Report Code : A00380
The atrial fibrillation market witnessed significant growth in the past decade, owing to rise in utilization of catheter ablation devices to treat atrial fibrillation. Catheter ablation is expected to drive the industry forward at a rapid pace, since these devices are utilized to treat atrial fibrillation when drugs prove ineffective. Catheter ablation is a relatively low-risk and less intrusive treatment as compared to other surgeries (such as MAZE surgery). Furthermore, rise in the prevalence rate of such disorders in senior population and technological advancement in medical devices impact positively in the growth of the atrial fibrillation market.
Onkar Sumant - Manager
Life Sciences at Allied Market Research
According to a new report published by Allied Market Research, titled, “Atrial Fibrillation Market," The atrial fibrillation market size was valued at $1,825.85 million in 2020, and is estimated to reach $3.4 Billion by 2030, growing at a CAGR of 6.4% from 2021 to 2030.
Atrial fibrillation is a type of irregular heartbeat characterized by rapid and irregular beating. Blood may clot and congest in the atria at the same time because of insufficient blood received by ventricles. These clots can enter the circulation and reach the brain, causing stroke. The transmission of electrical impulses to the lower heart chambers is disrupted in atrial fibrillation, which causes a rapid, slow, or irregular heartbeat. During atrial fibrillation, upper chamber and lower chamber of the heart beat irregularly, chaotically, and out of sync, which causes shortness of breath, chest pain, weakness, ad lightheadedness or fainting.
Numerous technical improvements in the treatment and diagnostics of atrial fibrillation, as well as the rise in prevalence of atrial fibrillation in the senior population, are major drivers of atrial fibrillation industry. However, market expansion is hampered by problems, such as strict government laws, expensive treatment costs for atrial fibrillation, and shortage of experienced specialists and technicians.
Key players focus on expanding their portfolio by introducing technologically developed products, which re expected to help reduce the risk of stroke and atrial fibrillation in patients. For instance, in April 2021, ArtiCure, Inc., a major pioneer in atrial fibrillation (Afib) therapy introduced Epi-Sense System, which is approved by the U.S. Food & Drug Administration (FDA). Epi-Sense System is used to treat patients with long-standing persistent cardiac arrhythmias or atrial fibrillation.
However, during the COVID-19 pandemic lockdown, various manufacturers in the atrial fibrillation market had to stop their business in countries, such as China, the U.S., and India, which negatively affected the atrial fibrillation market growth. This break directly impacted the sales and decline in atrial fibrillation market share. In addition, lack of manpower and raw materials also constricted supply of equipment of atrial fibrillation, which negatively influenced the growth of the market. However, reopening of production facilities and introduction of vaccines for COVID-19 are anticipated to lead to re-opening of atrial fibrillation companies.
Key Findings Of The Study
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Atrial Fibrillation Market by Type (Surgical, Non-Surgical), by Technology (Radiofrequency, Laser, Cryotherapy, Others), by End User (Hospitals, Specialty Clinics, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030
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