Atrial Fibrillation Market Is Projected To Grow Exponentially By 2022 | Top Key Players Are Abbott Laboratories, Johnson & Johnson, MicroPort Scientific Corporation
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.
Asia-Pacific is expected to be the fastest growing region with a CAGR of 14.7% during the forecast period. Japan accounted for the highest share of the total Asia-Pacific market in 2015; while China is poised to grow at highest CAGR during the analysis period (20162022). This growth in this region is attributed to the rise in the prevalence of cardiac arrhythmia in developing countries (such as India and China) owing to the large geriatric population.
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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
North America accounted for the major share in the global atrial fibrillation devices market in 2015, and is expected to maintain its leading position throughout forecast period. This is attributable to the increase in prevalence of atrial fibrillation in geriatric population and high adoption of advanced technologies for the treatment of AF.
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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