Atrial Fibrillation Devices Market Top Trends, COVID-19 Impact Analysis 2021-2025
Category: #headlines  By Ronak Bora  Date: 2021-08-02
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Atrial Fibrillation Devices Market Top Trends, COVID-19 Impact Analysis 2021-2025

Emergence of sophisticated healthcare infrastructure and the consistent deployment of advanced technological solutions will accelerate the demand for atrial fibrillation devices through the coming years. Several reimbursement policies pertaining to healthcare have been regulated across developed and developing countries.

Expansion of the geriatric population base and the change in consumer lifestyles as well as increasing consumption of tobacco among the millennials has resulted in the prevalence of cardiovascular disorders. A research report compiled by GMI, reveals that atrial fibrillation devices market size is likely to cross a yearly valuation of USD 12.5 billion globally by 2025.

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Considerable demand for EP ablation catheters

Global atrial fibrillation devices industry share from EP ablation catheters is anticipated to register a 14.4% CAGR over the coming years as the devices are witnessing high adoption in minimally invasive surgeries worldwide. EP ablation catheters are widely used in the treatment of paroxysmal, persistent, and permanent atrial fibrillation conditions to yield successful outcomes. A surge in R&D investments for the development of these products will enhance the availability of atrial fibrillation ablation devices.

Consistent adoption by hospital patients

Hospitals dominated the overall market of atrial fibrillation devices and contributed to more than USD 2,483.4 million in annual remuneration in 2018. This can be attributed to the continous preference of consumers towards hospitals in comparison to other healthcare amenities besides the growth in the number of multi-specialty hospitals.

Atrial fibrillation treatment procedures are excessively opted for across hospital settings, fostering the demand for the devices. Furthermore, there is a noticeable rise in the number of hospital admissions to tend to cardiovascular and other related illnesses across the developed economies.

U.S. and China to lead the regional landscape

U.S. atrial fibrillation devices market is pegged to strike a CAGR of 13.9% over the next few years owing to the incorporation of the latest technologies in surgeries as well as robust capabilities of consumers to spend on healthcare in the region. The rising awareness of atrial fibrillation systems will significantly drive the regional device installation.

China observes an optimum use of atrial fibrillation devices due to the high prevalence of cardiovascular conditions and the regional industry grossed more than USD 324.7 million in 2018. The growth can be further owed to the hike in healthcare expenditure and per capita incomes of the citizens.

Increased efforts to gain competitive edge

Atrial fibrillation device manufacturers are working on marking their presence across high potential regions across the globe to extend their offerings towards the unmet requirements of the patient pool while sustaining competition and garnering sales.  The current coronavirus pandemic has also paved way for product innovations with the rising focus of consumers towards health and fitness.

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For instance, in October 2020, Abbott Laboratories reportedly announced the development of a novel paroxysmal atrial fibrillation device. The firm also reported that it has commenced the study for this product innovation and will also inspect the performance of various ablation catheters used in the treatment of atrial fibrillation.

Johnson & Johnson, Boston Scientific Corporation, Medtronic Plc, Koninklijke Philips N.V., Microport Scientific Corporation, St. Jude Medical, Inc., Siemens AG, and Atricure Inc., are some of the other device providers. Higher installation costs of atrial implantable fibrillation devices, as well as inadequate healthcare support in under-developed economies and the dearth of awareness related to advanced technologies, will hamper industrial growth to a certain extent.

 

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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