The global left atrial appendage closure devices market generated a revenue of about $466.6 million in 2019 and is expected to grow at a rate of 24.0% CAGR. The market is predicted to generate a revenue of $2,637.1 million by 2027.
In the recent years, the global market has experienced a noteworthy growth, due to increasing aged population suffering with atrial fibrillation and increasing adoption of left atrial appendage (LAA) closure devices from hospitals. The global market is expected to witness a healthy growth in 2020, in the COVID-19 outbreak, increasing awareness among the people about importance of LAA closure devices in cardiovascular diseases. This factor will boost the market growth in the forecast years. Our analysts have predicted the condition of the Left atrial appendage closure devices market during the coronavirus emergency, and have come to below conclusions.
|Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|23.1%||24.0%||86||USD 572.9 Million||USD 585.2 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Heart stroke is a severe risk for atrial fibrillation (AF) patients, which happens through a disturbance of electrical signs in the muscles of the upper chambers of the heart. This is caused majorly due to blood clots and in most cases, these clots form in the left atrial appendage. In such cases, patients require specialized and advanced devices to stabilize the blood flow, which is anticipated to drive the demand for LAA closure devices. This factor is expected to drive the market growth in the forecast years. Furthermore, increasing geriatric population and growing number of patients suffering with AF are projected to accelerate the market growth in the forecast years. This expected growth is majorly owing to AF being the most common heart rhythm complaint when a person gets older. Moreover, growing consciousness among people about risks associated with cardiovascular diseases due to favorable government activities is further anticipated to propel the market growth in the prediction period.
Nevertheless, the high price associated with the left atrial appendage closure devices is predicted to limit the market growth in the forecast years. Also, availability of substitute technologies is further projected to hinder the growth of the market in the estimated period.
The novel COVID-19 majorly impacts the respiratory system of the human body and can also affect the heart. As per the current evidence, people who have chronic heart conditions, kidney disease, hypertension and stroke are at a higher risk of contracting the coronavirus and high death rate is observed in such affected patients. During this crisis, increasing government initiatives are predicted to create awareness about the importance of LAA closure devices. Most AF patients are a part of geriatric population, and more risk is involved for aged people with the coronavirus infection. These factors are projected to drive the market growth in the forecast years.
In addition, significant manufacturers are stressing their activities on product improvements to gain a competitive edge in the global market in the COVID-19 emergency. For instance, in February 2020, Abbott made an announcement that the US FDA (Food and Drug Administration) granted approval to its newly innovated ‘Amplatzer Amulet Left Atrial Appendage Occluder’ for patients suffering from atrial fibrillation (AF). These factors may lead to bolster the global left atrial appendage closure devices market, during the pandemic period. These factors are projected to impel the market growth in the outbreak time.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
The global left atrial appendage closure devices market is estimated to experience a noticeable growth in 2020 and is anticipated to continue its trend even after recovery from the COVID-19 pandemic. Continuously increasing technical advancements to improve product safety and performance along with government supports for approval of devices is predicted to create significant growth opportunities for the market in the coming years.
Moreover, increasing number of ambulatory clinical centers across the globe to conduct emergency operations with minimal risk cardiovascular procedures is also predicted to impel the market growth in the coming decades. In addition, significant participants operating in the overall industry are implementing various tactics such as product advancements and technology introductions to strengthen their presence in the global market. For instance, in June 2020, Boston Scientific Corporation received clearance from the U.S. Food and Drug Administration for new “LUX-Dx Insertable Cardiac Monitor System”, which is a new diagnostic device. This system is designed with dual stage algorithm utilized to detect and verify arrhythmias related to medical cryptogenic stroke, atrial fibrillation and syncope. These factors are projected to propel the market growth in the upcoming years.
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- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Left Atrial Appendage Closure Devices Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity