedure in which electrical shocks are used to restore the heart’s normal rhythm. Medications that are commonly used to treat atrial fibrillation include beta blockers, and calcium channel blockers. In addition, people with AF are at an increased risk for stroke, so they may need to take anticoagulants (blood thinners), which can also be expensive. Finally, AF often leads to hospitalizations, which can add even more to the cost.
The cost of these treatments in the global atrial fibrillation market can vary depending on a number of factors, such as the severity of the condition, the type of treatment being used, and the location where the treatment is being received. In general, however, the cost of treating atrial fibrillation can be quite high.
Here are some of the latest trends in atrial fibrillation treatment:
1. Catheter ablation is becoming the preferred treatment option for many patients. This minimally invasive procedure involves threading a catheter through the heart to destroy small areas of tissue that are causing the abnormal electrical activity that leads to atrial fibrillation.
2. The use of miniaturized implantable cardioverter defibrillators (ICDs) is increasing. These devices are much smaller than traditional ICDs and can be implanted under the skin, making them less visible and more comfortable for patients.
By type, the global atrial fibrillation market is divided into Paroxysmal Afib, Persistent Afib, and Chronic/Permanent Afib. Over the forecast period, the Chronic/Permanent Afib sub segment is expected to grow with the highest CAGR of 9.03%. When chronic paroxysmal atrial fibrillation develops, the patient's heart cannot return to a normal rhythm without medical assistance. At least 2.7 million Americans suffer from atrial fibrillation. Afib that is chronic or long-lasting is thought to be the cause of 70% of these cases.
By technology, the global atrial fibrillation market is segmented into Microlife AFIB Technology, Hybrid Surgical-Catheter Ablation, and Cryotherapy. Atrial fibrillation (AF) ablation techniques using a hybrid approach are quickly developing. Over the forecast period hybrid surgical-catheter ablation is expected to witness strong demand and is expected to grow at the highest CAGR of 9.08%. By combining the benefits and reducing the drawbacks of surgical and catheter ablation alone, hybrid methods may increase procedural success and reduce risks.
By treatment, the atrial fibrillation market is segmented into diagnosis (electrocardiogram, blood tests, echocardiogram, chest X-ray and others (blood tests), medication (anticoagulants and others).
The diagnosis segment held around 68.7% share of the global atrial fibrillation market revenue in 2021. There are several reasons why spending on atrial fibrillation has been growing in recent years. First, the population is aging and the prevalence of atrial fibrillation increases with age. Second, new technology has made it possible to diagnose atrial fibrillation earlier and more accurately. Third, new treatments for atrial fibrillation have become available, including catheter ablation and oral anticoagulants. The growing spending on atrial fibrillation is a reflection of the increasing burden of this condition on the US healthcare system. As the population ages and new treatments become available, the cost of atrial fibrillation will continue to rise.
End User Analysis
By end user, the atrial fibrillation market is segmented into hospitals, care centers, outpatients, and ambulatory services.
The hospital segment is expected to grow at the highest CAGR of 9.16% over the forecast period of 2022-2030. Our study suggests hospitals are a key source for the diagnosis and treatment of atrial fibrillation. Atrial fibrillation can lead to serious health complications, including stroke wherein hospitals have the technology and expertise to properly diagnose atrial fibrillation and offer effective treatments. Treatment options in atrial fibrillation market include medication, surgery, and electrical cardioversion.
The emergency room is a frequent setting for presentations, making it an ideal site to concentrate efforts that can alter the course of sickness. The majority of patients whose atrial fibrillation is the main reason they visited the emergency room, in accordance with Canadian and international guidelines, do not require hospitalization and can be safely discharged from the emergency room to their place of residence.
North America is the major contributor to the global atrial fibrillation market revenue, which accounted for a market share of 39.2% in 2021. Wherein, the United States is responsible for generating more than 80% of the revenue. In the country, atrial fibrillation causes more than 80,000 fatalities each year and more than 460,000 new cases are identified each year. The increasing use of technologically improved atrial fibrillation devices is the primary reason driving the market's expansion. Furthermore, increasing prevalence of heart problems among an older population is one of the major challenges faced by the medical system.
Furthermore, Asia Pacific is expected to grow at the highest CAGR over the forecast period of 2022-2030 in the global atrial fibrillation market due to presence of a sizable patient population sensitive to cardiac disorders, economies that are constantly developing, and the increased prevalence of cardiovascular diseases across India and China. During the projection period, China is anticipated to dominate the Asia Pacific market. The emergence of atrial fibrillation is being encouraged, and healthcare awareness is growing, which is driving the market in the area.
List of Key Companies Profiled
Key Industry Players
In 2021, the top 10 players held around 55%–65% share of the market. Therefore, the market is expected to be fragmented nature. However, it is expected that the atrial fibrillation market might witness changes in future with the entrance of new manufacturers and growing market share of existing players.
More of these trials are being conducted by businesses in an effort to offer patients with atrial fibrillation a better course of treatment. The advent of cutting-edge treatment techniques like hybrid ablation and an increase in atrial fibrillation prevalence in developing Asian nations are also expected to have a significant impact on the global market.
Key Industry Developments:
By End User
The global atrial fibrillation market is studied from 2018-2031.
The global atrial fibrillation market is projected to grow at a CAGR of 8.71% during the forecast period 2023-2031 and is expected to reach US$ 6,839.80 Million by 2031.
Factors such as the increasing number of atrial fibrillation cases boost the market growth.
Hybrid surgical-catheter ablation segment holds the highest CAGR in the global atrial fibrillation market during the forecast period.
North America is growing with the highest CAGR during the forecast period.
High cost of treatment restrains the growth of the global atrial fibrillation market.
US holds the major share in term of revenue in the North America atrial fibrillation market.
Type, technology, treatment and end user are the different segments in the global atrial fibrillation market.
Some of the key players operating in the market are Johnson & Johnson Ltd., Koninklijke Philips N.V., MicroPort Scientific Corporation, Sanofi-Aventis and Boston Scientific Corporation among others.