Increase in number of heart diseases coupled with technological advancements globally, are the major factors influencing market growth.
Market Size – USD 5.08 billion in 2018, Market Growth - CAGR of 14.1%, Market Trends –Technological advancement along with increasing heart diseases
NEW YORK, May 27, 2019 (GLOBE NEWSWIRE) -- The Atrial Fibrillation Market is estimated to reach USD 14.68 Billion by 2026, according to a new report by Reports and Data. This can be mainly associated with the growing incidences of chronic heart diseases such as hypertension, obesity, and diabetes are leading to rising heart problems along with technological advancements that are expected to become the most common growth factors globally in the coming years.
Expanding efforts initiated by key companies for the development of advanced products will boost market growth. Also, the rising number of people suffering from high blood pressure and heart diseases are some of the common risks which are promoting need for advanced treatment. Atrial fibrillation (AF) is a kind of cardiac arrhythmia that is caused by unusual electrical activities in the atria. It can persist with no symptoms, but most common signs connected with it are palpitations, fainting, and chest pain. AF is confirmed by an electrocardiogram which presents an absence of the P wave and variable rate of ventricular contractions. These irregularities of the sino-atrial node in the regular cardio-electric impulses are the result of intervention from uncontrolled electric impulses causing from roots of pulmonary veins, consequently leading to the conduction of an irregular heartbeat. The most common type of arrhythmia is known as atrial fibrillation, according to WHO. Increasing prevalence of diseases such as hyperthyroidism, mitral stenosis, high blood pressure, pneumonia, pulmonary embolus, and obesity are one of the most significant triggering factors responsible for the high predominance of this disorder.
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Due to the presence of key players, favorable reimbursement policies, and rising number of chronic diseases along with several initiatives initiated by the government, North America accounts for the largest share of 42.3% of the market in 2018.
Further key findings from the report suggest
- Growing population, increasing rates of heart diseases, and rising healthcare expenditure are the fundamental factors which are spurring the growth of the market across the globe.
- EP ablation catheters of the product segment are estimated to reach USD 3.20 billion by 2026 at a CAGR of 14.1% during the forecast period.
- Electrophysiology is a test to estimate the electrical activity of the heart and to diagnose atrial fibrillation or arrhythmia. Catheter ablation is a method implemented to treat some types of arrhythmia.
- Due to its possible lucrativeness, several companies operating in the healthcare industry have widely adopted EP catheter ablation, making the market relatively fragmented and profoundly competitive.
- Manufacturers are investing in research and development due to the rising demand for cost-effective procedures, and reliable imaging for implementing technologically advanced catheter ablation procedure.
- An increasing number of hospitals are using a combination of both device and drugs to treat atrial fibrillation.
- Innovative product development and collaborative developments are some critical strategic initiatives taken by the players in this industry to point their mark in the competition.
- The presence of unique diagnostic and therapeutic medical technologies that enable quick and accurate diagnosis is a primary factor for the growth of this segment.
- Cardiac monitors or implantable loop recorder product account for a market share of 20.6% in 2018.
- Rising acceptance of cardiac monitors will augment industry growth in future years.
- The adoption rate of cardiac monitors is growing due to effective long-term heart rhythm monitoring that it offers as compared to another standard electrocardiogram.
- Moreover, the increasing demand for minimally invasive procedures is a major factor increasing the growth of the market.
- The expanding application of such devices is mainly associated with current technological improvements including miniaturization, more accessible implant surgeries, and remote nursing, all of it making this procedure more promising and appealing.
- Cardiac Centers end user is estimated to reach USD 4.60 billion by 2026 at the highest CAGR of 14.2% during the forecast period.
- Europe accounts for a share of 23.2% in 2018 and is expected to grow at a rate of 14.1% during the forecast period.
- Key participants include Abbott Laboratories, Atricure Inc., Johnson & Johnson, Microport Scientific Corporation, Boston Scientific Corporation, Biosense Webster, Inc., St. Jude medical, Inc., Siemens AG, Medtronic Plc, Koninklijke Philips N.V., Cardiofocus, Inc., Biotitic Se & Co. Kg, Inc., Carima, Inc., Ncontact, Inc., and Agricore, Inc.
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Segments covered in the report:
For the purpose of this study, Reports and Data have segmented the global Atrial Fibrillation Market on the basis of Product, Application, End user and region:
Product Outlook (Revenue, USD Million; 2016-2026)
- EP Ablation Catheters
- Cardiac Monitors or Implantable Loop Recorder
- EP Diagnostic Catheter
- Mapping and Recording Systems
- Access Devices
- Intracardiac Echocardiography
- Left Atrial Appendage Closure Devices
By Application Outlook (Revenue, USD Million; 2016-2026)
- EP Ablation
By End-User Outlook (Revenue, USD Million; 2016-2026)
- Cardiac Centers
- Ambulatory Surgical Centers
Regional Outlook (Revenue, USD Million; 2016-2026)
- North America
- Asia Pacific
- Latin America
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