Atrial Fibrillation Devices Market: Current Analysis and Forecast (2021-2027)

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Global atrial fibrillation devices market is anticipated to grow with an elevated CAGR of around 11% over the forecast period (2021-2027). Atrial fibrillation (AFib) is an irregular and often very rapid heart rhythm (arrhythmia) that can lead to blood clots in the heart. A-fib increases the risk of stroke, heart failure, and other heart-related complications. The rapidly rising number of atrial fibrillation cases is the main reason for the growth of the market. For instance, as per CDC, It is estimated that 12.1 million people in the United States will have AFib in 2030. In 2019, AFib accounted for 26,535 deaths. Furthermore, the increasing number of surgeries and the increasing prevalence of stressful lifestyle is also responsible for arrhythmia cases resulting in the significant market growth of the atrial fibrillation device market.  Additionally, as per CDC, hypertension, smoking, and alcohol consumptions are the factors that can cause atrial fibrillation.

Johnson & Johnson, MicroPort Scientific Corporation, Boston Scientific Corporation, St. Jude Medical Inc., Medtronic plc, Abbott Laboratories, Biotronik SE & Co. KG, Koninklijke Philips N.V., Siemens AG, and AtriCure Inc. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new varieties of atrial fibrillation devices.

Insights Presented in the Report

“Amongst product, ablation catheters holds the major share”

Based on the product, the market is segmented into laboratory devices, ablation catheters, diagnostic catheters, and access devices. The ablation catheters held a significant market share and are anticipated to witness significant growth during the forecast period. Increasing adoption of minimally invasive and painless procedures attributes to the segmental growth of the ablation catheters in the market. Furthermore, the prevalence of heart diseases also contributes to the market growth of ablation catheters. For instance, as per WHO, globally 17.9 million people die because of cardiovascular diseases.

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“Amongst End-users, hospitals hold the major share”

Based on end-user, the market is segmented into hospitals, ambulatory surgical centers, and others. The hospitals are predicted to have considerable market growth during the forecast period. This is due to the specialization of hospitals in multiple disease treatments and the presence of skilled professionals. Furthermore, the increasing investments of the developing nations in hospitals significantly contribute to segmental growth in the atrial fibrillation devices market. For instance, the Government of India had allocated US$ 2,673.9 million for the 16 new AIIMS.

“North America represents one of the largest markets of atrial fibrillation devices market”

For a better understanding of the market dynamics of the atrial fibrillation devices market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. In 2020, North America grabbed a significant market share of the global market. It is expected to grow with considerable CAGR during the forecast period (2021-2027F). The major factors such as the presence of healthcare infrastructure and the increasing geriatric population attributed to the growth of the region in the market. Furthermore, the higher health insurance is also responsible for the increase in the number of surgeries that results in the rising demand for medical devices in the region. According to the US Census, 91.4% of U.S. citizens were covered with health insurance in 2020.

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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Research Methodology for the Global Atrial Fibrillation Devices Market Analysis (2021-2027)

Analyzing the historical market, estimating of the current market, and forecasting the future market of the global atrial fibrillation devices market were the three major steps undertaken to create and analyze the adoption of atrial fibrillation devices in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global atrial fibrillation devices market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the atrial fibrillation devices through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the atrial fibrillation devices market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as products and end-users. Further country-level analyses were conducted to evaluate the overall adoption of atrial fibrillation devices across the globe.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the atrial fibrillation devices. Further, we conducted factor analysis using dependent and independent variables such as the growing number of people with chronic diseases and the increasing elderly population all over the globe. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the atrial fibrillation devices sector across the globe.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the atrial fibrillation devices market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of atrial fibrillation devices across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the atrial fibrillation devices market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

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Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the atrial fibrillation devices market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product, type and end-users of the atrial fibrillation devices market.

The main objective of the atrial fibrillation devices market study

The current & future market trends of atrial fibrillation devices were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of atrial fibrillation devices in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of products and end-users
• Define and analysis of the regulatory framework for the atrial fibrillation devices industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the atrial fibrillation devices market for the major region
• Major regions studied in the report include North America, Europe, Asia-Pacific and Rest of the world
• Company profiles of the atrial fibrillation devices market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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