The global heart closure devices market is on track for substantial growth in the coming decade, with an estimated market value of USD 2.71 billion in 2023. Industry experts project a compound annual growth rate (CAGR) of 14.9% from 2023 to 2033, pushing the market to a projected USD 10.88 billion by the end of 2033.
This robust expansion is fueled by a rising demand for highly efficient heart procedures and a surge in research and development investments aimed at delivering innovative and technologically advanced heart closure devices. As healthcare providers and patients increasingly prioritize minimally invasive and precise treatments, the heart closure devices market is poised to benefit from these ongoing advancements.
This significant expansion is driven by increasing demand for highly efficient and minimally invasive procedures, coupled with a surge in research and development investments aimed at creating innovative and technologically advanced heart closure solutions. As healthcare providers and patients seek more effective and less invasive treatment options, the demand for advanced heart closure devices continues to rise.
The market’s growth reflects a broader trend towards improving patient outcomes through enhanced medical technologies and procedures. The influx of new innovations and advancements in heart closure devices is set to transform the landscape of cardiovascular care and contribute to the overall market expansion.
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 the healthcare industry across emerging economies will bode well for the market growth shortly.
Heart Closure Devices Market Key Takeaways:
- The 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.
Heart Closure Devices Market 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 Report 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 based on 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)
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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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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