ATRIAL FIBRILLATION MARKET – GLOBAL INDUSTRY INSIGHTS, TRENDS, OUTLOOK, AND OPPORTUNITY ANALYSIS, 2016–2024
According to CDC, it is estimated that 2.7–6.1 million individuals in the U.S. alone suffer from atrial fibrillation. The report further states that the number is likely to increase with the aging of the population in this region. Roughly 2% of the population who are younger than 65 years of age suffers from AF. However, around 9% of the population aged 65 years or more suffers from AF. The global market for atrial fibrillation is expected to grow at a steady pace, owing to the rise in the number of AF patients, caused primarily by common diseases and health conditions such as diabetes, obesity, and hypertension. Prevalence is especially highly among the geriatric population. Increasing cases of AF among the global population coupled with rising importance of catheter ablation procedures is expected to fuel growth of the atrial fibrillation market over the forecast period (2016–2024).
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Atrial fibrillation market Taxonomy
On the basis of treatment type, the global market is classified into (Non-Pharmacological, MAZE surgery, Catheter ablation, Electric cardioversion, and Pharmacological)
On the basis of device type, the market is classified into (Catheter ablation devices, Mapping and recording systems, Access devices, Cardiac monitors, Intracardiac echocardiography (ICE) systems, and Left Atrial Appendage (LAA) and closure devices
Increasing prevalence of atrial fibrillation, especially among the geriatric population to drive growth of the overall atrial fibrillation market
Rise in life expectancy among the global population has led to an increase in occurrence of AF in geriatric population. Also, rise in inclination for catheter ablation and technological advancements will fuel the market growth of atrial fibrillation market. Nonetheless, lack of skilled professionals and hostile first choice of pharmaceutical interventions over AF healing devices are projected to encumber the growth of the atrial fibrillation market size. According to the National Center for Biotechnology Information (NCBI), the prevalence of AF is estimated to double in a span of two decades (2010–2030). Favorable regulatory steps such as “National Programme for Prevention and Control of Diabetes, Cardiovascular Diseases and Stroke (NPDCS)” undertaken by the Government of India, which aims to prevent and control premature mortality and morbidity from cardiovascular diseases, stroke and diabetes mellitus. These factors governing the market along with rise in total number of AF cases will propel growth of the market during the forecast period.
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North America is the largest revenue contributor towards the global atrial fibrillation market share. Presence of advanced healthcare facilities and higher adoption rate of technologically advanced technologies in countries such as U.S. and Canada are some of the factors responsible for the dominance of the market in this region. The market in Asia Pacific is projected to grow at a substantial rate in the near future, owing to the region’s growing population and rapidly aging population highly vulnerable to heart diseases. Also, demand for atrial fibrillation treatment devices is estimated to increase, owing to the advancements in healthcare infrastructure and rise in expenditure in the emerging economies such as China and India thereby, fueling overall growth of the global atrial fibrillation market over the forecast period.
Some of the major companies operating in the atrial fibrillation market in the current scenario are Cardiofocus, Inc., Biosense Webster, Inc., Biotitic Se & Co. Kg, St. Jude Medical, Inc., Medtronic, Inc., Carima, Inc., Boston Scientific Corporation, Ncontact, Inc., and Agricore, Inc.
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