Patent Foramen Ovale (PFO) Closure Devices - Market Insights, Competitive Landscape and Market Forecast-2030

Patent Foramen Ovale Closure Device Market By Product Type (Amplatzer Pfo Occluder, Cardioform Septal Occluder, And Others), End-User (Hospitals And Ambulatory Surgical Centers), and geography is expected to grow at a steady CAGR forecast till 2030 owing to the increasing incidence of cryptogenic stroke and increasing technological advancement leading to new product development

The global Patent Foramen Ovale Closure Device Market is estimated to grow at a CAGR of 5.46% during the forecast period from 2024 to 2030. The demand for Patent Foramen Ovale Closure device is primarily being bolstered by the rising geriatric population and increasing incidence of cryptogenic stroke. Additionally, increasing technological advancement leading to new product development and launches across the globe, is another major factor that is contributing to the growth of the Patent Foramen Ovale Closure market during the forecast period from 2024-2030.

Patent Foramen Ovale Closure Device Market Dynamics:

As per the data provided by the World Health Organization 2022, by the year 2030, 1 in 6 people in the world will be aged 60 years or over. Further, according to the same source the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion and by 2050.

According to the UN Population Division, Germany's population aged 65 and older is projected to grow by 41 percent to 24 million by 2050, accounting for nearly one-third of the total population. As the age increases the heart undergoes various structural and functional changes as a part of the normal aging process. These changes can affect the cardiovascular system, potentially contributing to the persistence or development of a Patent Foramen Ovale.

Therefore, the rise in the geriatric population will positively influence the growth of the Patent Foramen Ovale (PFO) Closure Devices market.

According to the data provided by the American Stroke Association 2021, around one in three which accounts for (35%) ischemic strokes are classified as cryptogenic. Additionally, half of the cryptogenic strokes are embolic strokes, which have an unknown origin. Thus, the rising incidence of cryptogenic strokes will create a need for the prevention of recurrent cryptogenic strokes thus eventually boosting the growth of the Patent Foramen Ovale Closure Device market.

However, the complications and concerns associated with the long-term safety of the device and the high cost associated with the Patent Foreman Ovale Closure Devices and procedures are some of the key constraints that may limit the growth of the Patent Foramen Ovale Closure Device market.

Patent Foramen Ovale Closure Device Market Segment Analysis:

Patent Foramen Ovale Closure Device Market by product type (Amplatzer PFO Occluder, Cardioform Septal Occluder, and Others), End-users (Hospitals and Ambulatory Surgical Centers), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the product type segment of the Patent Foramen Ovale Closure Device market, the Amplatzer PFO Occluder category is estimated to amass a significant revenue share in the Patent Foramen Ovale Closure Device Market in 2023. This can be attributed to the various advantages provided by Amplatzer PFO Occluder devices. The device is used for the treatment of certain medical conditions associated with PFO, such as cryptogenic strokes and recurrent migraines. One of the major advantages provided by Amplatzer PFO Occluder devices is that the insertion of the Amplatzer PFO Occluder is typically performed using a minimally invasive procedure, such as transcatheter closure. This approach avoids the need for open-heart surgery, leading to shorter recovery times and reduced postoperative complications. Additionally, the device is designed to effectively close the PFO, preventing the passage of blood clots or other materials between the heart chambers, thus reducing the risk of paradoxical embolism, which is a potential cause of cryptogenic strokes. Therefore, the various advantages provided by the Amplatzer PFO Occluder device is expected to contribute to the growth of the segment.

Furthermore, as the demand for this segment grows, various novel products are launched by market players in the market. For example, in September 2022, Abbott launched its Amplatzer(TM) Talisman(TM) PFO Occlusion System in the European market for the treatment of patients suffering from patent foramen ovale (PFO).

Therefore, owing to the above-mentioned factors, the Amplatzer PFO Occluder is expected to register significant growth, thereby driving the growth of the overall Patent Foramen Ovale Closure Device market during the forecast period.

North America Is Expected To Dominate The Overall Patent Foramen Ovale Closure Device Market:

North America is expected to account for the highest proportion of the Patent Foramen Ovale Closure Device Market in 2023, out of all regions. This is due to the increasing incidence of cryptogenic strokes in the region. Additionally, rising technological advancements, the presence of major players, increasing geriatric population, and a highly potent market in terms of product development, launches, and approvals are some of the factors driving the growth of the Patent Foramen Ovale Closure Device Market in North America.

According to the data provided by the American College of Cardiology 2019, it was estimated that cryptogenic strokes accounted for 15-40% of all strokes. Additionally, approximately 795,000 individuals suffer from cryptogenic strokes every year in the United States. Thus, the rising incidence of cryptogenic strokes will create a need for the treatment and management of Patent Foramen Ovale, thus resulting in the positive growth of the Patent Foramen Ovale Closure Device Market in the United States, which will eventually propel the Patent Foramen Ovale Closure Device market in North America.

Further, key players present in the region, such as, Abbott, W. L. Gore & Associates, Inc., and Occlutech Holding AG are currently driving a wide range of initiatives, such as enhancing market access and distribution, making investments in research and development and inking strategic collaborations and partnerships, which will further contribute for the growth of the Circadian Rhythm Sleep Disorders treatment market in North America.

Therefore, the factors mentioned above, are some of the important factors that are thereby responsible for driving the overall market for Patent Foramen Ovale Closure Devices in North America during the forecast period.

Patent Foramen Ovale Closure Device Market Key Players:

Some of the key market players operating in the Patent Foramen Ovale Closure Device market include Abbott, W. L. Gore & Associates, Inc., Occlutech Holding AG, SMT, and Cardia Inc., Lepu Medical Technology(Beijing)Co.,Ltd., Lifetech Scientific, AGA Medical Corporation, pfm medical ag, and Starway Medical Technology Inc.

Recent Developmental Activities In The Patent Foramen Ovale Closure Device Market:

• In September 2021, the U.S. Food and Drug Administration (FDA) approved Abbott's Amplatzer(TM) Talisman(TM) PFO Occlusion System, which is used to treat patients suffering from Patent Foramen Ovale (PFO).
• In March 2021, W.L. Gore & Associates, published the results of GORE REDUCE study long-term follow-up in The New England Journal of Medicine (NEJM), providing the benefits of patent foramen ovale closure devices. The extended follow-up data further illustrates the benefits of GORE CARDIOFORM Septal Occluder in long-term stroke prevention.

Key Takeaways From The Patent Foramen Ovale Closure Device Market Report Study

• Market size analysis for current Patent Foramen Ovale Closure Device Market size (2023), and market forecast for 6 years (2024-2030)
• Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
• Key companies dominating the global Patent Foramen Ovale Closure Device market.
• Various opportunities available for the other competitors in the Patent Foramen Ovale Closure Device Market space.
• What are the top-performing segments in 2023? How these segments will perform in 2030?
• Which are the top-performing regions and countries in the current Patent Foramen Ovale Closure Device market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for Patent Foramen Ovale Closure Device market growth in the coming future?

Target Audience Who Can Be Benefited From This Patent Foramen Ovale Closure Device Market Report Study

• Patent Foramen Ovale Closure Device product providers
• Research organizations and consulting companies
• Patent Foramen Ovale Closure Devices-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders dealing in Patent Foramen Ovale Closure Device
• Various End-users who want to know more about the Patent Foramen Ovale Closure Device Market and the latest technological developments in the Patent Foramen Ovale Closure Device Market.

Frequently Asked Questions For The Patent Foramen Ovale Closure Device Market:

1. What is meant by Patent Foramen Ovale Closure Devices?

A Patent Foramen Ovale Closure Device is a medical device used to close a small hole called a foramen Ovale present between the upper two heart chambers (atria) in patients suffering from patent foramen Ovale.

2. What is the market for Patent Foramen Ovale Closure Devices?

The global Patent Foramen Ovale Closure Device Market is estimated to grow at a CAGR of 5.46% during the forecast period from 2024 to 2030.

3. What are the drivers for the global Patent Foramen Ovale Closure Device market?

The Patent Foramen Ovale Closure Device Market is slated to witness prosperity owing to factors such as the rising geriatric population and increasing incidence of cryptogenic stroke. Additionally, increasing technological advancement leading to new product development across the globe, are some of the other factors resulting in appreciable revenue growth in the Patent Foramen Ovale Closure Device Market during the forecast period (2024-2030).

4. Who are the key players operating in the global Patent Foramen Ovale Closure Device market?

Some of the key market players operating in the Patent Foramen Ovale Closure Device Market Abbott, W. L. Gore & Associates, Inc., Occlutech Holding AG, SMT, and Cardia Inc., Lepu Medical Technology(Beijing)Co.,Ltd., Lifetech Scientific, AGA Medical Corporation, pfm medical ag, and Starway Medical Technology Inc.

5. Which region has the highest share in the global Patent Foramen Ovale Closure Device market?

North America is expected to dominate the overall Patent Foramen Ovale Closure Device Market during the forecast period, 2024 to 2030. This can be ascribed to the presence of developed and sophisticated healthcare infrastructure, rising aging population, and increasing incidence of cryptogenic strokes in the region. Additionally, rising technological advancements, presence of major players, and a highly viable market in terms of product development, and launches are some of the factors driving the growth of the Patent Foramen Ovale Closure Device Market in North America.