Heart Closure Devices Market (By Closure Type: CHD Closure, PFO Closure, LAA Closure) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030

The global heart closure devices market was surpassed at USD 2.15 billion in 2021 and is expected to hit around USD 7.52 billion by 2030, growing at a CAGR of 14.93% from 2022 to 2030.

Report Highlights

• The LAAC segment dominated the industry in 2021 and accounted for the largest share of 48.02% of the overall revenue.
• North America dominated the global industry in 2021 and accounted for the largest share of more than 51.3% of the overall revenue.

Increasing incidence of Atrial Fibrillation (AF), growing prevalence of congenital heart defects, upsurge in geriatric population, and favorable reimbursement policies are expected to boost the heart defect closure devices demand. Constant new product introductions and approvals along with rapid growth of the healthcare industry across emerging economies will further augment the industry growth during the forecast period. The COVID-19 pandemic affected the industry for FY 2020-21. The operations of the corporations were impacted significantly. Moreover, companies faced disruptions in the supply and increases in the prices of certain raw materials and components.

In addition, elective procedures were postponed during this period.However, the industry picked up in 2021, as companies witnessed higher sales across their business segments compared to the pandemic. Abbott’s medical devices sales revenue grew over 21% to $14.367 billion in 2021 over the last twelve months. The sales increase in 2021 was driven by double?digit growth across all of the company’s Medical Devices divisions, led by Diabetes Care, Structural Heart, and Electrophysiology. Heart defect closure devices is highly competitive and are characterized by extensive research and development and rapid technological change. The buyers consider many factors when choosing suppliers, including product reliability, clinical outcomes, product enhancements, breadth of product portfolio, pricing and product services provided by the manufacturer, and product availability.

As a result, the company’s market share can shift owing to technological innovation and other business factors. In addition, product problems, physician advisories, and safety alerts are anticipated to affect the company’s market share and foothold across the regions during the forecast period. Furthermore, the industry has undergone significant consolidation in recent years. Certain market players have been able to expand their portfolio of products and services through this consolidation process, and they can offer customers a broader array of products and services. For instance, in January 2017, Abbott completed the acquisition of St. Jude Medical, Inc. Thus, establishing the company as a leader in the medical device field. St. Jude Medical's solid positions in atrial fibrillation, structural heart, heart failure, and chronic pain added to Abbott's leading positions in mitral valve disease and coronary interventions.

Scope of The Report

Closure Type Insights

Based on the closure type, the industry has been categorized into Congenital Heart Defect (CHD) closure, Patent Foramen Ovale (PFO) closure, and Left Atrial Appendage Closure (LAAC). The LAAC segment dominated the industry in 2021 and accounted for the largest share of 48.02% of the overall revenue. The growing number of nonvalvular AF patients who have been shown to be at high risk for stroke and also in whom oral anticoagulants are ineffective. For instance, data from the Journal of Arrhythmia from 2017 shows that the number of cases is largest in densely populated nations like China and India, which would eventually increase the demand for LAAC.

The CHD closure segment also accounted for a significant share of the overall revenue in 2021 mainly due to the advancements in the region's facility infrastructure, accessibility of congenital heart defect closure devices, and an increase in the number of qualified physicians, all of which will encourage the use of minimally invasive devices. For instance, due to improved developments in the hospital infrastructure, ASD and PDA closure therapies continue to have major market penetration in the market, consequently resulting in industry expansion.

Regional Insights

North America dominated the global industry in 2021 and accounted for the largest share of more than 51.3% of the overall revenue owing to high R&D investments and trials in this region. For instance, the Lifetech Scientific-sponsored IDE study on LAmbre. To establish safety and effectiveness data, the LAmbre device would be evaluated in this clinical trial among the U.S. population. Positive clinical results might boost the adoption of the LAA closure device in the U.S. as many physicians in the country are influenced by clinical studies. The Asia Pacific region, on the other hand, is expected to register the fastest growth rate during the forecast period.

Heart closure devices have been commercially available for more than a decade, which has allowed for the development of stronger healthcare infrastructure for performing minimally invasive heart defect closure treatments, resulting in further boosting the industry expansion. Many heart defect closure technologies are available in nations like Australia, where minimally invasive heart defect closure technologies were introduced years before it was in other international markets. For instance, W. L. Gore’s GORE CARDIOFORM Septal Occluder was approved in the U.S. in 2018 and in Australia in 2015.

Key Players

• Abbott
• W. L. Gore & Associates, Inc.
• Boston Scientific Corp.
• Occlutech
• Heartstitch
• SMT
• Cardia, Inc.
• Lifetech Scientific Corp.
• Lepu Medical Technology (Beijing)Co., Ltd.
• AtriCure Inc.

Market Segmentation

• By Closure Type Outlook
• Congenital Heart Defect Closure

• By Technique

• ASD

• PDA (inclusive of PDA closure and embolization coils)

• VSD

• PFO Closure
• LAA Closure
• By Regional Outlook
• North America

• U.S.

• Canada

• Europe

• U.K.

• Germany

• France

• Italy

• Spain

• Asia Pacific

• Japan

• China

• India

• Australia

• Latin America

• Brazil

• Argentina

• Middle East & Africa

• South Africa

• Saudi Arabia