Heart Closure Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030

Heart Closure Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030

Heart Closure Devices Market By Closure Type (Congenital Heart Defect Closure [Atrial Septal Defect (ASD)), Patent Ductus Arteriosus (PDA), And Ventricular Septal Defect (VSD)), Patent Foramen Ovale (PFO Closure), And Left Atrial Appendage (LAA) Closure), and geography is expected to grow at a steady CAGR forecast till 2030 owing to the increasing incidence for congenital heart defects and growing preference for minimally invasive surgeries

The global heart closure devices market was valued at USD 2.51 billion in 2023, growing at a CAGR of 6.85% during the forecast period from 2024 to 20230 to reach USD 3.99 billion by 2030. The demand for heart closure devices is primarily being boosted by an increase in the incidence of congenital heart defects, rising adoption of MRI procedures, growing recognition and awareness of children born with cardiac irregularities, and continuous innovation in product development among others, thereby contributing to the overall growth of the heart closure devices market during the forecast period from 2024-2030.

Heart Closure Devices Market Dynamics:

The Congenital Heart Public Health Consortium's latest data highlighted that worldwide on average, about 1 in 110 births are affected, representing approximately 1.35 million live births with congenital heart disease (CHD) each year.

According to the Australian Institute of Health and Welfare 2019, globally, around 9 in every 1,000 babies born are affected by congenital heart disease, with an estimated 2,400 babies affected in Australia each year.

As per the National Health Service (NHS) 2021 fact, congenital heart disease is one of the most common types of birth defect, affecting almost 1 in 100 babies born in the UK. The British Heart Foundation also highlighted that each day, around 13 babies in the UK are diagnosed with congenital heart disease.

About 25% of children born with CHD need heart surgery or other interventions in the first year of life to survive as mentioned by the Conquering CHD (Pediatric Congenital Heart Association).

Furthermore, 3D imaging and anatomical models are increasingly being used in the production and design procedures of heart closure devices. This is projected to revolutionize the industry's supply landscape due to traits such as personalization, adaptability, and flexibility afforded by 3D imaging technology. This reduces the overall number of prostheses used per patient as well as the operation time, making it a viable choice in the production and planning process.

Similarly, ongoing product introductions and approvals, as well as the rapid expansion of the healthcare industry in emerging economies, will accelerate market growth in the foreseeable future.

However, the challenges encountered during heart closure procedures and the high production cost of the devices may restrict the growth of the overall heart closure devices market.

Heart Closure Devices Market Segment Analysis:

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), and Left Atrial Appendage (LAA) Closure), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the closure type segment of the heart closure devices market, the patent foramen ovale category (PFO closure) is expected to amass a significant revenue share in the year 2023.

A PFO closure is a structural heart problem treatment that involves closing a small hole between the upper two heart chambers (atria). Everyone is born with this hole, which prevents blood from circulating to the lungs before birth. This hole usually closes shortly after delivery, when a baby's lungs begin to work.

A patent foramen ovale occurs when the hole fails to seal properly. The majority of PFOs do not need to be closed. The majority of PFOs have no symptoms or consequences. Larger PFOs may result in a stroke. People with symptomatic or big PFOs may benefit from a PFO closure operation.

Although the majority of persons with a PFO have no symptoms, the indicators of a PFO can be significant, including stroke or a transient ischemic attack (TIA). PFO closure is more successful than blood-thinning drugs in removing these significant dangers. PFO closure lowers the incidence of ischemic stroke and cryptogenic stroke in patients with a PFO.

In comparison to open-heart surgery, catheter-based PFO closure results in a smaller incision and faster recovery, including a shorter hospital stay. It is a minimally invasive approach to treat PFO without open-chest surgery.

Therefore, owing to the above-mentioned factors, the patent foramen ovale category (PFO closure) category is expected to register significant growth, thereby driving the growth of the overall heart closure devices market during the forecast period.

North America Is Expected To Dominate The Overall Heart Closure Devices Market:

Among all the regions, North America is estimated to account for the largest share of the Heart Closure Devices market in the year 2023. Owing to the significance of key growth factors such as the rise in the number of children with congenital heart defects, growing awareness programs and initiatives for children born with cardiac abnormalities, high disposable income, sophisticated healthcare infrastructure, presence of key players, increasing product development activities, and others, the market for heart closure devices is expected to witness prosperity in the region during the forecast period 2024-2030.

The Centers for Disease Control and Prevention 2023 CHDs affect nearly 1% of or about 40,000 births per year in the United States. Every 15 minutes, a baby is born with a congenital heart defect in the United States as stated by that source.

CDC 2023 also stated that at present more than 2.4 million US children and adults are living with congenital heart defects.

The above-mentioned source also mentioned that about 5,240 babies are born each year in the United States with an atrial septal defect and this means that about 1 in every 769 babies born in the United States each year are born with an atrial septal defect. As per the same source, about 16,800 babies are born each year in the United States with a ventricular septal defect which makes 1 in every 240 babies born in the United States each year are born with a ventricular septal defect.

The rise in the number of product approvals and launches in the country is further going to assist in the growth of the heart closure devices market. For instance, in September 2023, The US Food and Drug Administration (FDA) approved the WATCHMAN FLX™ Pro Left Atrial Appendage Closure Device by Boston Scientific Corporation.

Thus, the above-mentioned factors are likely to propel the growth of the heart closure devices market in the region during the forecast period from 2024-2030.

Heart Closure Devices Market Key Players:

Some of the key market players operating in the Heart Closure Devices market include Abbott, W. L. Gore & Associates, Inc., Boston Scientific Corporation, Occlutech, Heartstitch, SMT, Cardia, Inc., Lifetech Scientific, Lepu Medical Technology(Beijing)Co., Ltd., ATRICURE, INC., and others.

Recent Developmental Activities In The Cardiac Rhythm Management Devices Market:

In September 2022, Abbott announced the European launch of its Amplatzer™ Talisman™ PFO Occlusion System to treat people with a patent foramen ovale (PFO), a hole in the heart that doesn't close following birth who have experienced a stroke and are at risk of having another.

In September 2021, Abbott announced that the US Food and Drug Administration (FDA) has approved its patent foramen ovale occlusion system for patients with a PFO and prior stroke at risk for recurrent ischemic stroke.

Key Takeaways From The Heart Closure Devices Market Report Study

Market size analysis for current heart closure devices market size (2023), and market forecast for 6 years (2024-2030)

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global heart closure devices market.

Various opportunities available for the other competitors in the heart closure devices market space.

What are the top-performing segments in 2023? How these segments will perform in 2030?

Which are the top-performing regions and countries in the current heart closure devices market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for heart closure devices market growth in the coming future?

Target Audience Who Can Be Benefited From This Heart Closure Devices Market Report Study

Heart Closure Devices product providers

Research organizations and consulting companies

Heart Closure Devices -related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in heart closure devices

Various End-users who want to know more about the heart closure devices market and the latest technological developments in the heart closure devices market.

Frequently Asked Questions For The Heart Closure Devices Market:

1. What are heart closure devices?

Heart Closure Devices are the medical devices that are employed for the diagnosis and treatment of congenital heart defects including atrial septal defect (ASD), patent ductus arteriosus (PDA), and ventricular septal defect (VSD), patent foramen ovale (PFO closure), and left atrial appendage (LAA) closure which may otherwise affect the normal blood flow to the heart.

2. What is the market for global heart closure devices?

The heart closure devices market was valued at USD 2.51 billion in 2023, growing at a CAGR of 6.85% during the forecast period from 2024 to 20230 to reach USD 3.99 billion by 2030.

3. What are the drivers for the global heart closure devices market?

The demand for heart closure devices is primarily being boosted by the increasing patient population suffering from various heart conditions and benefits of the devices for defect closure, growing adoption for MRI procedures, and continuous innovation in product development among others, thereby contributing to the overall growth of the heart closure devices market during the forecast period from 2024-2030.

4. Who are the key players operating in the global heart closure devices market?

Some of the key market players operating in the heart closure devices market include Abbott, W. L. Gore & Associates, Inc., Boston Scientific Corporation, Occlutech, Heartstitch, SMT, Cardia, Inc., Lifetech Scientific, Lepu Medical Technology(Beijing)Co., Ltd., ATRICURE, INC., and others.

5. Which region has the highest share in the heart closure devices market?

North America is expected to dominate the overall heart closure devices market during the forecast period from 2024-2030. Owing to factors such as the rise in the number of children and adults with congenital heart defects, the surge in the number of awareness programs and initiatives for children with cardiac abnormalities, high disposable income, sophisticated healthcare infrastructure, and high awareness among others, North American heart closure devices market is expected to growth in coming years.