The atrial fibrillation market is expected to grow from US$ 9,511.05 million in 2022 to US$ 20,925.79 million by 2028; it is expected 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 hampering the atrial fibrillation market growth.
Atrial fibrillation, AFib, or AF, is a medical condition that causes irregular heartbeats (arrhythmia) and can lead to blood clots, stroke, heart failure, and other heart-related complications. In this condition, the heart's upper chambers (known as atria) beat irregularly and thus cannot pump blood through its chambers. The medicines used to treat atrial fibrillation are blood thinners, heart rate, and heart rhythm medicines. If the medicines do not work, electrical cardioversion, cardiac ablation, and surgeries are preferred as the next treatment option.
Asia Pacific is the fastest-growing region in the global atrial fibrillation market. China, Japan, and India are among the key contributors to the market in this region. The driving factors in the region include increasing incidences of cardiovascular diseases, increasing geriatric population, growing awareness on better treatment procedures and advancement in technology are expected to equally influence the overall growth of market during the forecast period. Additionally, increasing availability of diagnostic and treatment services in countries such as India and large patient population contribute to the growth of the market.
Strategic Insights
Lucrative Regions for Atrial Fibrillation Market
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Market Insights
Rising Awareness Regarding Atrial Fibrillation
Atrial fibrillation is among the most commonly occurring heart condition, which causes irregular and often abnormally fast heart rates, possibly leading to a stroke. A large number of populations across the globe are unaware of the symptoms associated with atrial fibrillation and hence remain untreated. For instance, according to the Centers for Diseases Control and Prevention estimates that by 2030, ~12.1 million people will have atrial fibrillation in the US. The data states that ~454,000 hospitalizations are observed yearly for atrial fibrillation in the US, leading to 158 000 deaths. It is said that millions of Americans are unaware of the atrial fibrillation condition. Therefore, Various associations worldwide have been involved in undertaking awareness regarding a medical conditions. For instance, Health Innovation Manchester in November 2018 raised awareness regarding Atrial Fibrillation and other innovative technologies to increase disease detection as part of Global AF Aware Week.
Other than bodies such as associations and organizations, companies in the market have also played an instrumental role in increasing awareness regarding atrial fibrillation. For instance, in February 2023, Bristol Myers Squibb and Pfizer, Inc. collaborated with Kareem Abdul-Jabbar, a basketball player, to raise awareness of atrial fibrillation and its symptoms through their campaign No Time to Wait Campaign. Similarly, in November 2020, Biosense Webster, a Division of Johnson & Johnson, launched two major initiatives for the Global AF Aware Week, which falls between 18–24 November. As a part of the Get Smart About AFIB (GSAAF) action, the company entered into a strategic partnership with the Arrhythmia Alliance to increase knowledge of AF across the healthcare community and the general public.
As awareness helps improve the medical care needed to treat atrial fibrillation, the market is expected to witness considerable growth during the forecast period.
Treatment Type-Based Insights
Based on treatment type, the atrial fibrillation market is segmented 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. The non-pharmacological segment is further divided into the surgical maze, catheter ablation, and electric cardioversion. In 2022, the MAZE surgery segment held the largest share of the market. However, the catheter ablation segment is estimated to register the highest CAGR in the market during the forecast period
Atrial Fibrillation Market, by Treatment Type – 2022 and 2028
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End User-Based Insights
Based on end user, the atrial fibrillation market is segmented into hospitals, ambulatory surgical centers, and cardiac catheterization laboratories. The hospitals segment accounted for the largest market share in 2019, and it is estimated to register the highest CAGR during the forecast period.
Companies operating in the atrial fibrillation market are adopting the inorganic and organic strategies to meet the evolving customer demands across the world, which further permits them to maintain their brand name in the global market.
- In August 2022, Medtronic completed acquisition of Affera, a Massachusetts-based healthcare technology company, dedicated to offer treatment of arrhythmias. Medtronic acquired Affera US$ 925 million and Medtronic had 3% of ownership in Affera well before this deal was announced.
- In May 2019, Royal Philips signed a collaboration deal with Medtronic plc. This collaboration will likely advance the treatment of paroxysmal atrial fibrillation (PAF), a common heart rhythm disorder.
- In January 2019, Medtronic plc. acquired EPIX Therapeutics, Inc. This acquisition is likely to expand the Medtronic cardiac ablation portfolio to offer physicians a comprehensive set of tools to treat patients with cardiac arrhythmias.
- In August 2019, AtriCure, Inc. acquired SentreHEART, Inc. With this, the company will likely increase its product portfolio in the atrial ablation field.
Atrial Fibrillation Market: Competitive Landscape and Key Developments
Some key companies operating in the atrial fibrillation market include Boston Scientific Corporation; Medtronic; AtriCure, Inc; Johnson & Johnson (Biosense Webster, Inc.); BOEHRINGER INGELHEIM GMBH; CardioFocus; Abbott; Sanofi; Biotronik, Inc.; and Bristol-Myers Squibb Company. These players focus on expanding and diversifying their market presence and acquiring a novel customer base, thereby tapping prevailing business opportunities.