New York, USA, Sept. 21, 2022 (GLOBE NEWSWIRE) — According to a report published by Research Dive, the global left atrial appendage (LAA) closure device market is anticipated to garner a revenue of $8,218.10 million and grow at a CAGR of 20.97% throughout the analysis timeframe from 2022 to 2031.
As per our analysts, with the increasing demand for left atrial appendage closure devices all across the globe, the global left atrial appendage (LAA) closure device market is predicted to experience prominent growth during the forecast period. Besides, the increasing number of the aging population who are more likely to be exposed to ischemic stroke disease, atrial fibrillation, arrhythmia, and many others is further expected to bolster the growth of the market over the estimated timeframe. Moreover, the expanding healthcare sector in developing countries is predicted to upsurge the growth of the market during the analysis timeframe. However, the high cost of left atrial appendage (LAA) closure devices may impede the growth of the market throughout the forecast timeframe.
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Segments of the Left Atrial Appendage (LAA) Closure Device Market
The report has divided the market into segments based on product, end-use, and region.
Product: Endocardial LAA Devices Sub-Segment to be Most Productive
The endocardial LAA devices sub-segment is predicted to generate a revenue of $7,588.00 million during the estimated period. This is mainly because endocardial LAA devices have a lower rate of complications, shorter hospital stays, and several other benefits. Moreover, the Endocardial LAA devices offer improved safety and effectiveness by managing stroke and reducing bleeding is expected to augment the growth of the market over the forecast timeframe.
End-Use: Hospitals Sub-Segment to be Most Profitable
The hospital sub-segment is expected to garner a revenue of $6,499.40 million over the analysis period. This is mainly due to the increased preference for LAA surgeries and the rising adoption of left atrial appendage closure devices at hospitals. In addition, the increasing availability of modern medical technology, skilled medical staff, and the growing usage of the newest left atrial appendage closure devices are the major factors expected to propel the growth of the market over the forecast period.
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Region: North-America Region to Have Wide Growth Opportunities
The North America region is projected to grow at a CAGR of 20.51% during the estimated timeframe. The increasing need for advanced solutions for the treatment of atrial fibrillation and related complications and the rising aging population in this region is expected to drive the regional growth of the market throughout the analysis period.
Covid-19 impact on the Left Atrial Appendage (LAA) Closure Device Market
The outbreak of the Covid-19 pandemic has had a positive impact on the left atrial appendage (LAA) closure device market. This is mainly because of the increasing number of people suffering from atrial fibrillation (AF) and the rising elderly population all over the globe. Moreover, the rising support of governments for medical device approvals and the rise in the number of ambulatory clinical facilities all across the globe have inclined the growth of the market during the pandemic period.
Key Players of the Market
The major players of the left atrial appendage (LAA) closure device market include
- Medical Device Business Services, Inc.
- ATRICURE, INC.
- SentreHEART, Inc.
- Lifetech Scientific
- Cardia, Inc.
- Johnson & Johnson Private Limited
- Boston Scientific Corporation
- Lepu Medical Technology Co., Ltd.
These players are widely working on the development of new business strategies and tactics such as mergers and acquisitions, partnerships and collaborations, and product development to obtain a leading position in the global industry.
For instance, in October 2021, Boston Scientific Corp, a biomedical or biotechnology engineering firm and multinational manufacturer of medical devices used in interventional medical specialties announced its acquisition of Baylis Medical Company Inc., a leader in the development and commercialization of innovative medical devices in the field of cardiology. With this acquisition, Boston Scientific aimed to expand its product portfolio by delivering therapies on the left side of the heart, such as atrial fibrillation ablation, left atrial appendage closure (LAAC), and mitral valve interventions.
Furthermore, the report also presents other important aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic development.
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