Atrial Fibrillation Market Size, Share, Growth Analysis, By Technology(Radiofrequency, Laser), By End User(Hospitals, Specialty Clinics) - Industry Forecast 2024-2031

Report ID: SQMIG35E2044 | Region: Global | Published Date: April, 2024
Pages: 219 | Tables: 64 | Figures: 72

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Atrial Fibrillation Market size was valued at USD 10.10 billion in 2022 and is poised to grow from USD 11.31 billion in 2023 to USD 27.92 billion by 2031, at a CAGR of 11.96% during the forecast period (2024-2031).

The atrial fibrillation market presents a competitive environment characterized by a mix of established industry players and innovative start-ups, each vying for a dominant position in the evolving advanced technology in atrial fibrillation. Leading companies play an important role in shaping the market, leveraging their expertise in new product launches and innovative products. With a focus on R&D, these key players continuously increase the productivity, sustainability, and cost-effectiveness of atrial fibrillation, address challenges, and drive market growth. Furthermore, collaboration with other companies, acquisitions, and partnerships together contribute to overall competitiveness. 'AtriCure Inc', 'MicroPort Scientific Corporation', 'Koninklijke Philips N.V.', 'Medtronic plc', 'Biotronik SE & Co. KG', 'Johnson & Johnson', 'Abbott Laboratories', 'Boston Scientific Corporation', 'St. Jude Medical', 'Siemens AG', 'Endoscopic Technologies Inc.', 'Boehringer Ingelheim GmbH', 'Biosense Webster Inc.', 'CardioFocus Inc.', 'Sanofi-Aventis', 'Bristol-Myers Squibb Corporation', 'others'

The rising geriatric population is the major driving factor in the atrial fibrillation market, as the geriatric population is prone to Atrial Fibrillation. For instance, according to the World Health Organization (WHO) by 2030, approximately one in six individuals globally will be 60 years or older, representing a notable demographic shift. During this period, the proportion of the population aged 60 years and above is anticipated to rise from 1 billion in 2020 to 1.4 billion. Looking ahead to 2050, the worldwide population of individuals aged 60 and older is projected to double, reaching 2.1 billion. Furthermore, there is an expected threefold increase in the number of individuals aged 80 years or older between 2020 and 2050, reaching a total of 426 million. These demographic projections underscore the significant aging trend shaping the population in the coming decades.

Rise in Atrial Fibrillation Cases: The prevalence of atrial fibrillation (AFib) has witnessed a notable rise worldwide, marking a significant trend in the healthcare industry. For instance, according to the National Institutes of Health, atrial fibrillation is currently prevalent worldwide, affecting approximately 37.57 million individuals, equivalent to 0.51% of the population. Over the past two decades, there has been a significant 33% increase in the incidence of atrial fibrillation. While countries with a high socio-demographic index bear the highest burden of this cardiac condition, the most substantial recent surge has been observed in countries with a middle socio-demographic index. This data underscores the evolving landscape of atrial fibrillation, emphasizing both the overall prevalence and the noteworthy shifts in its distribution across different demographic indices. Moreover, increasing factors such as obesity, hypertension, and diabetes, which are often associated with modern lifestyles, contribute to the growing prevalence of AFib and automatically propelling the market trends.

In 2022, North America emerged as the leading revenue generator in the atrial fibrillation market. The substantial adoption of technologically advanced devices for atrial fibrillation within North American countries stands out as a key driver for market growth. Additionally, the rapid rise in cardiac diseases among the aging population poses a significant challenge to healthcare systems. To address this challenge, numerous new products are being approved and introduced in North American countries, contributing further to the expansion of the atrial fibrillation industry.

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Atrial Fibrillation Market Size, Share, Growth Analysis, By Technology(Radiofrequency, Laser), By End User(Hospitals, Specialty Clinics) - Industry Forecast 2024-2031

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