PUBLISHER: The Business Research Company | PRODUCT CODE: 1526976
PUBLISHER: The Business Research Company | PRODUCT CODE: 1526976
A heart defect closure device is a medical instrument designed to close abnormal openings or defects in the heart's structure, particularly in the septum, the wall that separates the heart's chambers. These devices are used to treat specific heart conditions, such as atrial septal defects or patent foramen ovale, by sealing the openings in the heart's wall. They are implanted through minimally invasive procedures, offering an effective and less invasive alternative to open-heart surgery for patients with these defects.
The primary types of heart defect closure devices include atrial septal defect (ASD) closure devices, left atrial appendage (LAA) closure devices, patent foramen ovale (PFO) closure devices, patent ductus arteriosus (PDA) closure devices, and ventricular septal defect (VSD) closure devices. An ASD closure device is specifically designed to seal a hole in the wall between the heart's two upper chambers. These devices are constructed from various materials such as nitinol and stainless steel and can be delivered through transcatheter, surgical, and other delivery methods by hospitals, clinics, ambulatory surgical centers, and other healthcare facilities.
The heart defect closure device market research report is one of a series of new reports from The Business Research Company that provides heart defect closure device market statistics, including the heart defect closure device industry global market size, regional shares, competitors with heart defect closure device market share, detailed heart defect closure device market segments, market trends, and opportunities, and any further data you may need to thrive in the heart defect closure device industry. These heart defect closure device market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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 observed during the historic period can be attributed to several factors, including an increasing number of individuals with congenital heart problems, an ageing population, heightened health awareness, rising research and development activities, 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 projected growth in the forecast period can be attributed to an increase in congenital defects, enhanced diagnostic techniques, greater adoption of MRI procedures, expanded use of 3D imaging in heart defect closure procedures, and a high incidence of ischemic stroke. Key trends expected during this period include technological advancements, the development of innovative products, the emergence of next-generation heart closure devices, increased detection of PFO closure devices, and the need to evaluate the benefits of PFO closure for the elderly population.
The growing number of individuals with congenital heart problems is expected to drive the expansion of the heart defect closure device market. Congenital heart problems, which are structural defects in the heart present at birth, are increasing due to genetic predispositions, environmental factors, and maternal health issues such as diabetes, obesity, and exposure to certain medications or infections during pregnancy. Heart defect closure devices offer minimally invasive solutions to seal abnormal heart openings, thereby restoring normal blood flow, reducing complications, and enhancing overall cardiac function. For instance, data from the Australian Bureau of Statistics 2020-21 National Health Survey, conducted by the Australian Institute of Health and Welfare, reported that an estimated 571,000 adults aged 18 and over in Australia were living with coronary heart disease (CHD), representing 2.9% of the adult population. The prevalence of CHD significantly increases with age, affecting about 11% of adults aged 75 and above. Consequently, the rising incidence of congenital heart problems is propelling the heart defect closure device market.
Major companies in the heart defect closure device market are developing self-expanding, double-disc occluders to provide minimally invasive solutions for sealing heart defects. These occluders enhance procedural safety, improve patient outcomes by reducing recovery times, and minimize the risk of complications associated with traditional open-heart surgeries. For example, in September 2022, Abbott Laboratories, a US-based medical devices and healthcare company, launched the Amplatzer Talisman PFO Occlusion System in Europe. This device is 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. The 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.
In March 2021, Haemonetics Corporation, a US-based healthcare company, acquired Cardiva Medical Inc. for $510 million. This acquisition expanded Haemonetics' portfolio of structural heart devices, offering a broader range of solutions for interventional cardiology and electrophysiology procedures. Cardiva Medical, a US-based company, specializes in developing and manufacturing implantable closure devices for heart defects, particularly atrial septal defects (ASDs).
Major players in the heart defect closure device market are 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, Coherex Medical Inc., Cardia Inc., Acrostak Corporation, Vivasure Medical, Transmural Systems Inc., Cormatrix Cardiovascular Inc., and St. Jude Medical LLC.
North America was the largest region in the heart defect closure device market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in heart defect closure device report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the heart defect closure device market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The heart defect closure device market consists of sales of amplatzer septal occluder, gore cardioform septal occluder, and HELEX septal occluder. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values and are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Heart Defect Closure Device Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market. heart defect closure device market.
This report focuses on heart defect closure device market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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