Left atrial appendage (LAA) closure device market is expected to grow by 2031 due to high cases of atrial fibrillation. The hospitals sub-segment is predicted to be the most beneficial. Market in the North America region to grow at a 20.51% CAGR by 2031.
NEW YORK, Jan. 12, 2023 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Left Atrial Appendage (LAA) Closure Device Market by Product (Epicardial LAA Devices and Endocardial LAA Closure Devices) End-use (Hospitals, Ambulatory Surgery Centers and Others), and Regional Analysis (Europe, North America, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031".
According to the report, the global left atrial appendage (LAA) closure device market is expected to generate a revenue of $8,218.10 million and grow at a 20.97% CAGR during the 2022-2031 forecast period.
Dynamics of the Market
Drivers: Increasing cases of atrial fibrillation that can cause an ischemic stroke along with the growing geriatric population which is highly prone to serious diseases like arrhythmia, atrial fibrillation, and ischemic stroke due to weak immune systems are the major driving factors for the global left atrial appendage (LAA) closure device market during the analysis timeframe.
Opportunities: Improving healthcare infrastructure in developing countries like Brazil, India, Myanmar, Turkey, Thailand, etc. and rising technological advancements in medical science and equipment are some factors to create ample growth opportunities for the global left atrial appendage (LAA) closure device market during the 2022-2031 analysis years.
Restraints: High cost of left atrial appendage closure devices is the prime hampering factor for the market growth.
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Covid-19 Impact on the Market
The onset of the covid-19 pandemic has positively impacted the global left atrial appendage (LAA) closure device market mainly due to increasing incidences of atrial fibrillation among people and the growing aging population across the globe. In addition, rising public awareness and initiatives taken by the governments about left atrial appendage closure devices also contributed to the market growth during the covid-19 catastrophe. Moreover, the increasing number of ambulatory clinical facilities throughout the world along with the government's support for medical device approvals are some other factors that boosted the market development amid the pandemic stress.
Segments of the Market
As per the report, the global left atrial appendage (LAA) closure device market has been divided into multiple segments based on product, end-use, and regional analysis.
- By product, the epicardial LAA devices sub-segment is predicted to have a significant growth rate and gather a revenue of $630.10 million during the forecast period. This growth is mainly because epicardial LAA devices are a successful solution for stroke control in patients with atrial fibrillation who are non-compliant with oral anticoagulation medication. Moreover, epicardial LAA devices are associated with an early and constant drop in systemic blood pressure on short-term follow-up. These factors are estimated to uplift the sub-segment's growth by 2031.
- By end-use, the hospitals sub-segment of the global left atrial appendage (LAA) closure device market is anticipated to hold a dominant market share and garner a revenue of $6,499.40 million by 2031. This growth is due to a high preference for LAA surgeries and increased adoption of LAA closure devices. Moreover, the high availability of modern medical technologies, certified medical personnel, and the expanding usage of the newest left atrial appendage closure devices are some more factors to propel the sub-segment's growth.
- By regional analysis, the left atrial appendage (LAA) closure device market in the North America region is projected to witness abundant growth opportunities and grow at 20.51% CAGR by 2031. This immense growth is mainly due to the growing demand for advanced solutions to treat atrial fibrillation and the increasing geriatric population across the region with weak immune systems.
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Prominent Market Players
Some prominent left atrial appendage (LAA) closure device market players are
- Occlutech
- Johnson & Johnson Private Limited
- Abbott
- SentreHEART Inc.
- Boston Scientific Corporation
- Medical Device Business Services Inc.
- Lifetech Scientific
- Cardia Inc.
- Lepu Medical Technology Co. Ltd.
- ATRICURE INC.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships, and collaborations to sustain the market growth.
For example, in August 2021, Abbott Laboratories, a global medical devices manufacturer, announced its launch of Amplatzer Left Atrial Appendage Occular, another medical device that is now used to treat atrial fibrillation among geriatric people. Moreover, the organization also received the US FDA approval for the same.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
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More about Left Atrial Appendage (LAA) Closure Device Market:
- How Do Left Atrial Appendage (LAA) Closure Devices Support Heart Patients?
- 3 Most Commonly Used Left Atrial Appendage Closure Devices across the Globe and COVID-19 Impact on the Industry
- Global Left Atrial Appendage (LAA) Closure Device Market to Generate $8,218.10 Million by 2031, Due to Increasing Number of Atrial Fibrillation Cases Across the Globe
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