Left Atrial Appendage Closure Device Market Size Predicted to Hit USD 8.2 billion, Globally, by 2031 at 8.4% CAGR, Says Allied Market Research

According to the report published by Allied Market Research The Left Atrial Appendage Closure Device Market Size stood at USD 1.3 billion in 2021 and is projected to reach USD 8.2 billion by 2031, exhibiting a CAGR of 21.0% from 2022 to 2031.

Rise in number product approvals for atrial intervention, surge in atrial fibrillation, heart stroke cases, and hypertension-related diseases, and unhealthy lifestyle choices such as smoking drive the growth of the global left atrial appendage closure device market. In addition, rise in initiatives to raise awareness in untapped regions supplement the market growth. However, high cost of devices and availability of substitutes in the market restrain the growth. On the other hand, increase in adoption of cutting-edge technologies and improvement in implant effectiveness and procedural safety present opportunities in the market.

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Covid-19 Scenario

• The Covid-19 pandemic made a considerable impact on the left atrial appendage closure devices market. The development and manufacturing activities of LAA closure devices were stopped due to lockdown restrictions and unavailability of sufficient raw materials.
• Moreover, hospitals and health authorities issued the cancellation or postponement of non-urgent procedures such as structural heart (SH) interventional surgeries for lowering down patient exposure to Covid-19 infection and preserve the capacity of ICUs for catering to Covid-infected patients.
• The limited availability of ICU beds and anaesthesiology led to considerable barriers in carrying out non-urgent structural heart interventions including LAA closure procedures and lowered use of LAA closure devices. This made a negative impact on the revenue.
• However, the market is expected to recover post-pandemic as SH interventional surgeries get back on track with vaccination programs and other preventive measures in place.

Key Players of Global Left Atrial Appendage Closure Device Market Report: -

• SentreHEART, Inc.
• Boston Scientific Corporation
• AtriCure, Inc.
• Abbott Laboratories
• Occlutech
• Lifetech Scientific Corporation
• Cardia, Inc.
• Aegis Medical Group
• Biosense Webster, Inc.
• Johnson & Johnson Services, Inc

Global Left Atrial Appendage Closure Device Market Segmentation: -

Based on product, the endocardial LAA devices segment contributed to the highest market share in 2021, accounting for around 90% of the global left atrial appendage closure device market, and is projected to maintain its lead position during the forecast period. Moreover, this segment is estimated to manifest the largest CAGR of 21.2% from 2022 to 2031. This is due to lower complications in patients, shorter hospital stays, and safer and more effective in managing stroke and reducing bleeding than other products. The report also analyzes the epicardial LAA devices segment.

Based on end use, the hospitals segment accounted for the largest market share in 2021, holding around three-fourths of the global left atrial appendage closure device market, and is estimated to continue its highest contribution throughout the forecast period. In addition, this segment is projected to register the fastest CAGR of 21.4% from 2022 to 2031. This is due to preference for left atrial appendage (LAA) procedures and increase in hospital acceptance of LAA closure devices with availability of advanced medical technologies and skilled professionals. The research also analyzes the segments including ambulatory surgery centers and others.

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Based on region, North America held the largest market share in 2021, accounting for nearly half of the global left atrial appendage closure device market, and is projected to maintain its dominance in terms of revenue during the forecast period. This is due to widespread acceptance of advanced left atrial appendage closure devices, rise in incidence of atrial fibrillation, and well-developed healthcare infrastructure. However, Asia-Pacific is projected to grow at the largest CAGR of 22.2% from 2022 to 2031, owing to high preference and acceptance of advanced technologies in closure devices in medical facilities in the region.

By Region Outlook

• North America
(U.S., Canada, Mexico)
• Europe
(Germany, France, UK, Italy, Spain, Rest of Europe)
• Asia-Pacific
(Japan, China, India, Rest of Asia-Pacific)
• LAMEA
(Brazil, Saudi Arabia, South Africa, Rest of LAMEA)

Our Market Research Solution Provides You Answer to Below Mentioned Question:

• Which are the driving factors responsible for the growth of market?
• Which are the roadblock factors of this market?
• What are the new opportunities, by which market will grow in coming years?
• What are the trends of this market?
• Which are main factors responsible for new product launch?
• How big is the global & regional market in terms of revenue, sales and production?
• How far will the market grow in forecast period in terms of revenue, sales and production?
• Which region is dominating the global market and what are the market shares of each region in the overall market in 2022?
• How will each segment grow over the forecast period and how much revenue will these segments account for in 2030?
• Which region has more opportunities?

By Region Outlook

• North America
(U.S., Canada, Mexico)
• Europe
(Germany, France, UK, Italy, Spain, Rest of Europe)
• Asia-Pacific
(Japan, China, India, Rest of Asia-Pacific)
• LAMEA
(Brazil, Saudi Arabia, South Africa, Rest of LAMEA)

Contact Details:

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help@alliedmarketresearch.com

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

This release was published on openPR.