Global Heart Defect Closure Devices Market -2024-2031

Global Heart Defect Closure Devices Market -2024-2031

Global Heart Defect Closure Devices Market reached US$ YY million in 2023 and is expected to reach US$ YY million by 2031, growing at a CAGR of YY% during the forecast period 2024-2031

Heart Defect Closure Devices refer to devices used to close a defect or an opening between the right and left sides of the heart. The device closure procedure used as a reparative surgery is known as transcatheter closure, although it is done for a reparable hole and this is not the only treatment for hole closures. When compared to other surgeries, it is a less invasive surgery.



Market Dynamics: Drivers & Restraints

Increasing availability of efficient devices to fuel the market growth

Heart diseases worldwide are increasing, leading to a surge in demand for efficient heart devices. Advanced devices are becoming more accessible, leading to widespread adoption in many countries. Emerging economies are also experiencing increased demand, with investors focusing on expanding the availability of affordable heart closure devices in countries like India, China, and Mexico.

For instance, in February 2020, AliveCor, a leading AI-based ECG technology, and enterprise cardiac solution provider announced the launch of KardiaMobile, which is used to record, store and transfer single-channel electrocardiogram rhythms in the Mexico region from the Federal Commission for the Protection against Sanitary Risk. This launch is the result of the partnership between AliveCor and Inpharamo, a Mexico-based medical solutions company.

Furthermore, global heart defect closure devices are also driven by various other factors like a rise in the advancements in the devices, novel product launches by key players and others helping the market to grow during the forecast period.

High costs associated with the devices

Heart closure devices are relatively high-priced devices, as compared to manual compression devices. The average price of a heart closure device is about USD 150-250, while that of a manual compression device is about USD 15-25. The cost of HCDs essentially adds up to the patient’s hospitalization bill, increases the per-patient cost for hospitals, and simultaneously reduces profits.

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Segment Analysis

The global heart defect closure devices market is segmented based on product type, material, mode of delivery, end-user and region.

The atrial septal defect closure devices from the product type segment accounted for approximately 39.7 % of the heart defect closure devices market share

The atrial septal defect closure devices from the product type segment accounted for approximately 39.7 %. The ASD closure device is a surgical tool that seals a hole in the heart by flattening it against the septum, and it remains in place due to natural heart pressure. An atrial septal defect is an abnormally large hole between the upper chambers of the heart that remains after birth, which can lead to enlargement of the heart, abnormal heart rhythm and damage to blood vessels in the lungs.

For instance, in January 2024, Occlutech announced that the US Food and Drug Administration (FDA) had approved the Occlutech ASD Occluder and Occlutech Pistol Pusher for the treatment of atrial septal defects (ASD).

Geographical Analysis

North America is estimated to hold about 39.4% of the total market share throughout the forecast period

North America is estimated to hold about 38.4% of the total market share throughout the forecast period owing to the factors like FDA approvals, novel product launches by key players, and 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.

Covid 19 Impact Analysis

The industry was significantly impacted by the global COVID-19 pandemic. Procedures that were not necessary, like routine patient-doctor visits, screenings, and elective surgeries, were cancelled or postponed after several regional and national governments at first issued orders to shelter in place to reduce potential exposure to and transmission of infection.

Market Segmentation

By Product Type
• Atrial Septal Defect (ASD) Closure Devices
• Left Atrial Appendage Closure (LAA) Devices
• Patent Foramen Ovale (PFO) Closure Devices
• Patent Ductus Arteriosus (PDA) Closure Devices
• Ventricular Septal Defect (VSD) Closure Devices

By Material
• Nitinol-based Devices
• Stainless Steel Devices
• Others

By Mode of Delivery
• Transcatheter Delivery
• Surgical Delivery
• Others

By End User
• Hospitals
• Clinics
• Ambulatory Surgical Centers
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Spain
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Competitive Landscape

The major global players in the market include Medtronic Plc, Boston Scientific Corporation, Abbott, Occlutech Holding Ag, Cardia, Inc, Lifetech Scientific, Gore Medical, SMT, Atricure, BVM Medical among others.

Key Developments

 In September 2022, Abbott announced the European launch of the Amplatzer Talisman System to close the hole in the heart for people at risk of recurrent stroke. Abbott's Talisman system seals an opening in the heart known as a patent foramen ovale (PFO) to prevent blood clots from passing from the right to the left side of the heart and onto the brain, where they can cause a stroke. Thus, this product launch assisted the company in strengthening its market presence in Europe.

Why Purchase the Report?
• To visualize the global heart defect closure devices market segmentation based on product type,material, mode of delivery, end user and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analysing trends and co-development.
• Excel data sheet with numerous data points of heart defect closure devices market level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global heart defect closure devices market report would provide approximately 64 tables, 61 figures and 186 pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies