Left Atrial Appendage (LAA) Closure Device Market to Reach USD 8.2 Billion, Globally, by 2031 at 21% CAGR: Allied Market Research
Rise in number product approvals for atrial intervention and surge in atrial fibrillation, heart stroke cases, and hypertension-related diseases drive the growth of the global left atrial appendage closure device market.
PORTLAND, Ore., Sept. 16, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Left Atrial Appendage (LAA) Closure Device Market by Product (Endocardial LAA Devices, Epicardial LAA Devices), by End Use (Hospitals, Ambulatory Surgery Centers, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global left atrial appendage closure device industry generated $1.3 billion in 2021, and is estimated to reach $8.2 billion by 2031, witnessing a CAGR of 21.0% from 2022 to 2031.
Prime determinants of growth
Rise in number product approvals for atrial intervention, surge in atrial fibrillation, heart stroke cases, and hypertension-related diseases, and unhealthy lifestyle choices such as smoking drive the growth of the global left atrial appendage closure device market. In addition, rise in initiatives to raise awareness in untapped regions supplement the market growth. However, high cost of devices and availability of substitutes in the market restrain the growth. On the other hand, increase in adoption of cutting-edge technologies and improvement in implant effectiveness and procedural safety present opportunities in the market.
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Covid-19 Scenario
- The Covid-19 pandemic made a considerable impact on the left atrial appendage closure devices market. The development and manufacturing activities of LAA closure devices were stopped due to lockdown restrictions and unavailability of sufficient raw materials.
- Moreover, hospitals and health authorities issued the cancellation or postponement of non-urgent procedures such as structural heart (SH) interventional surgeries for lowering down patient exposure to Covid-19 infection and preserve the capacity of ICUs for catering to Covid-infected patients.
- The limited availability of ICU beds and anaesthesiology led to considerable barriers in carrying out non-urgent structural heart interventions including LAA closure procedures and lowered use of LAA closure devices. This made a negative impact on the revenue.
- However, the market is expected to recover post-pandemic as SH interventional surgeries got back on track with vaccination programs and other preventive measures in place.
The endocardial LAA devices segment to maintain its lead position during the forecast period
Based on product, the endocardial LAA devices segment contributed to the highest market share in 2021, accounting for around 90% of the global left atrial appendage closure device market, and is projected to maintain its lead position during the forecast period. Moreover, this segment is estimated to manifest the largest CAGR of 21.2% from 2022 to 2031. This is due to lower complications in patients, shorter hospital stays, and safer and more effective in managing stroke and reducing bleeding than other products. The report also analyzes the epicardial LAA devices segment.
The hospitals segment to continue its highest contribution throughout the forecast period
Based on end use, the hospitals segment accounted for the largest market share in 2021, holding around three-fourths of the global left atrial appendage closure device market, and is estimated to continue its highest contribution throughout the forecast period. In addition, this segment is projected to register the fastest CAGR of 21.4% from 2022 to 2031. This is due to preference for left atrial appendage (LAA) procedures and increase in hospital acceptance of LAA closure devices with availability of advanced medical technologies and skilled professionals. The research also analyzes the segments including ambulatory surgery centers and others.
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North America to maintain its dominance in terms of revenue during the forecast period
Based on region, North America held the largest market share in 2021, accounting for nearly half of the global left atrial appendage closure device market, and is projected to maintain its dominance in terms of revenue during the forecast period. This is due to widespread acceptance of advanced left atrial appendage closure devices, rise in incidence of atrial fibrillation, and well-developed healthcare infrastructure. However, Asia-Pacific is projected to grow at the largest CAGR of 22.2% from 2022 to 2031, owing to high preference and acceptance of advanced technologies in closure devices in medical facilities in the region.
Leading Market Players
- SentreHEART, Inc.
- Boston Scientific Corporation
- AtriCure, Inc.
- Abbott Laboratories
- Occlutech
- Lifetech Scientific Corporation
- Cardia, Inc.
- Aegis Medical Group
- Biosense Webster, Inc.
- Johnson & Johnson Services, Inc.
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