Heart Closure Devices Market Will Reach US$ 9.8 Billion By 2031, Growing At A CAGR Of 14.3 Percent Between 2022 And 2031

In 2021, the market for Heart Closure Devices worldwide was worth $ 2.4 billion US dollars. AMR Group projects that the market will reach US$ 9.8 billion by 2031, growing at a CAGR of 14.3 percent between 2022 and 2031.

Industry Overview:

Heart Closure devices are medical devices that are utilized to diagnose and treat congenital heart defects like atrial septal defect, ventricular septal defect, left atrial appendage defect, and patent ductus arteriosus. These abnormalities appear in the structure of the heart, interfering with the normal flow of blood within the heart. Closure devices are used to close a gap between the right and left sides of the heart, thereby managing congenital heart defects. By effectively reducing bleeding and surgery duration, these advanced technologies have enabled surgeons to improve efficiency and safety. The market for Heart Closure Devices is expected to grow as a result of surgical tool technological advancements and FDA guidelines on Heart Closure Devices. Various factors such as safety and efficiency are considered when selecting Heart Closure Devices.

Patent foramen ovale closure devices are used to treat patent foramen ovale (PFO), a defect in the septum between the heart's two atrial chambers. Despite long-term clinical data limitations, the market is expected to grow over the forecast period. The ventricular and atrial septal defect closure devices are implanted into the defect as well as expand to seal it. Typically, such devices allow the heart tissue to grow over the device over the period of time.

Market Dynamics:

Heart Closure Devices market. In accordance with the Centers for Disease Control as well as Prevention (CDC) estimates for 2019, cardiovascular diseases are the most common cause of death in the United States, accounting for one in every four deaths. The World Health Organization estimates that heart disease kills 17.9 million people each year.

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Key USPs-
AtriCure has improved the AtriClip, a surgical LAA closure device currently in use, by developing the AtriClip PRO2, which could clog the LAA during minimally invasive cardiac therapies. Similarly, Abbott Laboratories' AMPLATZER Amulet and Boston Scientific's WATCHMAN are both incorporated into Lifetech Scientific's LAmbre endocardial LAA closure device.

Competitive Landscape:

Key players operating in the Heart Closure Devices Market includes, Abbott Laboratories, AtriCure Inc., Biosense Webster, Inc., Boston Scientific Corp., Cardia, Inc., Heartstitch, Lepu Medical Technology (Beijing)Co., Ltd., Lifetech Scientific Corp., Medtronic Plc., Occlutech Holding AG, and SentreHEART, Inc. among others. In March 2017, Lifetech and a Canadian paediatric cardiologist, for example, hosted a VSD Workshop. Breaking into the North American market for the first time through this workshop was a significant step toward Lifetech's goal of expanding internationally. Several companies are developing distinct products to differentiate themselves from competing product lines in order to gain a larger market share. 

Market Segmentation:

Based upon the Defect Type in the Heart Closure Devices market is segmented Atrial Septal Defect Closure Devices, Left Atrial Appendage Closure Devices, Ventricular Septal Defect Closure Devices, Patent Ductus Arteriosus Closure Devices, and Patent Foramen Ovale Closure Devices. Left Atrial Appendage Closure Devices dominate the Defect Type segment, accounting for the highest revenue share in the Heart Closure Devices market in 2021. The Defect Type segment is growing due to increased demand for reliable, affordable, and safe heart closure devices, product innovations, and the increasing prevalence of surgical procedures.
End user segment of Heart Closure Devices market is further bifurcated into Hospitals & Specialty Clinics and Ambulatory Surgical Centers. The Hospital segment held a significant share of the global market in 2021 due to a higher volume of surgeries performed in hospital settings. Heart Closure Devices, Atrial Septal Defect Closure Devices, and Patent Ductus Arteriosus Closure Devices, as well as therapies, continue to have significant market penetration, resulting in industry expansion.

By Defect Type
• Atrial Septal Defect Closure Devices
• Left Atrial Appendage Closure Devices
• Patent Foramen Ovale Closure Devices
• Patent Ductus Arteriosus Closure Devices
• Ventricular Septal Defect Closure Devices
By End User
• Hospitals & Specialty Clinics
• Ambulatory Surgical Centers

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Regional Trend:

Geographically, Because of increased R&D investments as well as trials in this region, North America dominated the Heart Closure Devices market, accounting for more than 52.50% of total revenue. The presence of key players and technologically advanced hospitals in the United States and Canada has aided the growth of the region. For reference, LAmbre device would be evaluated in this clinical trial among the US population to establish safety and effectiveness data. Positive clinical results may increase the adoption of the LAA closure device in the United States, as clinical studies impact many healthcare professionals in the country.

The Asia Pacific region is expected to present outstanding Heart Closure Devices market opportunities as a result of company investments to expand their regional presence and develop healthcare infrastructure. For example, among the Asia Pacific countries studied in the report, India has the lowest pricing for heart defect closure devices. Abbott Laboratories bundles devices and offers products at a discount to hospitals in order to keep device prices low. This could eventually allow the company to maintain its market position in the coming years.

One of the primary drivers boosting the market is the rising geriatric population, which is more vulnerable to long-term ailments. In addition, the use of 3D imaging as well as anatomical models in the production and planning processes of heart defect closure devices is starting to gain market traction. Because of characteristics such as personalization, adaptability, and flexibility provided by 3D imaging technology, this is expected to change the industry's supply landscape. In the near future, an increase in the number of heart attacks and the development of innovative products by key players are expected to provide lucrative opportunities for market expansion. However, the high production costs and stringent regulations associated with these devices limit market growth. 

COVID Impact:

The COVID-19 pandemic had a negative impact on the business market for Heart Closure Devices. The COVID-19 global epidemic spread to other parts of the world, resulting in a significant infection burden and financial issues in several sectors of the global economy. During the peak of the COVID virus transmission, the government imposed a complete lockdown and prohibited large social gatherings. Because the virus is widely spread, people are less likely to leave their homes, resulting in a decrease in minimally invasive surgeries and, as a result, no growth and demand for Heart Closure Devices. This resulted in a decrease in the use of Heart Closure Devices as well as a decrease in the demand for advanced equipment for non-invasive dental treatments. Furthermore, due to economic crises experienced by many individuals during the pandemic, they were unable to afford expensive surgeries, resulting in a decrease in the growth of the Heart Closure Devices market.

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