Healthcare

Global Atrial Fibrillation Device Market

April 2, 2022
ID: SR/HC-206
Format:Pdf
Pages:220

Global Atrial Fibrillation Device Market, By Product (Ep Ablation Catheters {Radiofrequency, Laser, Cryoablation, Ultrasound, Microwave and others}, EP Diagnostics Catheters {Fixed Curves Catheters, Steerable Catheters, Advanced Mapping Catheters}, Mapping and Recording Systems, Cardiac Monitors or Implantable Loop Recorder, Access Devices, Intracardiac Echocardiography, Left atrial appendage (LAA) closure devices), By End-Use (Hospital, Cardiac Centers, Ambulatory Surgical Centers and others), By Region (North America, Europe, Asia-Pacific, South America and the Middle East & Africa)-Global Forecast to 2028.

Description

Atrial Fibrillation Devices Market Overview

Atrial Fibrillation Devices Market was valued at 7.4 billion in 2021, and it is estimated to reach USD 15.2 billion by 2028, with a CAGR of 14% during the forecast of 2022-2028. Growth in the prevalence of obesity and hypertension among the senior population reduced mortality rate, and favorable consequences of the atrial fibrillation device are predicted to drive the global atrial fibrillation device market growth. Moreover, the atrial fibrillation device is an option for long-term oral anticoagulants among non-valvular atrial fibrillation (NVAF) patients, eliminates long-term warfarin, and reduces the chance of heart bleeding and strokes fuel the change of the global atrial fibrillation device market.

What is Atrial Fibrillation Device?

Atrial fibrillation is an arrhythmia directed to an irregular heart rhythm of the heart’s upper chamber, i.e., randomly changing normal arrangement electrical impulses. Atrial fibrillation is treated with drugs by slowing the heart rate to the rhythm managing stage. Atrial fibrillation may lead to a blood clot, heart failure, strokes and other heart-related problems. If atrial fibrillation disease stays untreated, it will double the risk of the patient’s death. The Atrial fibrillation devices are gentler than some devices, with a low risk of tearing or future bleeding. A surgeon can inject this device with open surgery or a minimally invasive.

Growth Device

Increasing Prevalence of Cardiac Diseases to Propel Atrial Fibrillation Devices Demand Globally

The rising prevalence of atrial fibrillation devices, supraventricular tachycardia, and other heart disorders increase the demand for atrial fibrillation devices. For example, according to the CDC, 0.5% of the global people suffer from atrial fibrillation. Further, around 2.0% of the population below 65 years of age suffers from the condition, while about 9.0% of the population over 65 years of age globally suffered from atrial fibrillation devices in 2020.

Ventricular tachycardia is another serious condition responsible for a calculated 300,000 deaths each year in the U.S. alone. Thus, the increasing majority of cardiovascular disorders is one of the primary elements pushing the need for these devices for diagnosis and monitoring. According to American Heart Association, almost half of the adults in the U.S. suffer from cardiovascular disease. Further, according to a report issued by Biosense Webster Inc., a Johnson & Johnson Services firm, atrial fibrillation (AF) involves more than 16 million people in the Asia Pacific and is anticipated to rise to 72 million by 2050.

Opportunities

Technological Improvements in Atrial Fibrillation Devices to Stimulate the Demand

The introduction of technologically progressive devices is one of the significant elements affecting the market growth. Usage of advanced mapping and recommendation systems that help improve heart rhythm monitoring is anticipated to escalate the adoption of these atrial fibrillation devices during the forecast period.

Presently, only a handful of players performing in the market provide technologically advanced solutions to the healthcare industry. For example, in January 2019, Abbott established its sensor-enabled TactiCath Contact Force Ablation Catheter to treat Afib. The product authorizes accurate imaging of the heart during an ablation process. The rising majority of atrial fibrillation and the introduction of technologically developed solutions are predicted to promote the market during the forecast period.

Restraints

Regular Product Recalls to Hamper Market Growth

Frequent product recalls you connected to devices used for ablation procedures are the primary elements expected to hinder the global market expansion during the forecast period. For example, in May 2017, Sterilmed Inc. identified EP Ablation Cables. Before that, in 2015, Biosense Webster identified its Class 2 Lasso NAV Duo Loop eco catheters due to problems with retraction. Additionally, the lack of sufficient reimbursement policies in both developed and developing countries has limited the adoption of these devices. These are some of the major aspects restraining the market growth prospects.

Pre Covid-19 Impact on Global Atrial Fibrillation Device Market

Before the covid-19 period, the Rising adoption rate of advanced technologies and cosmopolitan healthcare infrastructure will be the main elements causing the atrial fibrillation devices market growth. Moreover, the rising geriatric population in many developed regions will increase market expansion. Furthermore, the availability of favorable reimbursement scenarios in developed regions should prove to be a high-impact rendering factor. The increasing prevalence of cardiovascular diseases in developing regions due to a sedentary lifestyle surge and binge eating habits will fuel acceptance rates in advanced and certain areas in growing nations.

Covid-19 Impact on Global Atrial Fibrillation Device Market

During the covid-19 period, the sudden outbreak of the COVID-19 pandemic has had a mixed impact on the global medical devices market. Some segments encountered an overall negative impact due to a global decline in inpatient hospital visits. However, patients with pre-existing heart conditions suffering from COVID-19 are more likely to have high heart attack risks or generate congestive heart failure. A more uncommon condition called myocarditis has been observed in COVID-19 patients admitted to emergency departments, showing a favorable impact on the atrial fibrillation market.

Post Covid-19 Impact on Global Atrial Fibrillation Device Market

After the covid-19 period, In the atrial fibrillation device, Catheter ablation is useful in treating abnormal heart rhythm. Some covid-19 patients feel after an illness of covid-19 which impacts the heart, specifically when medications are ineffective. It is a low-risk, minimally invasive procedure for cardiac arrhythmias treatment. The catheter ablation device removes the faulty heart tissues that cause irregular heart rhythms. Around 50,000 catheter ablation procedures are performed after the pandemic in Germany.

By Product Segmental Analysis

Based on product, the global atrial fibrillation device market is segmented into Ep Ablation Catheters (Radiofrequency, Laser, Cryoablation, Ultrasound, Microwave and others), EP Diagnostics Catheters (Fixed Curves Catheters, Steerable Catheters, Advanced Mapping Catheters), Mapping and Recording Systems, Cardiac Monitors or Implantable Loop Recorder, Access Devices, Intracardiac Echocardiography, Left atrial appendage (LAA) closure devices. The EP ablation catheters segment held a dominant atrial fibrillation Devices market share in 2021. This segment is mainly caused by the increasing use of EP ablation practices to treat atrial fibrillation.

However, the EP diagnostic catheters segment is anticipated to grow at a significant CAGR during the forecast period. Increasing investment by market players in the growth of novel mapping systems and catheters are some of the major elements anticipated to propel the segment’s growth in the coming years.

By End-Use Segmental Analysis

Based on end-use, the global fibrillation device market is segmented into Hospital, Cardiac Centers, Ambulatory Surgical Centers and others. The Ambulatory Surgical Centers segment carries a substantial market share and is expected to grow at a moderately significant CAGR during the forecast period. Adopting technologically developed atrial fibrillation procedures and devices by interventional cardiologists in hospitals leads to higher demand for these devices.

Also, a higher preference towards Ambulatory Services for cardiology ablation procedures presents a large patient pool undergoing procedures in Ambulatory services. It is fueling the demand from Ambulatory services, especially in the U.S., for these devices.

By Regional Segmental Analysis

The global fibrillation device market is segmented into North America, Europe, Asia-Pacific, South America and the Middle East & Africa. The market size in North America stood very high in 2021. North America’s dominance in the market is attributable to the increasing majority of heart failure (HF), cardiac arrest, and cardiac arrhythmia owing to unhealthy lifestyles and raised smoking and alcohol consumption. The existence of adequate reimbursement procedures in the region is also one of the major factors expected to prompt market growth.

Competitors Analysis

Atricure, Inc., Abbott Laboratories, BIOTRONIK, Boston Scientific Corporation, CardioFocus, Inc., Hansen Medical, Johnson and Johnson, Medtronic plc., Siemens Healthineers, Stereotaxis, Inc. and other prominent players in the global atrial fibrillation device market.

Key Stakeholders

Recent Developments

April 2021- Medtronic plc acquired Breakthrough Device Designation for Emprint ablation catheter equipment from U.S FDA. The machine is yet to be authorized in the U.S. The catheter can be utilized for minimally invasive therapy of malignant lesions in the lung.
March 2021 – Beaumont Health declared the launch of a new ablation technique for atrial fibrillation planning to study whether pulsed-field ablation can be utilized to treat patients with irregular heartbeats.
December 2020 – Acutus Medical declared the AcQBlate Force Sensing Ablation System launch in Europe. The company has also acquired a CE mark for the AcQBlate Force ablation catheter and Qubic Force sensing module.

Scope of the Report

Report Attribute	Details
Revenue in 2021	USD 7.4 billion
The revenue forecast in 2028	USD 15.2 Billion
Growth Rate	CAGR of 14% from 2022 to 2028.
Historical data	2017 – 2020
Base Year	2021
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	Atricure, Inc., Abbott Laboratories, BIOTRONIK, Boston Scientific Corporation, CardioFocus, Inc., Hansen Medical, Johnson and Johnson, Medtronic plc., Siemens Healthineers and Stereotaxis, Inc. are the key players.

Market Modelling

By Product

Ep Ablation Catheters
Radiofrequency (RF)
Laser
Cryoablation
Ultrasound
Microwave
Others
EP Diagnostic Catheters
Fixed Curves Catheters
Steerable Catheters
Advanced Mapping Catheters
Mapping and Recording Systems
Cardiac Monitors or Implantable Loop Recorder
Access Devices
Intracardiac Echocardiography (ICE)
Left atrial appendage (LAA) closure devices

By End-Use

Hospital
Cardiac Centers
Ambulatory Surgical Centers
Others

By Region

North America
Europe
Asia Pacific
South America
Middle East & Africa

Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

What is the market size of the global atrial fibrillation device market?

Atrial Fibrillation Devices Market was valued at 7.4 billion in 2021, and it is estimated to reach USD 15.2 billion by 2028, with a CAGR of 14% during the forecast of 2022-2028.

What are the growth drivers in the global atrial fibrillation device market?

The rising prevalence of atrial fibrillation devices, supraventricular tachycardia, and other heart disorders increase the demand for atrial fibrillation devices, and the increasing majority of cardiovascular disorders is one of the primary elements pushing the need for these devices for diagnosis and monitoring, these are the drivers who push the atrial fibrillation device market.

What are the restraining factors in the global atrial fibrillation device market?

The lack of sufficient reimbursement policies in both developed and developing countries has limited the adoption of these devices. These are some of the major aspects restraining the market growth prospects.

Who are the major key players in the global atrial fibrillation device market?

Atricure, Inc., Abbott Laboratories, BIOTRONIK, Boston Scientific Corporation, CardioFocus, Inc., Hansen Medical, Johnson and Johnson, Medtronic plc. Siemens Healthineers and Stereotaxis, Inc. are the key players in the global atrial fibrillation device market.

Which segment shows the highest share in the global atrial fibrillation device market?

The Ambulatory Surgical Centers segment carries a substantial market share and is expected to grow at a moderately significant CAGR during the forecast period.

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