Heart Closure Devices Market is expected to reach US$ 10.88 Billion by 2033 | FMI
The global Heart Closure Devices Market is expected to be valued at US$ 2.71 Billion in 2023. The overall demand for heart closure devices is anticipated to increase at a CAGR of 14.9% between 2023 and 2033, reaching a total of roughly US$ 10.88 Billion by 2033 due to the rise in demand for highly effective procedures among people and the rise in research and development spending for developing innovative and technologically advanced products.
Factors such as an increase in
incidence of congenital heart defects, technological advancements in heart
closure devices, rise in adoption of MRI procedures, and upsurge in geriatric
population are expected to augment the growth of the global heart closure
devices market over the analysis period.
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On the other hand, high cost of
production and stringent regulations associated with these devices limit the
market growth. Whereas, an increase in number of heart strokes and development
of innovative products by key players are expected to provide lucrative avenues
for market expansion in the forthcoming years.
Furthermore, the utilization of 3D
imaging and anatomical models in the manufacturing and planning processes of
heart closure devices is gaining prominence in the market. This is expected to
change the supply landscape of the industry, attributed to characteristics such
as personalization, adaptability, and flexibility provided by using 3D imaging
technology.
This in turn decreases the overall
prostheses employed per patient along with the procedure time, which makes it a
viable option in the production and planning process. Similarly, continuous new
product launches as well as approvals along with rapid expansion of healthcare
industry across emerging economies will bode well for the market growth in the
near future.
Key Takeaways from the
Market Study
- Global heart
closure devices market was valued at US$ 2.36 Billion by 2022-end
- From 2018 to
2022, the market demand expanded at a CAGR of 6.6%
- By Closure
Type, the left atrial appendage closure segment of the market constitutes
the bulk of the market with a market share of 49%
- By End-User,
the Hospitals segment dominates the market with a share of 47%
- From 2023 to
2033, Heart Closure Devices sales are expected to flourish at a CAGR of
14.9%.
- By 2033, the
market value of Heart Closure Devices is expected to reach US$ 10.88
Billion
“The rise in patient pool
globally, and growing awareness about heart diseases positively are the major
factors driving the growth of the Heart Closure Devices Market during the
forecast period,” remarks an FMI analyst.
Competitive Landscape
Players in the global Heart
Closure Devices Market focus on expanding their global reach through various
strategies, such as; partnerships, collaborations, and partnerships. The
players are also making a significant investment in R&D to add innovations
to their products which would help them in strengthening their position in the
global market. Some of the recent developments among the key players are:
- In July 2021,
Angel Medical Systems, Inc. announced the first commercial implantation of
their flagship product, “The Guardian” device in the U.S. region. This was
the first procedure followed by their recent FDA approval.
- In April
2021, Phoenix Cardiac Devices, Inc. announced that they received a CE Mark
for their product, BACE (Basal Annuloplasty of the Cardio externally)
device. This approval helps in the commercialization of BACE in the
European Union.
- In March
2021, the U.S. FDA announced the approval of the world’s first
non-surgical heart valve treatment for pediatric and adult patients
suffering from a native or surgically repaired right Ventricular outflow
tract (RVOT). The device was specifically developed to treat patients with
severe pulmonary heart regurgitation.
Key Companies Profiled:
- Abbott
- W. L. Gore
& Associates, Inc.
- Boston
Scientific Corp.
- Occlutech
- Heartstitch
- SMT
- Cardia, Inc.
- Lifetech
Scientific Corp.
- Lepu Medical
Technology
- AtriCure Inc.
Key Segments Covered in
the Heart Closure Devices Industry Analysis
Heart Closure Devices
Market by Closure Type:
- Congenital
Heart Defect Closure
- Atrial
Septal Defect (ASD)
- Patent
Ductus Arteriosus (PDA)
- Ventricular
Septal Defect (VSD)
- Patent
Foramen Ovale (PFO) Closure
- Left Atrial
Appendage (LAA) Closure
Heart Closure Devices
Market by Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East
& Africa (MEA)
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