Left Atrial Appendage Closure Devices Market to exceed $2 Bn by 2026
Published Date: May 11, 2020 Authors: Sumant Ugalmugle, Rupali Swain
Left Atrial Appendage Closure Devices Market size is poised to surpass USD 2 billion by 2026; according to a new research report by Global Market Insights, Inc.
Increasing incidence rates of atrial fibrillation coupled with a wide range of pipeline products for the treatment of left atrial appendage closure will expand the market growth over the analysis timeframe. Growing awareness programs related to cardiovascular diseases and the risk factors associated with it will further propel the demand for LAA closure devices. This, in turn will trigger the market growth over the forecast period.
Rising prevalence of atrial fibrillation coupled with technological advancements will propel the market growth
Rise in government initiatives for creating awareness of cardiac diseases will contribute to the left atrial appendage closure devices market growth in the upcoming years. For instance, in the U.S., the National Heart, Lung, and Blood Institute launched The Heart Truth campaign in order to raise awareness about cardiovascular diseases in women. This initiative assisted people in the U.S. in identifying the healthcare techniques for lowering the risk of heart diseases thereby, boosting the market growth. Moreover, the high growth rate of market is attributed to the growing number of patients suffering from atrial fibrillation.
For instance, according to the Centers for Disease Control and Prevention (CDC), it is estimated that 2.7 to 6.1 million people in the U.S. have atrial fibrillation. Furthermore, the introduction of technological advancements coupled with strong pipeline products for the treatment of atrial fibrillation will further fuel the market growth over the analysis timeframe.
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Rising demand for endocardial LAA closure devices over epicardial LAA closure devices will spur the demand
The endocardial LAA closure devices market held a significant revenue in 2019 and is estimated to grow at a CAGR of more than 22% over the analysis timeframe. Owing to the wide availability of these devices over epicardial left trial appendage closure devices, the market is anticipated to witness substantial growth in the future. The endocardial left atrial appendage closure devices contribute to majority of this market owing to the presence of a range of devices such as Watchman, Occlutech LAA Occluder, Amplatzer Cardiac Plug and many more. Hence, aforementioned factors will boost the demand for endocardial left atrial appendage closure devices thereby, enhancing the overall market growth positively.
Browse key industry insights spread across 150 pages with 346 market data tables & 14 figures & charts from the report, “Left Atrial Appendage (LAA) Closure Devices Market Size By Product (Endocardial LAA Devices, Epicardial LAA Devices), By Procedure (Percutaneous, Surgical), By End-use (Hospitals, Ambulatory Surgical Centres), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Increasing number of patients with high stroke risk will witness the segmental growth
The percutaneous procedure segment held the largest market share in 2019 and was valued at around USD 400 million. The large industry share of this segment is attributed to the increasing number of patients with atrial fibrillation. The percutaneous procedure is used for the patients with atrial fibrillation at high stroke risk and high bleeding risk. Moreover, it helps in clinical identification of the most suitable patients with non-valvular atrial fibrillation for LAA occlusion.
Growing adoption of left atrial appendage closure devices in hospitals will bolster the segmental growth
The hospital segment was valued at around 322 million in 2019 and is expected to witness a momentous growth over the forecast period. The high adoption rate of left atrial appendage closure devices in the hospitals is attributed to highly skilled professionals and availability of accessories required for the implantation of devices. Thus, owing to the harmless, secure and competent occlusion of the left atrial appendage in the hospitals, the segment will witness significant growth, thereby fostering the market growth positively.
Growing number of deaths owing to the atrial fibrillation will make the U.S. a profitable market thereby, spurring the market growth
U.S. dominated the North America left atrial appendage closure devices market and held the largest share of 95% in 2019. The market in U.S. is anticipated to grow at a significant rate in the coming years. Increasing healthcare facilities in the country and regulatory approvals will be the major factors contributing to the market growth. Also, increasing occurrence of atrial fibrillation cases will further increase the demand for left atrial appendage closure devices in the country.
For instance, according to Centers for Disease Control and Prevention (CDC), in 2017, atrial fibrillation was the underlying cause of death in 26,077 cases. Moreover, each year over 454,000 hospitalizations in the U.S. happen with atrial fibrillation as the primary diagnosis. Thus, the mortality rate from atrial fibrillation has been rising over the past two decades. Furthermore, increasing preference of LAA closure devices over anticoagulant therapy will boost the product demand, thereby fostering the business growth..
Germany left atrial appendage closure devices market is expected to expand at a CAGR of 22.0% over the analysis timeframe. The high growth rate is attributed to the adoption of unhealthy lifestyle including smoking and alcohol consumption as it increases lifetime risk for atrial fibrillation. Furthermore, increasing risk of strokes and thromboembolism will enhance the demand for left atrial appendage closure devices in the future. Thus, owing to these factors the market will show a lucrative growth in the country, thereby propelling the overall left atrial appendage closure devices industry growth positively over the forecast period.
Companies focusing on various strategies including new product development and approvals will enhance the market growth
The prominent players in the left atrial appendage closure devices market share are Boston Scientific Corporation, AtriCure Inc., Abbott, Occlutech, Lifetech Scientific, and Johnson and Johnson among others. New product launches, partnerships, approvals, mergers and strategic acquisitions are the major strategies experienced by these companies to increase their business share and geographic presence. For instance, in March 2019, Boston Scientific Corporation received CE mark for its WATCHMAN FLX Left Atrial Appendage Closure (LAAC) Device. This approval helped the company to sell its device in Europe in order to generate more revenue.