The growth in the heart closure devices market from 2024-2030 is mainly driven by several factors: the rising incidence of congenital heart defects, increased use of MRI procedures, greater awareness of cardiac irregularities in children, and ongoing innovations in product development. These elements collectively contribute to the heart closure devices market's expansion during the forecast period.
LAS VEGAS, Aug. 27, 2024 /PRNewswire/ -- DelveInsight's Heart Closure Devices Market Insights report provides the current and forecast market analysis, individual leading heart closure devices companies' market shares, challenges, heart closure devices market drivers, barriers, trends, and key market heart closure devices companies in the market.
Key Takeaways from the Heart Closure Devices Market Report
- As per DelveInsight estimates, North America is anticipated to dominate the global heart closure devices market during the forecast period.
- In the closure type segment of the heart closure devices market, the patent foramen ovale category (PFO closure) had a significant revenue share in the year 2023.
- Notable heart closure devices companies such as Abbott, W. L. Gore & Associates, Inc., Boston Scientific Corporation, Occlutech, Heartstitch, SMT, Cardia, Inc., Lifetech Scientific, Lepu Medical Technology(Beijing)Co., Ltd., ATRICURE, INC., and several others, are currently operating in the heart closure devices market.
- In September 2022, Abbott announced the European launch of its Amplatzer Talisman PFO Occlusion System to treat people with a patent foramen ovale (PFO), a hole in the heart that doesn't close following birth who have experienced a stroke and are at risk of having another.
- InSeptember 2021, Abbott announced that the FDA has approved its patent foramen ovale occlusion system for patients with a PFO and prior stroke at risk for recurrent ischemic stroke.
To read more about the latest highlights related to the heart closure devices market, get a snapshot of the key highlights entailed in the Global Heart Closure Devices Market Report
Heart Closure Devices Overview
Heart closure devices are medical tools designed to treat structural defects in the heart, such as atrial septal defects (ASD), patent foramen ovale (PFO), and ventricular septal defects (VSD). These devices are typically small, mesh-like structures made of metal and synthetic materials. They are deployed via a minimally invasive procedure known as cardiac catheterization, where the device is guided through blood vessels to the heart using a catheter. Once in place, the device expands to cover and seal the defect, promoting tissue growth over time that fully closes the opening. This method reduces the need for open-heart surgery, decreasing recovery times and associated risks.
The development and utilization of heart closure devices have significantly improved the prognosis for patients with congenital heart defects. These devices not only mitigate symptoms such as fatigue, breathlessness, and stroke risk but also enhance overall heart function. Innovations in this field continue to evolve, with newer devices becoming more effective and easier to implant. Clinical trials and long-term studies have demonstrated the safety and efficacy of heart closure devices, making them a standard treatment option. As technology advances, these devices will likely become even more refined, offering hope and a better quality of life for patients with heart defects.
Heart Closure Devices Market Insights
In 2023, North America held the largest share of the heart closure devices market. This is attributed to several key factors: a rise in congenital heart defects among children, increasing awareness programs and initiatives for children with cardiac abnormalities, high disposable income, advanced healthcare infrastructure, the presence of key market players, and heightened product development activities. These elements are expected to drive market growth in the region from 2024 to 2030.
According to the Centers for Disease Control and Prevention (CDC) in 2023, congenital heart defects (CHDs) affect nearly 1% of births in the United States, equating to about 40,000 births per year. Every 15 minutes, a baby is born with a congenital heart defect in the U.S.
The CDC also reports that over 2.4 million children and adults in the U.S. currently live with congenital heart defects. Annually, approximately 5,240 babies in the U.S. are born with an atrial septal defect, representing about 1 in every 769 births. Additionally, around 16,800 babies are born each year with a ventricular septal defect, or 1 in every 240 births.
The increase in product approvals and launches further supports market growth. For example, in September 2023, the FDA approved the WATCHMAN FLX Pro Left Atrial Appendage Closure Device by Boston Scientific Corporation.
These factors are anticipated to drive the growth of the heart closure devices market in North America during the forecast period from 2024 to 2030.
To know more about why North America is leading the market growth in the heart closure devices market, get a snapshot of the Heart Closure Devices Market Outlook
Heart Closure Devices Market Dynamics
The heart closure devices market has experienced significant growth in recent years, driven by advancements in medical technology and an increasing prevalence of cardiovascular diseases. These devices, which include products like septal occluders, left atrial appendage closure devices, and patent foramen ovale (PFO) closure devices, are essential in the minimally invasive treatment of congenital heart defects and in the prevention of stroke and other complications associated with abnormal openings in the heart. The rising incidence of heart-related conditions, particularly in aging populations, has propelled the demand for effective and less invasive therapeutic options, thereby boosting the market for heart closure devices.
Technological innovations have been pivotal in shaping the heart closure devices market. The development of next-generation devices with enhanced precision, safety, and ease of use has broadened the scope of procedures that can be performed percutaneously. For instance, advanced imaging techniques and better delivery systems have improved the accuracy of device placement, minimizing risks and improving patient outcomes. Additionally, the integration of biocompatible materials has reduced the incidence of complications such as device-related thrombosis or infection, further driving the adoption of these devices in clinical practice.
Regulatory approvals and the expanding indications for the use of heart closure devices have also contributed to market growth. The FDA and other regulatory bodies worldwide have approved several devices for broader applications, including stroke prevention in patients with atrial fibrillation who are contraindicated for anticoagulant therapy. These approvals not only validate the safety and efficacy of the devices but also open up new patient segments, thereby expanding the market. Furthermore, favorable reimbursement policies in many countries are making these procedures more accessible, encouraging both patients and healthcare providers to opt for these advanced treatments.
Market dynamics are also influenced by the competitive landscape, characterized by the presence of several key players and continuous mergers and acquisitions. Major companies like Abbott Laboratories, Boston Scientific Corporation, and W.L. Gore & Associates are at the forefront, investing heavily in research and development to innovate and expand their product portfolios. Collaborations and strategic partnerships are common, aiming to leverage each other's strengths and accelerate the introduction of new products. This competitive environment fosters innovation and drives down costs, making heart closure devices more affordable and widely available.
However, the market does face challenges, including high costs of devices and procedures, stringent regulatory requirements, and the need for specialized training for healthcare professionals. Despite these hurdles, the overall outlook for the heart closure devices market remains positive. Continuous technological advancements, increasing awareness about minimally invasive procedures, and growing healthcare expenditure are expected to sustain the market's growth trajectory. As the global burden of cardiovascular diseases continues to rise, the demand for effective heart closure solutions will likely remain strong, driving further innovations and market expansion.
Get a sneak peek at the heart closure devices market dynamics @ Heart Closure Devices Market Dynamics Analysis
Report Metrics | Details |
Coverage | Global |
Study Period | 2021-2030 |
Heart Closure Devices Market CAGR | ~6% |
Heart Closure Devices Market Size by 2030 | USD 3.99 Billion |
Key Heart Closure Devices Companies | Abbott, W. L. Gore & Associates, Inc., Boston Scientific Corporation, Occlutech, Heartstitch, SMT, Cardia, Inc., Lifetech Scientific, Lepu Medical Technology(Beijing)Co., Ltd., ATRICURE, INC., among others |
Heart Closure Devices Market Assessment
- Heart Closure Devices Market Segmentation
- Heart Closure Devices Market Segmentation By Closure Type: Congenital Heart Defect Closure [Atrial Septal Defect (ASD), Patent Ductus Arteriosus (PDA), and Ventricular Septal Defect (VSD), Patent Foramen Ovale (PFO Closure), and Left Atrial Appendage (LAA) Closure
- Heart Closure Devices Market Segmentation By Geography: North America, Europe, Asia-Pacific, and Rest of World
- Porter's Five Forces Analysis, Product Profiles, Case Studies, KOL's Views, Analyst's View
Which MedTech key players in the heart closure devices market are set to emerge as the trendsetter explore @ Heart Closure Devices Companies
Table of Contents
1 | Heart Closure Devices Market Report Introduction |
2 | Heart Closure Devices Market Executive Summary |
3 | Competitive Landscape |
4 | Regulatory Analysis |
5 | Heart Closure Devices Market Key Factors Analysis |
6 | Heart Closure Devices Market Porter's Five Forces Analysis |
7 | Heart Closure Devices Market Layout |
8 | Heart Closure Devices Market Company and Product Profiles |
9 | KOL Views |
10 | Project Approach |
11 | About DelveInsight |
12 | Disclaimer & Contact Us |
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