Market Definition
Heart defect closure devices are used to close the defect or an opening between the right and left sides of the heart. The congenital heart defects are located in the wall between the upper chambers of the heart. The heart defect closure devices include atrial septal defect closure devices, ventricular septal defect closure devices, patent ductus arteriosus closure devices, patent foramen ovale closure devices, and left atrial appendage closure devices.
Global heart defect closure devices market is estimated to reach $XX million by 2026; growing at a CAGR of 29.7% till 2026.
Market Dynamics
Rising incidence of heart attack and congenital heart defects is a key driving factor of the market. According to the World Health Organization (WHO), Heart attack and stroke are the cause of 85% of Cardiovascular diseases (CVDs) deaths globally. Every year, around 805,000 Americans have a heart attack and about 647,000 Americans die from heart disease each year. According to the British Heart Foundation, more than 100,000 heart attacks cases are registered in the UK. According to the Fondation de France, around 120,000 heart attacks cases occur in France every year. According to the Centers for Disease Control and Prevention, congenital heart defects (CHD) are the most common type of congenital disability in the United States, affecting nearly around 40,000 of births per year. According to the National Health Service, more than 6,000 babies are born with major congenital heart defects each year in the UK. However, the high cost of heart defects closure procedure and devices might hamper the market growth. The cost of Atrial Septal Defect Closure Devices is around $7,837, and the other additional cost of Atrial Septal Defect Closure Devices is $2,822. Moreover, technological advancements in heart closure devices would provide lucrative opportunities for the market in the coming years.
Market Segmentation
Global heart defect closure devices market is mainly classified based on type and end user. Type is further segmented into Atrial Septal Defect Closure Devices, Ventricular Septal Defect Closure Devices, Patent Ductus Arteriosus Closure Devices, Patent Foramen Ovale Closure Devices, and Left Atrial Appendage Closure Devices. By end user, the market is divided into Hospitals, Clinics, and Others.
Atrial Septal Defect Closure Devices has shown significant growth in 2019, owing to the increasing technological development, studies conducted on atrial septal defect closure devices, the partnership between companies to develop and commercialize atrial septal defect closure devices, and commercialization of regulatory approved atrial septal defect closure devices. For instance, W.L. Gore and Associates has introduced Gore Cardioform ASD Occluder. The occluder device was approved by the U.S. Food and Drug Administration (FDA) for percutaneous closure of ostium secundum atrial septal defects. The ASD Occluder device can close defects between 8 mm and 35 mm in diameter, with a 100% closure success rate.
Regional Analysis
Based on geography, the global heart defect closure devices market is divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is further divided in the U.S., Canada, and Mexico, whereas Europe consists of the UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific. The South America region includes Brazil, Argentina, and the Rest of South America, while the Middle East & Africa is categorized into GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.
North America was dominating the global heart defect closure devices market in 2019, owing to the rising incidence of heart attack, and congenital heart defects (CHD). Moreover, the commercialization of new heart defect closure devices and increasing regulatory approval of heart defect closure devices are driving the demand of the North American market. For instance, St. Jude Medical, Inc. has received the U.S. Food and Drug Administration (FDA) approval and launch of the AMPLATZER PFO Occluder. AMPLATZER PFO Occluder helps to reduce the risk of recurrent ischemic strokes in patients diagnosed with a patent foramen ovale (PFO), a small opening between the upper chambers of the heart.
Competitive landscape
Major players operating in the heart defect closure devices industry include Abbott, W. L. Gore and Associates, Occlutech International AB, Starway Medical Technology Inc., Lifetech Scientific, Boston Scientific Corp, MicroPort Scientific Corporation, Biosense Webster, Inc., Cardia, Inc., PFM medical ag, and Heartstitch.
Increasing clinical studies on heart defect closure devices, technological advancement, the collaboration between companies to distribute the products at the global scale, commercialization of new heart defect closure devices, and increasing indication for heart defect closure devices are some of the strategies adopted by the major companies. For instance, on April 03, 2018, W.L. Gore and Associates has received the U.S. Food and Drug Administration (FDA) approval of new indication for prevention of recurrent ischemic stroke for its patent foramen ovale closure device. The expanded approval of Gore Cardioform Septal Occluder device significantly reduced the rate of recurrent ischemic stroke.
Heart Defect Closure Devices Market Key Segments:
By Type
- Atrial Septal Defect Closure Devices
- Ventricular Septal Defect Closure Devices
- Patent Ductus Arteriosus Closure Devices
- Patent Foramen Ovale Closure Devices
- Left Atrial Appendage Closure Devices
By End User
- Hospitals
- Clinics
- Others
Key Global Heart Defect Closure Devices Industry Players
- Abbott
- W. L. Gore and Associates
- Occlutech International AB
- Starway Medical Technology, Inc.
- Lifetech Scientific
- Boston Scientific Corp
- MicroPort Scientific Corporation
- Biosense Webster, Inc.
- Cardia, Inc.
- PFM medical ag
- Heartstitch
What Report Provides
- Full in-depth analysis of the parent Industry
- Important changes in market and its dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional growth potential