The new Left Atrial Appendage Closure Market Researchfrom Technavio indicates Positive and Superior growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Left Atrial Appendage Closure Market 2020-2024 (Graphic: Business Wire)
"One of the primary growth drivers for this market is the increasing number of product approvals," says a senior analyst at Technavio. One of the major factors responsible for increasing product approvals is the rising number of research activities by vendors. In May 2016, SentreHEART Inc. received 510(k) approval for the LARIAT XT, a recent soft tissue closure device designed to provide remote suture delivery for immediate, complete closure, with no clip, metal, or implant left behind. The LARIAT XT features a variety of enhancements, such as a fully retractable snare to facilitate ease-of-operator use and expand its applicable anatomic range. In another instance, in February 2020, Abbott had received approval from the US FDA to conduct a clinical trial to assess its Amplatzer Amulet Left Atrial Appendage Occluder for people with atrial fibrillation. As the markets recover Technavio expects the left atrial appendage closure market size to grow by USD 1.64 billion during the period 2020-2024.
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Left Atrial Appendage Closure Segment Highlights for 2020
- The left atrial appendage closure market is expected to post a year-over-year growth rate of 26.88%.
- Epicardial LAA closure device dominated the market in 2019.
- It offers advantages such as the elimination of the need for anticoagulants after the procedure and the absence of an external device permanently implanted inside the LAA. This possibly prevents the need for post-implantation procedures.
- Therefore, the sales of epicardial LAA closure devices are high. As a result, the left atrial appendage closure market share growth by the epicardial LAA closure device segment will be significant during the forecast period.
Regional Analysis
- 40% of the growth will originate from the Europe region.
- Factors such as the increase in the incidence of strokes and the growing older population will significantly drive left atrial appendage closure market growth in this region over the forecast period.
- Germany, the UK, and France are the key markets for left atrial appendage closure in Europe. Market growth in this region will be slower than the growth of the market in other regions.
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Notes:
- The left atrial appendage closure market size is expected to accelerate at a CAGR of over 30% during the forecast period.
- The left atrial appendage closure market is segmented by product (epicardial LAA closure device and endocardial LAA closure device) and geography (Europe, North America, APAC, and ROW).
- The market is concentrated due to the presence of a few established vendors holding significant market share.
- The research report offers information on several market vendors, including Abbott Laboratories, Aegis Medical Group, Append Medical, AtriCure Inc., Boston Scientific Corp., Cardia Inc., Carestream Health Inc., Johnson Johnson, Lifetech Scientific (Shenzhen) Co. Ltd., and Occlutech International AB.
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Coverage
Regions Covered
Worldwide
Topics Covered
COVID-19, Left Atrial Appendage Closure, Epicardial LAA Closure Device and Endocardial LAA Closure Device
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Technavio Research
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