Home > Pressrelease > Left Atrial Appendage Closure Devices Market to exceed $4.5 Bn by 2032
Left Atrial Appendage Closure Devices Market to exceed $4.5 Bn by 2032
- Published Date: November 18, 2022
Left Atrial Appendage Closure Devices Market size is projected to reach USD 4.5 billion by 2032, as per a recent research report announced by Global Market Insights Inc.
The growth of the left atrial appendage closure devices industry is being positively impacted by the growing elderly population base that suffers from atrial fibrillation. Growing age is one of the non-modifiable variables that increase the risk of atrial fibrillation, which develops as a result of cardiovascular aging. Furthermore, technological developments in left atrial appendage closure devices are driving the market expansion as industry participants are undertaking extensive R&D to create innovative products and technologically advanced equipment that helps atrial fibrillation patients seal the left atrial appendage (LAA).
Leading industry participants focus on the introduction of novel products to provide practitioners with the best operability. For instance, Boston Scientific Corporation's Watchman left atrial appendage closure device is touted to be the best substitute for long-term oral anticoagulation (OAC) medication in lowering stroke risk in atrial fibrillation patients. Similarly, Abbott's Amulet uses dual-seal technology to deliver fast and complete closure of the LAA, lowering the risk of stroke and eliminating the need for post-procedure blood-thinning medication.
Minimal risk of blood clots to amplify endocardial LAA devices segment share
Left atrial appendage closure devices market from the endocardial LAA devices product segment generated over USD 1.5 billion in 2022. The rising awareness about the benefits offered by endocardial LAA devices in therapy that reduce the danger of LAA blood clots entering the main bloodstream is expected to drive the demand for endocardial LAA devices.
Browse key industry insights spread across 201 pages with 345 market data tables & 16 figures & charts from the report, “Left Atrial Appendage Closure Devices Market Size By Product (Endocardial LAA Devices, Epicardial LAA Devices), By Procedure (Percutaneous, Surgical), By End-use (Hospitals, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
Low chances of thromboembolism to foster surgical procedures segment expansion
Surgical segment held a considerable market share with a valuation of over USD 215 million in 2022 owing to the benefits provided by surgical left atrial appendage occlusion (SLAAO) in LAA closure procedures. The mounting adoption of surgical left atrial appendage closure in combination with traditional anti-thrombotic medication has increased dramatically in recent years due to a decreased risk of thromboembolism in associated procedures. Additionally, this strategy offers a chance to avoid systemic anticoagulation, lowering the risk of bleeding.
Multiple benefits influencing preference for treatments to boost product demand in hospitals
Hospitals segment is projected to exceed USD 3.2 billion by 2032 owing to the rapidly expanding use of novel LAA closure devices in hospital settings that provide increased operability and are speculated to increase patients' preference for hospitals. The soaring availability of highly skilled healthcare personnel, prominent disease screening initiatives, and increasing hospital admissions with specific ailments resulting from sedentary lifestyles are some additional factors that are positively influencing the expansion of the hospital segment.
Presence of several major market players to enhance Europe’s industry share
Left atrial appendage closure devices market in Europe is expected to record a lucrative growth at more than 12% CAGR between 2023 and 2032 as a result of the strong presence of manufacturers operating in the industry. Additionally, the soaring prevalence of atrial fibrillation has impelled product demand, thus fueling the regional market statistics.
Product advancements to define the market outlook
Boston Scientific Corporation, LifeTech Scientific, Occlutech, Abbott Laboratories, Inc. among others are some leading firms in the left atrial appendage closure devices market. These companies are investing in product development to extend their consumer reach in the business. In September 2022, The LAmbre Plus left atrial appendage (LAA) closure system by biotech company LifeTech was approved for medical insurance coverage in the U.S. This was foreseen to increase the sales of the product.