The Left Atrial Appendage (LAA) Closure Device Market Projected to Grow at a CAGR of 20.97% and Generate a Revenue of $8,218.10 million by 2031Download Sample Reports Overview
The global left atrial appendage (LAA) closure device market share is predicted to be valued at $8,218.10 million by 2031, surging from $1,276.90 million in 2021, at a healthy CAGR of 20.97%.
COVID-19 Impact on the Left Atrial Appendage (LAA) Closure Device Market
The left atrial appendage (LAA) closure device market demand, production, import-export, and availability have increased in recent months due COVID-19 impact on left atrial appendage (LAA) closure device market pandemic across the globe. The left atrial appendage (LAA) closure device market growth exhibited outstanding resiliency despite the pandemic. The market is expected to grow as a result of factors including the ageing population, the prevalence of atrial fibrillation, the rising use of minimally invasive treatments, and a number of supportive government programs. However, the market for left atrial appendage (LAA) closure device market size might have suffered from a worldwide lockdown.
Moreover, as governments are anticipated to support and engage more in the sector, the market will continue to rise steadily in the coming years. In addition, the major market players are developing new tactics to maintain the market's expansion throughout the post-pandemic period. For instance, in June 2021 Abbott the multinational medical devices and healthcare company received European and Canadian approval for Amplatzer steerable delivery sheath to optimize left atrial appendage closure procedures for people at risk of stroke.
Global Left Atrial Appendage (LAA) Closure Device Market Analysis
The left atrial appendage (LAA) is a small ear-shaped sac located in the upper left chamber of the heart. During atrial fibrillation, this sac regulates electrical impulses. LAA closure devices are interventional devices intended to prevent stroke and emboli from atrial fibrillation. Factors such as increase in the number of atrial intervention product approvals, increase in the rates of atrial fibrillation and heart stroke cases, aging population, hypertension-related diseases, and disrupted lifestyle behaviors such as smoking is anticipated to fuel market growth. The growing prevalence of atrial fibrillation is attributed to a high-calorie diet, smoking, and inactivity. These markets are extremely attractive for medical device businesses due to changes in lifestyle, an increase in the prevalence of atrial fibrillation
The global market for LAA closure is being significantly hampered by the availability of alternative technologies and the high cost of LAA closure. The overall cost of the devices is increasing as a result of ongoing technological advancement and the incorporation of advanced technologies. Customers are choosing alternate methods as a result, which is putting pressure on the global left atrial appendage (LAA) closure device market growth.
A minimally invasive method is used to implant the left atrial appendage closure device. The stent procedure entails inserting the device into the body and navigating to the desired spot via visual representation. These technological features make it possible to implant the device precisely, accurately, and effectively. The demand for left atrial appendage closure devices is increasing as adoption of this technique is a less invasive approach to treat atrial fibrillation. For severe cases of arrhythmia, epicardia and endocardial producers are often used. These factors are expected to open new opportunities for the left atrial appendage closure device market in forecast period.
Global Left Atrial Appendage (LAA) Closure Device Market Segmentation.
The global left atrial appendage (LAA) closure device market is segmented based on product, end-use, and region.
The product segment is further classified into epicardial LAA devices and endocardial LAA devices. Among these, the endocardial LAA devices sub-segment is anticipated to have a dominant market share and shall surpass $7,588.00 million by 2031, with an increase from $1,153.50 million in 2021. The most frequent surgeries are endocardial, and their ASPs are substantially greater than those of epicardial devices. The widespread use of endocardial operations in atrial fibrillation in recent years, are projected to drive the growth of endocardial left atrial appendages (LAA) closure devices sub-segment forecast period.
The end-user segment is further classified into hospitals, ambulatory surgery centers, and others. Among these, the hospitals sub-segment is anticipated to have a dominant market share and shall surpass $6,499.40 million by 2031, with an increase from $969.00 million in 2021. Increased hospital admissions and increased investments in modern healthcare facilities are anticipated to drive left atrial appendages (LAA) closure devices market expansion during the projected timeframe.
The left atrial appendage (LAA) closure device market analysis in the Asia-Pacific region is projected to show the fastest growth. This region’s market generated a revenue of $222.20 million in 2021 and is projected to reach up to $1,586.10 million by 2031. In Asia-Pacific, the rising necessity for advanced treatments for atrial fibrillation and its complications has resulted in a major expansion of the market for left atrial appendage (LAA) closure devices in recent years. Increasing healthcare expenditure in developing countries in this region is one of the major factor propelling the growth of left atrial appendage (LAA) closure device market share in this region.
Key Players in the Global Left Atrial Appendage (LAA) Closure Device Market:
Some of the leading left atrial appendage (LAA) closure device market trend players are Boston Scientific Corporation
- Lifetech Scientific
- ATRICURE, INC.
- SentreHEART, Inc.
- Medical Device Business Services, Inc.
- Cardia, Inc.
- Johnson & Johnson Private Limited
- Lepu Medical Technology Co., Ltd.
In January 2022, AtriCure, Inc. leading innovator in the treatment of atrial fibrillation and left atrial appendage management introduced the AtriClip FLEX•V. FLEX•V is the first exclusion device for the left atrial appendage of the AtriClip Inc. to provide a clip deployment trigger release. Additionally, the device offers an open-ended AtriClip design combined with a tip-first closure mechanism to make navigation and arrangement in cardiac procedures simpler.