PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498811
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498811
Patent Foramen Ovale (PFO) Closure Devices Market size was valued at USD 350.43 Million in 2023, expanding at a CAGR of 6.00% from 2024 to 2032.
A patent foramen ovale (PFO) is a defect in the septum located between two atrial heart chambers. PFO arises after delivery when the foramen ovale is unable to close. The opening located between the atrial chambers allows for the movement of a negligible volume of blood from the right to the left atrium. PFO increases the risk of heart attacks, strokes, and transient ischemic attacks. PFO is diagnosed using specialized examinations such as an echocardiography, bubble test, and transesophageal echocardiogram.
Patent Foramen Ovale (PFO) Closure Devices Market- Market Dynamics
Growing Awareness About Conditions Such as Cryptogenic Strokes to Amplify Market Growth
Several significant factors contribute to the increased popularity of patent foramen ovale (PFO) closure devices. First, heightened knowledge of the link between PFO and illnesses such as cryptogenic stroke underlines the importance of effective therapies. Advances in device design, which ensure better efficacy and lower hazards, make a substantial contribution. Furthermore, growing clinical evidence confirming the benefits of PFO closure in preventing recurrent occurrences is driving increased adoption among healthcare practitioners. Moreover, Patient demand for minimally invasive procedures, combined with technical advancements such as better imaging and bioresorbable materials, is propelling the evolution of PFO closure devices. These aggregate considerations point to a good trajectory for the further development and application of such medical breakthroughs. All of the factors mentioned above are influencing the patent foramen ovale closure device market share.
Patent Foramen Ovale (PFO) Closure Devices Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 6.00% over the forecast period (2024-2032)
Based on Type segmentation, Amplatzer's PFO occluder segment is predicted to dominate during the prediction period.
Based on Application segmentation, the hospital sector is expected to control the market in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Patent Foramen Ovale (PFO) Closure Devices Market is segmented on the basis of Type, Application, and Region.
The market is divided into two categories based on Type: Amplatzer PFO Occluder, and Other PFO Occluder. The amplatzer PFO occluder segment is expected to dominate throughout the forecast period. This transcatheter device, known for its efficacy, commands a sizable share of the patent foramen ovale (PFO) closure device market. It offers a minimally invasive alternative for closing PFOs, lowering the risk of associated problems. Its broad use is fueled by proven clinical outcomes and advances in device design.
The market is divided into three categories based on Applications: Hospitals, Clinics, and Others. The hospital sector is expected to control the market. Hospitals play an important role in the patent foramen ovale (PFO) closure device market since they are major sites for cardiovascular procedures. The expanding prevalence of PFO-related disorders, combined with a growing emphasis on minimally invasive therapies, contributes to increased demand in hospital settings. Adoption is aided by sophisticated medical infrastructure, trained healthcare providers, and the capacity to serve a broad patient group requesting PFO closure procedures.
Patent Foramen Ovale (PFO) Closure Devices Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is an important region in the use of patent foramen ovale (PFO) closure devices. The region's superior healthcare infrastructure, along with a high prevalence of cardiovascular illnesses, provide an ideal environment for these breakthroughs. Robust R&D initiatives, together with proactive regulatory frameworks, help to accelerate the launch and integration of cutting-edge PFO closure solutions.
Asia Pacific is expected to be the fastest-growing PFO closure device market as people become more conscious about patent foramen ovale (PFO). For instance, an Australia-based PFO Funding Organization aims to increase public and doctor attention to the ailment known as patent foramen ovale (PFO) or 'opening in the heart' and its significance to cardiovascular and neurological health, not so much for the benefit of the organization,
Several industry companies such as Abbott (U.S.), Occlutech (Sweden), Starway (China), and W. L. Gore & Associates (U.S.), among others, are adopting acquisition techniques to expand their business portfolios and boost their market positions. Furthermore, companies frequently use partnerships and cooperation. Key market players are investing in research and development to bring improved technologies and solutions to market.
In March 2021, W.L. Gore & Associates reported the results of the GORE REDUCE study's long-term follow-up in The New England Journal of Medicine (NEJM), which demonstrated the benefits of patent foramen ovale closure devices. The extended follow-up data highlights the efficacy of GORE CARDIOFORM Septal Occluder in long-term stroke prevention.
GLOBAL PATENT FORAMEN OVALE (PFO) CLOSURE DEVICES MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Abbott (U.S.)
Occlutech (Sweden)
Starway (China)
W. L. Gore & Associates (U.S.)
Cardia (Australia)
LifeTech (China)
Others