The global heart closure devices market is projected to be valued US$ 2.71 billion in 2023. The overall market for heart closure devices is predicted to grow at a compound annual growth rate (CAGR) of 14.9% between 2023 and 2033, reaching approximately US$ 10.88 billion by that time. This can be attributed to both a rise in the demand for highly effective procedures among consumers and an increase in R&D spending for the development of cutting-edge and innovative products.
Factors such as an increase in incidence of congenital heart defects, technological advancements in heart closure devices, rise in adoption of MRI procedures, and upsurge in geriatric population are expected to augment the growth of the global heart closure devices market over the analysis period.
On the other hand, high cost of production and stringent regulations associated with these devices limit the market growth. Whereas, an increase in number of heart strokes and development of innovative products by key players are expected to provide lucrative avenues for market expansion in the forthcoming years.
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Furthermore, the utilization of 3D imaging and anatomical models in the manufacturing and planning processes of heart closure devices is gaining prominence in the market. This is expected to change the supply landscape of the industry, attributed to characteristics such as personalization, adaptability, and flexibility provided by using 3D imaging technology.
This in turn decreases the overall prostheses employed per patient along with the procedure time, which makes it a viable option in the production and planning process. Similarly, continuous new product launches as well as approvals along with rapid expansion of healthcare industry across emerging economies will bode well for the market growth in the near future.
Key Takeaways:
- Global heart closure devices market was valued at US$ 2.36 Billion by 2022-end
- From 2018 to 2022, the market demand expanded at a CAGR of 6.6%
- By Closure Type, the left atrial appendage closure segment of the market constitutes the bulk of the market with a market share of 49%
- By End-User, the Hospitals segment dominates the market with a share of 47%
- From 2023 to 2033, Heart Closure Devices sales are expected to flourish at a CAGR of 14.9%.
- By 2033, the market value of Heart Closure Devices is expected to reach US$ 10.88 Billion
“The rise in patient pool globally, and growing awareness about heart diseases positively are the major factors driving the growth of the Heart Closure Devices Market during the forecast period,” remarks an FMI analyst.
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Competitive Landscape
Players in the global Heart Closure Devices Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In July 2021, Angel Medical Systems, Inc. announced the first commercial implantation of their flagship product, “The Guardian” device in the U.S. region. This was the first procedure followed by their recent FDA approval.
- In April 2021, Phoenix Cardiac Devices, Inc. announced that they received a CE Mark for their product, BACE (Basal Annuloplasty of the Cardio externally) device. This approval helps in the commercialization of BACE in the European Union.
- In March 2021, the U.S. FDA announced the approval of the world’s first non-surgical heart valve treatment for pediatric and adult patients suffering from a native or surgically repaired right Ventricular outflow tract (RVOT). The device was specifically developed to treat patients with severe pulmonary heart regurgitation.
Know More About What the Heart Closure Devices Market Repost Covers
Future Market Insights offers an unbiased analysis of the global Heart Closure Devices Market, providing historical data for 2018-2022 and forecast statistics from 2023-2033.
To understand opportunities in the Heart Closure Devices Market, the market is segmented on the basis of closure type across five major regions.
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Key Segments:
Heart Closure Devices Market by Closure Type:
- Congenital Heart Defect Closure
- Atrial Septal Defect (ASD)
- Patent Ductus Arteriosus (PDA)
- Ventricular Septal Defect (VSD)
- Patent Foramen Ovale (PFO) Closure
- Left Atrial Appendage (LAA) Closure
Heart Closure Devices Market by Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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