Allied Market Research recently published a report, titled, “Atrial Fibrillation Market by Type (Surgical [Maze Surgery and Catheter Ablation] and Non-Surgical [Electric Cardioversion, Pharmacological Drugs, Diagnostic Devices, Mapping and Recording Systems, Cardiac Monitors, Access Devices, and Left Atrial Appendage and Closure Devices]): Global Opportunity Analysis and Industry Forecast, 2014-2022”. According to the report, the global atrial fibrillation market is projected to reach $8.32 billion by 2022, registering the CAGR of 13.0% during the forecast period.
Key players have adopted product development as their key strategy to cater to the changing needs of the industry. Major players that operate in this market include 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.
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Rise in prevalence of atrial fibrillation among geriatric population, increase preference of catheter ablation for cardiac arrhythmia treatment, and rapid technological advancements have boosted the growth of the market. However, dearth of skilled professionals and unfavorable preference to pharmaceutical interventions hamper the market growth. On the contrary, rise in awareness of atrial fibrillation in the developing economies is expected to create remunerative opportunities for the market players in the near future.
The global atrial fibrillation market report is segmented based on type into surgical and non-surgical. Based on surgical type, the report is bifurcated into maze surgery and catheter ablation. Among these types, the catheter ablation segment is expected to register the fastest CAGR of 13.8% during the forecast period, owing to rapid technological advancements that allow easy manipulation and treatment during surgical process. The other non-surgical segment is also expected to portray gradual growth through 2022.
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Based on geography, the report is bifurcated into Asia-Pacific, Europe, North America, and LAMEA. Among these regions, Asia-Pacific is estimated to become the fastest growing region with CAGR of 14.7% during the forecast period. This rapid growth is due to rise in prevalence of cardiac arrhythmia in the developing countries among large geriatric population. However, North America accounted for the largest share in the market and is expected to continue its dominance throughout the forecast period. This is attributed to increase in prevalence of atrial fibrillation in geriatric population and high adoption of novel technologies for the treatment of atrial fibrillation.
Key findings of the Atrial Fibrillation 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
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