Heart Closure Devices Market - By Product (Atrial Septal Defect (ASD) Closure Devices, Left Atrial Appendage (LAA) Closure Devices), By Material (Nitinol-based Devices, Stainless Steel Devices), Mode of Delivery, End-use & Forecast, 2023 – 2032
Published Date: August - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationHeart Closure Devices Market Size
Heart Closure Devices Market size was valued at USD 2.2 billion in 2022 and is estimated to witness 12.2% CAGR from 2023 to 2032, attributed to the various factors comprising the increasing prevalence of cardiovascular diseases, growing adoption of minimally invasive procedures, rising demand for transcatheter interventions, etc. The rising incidence of cardiovascular diseases, such as coronary artery disease and structural heart defects, is expected to drive the demand for heart closure devices. This trend is fuelled by factors comprising sedentary lifestyles, unhealthy diets, and an aging population.
Minimally invasive procedures are gaining popularity due to their advantages over traditional open-heart surgeries. Heart closure devices play a crucial role in these procedures by providing efficient and effective closure of structural defects or access sites, reducing the need for large incisions, and promoting faster recovery times for patients. Similarly, the heart closure devices market is expanding in emerging economies due to improving healthcare infrastructure, rising healthcare awareness, and increasing affordability. These variables offer significant growth opportunities for companies involved in manufacturing and distributing heart closure devices.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Heart Closure Devices Market Size in 2022 | USD 2.2 Billion |
| Forecast Period | 2023-2032 |
| Forecast Period 2023-2032 CAGR | 12.2% |
| 2032 Value Projection | USD 6.6 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 180 |
| Tables, Charts & Figures | 452 |
| Segments covered | Product, Material, Mode of Delivery, End-use and Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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Heart closure devices, also known as occluders or septal occluders, are medical devices used to close abnormal openings in the heart, particularly atrial or ventricular septal defects. These defects are congenital conditions where there are abnormal openings between the chambers of the heart, allowing blood to flow in unintended directions.
Heart closure devices can be a great option, but there are a few potential risks to keep in mind. One risk is that the device could move out of place, break, or travel through the bloodstream. If this happens, you may need another procedure to fix it. Another risk is that the device could cause blood clots to form around it. These clots could then travel to other parts of your body, which can lead to serious problems like a stroke or heart attack. Finally, some people may have an allergic reaction to the materials used in heart closure devices. This is especially true if you have a metal allergy.
COVID-19 Impact
The COVID-19 outbreak has been tough on the market for heart closure devices. When the pandemic hit, hospitals around the world were swamped with COVID-19 patients. So, many regular medical procedures, like heart closure device placements, were put on hold. People couldn't get the diagnosis and treatment they needed, so the need for these devices went down. Also, COVID-19 disrupted the supply chain for medical devices. This meant there were delays in making, shipping, and getting heart closure devices, which hurt market sales.
However, in 2021, the technological advancements and incorporation of advanced imaging techniques have augmented target disease diagnosis and treatment compliance and promoted the acceptance of products. In addition, some of the procedures if not performed on time may lead to the death of patients. Hence, despite the coronavirus crisis, such emergency procedures were performed in healthcare facilities across the world. Furthermore, focused efforts were being undertaken by numerous hospitals, cardiologists, and healthcare authorities to restore the flow of cardiovascular procedures.
Heart Closure Devices Market Trends
Imagine you have a wound that needs stitches. But instead of having to come back later to get them taken out, what if there was a way for them to just dissolve on their own? Enter bioabsorbable closure devices, the latest and greatest in wound-healing tech. These devices act like temporary scaffolds for your wound, giving it the support it needs to close up. Then, once the wound has healed, the devices dissolve or get absorbed into your body, leaving no trace behind. No more second trips to the doctor, no more discomfort from stitches or staples. But that's not all. Surgeons are also starting to use magnets to close up wounds, especially in heart surgeries. How cool is that? Instead of using sutures or staples, they use magnets to gently hold the edges of the incision together. The magnets are adjustable, so the doctor can fine-tune the closure for a perfect fit. This means less scarring and a quicker recovery. So, the next time you need some stitches, ask your doctor about these game-changing heart closure devices. They're making wound healing a whole lot more convenient and comfortable.
Magnetic closure devices have the potential to reduce scarring and promote faster wound healing. Moreover, suture-mediated closure devices have been developed to facilitate the closure of large arterial access sites after minimally invasive cardiac procedures. These devices consist of a collagen plug or other materials that are deployed at the site of arterial puncture. Suture-mediated closure devices provide a secure closure and can potentially reduce the time required for post-procedure bed rest. Overall, technological advancements hold promise in improving heart closure devices performance efficiently.
Heart Closure Devices Market Analysis
The market for heart closure devices, specifically those used for the left atrial appendage (LAA), is projected to grow to a whopping USD 2.9 billion by 2032. This surge in popularity is due to the many benefits these devices offer in heart closure procedures. The biggest advantage of LAA closure devices is their ability to significantly reduce the risk of stroke. They provide an effective alternative to long-term medications like warfarin or DOACs (direct oral anticoagulants), which can come with risks like bleeding complications, interactions with other drugs, and the need for constant monitoring. These devices are especially beneficial for patients who are at higher risk of bleeding due to factors like advanced age, a history of stomach issues, or taking other medications.
Moreover, LAAC devices can be implanted using minimally invasive techniques, such as percutaneous transcatheter approaches. This procedure is less invasive than open-heart surgery, resulting in shorter hospital stays, faster recovery times, and reduced post-operative complications.
In 2022, medical devices made of a special material called nitinol dominated the market for heart closure devices, bringing in an impressive $1.1 billion in revenue. Why is nitinol so popular? It's all thanks to its amazing abilities. Nitinol is super stretchy and perfectly compatible with the human body, making it ideal for heart closure devices. These devices can be squeezed tiny to fit into a thin tube called a catheter. This allows doctors to perform minimally invasive procedures, which are less risky and painful for patients. Even when the heart is moving and beating, nitinol's super stretchiness lets the devices bounce back to their original shape and do their job perfectly. In some cases, doctors might use materials like polyester or PTFE to help out nitinol, but it's still the star of the show when it comes to heart closure devices. Nitinol's special features and its safety for the heart make it the top choice for these life-saving devices.
The heart closure devices market size from transcatheter delivery devices segment held over USD 1.4 billion in 2022. Transcatheter delivery is a less invasive approach compared to open-heart surgery. It involves making small incisions or punctures in the skin rather than a large incision in the chest. This leads to smaller scars, less pain, reduced risk of infection, and shorter recovery times. Transcatheter closure procedures generally result in a quicker recovery period compared to open-heart surgery.
Transcatheter procedures have observed to be associated with lower risks of complications such as the risks of infection, bleeding, and other surgical complications. Furthermore, transcatheter closure procedures are particularly beneficial for elderly patients and those with other health conditions. Transcatheter delivery allows these patients to undergo treatment with reduced risks and faster recovery times. As a result, several advantages associated with the transcatheter delivery in heart closure procedures will drive the segment revenue growth.
Heart closure devices used in hospitals are in high demand, with the market expected to reach over $3.2 billion by 2032. Hospitals are becoming increasingly popular for these procedures because of the advanced devices available there that deliver quick and reliable results. These devices are known for their accuracy, which makes them a top choice for hospitals. There are also a growing number of patients with heart problems and initiatives to screen for these conditions, which further boosts the segment's growth. Hospitals are also well-equipped with certified healthcare professionals, which adds to their appeal. In countries with strong healthcare systems, the number of people with heart disease is also increasing. This means that more people are getting diagnosed and treated at hospitals, which drives up demand for heart closure devices. As a result, the growth of the hospital segment in the heart closure devices market is likely to continue as more people seek treatment for heart disease.
U.S. heart closure devices market is anticipated to cross USD 2.7 billion by 2032, owing to several factors such as the presence of major companies, an upsurge in the demand for heart closure procedures, rise in the prevalence of cardiovascular conditions, and growing number of hospital admissions across the country among others. As per the American Heart Association data 2022, the age adjusted death-rate attributable to cardiovascular diseases was 224.4 per 100,000 population. Additionally, in 2020, coronary heart disease (41.2%) was the leading cause of deaths followed by stroke (17.3%), heart failure (9.2%), etc. in the U.S.
These adverse events are anticipated to upsurge the adoption rate of cardiovascular devices for better CVD management. Moreover, the U.S. is one of the leading nations in terms of heart care initiatives and the government has employed several guidelines to bolster heart comprising the Million Hearts initiative. These initiatives adopted by the public as well as private organizations would further promote the product demand to maintain precise heart health and physical & mental wellbeing among cardiac patients.
Heart Closure Devices Market Share
Some of the major companies operating in the heart closure devices market are
- Abbott Laboratories
- AtriCure Inc
- Biosense Webster Inc
- Boston Scientific Corporation,
- Cardia, Inc.
Major companies are adopting strategic formulations such as forward integration, new product development, geographical expansion, and research collaborations to garner maximum industry share and promote company growth.
Heart Closure Devices Industry News
- In September 2022, Abbott announced the European launch of Amplatzer Talisman System to close hole in heart for people at risk of recurrent stroke. Abbott's Talisman system seals an opening in the heart known as a patent foramen ovale (PFO) to prevent blood clots from passing from the right to the left side of the heart and on to the brain, where they can cause a stroke. Thus, this product launch assisted the company in strengthening its market presence in the Europe.
- In July 2020, Boston Scientific received the U.S. FDA approval for next-generation WATCHMAN FLX Left Atrial Appendage Closure Device. This stroke risk reduction technology designed to advance procedural performance and safety, treat wider range of patients with non-valvular atrial fibrillation. The next-generation WATCHMAN FLX device is indicated to reduce the risk of stroke in patients with non-valvular atrial fibrillation (NVAF) that need an alternative to oral anticoagulation therapy by permanently closing off the left atrial appendage. This approval assisted the company in augmenting its heart closure devices product portfolio.
This heart closure devices market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD (million) and volume (Units) from 2018 to 2032 for the following segments
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Market, By Product
- Atrial Septal Defect (ASD) Closure Devices
- Ventricular Septal Defect (VSD) Closure Devices
- Patent Foramen Ovale (PFO) Closure Devices
- Left Atrial Appendage (LAA) Closure Devices
- Others
Market, By Material
- Nitinol-based Devices
- Stainless Steel Devices
- Others
Market, By Mode of Delivery
- Transcatheter Delivery
- Surgical Delivery
Market, By End-use
- Hospitals
- Ambulatory Surgical Centers (ASCs)
- Cardiac Catheterization Laboratories
- Others
The above information has been provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Poland
- Switzerland
- The Netherlands
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Indonesia
- Philippines
- Vietnam
- Latin America
- Brazil
- Mexico
- Argentina
- Chile
- Colombia
- Peru
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Israel
- Iran
- Turkey
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