Global Left Atrial Appendage (LAA) Closure Device Market to Generate $8,218.10 Million by 2031, Due to Increasing Number of Atrial Fibrillation Cases Across the Globe
Left atrial appendage (LAA) closure is a medical procedure involving closing or blocking of the opening of the left atrial appendage in order to prevent blood clots from entering the bloodstream. Thus, this procedure helps in preventing strokes in patients with atrial fibrillation, that too without taking blood thinners. The devices which are placed in the heart of patients with atrial fibrillation in order to reduce the chance of thromboembolism from the left atrial appendage are called left atrial appendage (LAA) closure devices.
Forecast Analysis of the Global Market
In recent years, there has been an increase in the incidence of atrial fibrillation due to consumption of a high-calorie diet, smoking, etc., which is expected to be the primary growth driver of the left atrial appendage (LAA) closure device market in the forecast years. Along with this, there has been an increase in the tendency to avoid medications for atrial fibrillations due to their negative side effects and instead opt for installing the left atrial appendage (LAA) closure device. This is expected to push the left atrial appendage (LAA) closure device market further. Also, expanding the healthcare sector, especially in developing countries is predicted to offer numerous investment and growth opportunities to the market in the analysis timeframe. However, the high cost of left atrial appendage (LAA) closure devices may restrain the growth of the left atrial appendage (LAA) closure device market in the forecast period.
Regionally, the left atrial appendage (LAA) closure device market in the North America region is expected to be the most dominant and grow with a CAGR of 20.51% by 2031. The growth and development of advanced solutions in order to treat atrial fibrillation are anticipated to become the primary growth driver of the market in this region. Additionally, the steadily increasing geriatric population in this region is expected to push the market in this region further.
According to the report published by Research Dive, the global left atrial appendage (LAA) closure device market is expected to gather a revenue of $8,218.10 million by 2031 and grow at a 20.97% CAGR in the 2022–2031 timeframe. Some prominent market players include Boston Scientific Corporation, SentreHEART, Inc., Cardia, Inc., Abbott, Medical Device Business Services, Inc., Johnson & Johnson Private Limited, Lifetech Scientific, Occlutech, Lepu Medical Technology Co., Ltd., ATRICURE, INC., and many others.
Covid-19 Impact on the Market
The outbreak of the Covid-19 pandemic has had a massive negative effect on almost all industries and businesses across the world. The left atrial appendage (LAA) closure device market, however, faced a positive impact of the pandemic. The increase in demand for installing these devices to avoid frequent visits to hospitals and clinics led to a massive surge in the growth of this market in the forecast period. Along with this, an increase in the number of cases of atrial fibrillation helped in pushing the left atrial appendage (LAA) closure device market forward, despite the pandemic.
Significant Market Developments
The significant companies operating in the left atrial appendage (LAA) closure device market are adopting numerous growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, thus helping the market to flourish. For instance:
- In July 2020, WATCHMAN Left Atrial Appendage Closure Device with Delivery System, a LAA closure device developed by Boston Scientific Corporation, a medical device manufacturing company, received FDA approval. With this approval, Boston Scientific Corporation can market its flagship product and further develop this technology so as to cater to the demands of the healthcare sector.
- In August 2020, Conformal Medical Inc., a US-based medical supplier, announced that it had received funding and partnership support from investors such as Fidelity Management and Research Company LLC, an investment and asset management company, and Catalyst Health Ventures (CHV), a financial consultancy firm. This partnership and investment from the two companies will help Conformal Medical Inc., to conduct the all-important trials of its innovative CLAAS device, a state-of-the-art transcatheter left atrial appendage (LAA) closure device.
- In June 2021, Abbott, a multinational medical device manufacturing company, announced that it had received approval from European and Canadian regulators for its new device called Amplatzer Amulet™ Left Atrial Appendage (LAA) Occluder. Amplatzer Amulet™ Left Atrial Appendage (LAA) Occluder is the world’s first steerable delivery sheath which has been developed so as to perform minimally invasive occlusion procedures and this approval will effectively open the European and Canadian markets for this device.
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