Left Atrial Appendage (LAA) Closure Devices Market worth over $2.5bn by 2027
Published Date: September 8, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Left Atrial Appendage Closure Devices Market size is set to surpass USD 2.5 billion by 2027, according to a new research report by Global Market Insights Inc.
Technological advancements in left atrial appendage closure devices that are extensively used in treatment of atrial fibrillation is expected to promote the market growth. Existing and emerging diagnostic technologies have been incorporated to drive the detection of atrial fibrillation in a variety of clinical settings. Advents in left atrial appendage closure devices have promoted effective left atrial appendage (LAA) closure, further fueling the market expansion. For instance, Append Medical has developed a novel concept in transcatheter LAA occlusion technology called Appligator implant-free left atrial appendage occlusion device. This suture delivery system eliminates the need for permanent implants and delivers a surgical suture closure without requiring an open chest procedure. This novel no-implant approach offered by Append Medical resolves several complications associated with conventional left atrial appendage occlusion procedure and reduces blood clot leakage & device-related thromboembolism at the closure site.
Growing research programs and awareness campaigns initiated by public and private organizations will facilitate the market progression
Favorable initiatives adopted by the public and private organizations to promote the awareness and curb the soaring prevalence of atrial fibrillation is poised to prove conducive for the left atrial appendage closure devices market. For instance, the Heart Rhythm Society (HRS), an international nonprofit organization provides educational resources concerned with cardiac rhythm, pacing & electrophysiology and raises awareness regarding atrial fibrillation along with other cardiac ailments through various awareness programs.
The National Atrial Fibrillation (AFib) Awareness Month, is one such program launched by the Heart Rhythm Society to promote awareness regarding arrhythmia in the U.S. The Arrhythmia Alliance and Biosense Webster (Johnson & Johnson) initiated ‘Get Smart About AFIB’ campaign that intends to promote awareness regarding the spurring epidemic of atrial fibrillation. The campaign aims to generate awareness, enhance knowledge and facilitate better detection and treatment of atrial fibrillation in Ireland. Such initiatives are anticipated to surge the awareness regarding atrial fibrillation and encourage the affected individuals to undergo adequate treatment, thereby stimulating left atrial appendage closure devices adoption.
Moreover, the U.S. National Library of Medicine collaborated with several educational institutions and private players to launch clinical studies such as IMPACT-AFib and DEFINE AFib. These collaborative research studies are intended to accelerate the development of effective treatment for arrhythmia and atrial fibrillation.
Higher safety, efficacy, and reduction in bleeding with the use of epicardial left atrial appendage (LAA) devices is predicted to spur the market revenue
Get more details on this report - Request Free Sample PDF
The epicardial LAA devices segment is estimated to reach more than USD 639 million by 2027 on account of the better safety, effectiveness in stroke management and notable reduction in bleeding episodes. Intraoperative safety findings revealed that these devices demonstrated ease of use in ostial access, better capability to re-position and quick deployment, further delivering safe and effective outcomes. Thus, operating ease, rapid deployment, enhanced safety and effectiveness among others are the key factors promoting the acceptance of epicardial left atrial appendage closure devices, thereby positively influencing the growth in the coming years.
Browse key industry insights spread across 150 pages with 346 market data tables & 15 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), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Development of advanced surgical solutions will expand the market value
The surgical segment in the left atrial appendage closure devices market was valued at USD 73 million in 2020 impelled by the development of advanced surgical devices offering clinical benefits over the traditional approach. Surgical left atrial appendage occlusion offers increased protection in stroke management in patients with atrial fibrillation. The development of advanced left atrial appendage closure devices including the AtriClip device that is designed as an optimal, self-closing clamp that exerts uniform pressure at the closure site. This device is intended to achieve atrophy of the left atrial appendage owing to occlusion pressure with added clinical benefits over the conventional techniques such as rapid deployment, increased capability to rearrange and reapplication, electrical isolation of the left atrial appendage, and reduced complications risk such as tears, bleeding, & circumflex artery injuries.
Emergence of ambulatory surgical center chains offering left atrial appendage (LAA) occlusion procedure is slated to flourish the industry growth
The ambulatory surgical centers segment held around 19% of the market share in 2020 propelled by the cost-effective surgical procedures, shorter stay and access to latest medical technology. Ambulatory surgery centers offer cost-effective alternative to hospitals for outpatient surgeries. Availability of comprehensive range of treatments with advanced technology that caters to patient population undergoing several types of surgeries. Additionally, emergence of ambulatory surgical center chains such as Tenet, AmSurg, Surgical Care Affiliates, Hospital Corporation of America, and others will increase accessibility to outpatient surgical facilities and boost the industry expansion.
Growing prevalence of atrial fibrillation on UK is poised to expedite the market demand
UK held a considerable revenue share in Europe left atrial appendage closure devices market and is projected to showcase 28.3% growth rate through 2027. The high growth in the country is primarily attributed to the increasing prevalence of atrial fibrillation and favorable initiatives adopted by the public organizations. According to the National Institute for Health and Care Excellence, in 2016, the estimated prevalence of atrial fibrillation in UK was around 2.5%. Estimates indicate that around 1.4 million people in the country were suffering with atrial fibrillation and 425,000 among these were expected to be undiagnosed and untreated. As per the BMJ Journals, from 2000 to 2016, the prevalence of atrial fibrillation increased from 2.14% in 2000 to 3.29% in 2016. The rising prevalence of atrial fibrillation is anticipated to facilitate the acceptance of advanced left atrial appendage closure devices. In order to curb the rising prevalence of atrial fibrillation, the public organizations in the country have adopted several initiatives.
Players are emphasizing on strategic initiatives and innovative product launch to expand business operations
Some of the major companies operating in the market are Boston Scientific Corporation, AtriCure, Inc., Abbott Laboratories, Inc., Occlutech, Lifetech Scientific, SentreHeart, Cardia, Inc., & Johnson and Johnson. These participants are engaged in research collaborations, strategic partnerships and new product development to capitalize on maximum market share.
Explore More on Related Topics: