Heart Defect Closure Device Market Size, Share & Growth 2024-2033 | Trends & Key Players

The Business Research Company recently released a comprehensive report on the Global Heart Defect Closure Device Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The heart defect closure device market size has grown rapidly in recent years. It will grow from $0.97 billion in 2023 to $1.11 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The growth in the historic period can be attributed to growing number of people with congenital heart problems, ageing population, rising health awareness, increasing R&D, and advancements in catheterization techniques.

The heart defect closure device market size is expected to see rapid growth in the next few years. It will grow to $1.90 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%. The growth in the forecast period can be attributed to increasing congenital defects, improved diagnostic techniques, rise in adoption of MRI procedures, rise in use of 3d imaging in heart defect closure procedures, and high occurrence of ischemic stroke. Major trends in the forecast period include technological advancements, development of innovative products, development of next-generation heart closure devices, growing detection of PFO closure devices, and need to assess the benefits of PFO closure for the aged population.

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Market Drivers and Trends:
The growing number of people with congenital heart problems is expected to propel the growth of the heart defect closure device market going forward. Congenital heart problems refer to structural defects in the heart that are present at birth. The increase in congenital heart problems is due to genetic predispositions, environmental influences, and maternal health issues such as diabetes, obesity, and exposure to certain medications or infections during pregnancy. Heart defect closure devices help to treat congenital heart problems by offering minimally invasive solutions to seal abnormal heart openings, thus restoring normal blood flow, reducing complications, and improving overall cardiac function. For instance, in December 2023, according to the data from the Australian Bureau of Statistics 2020-21 National Health Survey, conducted by the Australian Institute of Health and Welfare, an Australia-based government agency, an estimated 571,000 adults aged 18 and over in Australia were living with coronary heart disease (CHD), comprising 2.9% of the adult population. The prevalence of CHD rises significantly with age, impacting approximately 11% of adults aged 75 and above. Therefore, the growing number of people with congenital heart problems is driving the heart defect closure device market.

Major companies operating in the heart defect closure device market are developing self-expanding, double-disc occluders to provide a minimally invasive solution for sealing heart defects. Self-expanding, double-disc occluders enhance procedural safety, improve patient outcomes by reducing recovery times, and minimize the risk of complications associated with traditional open-heart surgeries. For instance, in September 2022, Abbott Laboratories, a US-based medical devices and health care company launched Amplatzer Talisman PFO Occlusion System in Europe. The Amplatzer Talisman PFO Occlusion System is a medical device designed to close a patent foramen ovale (PFO), an abnormal opening between the left and right atria of the heart that can lead to strokes and other complications. This system uses a minimally invasive procedure to deploy a self-expanding, double-disc occluder made of nitinol wire mesh, effectively sealing the PFO and preventing the passage of clots between the atria.

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Major Key Players of the Market:
Abbott Laboratories, Medtronic, Koninklijke Philips N.V., Boston Scientific Corporation, Terumo Corporation, Edwards Lifesciences, W L Gore and Associates, B. Braun, BIOTRONIK SE & Co. KG, Lepu Medical Technology, Meril Life Sciences Pvt. Ltd., MicroPort Scientific Corporation, AtriCure Inc., LifeTech Scientific Corporation, Baylis Medical Company Inc., Biosense Webster Inc., Sahajanand Medical Technologies Limited, Occlutech, Cardia Inc., Acrostak Corporation, Vivasure Medical, Transmural Systems Inc., Cormatrix Cardiovascular Inc., St. Jude Medical LLC

Heart Defect Closure Device Market 2024 Key Insights:
• The heart defect closure device market size is expected to see rapid growth in the next few years. It will grow to $1.90 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%.
• Congenital Heart Problems Boost Heart Defect Closure Device Market Growth
• Innovations In Self-Expanding, Double-Disc Occluders For Heart Defect Closure
• North America was the largest region in the heart defect closure device market in 2023

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