Heart Closure Devices Market Size & Growth Analysis to 2030

The global heart closure devices market size was accounted to hold a significant market value of over USD 2 billion in 2021 and anticipated to grow at a higher CAGR of around 15% during the forecast period from 2022 to 2028. The rising prevalence of congenital heart defects and the growing adoption of high-priced technologies for reimbursement are some major factors driving the market growth. Furthermore, the increasing adoption of MRI procedures and the growing geriatric population around the world are further anticipated to fuel the market over the forecast period. Moreover, the increasing number of clinical trials around the devices and the growing innovation in the sector are some major trends expected to fuel the market in next upcoming years.

Market Drivers:

Increasing Prevalence of Structural Heart Diseases: The prevalence of structural heart diseases, such as atrial septal defects (ASDs), patent foramen ovale (PFO), and ventricular septal defects (VSD), is increasing globally. Heart closure devices are used in the treatment of these conditions by closing the abnormal openings or defects in the heart. The growing incidence of structural heart diseases drives the demand for heart closure devices.

Minimally Invasive Procedures: There is a growing preference for minimally invasive procedures over traditional open-heart surgeries. Heart closure devices enable minimally invasive interventions, as they can be delivered and deployed through catheter-based techniques. Minimally invasive procedures offer benefits such as shorter hospital stays, faster recovery, reduced complications, and improved patient outcomes, contributing to the market growth of heart closure devices.

Technological Advancements in Device Design and Delivery Systems: Continuous technological advancements have led to the development of advanced heart closure devices with improved designs and delivery systems. These devices offer enhanced safety, accuracy, and ease of deployment, making them more effective and efficient in closing heart defects. Technological advancements drive the adoption and market growth of heart closure devices.

Rising Awareness and Diagnosis of Structural Heart Diseases: Increased awareness about structural heart diseases and advancements in diagnostic techniques have led to earlier and more accurate diagnoses. As more patients are diagnosed with heart defects, there is a growing demand for appropriate treatment options, including heart closure devices.

Aging Population and the Prevalence of Congenital Heart Diseases: The global aging population and the increasing prevalence of congenital heart diseases contribute to the demand for heart closure devices. Congenital heart defects often require intervention for closure, and the aging population is more prone to acquired heart defects, both of which drive the market for heart closure devices.

Favorable Reimbursement Policies: Favorable reimbursement policies and insurance coverage for heart closure procedures encourage the adoption of heart closure devices. Accessible and comprehensive reimbursement options facilitate patient access to these devices, supporting market growth.

Advantages over Surgical Closure: Heart closure devices offer several advantages over surgical closure techniques, such as reduced invasiveness, shorter procedure times, smaller incisions, and faster recovery. These benefits attract both patients and healthcare providers, driving the demand for heart closure devices.

Increasing Demand for Minimally Invasive Cardiac Interventions: Minimally invasive cardiac interventions are gaining popularity due to their benefits, including reduced post-operative complications, shorter hospital stays, and improved patient comfort. Heart closure devices play a significant role in such interventions, contributing to the growth of the market.

Growing Healthcare Expenditure and Infrastructure Development: The overall increase in healthcare expenditure and infrastructure development, especially in developing economies, drives the growth of the heart closure devices market. Improvements in healthcare infrastructure and access to advanced medical technologies support the adoption of heart closure devices.

Collaborations and Strategic Partnerships: Collaborations and strategic partnerships between medical device manufacturers, healthcare providers, and research institutions drive innovation and market growth. Such collaborations facilitate the development of new and improved heart closure devices, as well as their effective distribution and adoption.

Market Snapshot:

Market Insights:

The global heart closure devices market is bifurcated into closure type, end-user, and geography. On the basis of closure type, the market is further segmented into congenital heart defect closure, PFO closure, and LAA closure. The LAA closure segment dominated the global market in 2021 and is expected to hold the largest revenue share fo around half of the market by the end of the year. The growing number of nonvalvular AF (Atrial Fibrillation) patient is a major factor to drive the segment growth as these patients denotes a high risk of stroke. On the other hand, the congenital heart defect closure devices segment is expected to grow at a significant CAGR due to the increasing number of qualified physicians, advancement in facility infrastructure, and the rising accessibility of CHD closure devices.

To know more about the report, request sample papers

The heart closure devices comprehensive study analyzes industry trends, market size, competitive analysis, and market forecast – 2022 to 2028. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The heart closure devices market research report presents the analysis of each segment from 2019 to 2028 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2019-20 – Historical Year
• 2021 – Base Year
• 2022-2028 – Forecast Period

Market Segmentation:

By Closure Type:

• Congenital Heart Defect Closure
• PFO Closure
• LAA Closure

By End-User:

• Hospitals
• Clinics

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Regional Analysis:

Geographically, North America dominated the global heart closure devices market in 2021 and expected to maintain its dominance over the forecast period. The region is accounted to hold the largest revenue share of over half of the market in the estimated year. The higher investment in research & development and the growing number of clinical trials are some major factors driving the market growth in the region. Furthermore, the increasing adoption of LAA closure devices due to their positive clinical result is further anticipated to increase the demand for the product in the region. On the flip side, the Asia Pacific is accounted to grow at the fastest growth rate over the forecast period.

Competitive Assessment:

Some of the major market players operating in the global heart closure devices market are Abbott, W. L. Gore & Associates, Inc., Boston Scientific Corp., Occlutech, and Heartstitch. Companies are exploring markets through expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

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

Key Questions Answered by Heart Closure Devices Market Report

• Global heart closure devices market forecasts from 2022-2028
• Regional market forecasts from 2022-2028 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2022-2028 covering 15 major countries from the regions as mentioned above
• Heart closure devices submarket forecasts from 2022-2028 covering the market by closure type, by end-user, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis about the market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level heart closure devices markets from 2022-2028
• Competitive Landscape and market positioning of top 10 players operating in the market