Atrial Fibrillation Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $8,319 million by 2022, registering a CAGR of 13.0% during the period 2014 – 2022. Non-surgical devices segment dominated the overall market in 2015. North America was the leading geographic segment in global atrial fibrillation devices market in 2015, and is expected to maintain its leading position throughout forecast period.
Rise in prevalence rate of atrial fibrillation in geriatric population, technological advancements in devices, improvement of healthcare infrastructure in developing countries, development of minimally invasive procedures, and increase in patient awareness propel the market growth. However, dearth of skilled professionals and unfavorable preference to pharmaceutical drugs hamper the growth of the market.
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Catheter ablation is the highest revenue contributor and is expected to grow at the highest CAGR of 13.8% in the analysis period. This growth is owing to the technological advancements such as cryoFORM, which offers increased flexibility that allows easy manipulation and treatment during surgical process. In addition, increase in preference of catheter ablation for cardiac arrhythmia treatment over other devices as this is the safer and minimally invasive surgical procedures used for the treatment of atrial fibrillation.
COVID-19 scenario analysis:
1) The COVID-19 impact on the Atrial Fibrillation Market is unpredictable and is expected to remain in force till the fourth quarter of 2021.
2) The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and banned import-export of nonessential items for most of 2021. This led to sudden fall in the availability of important raw materials.
3) Moreover, nationwide lockdowns forced manufacturing facilities to partially or completely shut their operations.
4) Adverse impacts of the COVID-19 pandemic have resulted in delays in activities and initiatives regarding development of reliable and innovative drone analytics systems globally.
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Key Findings of the Occupational Medicines Market:
North America dominated the market of atrial fibrillation and is expected to maintain its lead throughout the forecast period, with a CAGR of 12.1%
By country, U.S. generates the highest revenue in 2015
Asia-Pacific is the fastest growing market and is estimated to grow at a CAGR of 14.7%
Japan accounted for more than one-third share of the Asia-Pacific atrial fibrillation devices market in 2015
The non-surgical equipment segment dominated in 2015, occupying largest revenue share and is anticipated to grow at a CAGR of 12.5%
Catheter ablation (sub segment for surgical equipment) accounted for largest market share in 2015 and is anticipated to grow at a CAGR of 13.8%
Cryoablation, a sub type of catheter ablation, is projecting the highest CAGR of 14.6% during the study period
List of Key Players Profiled in the Report:
Abbott Laboratories, Johnson & Johnson, MicroPort Scientific Corporation, Boston Scientific Corporation, St. Jude Medical, Inc., Medtronic plc, Biotronik SE & Co. KG, Koninklijke Philips N.V., Siemens AG, and AtriCure Inc.