The atrial fibrillation market is projected to reach $14.68 billion by 2026, according to recent estimates from market research company Reports and Data.
The new report attributes the predicted 14.1% compound annual growth rate (CAGR) of the AFib market to a growing incidence of chronic heart diseases like hypertension, obesity and diabetes in the global population. Not only will the market need to rise to meet the demands of more chronically ill patients; it will also be fed by a surge of newer, more effective tools and treatments for those patients.
A $14.68 billion value seven years from now would mean the AFib market would grow 1% in terms of value, the report read. Because of its favorable reimbursement policies, government-led initiatives and rising incidence of chronic disease, North America accounted for the largest share of the market in 2018, at 42.3%, and is expected to stay the dominant player in the space through 2026.
EP ablation catheters accounted for the largest share of the product market for AFib, consuming 21.8% of the market in 2018. Because it’s less invasive than a surgical procedure and expedites patient recovery, more major hospitals and medical centers have opted for catheter ablation in recent years, “making the market fragmented and profoundly competitive.”
Digital monitors are also playing a significant role in the growth of the AFib market, with cardiac monitors and implantable loop recorder products expected to exceed $3 billion by 2026 at the highest CAGR of the forecast period (14.3%).
“The adoption rate of cardiac monitors is growing due to the effective long-term heart rhythm monitoring that it offers as compared to another standard electrocardiogram,” the report reads. “Moreover, the increasing demand for minimally invasive procedures is a major factor increasing the growth of the market. The expanding application of such devices is mainly associated with current technological improvements including miniaturization, more accessible implant surgeries and remote nursing, all of it making this procedure more promising and appealing.”
Find the company’s full report here.