USD 10.10 billion
Atrial Fibrillation Market Size, Share, Growth Analysis, By Technology(Radiofrequency, Laser, Cryotherapy, and Others), By End User(Hospitals, Specialty Clinics, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35E2044 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|Tables:
64
|Figures:
72
Atrial Fibrillation Market Insights
Global Atrial Fibrillation Market size was valued at USD 10.10 billion in 2022 and is poised to grow from USD 11.31 billion in 2023 to USD 27.92 billion by 2031, at a CAGR of 11.96% during the forecast period (2024-2031).
Atrial fibrillation (AFib) is known as irregular and frequently rapid heart rhythm. It is also known as an arrhythmia. Atrial fibrillation results in the formation of blood clots in the heart.
The growth of the atrial fibrillation market is driven by an increased incidence of atrial fibrillation among the geriatric population, technological advancements, and an increasing preference for catheter ablation in the treatment of Atrial fibrillation.
For instance, according to the Centers for Disease Control and Prevention (CDC), around 2% of individuals under the age of 65 are affected by AFib, whereas approximately 9% of those aged 65 and above are diagnosed with the condition.
However, the challenges in the market are a shortage of experienced specialists and high-cost treatment of atrial fibrillation. Additionally, the surge in the use of laser and radiofrequency applications, and potentially diminishing the necessity for atrial fibrillation devices are propelling the market growth.
Furthermore, the synergistic use of medications and devices is demonstrated to yield improved outcomes in the management of cardiac arrhythmias, contributing to potential expansion in the atrial fibrillation market throughout the forecast period.
Moreover, the increasing prevalence of atrial fibrillation is poised to fuel market expansion in the upcoming years.
For instance, according to the Journal of the American Heart Association in the U.S., a minimum of 3 to 6 million individuals currently live with AF, and projected to rise approximately 6 to 16 million by 2050. In Europe, the prevalence of AF in 2010 was around 9 million among individuals aged over 55, and it is anticipated to increase to 14 million by 2060. Estimates suggest that by 2050, AF diagnoses may encompass at least 72 million individuals in Asia.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Radiofrequency
Fastest Growth
Radiofrequency
Growth Rate
11.96% CAGR
Global Atrial Fibrillation Market ($ Mn)
Country Share for North America Region (%)
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Atrial Fibrillation Market Segmental Analysis
The global atrial fibrillation market is segmented based on technology, end user, and region. The market is segmented based on technology into radiofrequency, laser, cryotherapy, and others. others include ultrasound ablation and electroporation therapy. By end user, the market is categorized into hospitals, specialty clinics, and others. Region-wise, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Analysis by Technology
The market is segmented based on technology into radiofrequency, laser, cryotherapy, and others. Others include Ultrasound Ablation and electroporation Therapy. Radiofrequency will dominate the market in 2022 and is expected to be the fastest-growing segment during the forecast period owing to increasing radiofrequency methods for catheter ablation. For instance, according to the Journal of the American Heart Association radiofrequency (RF) catheter ablation has emerged as a significant therapeutic alternative for individuals with drug-resistant atrial fibrillation (AF), achieving a success rate of approximately 75% in proficient medical facilities. Moreover, according to the Heart Rhythm Society organization (HRS), Ablation stands as a prevalent treatment choice for individuals with atrial fibrillation (AF), with an approximate annual execution of 75,000 ablation procedures in the United States alone. These are factors propelling the Atrial Fibrillation market growth.
Analysis by End User
By end user, the atrial fibrillation market is categorized into Hospitals, Specialty Clinics, and Others. In 2022, the hospitals segment recorded the highest revenue, driven by increased adoption of laser and radiofrequency methods for catheter ablation in the atrial fibrillation market. In 2022, the hospital segment held the predominant market share, propelled by the increasing utilization of technologies like radiofrequency and lasers for cardiac ablation, fostering market expansion. Additionally, the increased adoption of laser and radiofrequency methods for catheter ablation in the atrial fibrillation market is boosting the market growth. Moreover, the rising count of individuals seeking monitoring and treatment for atrial fibrillation is anticipated to fuel the growth of this segment in the coming years.
Global Atrial Fibrillation Market By Technology ($ Mn)
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Atrial Fibrillation Market Regional Insights
In 2022, North America emerged as the leading revenue generator in the atrial fibrillation market. The substantial adoption of technologically advanced devices for atrial fibrillation within North American countries stands out as a key driver for market growth. Additionally, the rapid rise in cardiac diseases among the aging population poses a significant challenge to healthcare systems. To address this challenge, numerous new products are being approved and introduced in North American countries, contributing further to the expansion of the atrial fibrillation industry.
However, the Asia Pacific is projected to experience lucrative growth in the upcoming years, attributed to significant economic development and increasing government initiatives aimed at raising awareness about chronic conditions such as atrial fibrillation, cancer, and cardiovascular diseases.
Global Atrial Fibrillation Market By Region
- Largest
- Fastest
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Atrial Fibrillation Market Dynamics
Drivers
Increasing geriatric population
- The rising geriatric population is the major driving factor in the atrial fibrillation market, as the geriatric population is prone to Atrial Fibrillation. For instance, according to the World Health Organization (WHO) by 2030, approximately one in six individuals globally will be 60 years or older, representing a notable demographic shift. During this period, the proportion of the population aged 60 years and above is anticipated to rise from 1 billion in 2020 to 1.4 billion. Looking ahead to 2050, the worldwide population of individuals aged 60 and older is projected to double, reaching 2.1 billion. Furthermore, there is an expected threefold increase in the number of individuals aged 80 years or older between 2020 and 2050, reaching a total of 426 million. These demographic projections underscore the significant aging trend shaping the global population in the coming decades.
Restraints
High Cost of Treatment
- The high treatment cost of atrial fibrillation is a major concern that is expected to hamper the growth of the atrial fibrillation market. For instance, according to Science Direction, the mean cost per patient is USD 3,530 (95% CI $3,328–$3,732) for hospital admissions, USD 3,878 (95% CI $3,769–$3,987) for visits to outpatient facilities, and $394 (95% CI $358–$430) for visits to the emergency room. Hence the high cost of treatment hampering the atrial fibrillation market growth
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Atrial Fibrillation Market Competitive Landscape
The global atrial fibrillation market presents a competitive environment characterized by a mix of established industry players and innovative start-ups, each vying for a dominant position in the evolving advanced technology in atrial fibrillation. Leading companies play an important role in shaping the market, leveraging their expertise in new product launches and innovative products. With a focus on R&D, these key players continuously increase the productivity, sustainability, and cost-effectiveness of atrial fibrillation, address challenges, and drive market growth. Furthermore, collaboration with other companies, acquisitions, and partnerships together contribute to overall competitiveness.
Top Player’s Company Profiles
- AtriCure Inc
- MicroPort Scientific Corporation
- Koninklijke Philips N.V.
- Medtronic plc
- Biotronik SE & Co. KG
- Johnson & Johnson
- Abbott Laboratories
- Boston Scientific Corporation
- St. Jude Medical
- Siemens AG
- Endoscopic Technologies Inc.
- Boehringer Ingelheim GmbH
- Biosense Webster Inc.
- CardioFocus Inc.
- Sanofi-Aventis
- Bristol-Myers Squibb Corporation
- others
Recent Developments
- In February 2022, Boston announced the successful acquisition of Baylis Medical Company Inc. Known for its advanced transseptal access solutions, sheaths, guidewires, and dilators utilized in catheter-based left-heart procedures, Baylis Medical will contribute to enhancing Boston Scientific's portfolio in structural heart offerings and electrophysiology.
- In September 2023, Boston Scientific Corporation reported the approval from the U.S. Food and Drug Administration for the newest iteration of the WATCHMAN FLX™ Pro Left Atrial Appendage Closure (LAAC) Device. Engineered to enhance the procedural efficacy and safety of the WATCHMAN technology, specifically designed for reducing stroke risk in patients with non-valvular atrial fibrillation (NVAF) seeking an alternative to oral anticoagulation therapy, the updated device incorporates a polymer coating, visualization markers, and an expanded size matrix to address a broader spectrum of patients.
Atrial Fibrillation Key Market Trends
- Rise in Atrial Fibrillation Cases: The prevalence of atrial fibrillation (AFib) has witnessed a notable rise worldwide, marking a significant trend in the healthcare industry. For instance, according to the National Institutes of Health, atrial fibrillation is currently prevalent worldwide, affecting approximately 37.57 million individuals, equivalent to 0.51% of the global population. Over the past two decades, there has been a significant 33% increase in the incidence of atrial fibrillation. While countries with a high socio-demographic index bear the highest burden of this cardiac condition, the most substantial recent surge has been observed in countries with a middle socio-demographic index. This data underscores the evolving global landscape of atrial fibrillation, emphasizing both the overall prevalence and the noteworthy shifts in its distribution across different demographic indices. Moreover, increasing factors such as obesity, hypertension, and diabetes, which are often associated with modern lifestyles, contribute to the growing prevalence of AFib and automatically propelling the market trends.
Atrial Fibrillation Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analyses, the global atrial fibrillation market is rapidly growing globally, owing to the increasing geriatric population, as the geriatric population is prone to Atrial Fibrillation. The geriatric population is likely to suffer from chronic conditions such as Alzheimer’s, cardiovascular diseases, and other neurological conditions. The growing prevalence of the condition among this population is expected to drive market growth in the forthcoming years. For instance, according to an article by JAMA Network dated February 2023, out of 17,238 people with a mean age of 74.6 years, 13.2% were prevalent for the condition. Additionally, the article also states the prevalence of this condition increases with age, with 6.4% of the population between the age of 65-69 suffering from atrial fibrillation while 28.5% of the population above 85 years suffer from the condition.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 10.10 billion |
| Market size value in 2031 | USD 27.92 billion |
| Growth Rate | 11.96% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Atrial Fibrillation Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Atrial Fibrillation Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Atrial Fibrillation Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Atrial Fibrillation Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Atrial Fibrillation Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Atrial Fibrillation Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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