Left Atrial Appendage Closure Devices - Market Insights, Competitive Landscape and Market Forecast-2030

Left Atrial Appendage Closure Device Market By Product (Endocardial And Epicardial), End-User (Hospitals, Ambulatory Surgical Centers, And Others), and geography is expected to grow at a steady CAGR forecast till 2030 owing to the rising prevalence of cardiovascular disorders and increasing technological advancements in the domain of left atrial appendage closure devices

The Global Left Atrial Appendage Closure Device Market Was Valued At USD 1,206.94 Million In 2023, Growing At A Cagr Of 11.45% during the forecast period from 2024 to 2030 to reach usd 2,564.70 million by 2030. The demand for left atrial appendage closure devices is primarily being bolstered by the rising prevalence of cardiovascular disorders such as atrial fibrillation, ischemic strokes, and heart attacks. additionally, increasing technological advancement in the domain of left atrial appendage closure, is another key factor that is contributing to the growth of the left atrial appendage closure market during the forecast period from 2024-2030.

Left Atrial Appendage Closure Device Market Dynamics:

As per the data provided American Heart Association 2020, it was estimated that in Europe more than 9 million individuals, who were older than 55 years were suffering from atrial fibrillation in the year 2010, which is expected to reach 14 million by 2060. Additionally, the same source stated that by the year 2050, there will be about 72 million cases of atrial fibrillation and associated strokes in Asia. Thus the rising prevalence of cardiovascular disorders such as atrial fibrillation due to various factors including high-calorie diet, smoking, and lack of physical inactivity, will create a need for the management and treatment of cardiovascular disorders, thus resulting in the positive growth of the left atrial appendage closure device market.

According to data provided by the World Health Organization in 2021, the percentage of people aged 60 years and above is expected to double from 12% to 22% between 2015 and 2050, globally. This increase will eventually lead to a total of 2.1 billion people aged 60 years or above by the year 2050. Additionally, by the year 2030, 1 in 6 people will be aged 60 years or above. 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 various cardiovascular disorders. Therefore, the rise in the geriatric population will positively influence the growth of the left atrial appendage closure device market.

However, the high cost associated with the left atrial appendage closure devices and the presence of alternate treatment methods in the market, are some of the key constraints that may limit the growth of the left atrial appendage closure device market.

Left Atrial Appendage Closure Device Market Segment Analysis:

Left Atrial Appendage Closure Device market by Product (Endocardial and Epicardial), End-user (Hospitals, Ambulatory Surgical Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the product segment of the left atrial appendage closure device market, the endocardial category is estimated to amass a significant revenue share in the left atrial appendage closure device market in 2023. As technology is evolving, endocardial devices are becoming more sophisticated, offering improved efficacy and safety profiles compared to other devices. Additionally, endocardial LAA devices offers benefits such as reduced invasiveness, shorter recovery times, and fewer complications compared to the alternative methods. Further, Endocardial LAA devices, when compared with other products are very effective in managing stroke and reducing bleeding.

Thus, the various advantages provided by the endocardial LAA devices, will tend to increase the demand of the segment and in turn propelling the growth of the left atrial appendage closure devices during the forecast period.

North America Is Expected To Dominate The Overall Left Atrial Appendage Closure Device Market:

North America is expected to account for the highest proportion of the Left Atrial Appendage Closure Device Market in 2023, out of all regions. This is due to the high prevalence of cardiovascular disorders in the region. Additionally, rising technological advancements in the domain of left atrial appendage closure devices, and a highly viable market in terms of product development, and launches are some of the factors driving the growth of the left atrial appendage closure device market in North America.

As per the data provided American Heart Association 2020, it was estimated that at least 3 to 6 million people are suffering from atrial fibrillation and which is expected to reach 6 to 16 million by the year 2050 in the United States. Additionally, according to the data provided by the Centers for Disease Control and Prevention 2023, it was estimated that around 60 million women (44%), were living with some form of heart disease every year on average in the United States. Thus, with the rising prevalence of various cardiovascular disorders fueled by various factors such as sedentary lifestyle, consumption of alcohol and tobacco, and obesity, will create a need for the management and treatment of these diseases, thus eventually contributing to the positive growth of the left atrial appendage closure device market in the United States, which will eventually propel the left atrial appendage closure device market in North America.

Further, various key product launches and product approvals in the region are some of the other factors that are influencing the positive growth of the market in North America. For instance in August 2021, the Food and Drug Administration granted approval to Abbott for its Amplatzer Amulet Left Atrial Appendage Closure occluder, which is specially designed to treat individuals with atrial fibrillation who are at risk of ischemic stroke.

Therefore, the factors mentioned above, and the increasing product launches and product approvals in the region are some of the important factors that are thereby responsible for driving the overall market for Left Atrial Appendage Closure Devices in North America during the forecast period.

Left Atrial Appendage Closure Device Market Key Players:

Some of the key market players operating in the Left Atrial Appendage Closure Device market include Boston Scientific Corporation, Johnson & Johnson, Abbott Laboratories, Articure, Occlutech, Cardia Inc., Lifetech Scientific Corporation, Lepu Medical Technology, Biosense Webster, SentreHEART, Inc., Conformal Medical, and Lifetech Scientific Corporation

Recent Developmental Activities In The Left Atrial Appendage Closure Device Market:

• In November 2023, Medtronic launched its Penditure Left Atrial Appendage Closure (LAA) exclusion system in the United States. Penditure is an implantable chip that is pre-loaded onto a single-use delivery system, designed for managing the Left Atrial Appendage Closure (LAA) during concurrent cardiac surgery procedures.
• In September 2023, Boston Scientific Corporation received U.S. Food and Drug Administration approval for its latest-generation WATCHMAN FLX(TM) Pro Left Atrial Appendage Closure Closure (LAAC) Device.

Key Takeaways From The Left Atrial Appendage Closure Device Market Report Study

• Market size analysis for current Left Atrial Appendage 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 Left Atrial Appendage Closure Device market.
• Various opportunities available for the other competitors in the Left Atrial Appendage 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 Left Atrial Appendage Closure Device market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for Left Atrial Appendage Closure Device market growth in the coming future?

Target Audience Who Can Be Benefited From This Left Atrial Appendage Closure Device Market Report Study

• Left Atrial Appendage Closure Device product providers
• Research organizations and consulting companies
• Left Atrial Appendage 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 Left Atrial Appendage Closure Device
• Various End-users who want to know more about the Left Atrial Appendage Closure Device Market and the latest technological developments in the Left Atrial Appendage Closure Device Market.

Frequently Asked Questions For The Left Atrial Appendage Closure Device Market:

1. What is meant by Left Atrial Appendage Closure Devices?

Left Atrial Appendage Closure (LAA) Devices are medical devices designed to reduce the risk of stroke in patients with atrial fibrillation (AF) who are at high risk of stroke and are unable to tolerate long-term anticoagulation therapy.

2. What is the market for Left Atrial Appendage Closure Devices?

The global Left Atrial Appendage Closure Device Market was valued at USD 1,206.94 million in 2023, growing at a CAGR of 11.45% during the forecast period from 2024 to 2030 to reach USD 2,564.70 million by 2030.

3. What are the drivers for the global Left Atrial Appendage Closure Device market?

The Left Atrial Appendage Closure Device market is slated to witness prosperity owing to factors such as the rising prevalence of cardiovascular disorders such as atrial fibrillation, ischemic strokes, and heart attacks. Additionally, increasing technological advancement in the domain of Left Atrial Appendage Closure, is another key factor which is contributing to the growth of the Left Atrial Appendage Closure market during the forecast period from 2024-2030.

4. Who are the key players operating in the global Left Atrial Appendage Closure Device market?

Some of the key market players operating in the Left Atrial Appendage Closure Device market Boston Scientific Corporation, Johnson & Johnson, Abbott Laboratories, Articure, Occlutech, Cardia Inc., Lifetech Scientific Corporation, Lepu Medical Technology, Biosense Webster, SentreHEART, Inc., Conformal Medical and Lifetech Scientific Corporation.

5. Which region has the highest share in the global Left Atrial Appendage Closure Device market?

North America is expected to dominate the overall Left Atrial Appendage Closure Device market during the forecast period, 2024 to 2030. This is due to the presence high prevalence of cardiovascular disorders in the region. Additionally, rising technological advancements, presence of major players in the region, and a highly viable market in terms of product development, and launches are some of the factors driving the growth of the Left Atrial Appendage Closure Device Market in North America.