When atrial fibrillation occurs, the atria, the upper chambers of the heart that should beat in rhythm with the ventricles, instead beat irregularly and inconsistently. Many persons with A-fib may not experience any symptoms. However, A-fib may result in palpitations, a quick, pounding heartbeat, shortness of breath, or weakness. Atrial fibrillation episodes can be intermittent or recurrent. Even though A-fib is typically not a life-threatening condition, it is a significant medical issue that needs to be treated properly to avoid stroke. Medication, therapy to correct the heart rhythm, and catheter operations to obstruct incorrect heart signals are all possible forms of treatment for atrial fibrillation.
Global atrial fibrillation market is estimated to be valued at US$ 21,042.7 million in 2022 and is expected to exhibit a CAGR of 13.4% during the forecast period (2022-2030).
Figure 1. Global Atrial Fibrillation Market Share (%), by End User, 2022
Increasing prevalence of atrial fibrillation is expected to drive the growth of the global atrial fibrillation market over the forecast period.
Increasing prevalence of atrial fibrillation is expected to drive the growth of the global atrial fibrillation market over the forecast period. For instance, according to the data published on July 2022, on Centers for Disease Control and Prevention (CDC), stated that more than 454,000 hospitalizations with atrial fibrillation as the primary diagnosis happen each year in the United States.The condition contributes to about 158,000 deaths each year in U.S.
Figure 2. Global Atrial Fibrillation Market Share (%), by Region, 2022
Increasing approval of products is expected to drive the market growth over the forecast period.
Increasing approval of products is expected to drive the market growth over the forecast period. For instance, in August 2021, Abbott, which is a U.S.-based multinational medical devices and health care company announced that the U.S. Food and Drug Administration (FDA) approved the company's Amplatzer, Left Atrial Appendage Occluder to treat people with atrial fibrillation (AFib) who are at risk of ischemic stroke. The device offers immediate closure of the left atrial appendage (LAA) – an area where blood clots can form in people suffering from AFib – reducing their risk of stroke and immediately eliminating the need for blood-thinning medication.
Global Atrial Fibrillation Market– Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization had declared it a public health emergency on January 30, 2020.
COVID-19 has affected the economy in three main ways: by directly affecting production and demand of drugs and vaccines, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, U.A.E., Egypt, and others, faced problems with regard to the transportation of drugs, medical devices and vaccines from one place to another.
Atrial Fibrillation Market Report Coverage
|Base Year:||2021||Market Size in 2022:||US$ 21,042.7 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||13.4%||2030 Value Projection:||US$ 57,729.0 Mn|
AtriCure, Inc., Biosense Webster, Inc., Boehringer Ingelheim GmbH, Boston Scientific Corporation, Bristol-Myers Squibb Corporation, CardioFocus, Inc., Endoscopic Technologies, Inc., Sanofi Aventis, Johnson and Johnson Ltd., and Abbott Laboratories.
|Restraints & Challenges:||
Global Atrial Fibrillation Market: Key Developments
IOn August 24, 2022, physIQ, which uses wearable biosensor data to generate personalized, clinically valid, actionable insights announced a strategic collaboration with InCarda Therapeutics, Inc., and a privately-held, clinical-stage biopharmaceutical company developed inhaled therapies for cardiovascular diseases. This collaboration will to accelerate Phase III Study in patients with atrial fibrillation.
On August 30, 2022, Medtronic plc, which is an U.S. medical device company technology, announced that it has completed the acquisition of Affera, Inc., which is medical technology company .This acquisition expands the Medtronic plc company's cardiac ablation portfolio to include its first-ever cardiac mapping and navigation platform that encompasses a differentiated, fully integrated diagnostic, focal pulsed field and radiofrequency ablation solution.
Global Atrial Fibrillation Market: Restraint
The major factors that hinder growth of the global atrial fibrillation market include products recall. For instance, in February 2019, Medtronic Plc received U.S. Food and Drug Administration (FDA) product recall for implanted cardiac pacemakers, which affected 13,440 devices manufactured and distributed between March 2017 and January 2019.
Major players operating in the global atrial fibrillation market include AtriCure, Inc., Biosense Webster, Inc., Boehringer Ingelheim GmbH, Boston Scientific Corporation, Bristol-Myers Squibb Corporation, CardioFocus, Inc., Endoscopic Technologies, Inc., Sanofi Aventis, Johnson and Johnson Ltd., and Abbott Laboratories.
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