The market studied is majorly driven by the factor such as the rising prevalence of obesity and the growing burden of heart diseases across the globe. In addition, heart diseases are the major cause of death across the globe and due to the changing lifestyle and stress, the number of people suffering from heart diseases is increasing rapidly.
Due to the growing cases of heart patients, there is a rise in the number of cases of atrial fibrillation and this is posing a high burden of the economies of various countries as the cost of treatment is higher. Hence, owing to the aforementioned statements, the market studied is expected to grow in the forecast period.
Key Market Trends
Ambulatory Surgical Center Segment is Expected to be the Fastest Growing Segment over the Forecast Period
The ambulatory surgical center segment is expected to be the fastest growing segment owing to the enhanced healthcare infrastructure, availability of skilled labor, and affordability. The rise in patient pool, owing to substantial growth in the geriatric population suffering from lifestyle diseases, such as atherosclerosis and heart failure, is expected to enhance revenue generations. Moreover, compared to conventional surgeries, the benefits of minimally invasive surgeries such as reduced surgical pain, injury, scarring, hospital stay, higher accuracy, and speedy recovery time are encouraging more patients to opt for MIS surgeries, which is expected to boost the market growth.
Furthermore, due to the rising burden of obesity, there is an increase in the number of people suffering from atrial fibrillation among such population. Hence, it is believed that an increased prevalence of obesity is contributing to the growth of the market.
North America is the Largest Growing Segment over the Forecast Period
The United States holds the largest share of the atrial fibrillation market. This is majorly attributed to a large number of people suffering from this disease in the country and the presence of key players. As per the statistics provide by the CDC (Centre for Disease Control and Prevention), there were around 2.7–6.1 million people in the United States have AFib in year 2017 and with the rising geriatric population, it is expected that this number will grow in the future. As stated by the American Heart Association, high blood pressure which is one of the leading causes of atrial fibrillation accounts for around 14% to 22% of all AFib cases in the country as of 2018.
With the presence of key players in the country and availability of favorable insurance policies, people across the country are able to get the surgery done at low costs which are augmenting the growth of the market studied in the United States.
The market for atrial fibrillation is moderately competitive and consists of local as well as global companies. Most of the developed countries are being dominated by international players whereas, developing countries are witnessing the penetration of new entrants in the market. With the technological advancements and the focus of developing economies on improving the healthcare system, it is expected that more companies will enter the market and hold a substantial share in the future.
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