Atrial Fibrillation Market Worth $20.92 Billion, Globally, by 2028 at 14.11% CAGR | The Insight Partners

Pune, INDIA., April 04, 2023 (GLOBE NEWSWIRE) — According to our latest study on “Atrial Fibrillation Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Treatment Type, End User, and Geography,” the market is expected to grow from US$ 9,511.05 million in 2022 to US$ 20,925.79 million by 2028; it is estimated to grow at a CAGR of 14.11% from 2022 to 2028. The market’s growth is attributed to the increasing prevalence of atrial fibrillation and rising awareness regarding atrial fibrillation. However, the high cost of atrial fibrillation devices and procedures is restraining the market growth. 

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Global Atrial Fibrillation Market Growth Drivers:
•             Increasing Prevalence: AFib is a common condition, and its prevalence is increasing worldwide. The aging population, lifestyle changes, and the rise in chronic diseases such as diabetes and obesity are some of the factors contributing to the growing incidence of AFib.
•             Technological Advancements: The development of new and advanced technologies for the diagnosis and treatment of AFib is driving the growth of the market. For instance, advancements in catheter ablation techniques and the introduction of new anticoagulant drugs have improved the outcomes of AFib treatment.
•             Growing Awareness: Increasing awareness of AFib and its associated complications among patients and healthcare professionals is also contributing to the growth of the market. This awareness has led to early detection and diagnosis of the condition, resulting in better outcomes for patients.
•             Government Initiatives: Governments worldwide are taking initiatives to promote AFib awareness and encourage early diagnosis and treatment. These initiatives are aimed at reducing the burden of AFib on healthcare systems and improving the quality of life for patients.
•             Increasing Healthcare Expenditure: The increasing healthcare expenditure in developed and developing countries is also driving the growth of the AFib market. This expenditure is enabling patients to access advanced treatment options and leading to the development of new therapies and drugs for AFib.

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Development of Novel Technologies to Fuel Atrial Fibrillation Market in Forecast Period:
Significant changes in technological advancement are shifting the healthcare services and facilities for cardiovascular conditions. The rapidly increasing prevalence of cardiovascular diseases is raising the demand for technically advanced devices for diagnosing and treating patients with effective and efficient care. Several market players have successfully developed treatments for atrial fibrillation. Below are a few product developments and launches that have enhanced market growth.

In February 2021, the US FDA approved Medtronic’s DiamondTemp Ablation (DTA) system to treat atrial fibrillation patients. The system is the first temperature-controlled that uses irrigated radiofrequency (RF) ablation system with diamonds to treat patients with recurrent, symptomatic paroxysmal atrial fibrillation and patients who are unresponsive to drug therapy.

In August 2021, Abbott announced receiving approval from the US FDA for its Amplatzer Amulet Left Atrial Appendage Occluder. The product is designed to treat patients with atrial fibrillation and risk of ischemic stroke. The product’s design allows immediate closure of the left atrial appendage, reducing the risk of stroke and eliminating the need for blood-thinning medication.

In November 2021, Medtronic India announced the launch of its Arctic Front Cardiac Cryoablation Catheter System to treat atrial fibrillation. The product is designed to block unwanted electrical signals by targeting pulmonary vein isolation and allows effective treatment of atrial fibrillation.

The novel technological developments have enabled companies to capture customers worldwide and deliver effective treatments for atrial fibrillation. The developments have also allowed companies to sustain their positions in the market and encourage other players to enhance their product developments. Additionally, product developments have set a trend that enables market growth. Thus, owing to the abovementioned factors, the atrial fibrillation market will likely significantly boost in the coming years.

Global Atrial Fibrillation Market: Segmental Overview

Treatment Type-Based Insights:

The atrial fibrillation market is bifurcated based on treatment type into non-pharmacological and pharmacological. The non-pharmacological segment held a larger market share in 2022 and is anticipated to register a higher CAGR during 2022–2028. For managing atrial fibrillation, non-pharmacological approaches are rapidly emerging as the mainstay for the comprehensive management of arrhythmia. As per the National Center for Biotechnology Information (NCBI), various studies have appeared over several years in the literature that has highlighted multiple aspects of the pathophysiological mechanisms underlying arrhythmia. Several techniques are used for the non-pharmacological management of AF, such as MAZE surgery, catheter ablation, and electric cardioversion. Therefore, the non-pharmacological segment is further segmented into the surgical maze, catheter ablation, and electric cardioversion. The MAZE surgery segment held the largest share of the market in 2022, and the catheter ablation segment is estimated to register the highest CAGR during the forecast period.

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End User-Based Insights:
The atrial fibrillation market is segmented into hospitals, ambulatory surgical centers, and cardiac catheterization laboratories based on the end user. The hospitals segment accounted for the largest share of the market in 2021, and it is estimated to register the highest CAGR during the forecast period.

Global Atrial Fibrillation Market: Competitive Landscape and Key Developments
Boston Scientific Corporation; Medtronic; AtriCure, Inc; Johnson & Johnson (Biosense Webster, Inc.); BOEHRINGER INGELHEIM GMBH; CardioFocus; Abbott; Sanofi, Biotronik, Inc.; and Bristol-Myers Squibb Company are among the leading companies operating in the global atrial fibrillation market. These players focus on expanding and diversifying their market presence and acquiring a novel customer base, tapping prevailing business opportunities through product developments and market consolidations.

In February 2023, Abbott announced that it had received two approvals for its TactiFlex Ablation Catheter and Sensor Enabled from the European Union and US Food and Drug Administration (FDA). These products are ablation catheters with a flexible tip and contact force sensing. These products are intended to treat people with abnormal heart rhythms like atrial fibrillation (AFib). US FDA has granted expanded indication2 to FlexAbility Ablation Catheter and Sensor Enabled to treat patients with a complex heart condition.

In February 2020, Janssen Pharmaceutical Companies of Johnson & Johnson announced a collaboration with Apple, Inc. for open enrollment for the Heartline Study. The study is designed to explore the features of the Heartline Study app and heart health features on Apple Watch if it can improve health outcomes, such as reducing the risk of stroke and earlier detection of atrial fibrillation (AFib).

In January 2019, Abbott received FDA approval for its product, TactiCath. This product will be a new ablation catheter designed to help physicians accurately and effectively treat atrial fibrillation (AFib). With this approval, the company is likely to improve its sales.           

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