Rising number of product approvals for atrial intervention and rise in atrial fibrillation, stroke cases, and hypertension-related diseases are driving the growth of the global closure devices market the left atrial appendage.
PORTLAND, Oregon., September 16, 2022 /PRNewswire/ — Allied Market Research has released a report titled, “Left Atrial Appendage (LAA) Closure Devices Market By Product (Endocardial LAA Devices, Epicardial LAA Devices), By End-Use (Hospitals, Ambulatory Surgery Centers, Others): Global Opportunities Analysis and Forecast industry, 2021-2031.” According to the report, the global left atrial appendage closure devices industry generated $1.3 billion in 2021, and should reach $8.2 billion by 2031, with a CAGR of 21.0% from 2022 to 2031.
Main determinants of growth
The increase in the number of product approvals for atrial intervention, the increase in atrial fibrillation, cases of stroke and hypertension-related diseases, as well as unhealthy lifestyle choices such as than smoking, are driving the growth of the global left atrial appendage closure devices market. Additionally, increasing awareness initiatives in untapped regions complements the growth of the market. However, the high cost of devices and the availability of substitutes in the market are limiting growth. On the other hand, the increase in the adoption of advanced technologies and the improvement in the efficiency of implants and the safety of procedures present opportunities in the market.
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- The Covid-19 pandemic has had a significant impact on the Left Atrial Appendage Closure Devices market. LAA closure device development and manufacturing activities have been halted due to containment restrictions and the unavailability of sufficient raw materials.
- Additionally, hospitals and health authorities have issued cancellations or postponements of elective procedures such as interventional structural heart surgeries (SH) to reduce patient exposure to Covid-19 infection and preserve capacity. intensive care units to care for patients infected with Covid.
- The limited availability of critical care and anesthesiology beds has led to considerable barriers in performing elective structural cardiac procedures, including LAA closure procedures, and reduced use of cardiac closure devices. the AGA. This had a negative impact on revenue.
- However, the market is expected to recover post-pandemic as SH interventional surgeries are back on track with vaccination programs and other preventative measures in place.
The LAA Endocardial Devices Segment to Maintain Its Leading Position During the Forecast Period
Based on product, the LAA endocardial device segment contributed the highest market share in 2021, accounting for approximately 90% of the global left atrial appendage closure device market, and is expected to maintain its leading position during the forecast period. Additionally, this segment is estimated to have the highest CAGR of 21.2% from 2022 to 2031. This is due to lower patient complications, shorter hospital stays, and safer and more efficient management. effective stroke and bleeding than other products. The report also analyzes the epicardial LAA devices segment.
The Hospitals segment will continue its highest contribution throughout the forecast period
Based on end-use, the hospital segment accounted for the largest market share in 2021, holding approximately three-quarters of the global left atrial appendage closure devices market, and is expected to maintain its highest contribution throughout the forecast period. Additionally, this segment is expected to register the fastest CAGR of 21.4% from 2022 to 2031. This is due to the preference for left atrial appendage (LAA) procedures and increasing acceptance by AGA closure devices hospitals through the availability of advanced medical technologies and qualified personnel. professionals. The research also analyzes the segments including day surgery centers and others.
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North America maintain its revenue dominance over the forecast period
Based on the region, North America held the largest market share in 2021, accounting for nearly half of the global left atrial appendage closure devices market, and is expected to maintain its revenue dominance over the forecast period. This is due to the widespread acceptance of advanced left atrial appendage closure devices, the increasing incidence of atrial fibrillation, and a well-developed healthcare infrastructure. However, Asia Pacific is expected to grow at the highest CAGR of 22.2% from 2022 to 2031, driven by strong preference and acceptance of advanced technologies in closure devices in medical institutions in the region.
Main market players
- SentreHEART, Inc.
- Boston Scientific Society
- Atricure, Inc.
- Abbott Laboratories
- Lifetech Scientific Society
- Cardia, Inc.
- Aegis Medical Group
- Biosense Webster, Inc.
- Johnson & Johnson Services, Inc.
Official Press Release – https://www.alliedmarketresearch.com/press-release/left-atrial-appendage-laa-closure-device-market.html
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