PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555545
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555545
Heart Closure Devices Market size was valued at USD 2,702 Million in 2023, expanding at a CAGR of 14.5% from 2024 to 2032.
Heart closure devices are medical implants used to seal or close off certain areas of the heart, often to prevent complications related to specific heart conditions. These devices are usually inserted via a catheter-based procedure, which is minimally invasive compared to traditional surgery.
Heart Closure Devices Market- Market Dynamics
Rising prevalence of heart diseases and the need for early diagnosis is expected to propel market demand
The prevalence of heart diseases, such as atrial septal defects (ASD), patent foramen ovale (PFO), and atrial fibrillation, is rising. This increase is partly due to ageing populations and lifestyle factors, creating a growing demand for effective heart closure devices. The shift towards minimally invasive procedures is driving the market. Heart closure devices are typically implanted through catheter-based techniques, which have shorter recovery times, reduced risk of complications, and less discomfort compared to traditional open-heart surgery. Patients increasingly prefer less invasive procedures with quicker recovery times. Heart closure devices, being minimally invasive, align with these preferences, leading to higher adoption rates.
Increased awareness about heart conditions and advancements in diagnostic technologies have led to earlier detection of heart defects and atrial fibrillation. Early diagnosis promotes timely treatment, boosting demand for closure devices. Further, improvements in medical technology, including the development of more sophisticated and less invasive closure devices, enhance the safety, efficacy, and patient outcomes of these procedures. Innovations in device design and materials are contributing to market growth.
Heart 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 14.5% over the forecast period (2024-2032)
Based on Type segmentation, the LAA closure segment was predicted to show maximum market share in the year 2023, owing to the growing number of nonvalvular AF patients.
Based on Technique segmentation, the atrial septal defect (ASD) segment was the leading Technique in 2023, owing to the greater accessibility to congenital heart defect closure devices.
Based on End User segmentation, the hospital segment was the leading End User segment in 2023, owing to the high number of patients with heart conditions.
Based on region, North America was the leading revenue generator in 2023, due to the high adoption of heart closure devices at hospitals & clinics.
The Global Heart Closure Devices Market is segmented based on Type, Technique, End User, and Region.
The market is divided into three categories based on Type: Congenital Heart Defect (CHD) closure, Patent Foramen Ovale (PFO) closure, and Left Atrial Appendage (LAA) Closure. The Left Atrial Appendage (LAA) Closure segment dominates the market. Positive clinical response is boosting LAA closure device demand.
The market is divided into three categories based on Technique: atrial septal defect (ASD), patent ductus arteriosus (PDA), and ventricular septal defect (VSD). The atrial septal defect (ASD) segment dominates the market. Atrial septal defect (ASD) has high penetration in therapies and is proliferating segment growth.
The market is divided into three categories based on End Users: hospitals, clinics, and others. The hospital segment dominates the market and is expected to maintain its high dominance during the forecast period. The growing adoption of ASD and PDA at hospitals is spurring market growth.
Heart Closure Devices Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. In North America, the United States is one of the largest and most advanced markets for heart closure devices. The U.S. hosts several major medical device companies, including Boston Scientific, Medtronic plc, and Abbott Laboratories, etc. Asia Pacific is a major market with substantial growth potential, driven by a high prevalence of cardiovascular diseases and an ageing population.
The heart closure devices market is highly competitive. The competitive landscape of the heart closure devices market features several prominent players focused on new product development, and strategic mergers to expand their reach. Many companies are conducting clinical trials to validate the safety and efficacy of their devices. These studies often aim to support regulatory approvals and expand indications for use. Companies are focusing on developing devices that are tailored to individual patient needs and anatomical variations, improving personalized treatment options.
In November 2023, Johnson & Johnson acquired Laminar Inc., to advance its medical technology division.