Cardiac Closure Occluder Devices Market Size | Forecast 2031
Cardiac Closure Occluder Devices Market Size | Forecast 2031
Segments - Cardiac Closure Occluder Devices Market By Type (Patent Foramen Ovale (PFO), Atrial Septal Defects (ASD), Ventricular Septal Defect (VSD), and Patent Ductus Arteriosus (PDA)), Age (Children and Adults), End-use (Hospitals and Specialty Surgical Centers), and Region (North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends and, Forecast 2023 – 2031
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| Report ID :HC-6301
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Report Description
Market Outlook:
The global cardiac closure occluder devices market was estimated at USD 1,734.3 Million in 2022 and is anticipated to reach USD 2,840.3 Million by 2031, expanding at a CAGR of 5.9% during the forecast period.
Cardiac closure occluder devices are miniaturized and mesh-like implants used to close abnormal openings in the walls of the heart. These openings are called cardiac defects and occur either at birth or develop later in life. It seals off defects, preventing blood from flowing abnormally between heart chambers. This improves heart function and alleviate symptoms associated with the defect. Type of congenital heart defect treated with cardiac closure occluder devices are Atrial Septal Defect, Patent Foramen Ovale, Ventricular Septal Defect, and Patent Ductus Arteriosus.
Impact of COVID-19:
The research report finds that the outbreak of COVID-19 pandemic had a negative impact on the market. The initial focus on managing COVID-19 cases diverted resources from elective surgeries, leading to postponements and cancellations of non-urgent procedures such as occluder device implantation. This resulted in a decline in the market growth and revenue for manufacturers.
Global lockdowns and travel restrictions caused delays and shortages in raw materials and components needed for device production. This further impacted availability and potentially increased costs.
The impact of COVID-19 on the market was initially negative, leading to short-term disruptions and decline in the demand. However, the long-term outlook appears positive, due to rising awareness of cardiac closure devices to reduce stroke risk in AFib patients.
Market Dynamics
Market Driver- Rising Prevalence of Congenital Heart Defects (CHDs)
Congenital heart defects (CHDs) are the most common types of birth defects among others. The prevalence of CHDs is increasing gradually. The common type of congenital heart defect is a ventricular septal defect (VSD). The high birth prevalence of CHD has been reported in Asia Pacific, with nearly 20 per 1000 live births affected in China. The incidence of CHDs in Shanghai, from 2016 to 2018 was recorded as 81.00 per 10,000 births.
CHDs affect nearly 1% births per year in the US. Infants with critical CHDs generally need surgery or other procedures in their first year of life. The incidence of CHDs during the period from 2013 to 2021 was 82.00 per 10,000 births in Europe. The growing prevalence of cardiac defects is driving the market.
Market Driver- Rising Awareness
Growing public awareness of cardiac defects, including the availability of minimally invasive treatment options, fosters demand for occluder devices among informed patients seeking less invasive and more effective treatments. Increasing educational programs and initiatives by healthcare providers, medical societies, and manufacturers help in creating awareness about cardiac occluder devices.
The cardiac closure occluder devices offers an effective treatment option for cardiac defects, contributing to the market growth. The expansion of critical care facilities & ICUs in hospitals and healthcare centers also fuels the demand for cardiac closure devices. Thus, the rising awareness of cardiac closure occluder devices is expected to drive the market during the forecast period.
Market Restraint- High Cost
Cardiac closure occluder devices are expensive medical devices, requiring sophisticated technology and implantation procedures. This high-cost act as a significant barrier for patients, particularly patients with limited financial resources or inadequate insurance coverage. Regular checkups and potential device replacements add to the long-term costs. The cardiac closure occluder devices cost around USD 4,000 to 9,000 in the US.
According to Centers for Disease Control and Prevention (CDD), in the US, hospital costs for the population of individuals with cardiovascular defects in 2019 were over USD 9.8 billion.
The financial burden affects lower-income individuals and those with limited insurance coverage, creating disparities in access to this potentially life-saving technology. Thus, high cost of the cardiac closure occluder devices is expected to restrain the market in coming years.
Market Opportunity- Rising Advancements in Cardiac Closure Occluder Devices
Continuous advancements in cardiac closure occluder devices have improved their safety, accuracy, and ease of use. Innovation in devices such as use of biocompatible and tissue-incorporation materials enhances patient comfort.
Technological advancements with less invasive procedures and high patient comfort attract both patients and healthcare providers, leading to the market growth. Thus, advancement in cardiac closure occluder devices is expected to create new growth opportunities during the forecast period.
Scope of the Report
The report on the global cardiac closure occluder devices market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Cardiac Closure Occluder Devices Market– Global Industry Analysis, Size, Share, Growth, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016 and 2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
By Type (Patent Foramen Ovale (PFO), Atrial Septal Defects (ASD), Ventricular Septal Defect (VSD), and Patent Ductus Arteriosus (PDA)), Age (Children and Adults), and End-use (Hospitals and Specialty Surgical Centers) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered |
Abbott, Occlutech, W. L. Gore & Associates, Inc, Cardia, LifeTech Scientific Corporation, Lepu Medical Technology (Beijing) Co.,Ltd., Sahajanand Medical Technologies Pvt Ltd. |
Segmental Outlook
On the basis of type, the global cardiac closure occluder devices market is segregated into patent foramen ovale (PFO), atrial septal defects (ASD), ventricular septal defect (VSD), and patent ductus arteriosus (PDA). The atrial septal defects (ASD) segment is projected to expand at a rapid pace during the forecast period, due to the increasing preference for minimally invasive procedures.
The ventricular septal defect (VSD) segment is expected to grow at a rapid pace in the coming years, due to medical advancements and improved care for babies & children with VSDs.
On the basis of age, the global cardiac closure occluder devices market is segregated into children and adults. The children segment is projected to expand at a rapid pace during the forecast period, due to increased detection and early intervention of congenital heart defects such as ASDs and VSDs.
The adults segment is expected to grow at a rapid pace in the coming years, due to growing public awareness of cardiac defects through various campaigns. Adults increasingly favor minimally invasive procedures such as occluder implantation over traditional open-heart surgery, due to numerous benefits such as fast recovery times, reduced pain, and low risk of complications.
In terms of end-user, the global cardiac closure occluder devices market is bifurcated into hospitals and specialty surgical centers. The hospitals segment is projected to expand at a significant pace during the forecast period, as hospitals are often the first point of contact for patients experiencing cardiac defects. Hospitals to treat patients with improve operational efficiency.
The specialty surgical centers are expected to grow at a rapid pace in the coming years, as it excels in cardiac field offering patients with efficient and high-quality care.
Regional Outlook
On the basis of regions, the global cardiac closure occluder devices market is segmented into North America, Europe, APAC, Latin America, and the Middle East & Africa.
The market in North America is projected to expand at a significant CAGR during the forecast period. North America is estimated to maintain its dominance in the market during the forecast period, due to the increasing demand for cardiac closure occluder devices from hospitals.
The market in Asia Pacific is expected to grow at a rapid pace during the forecast period. The regional market growth is anticipated in the coming years, due to the rising cardiac closure occluder devices production in countries such as China and India.
The market in Europe is projected to expand at a substantial CAGR in the coming years. Improved healthcare infrastructure and an increasing focus on cardiovascular treatments are key factors contributing to the growth of the market in the region.
Key Benefits for Industry Participants & Stakeholders
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In-depth Analysis of the Global Cardiac Closure Occluder Devices Market
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Historical, Current, and Projected Market Size in terms of Value
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Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
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Industry Drivers, Restraints, and Opportunities Covered in the Study
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Recent Industry Trends and Developments
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Competitive Landscape & Strategies of Key Players
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Neutral Perspective on Global Cardiac Closure Occluder Devices market performance
Segments
By Type
- Cardiac Patent Foramen Ovale (PFO)
- Atrial Septal Defects (ASD)
- Ventricular Septal Defect (VSD)
- Patent Ductus Arteriosus (PDA)
By Age
- Children
- Adults
By End-user
- Hospitals
- Specialty Surgical Centers
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Market Players Profiled in the Report
- Abbott
- Occlutech
- W. L. Gore & Associates, Inc
- Cardia
- LifeTech Scientific Corporation
- Lepu Medical Technology(Beijing) Co.,Ltd.
- Sahajanand Medical Technologies Pvt Ltd.
Competitive Landscape
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Key players competing in the Global Cardiac Closure Occluder Devices market include Abbott, Occlutech, W. L. Gore & Associates, Inc, Cardia, LifeTech Scientific Corporation, Lepu Medical Technology (Beijing) Co.,Ltd., Sahajanand Medical Technologies Pvt Ltd.
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These companies adopt development strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production expansion to expand their consumer base globally.
Frequently Asked Questions
Additional company profiles can be provided on request. For a discussion related to the above findings, click Speak to Analyst
Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
Increasing incidence and prevalence of congenital heart defects, rising awareness about cardiac closure occluder devices are the factors driving the growth of the cardiac closure occluder devices market.
According to this Growth Market Reports report, the cardiac closure occluder devices market is likely to register a CAGR of 5.9 % during the forecast period 2023-2031, with an anticipated valuation of USD 2,840.3 Million by the end of 2031.
Hospitals is the major end-user of cardiac closure occluder devices.
Rising GDPs of emerging economies, governmental regulation, and R&D activities are expected to act as macroeconomic factors for the market.
Major manufacturers include Abbott, Occlutech, W. L. Gore & Associates, Inc, Cardia and LifeTech Scientific Corporation.
The outbreak of coronavirus disease in 2019 (COVID-19) had a negative impact on the global cardiac closure occluder devices market. Lockdown restrictions hampered the industry, which in turn, hampered the manufacture and supply chain of cardiac closure occluder devices. Several companies faced low demand, less productivity, and supply chain disruption leading to an uneven supply of products. Health risks for workers and pandemic-related restrictions on the credit market were dominant issues during the COVID-19 situation.
In addition to market size (in USD Million) and company market share (in % for the base year 2022), global cardiac closure occluder devices market impact of key regulations, pricing analysis, current and future trends for cardiac closure occluder devices, channel & customer management, company market position analysis, recent developments & impact analysis, major deals & strategic alliances analysis, and reimbursement & referral scenario are availible.
The base year considered for the global cardiac closure occluder devices market report is 2022. The complete analysis period is 2021 to 2031, wherein, 2016, and 2021 are the historic years, and the forecast is provided from 2023 to 2031.
Table Of Content
Chapter 1 Executive SummaryChapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Cardiac Closure Occluder Devices Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Cardiac Closure Occluder Devices Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Cardiac Closure Occluder Devices Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Cardiac Closure Occluder Devices Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Cardiac Closure Occluder Devices Market Size & Forecast, 2016-2031
4.5.1 Cardiac Closure Occluder Devices Market Size and Y-o-Y Growth
4.5.2 Cardiac Closure Occluder Devices Market Absolute $ Opportunity
Chapter 5 Global Cardiac Closure Occluder Devices Market Analysis and Forecast By Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities By Type
5.1.2 Basis Point Share (BPS) Analysis By Type
5.1.3 Absolute $ Opportunity Assessment By Type
5.2 Cardiac Closure Occluder Devices Market Size Forecast By Type
5.2.1 Patent Foramen Ovale (PFO)
5.2.2 Atrial Septal Defects (ASD)
5.2.3 Ventricular Septal Defect (VSD)
5.2.4 Patent Ductus Arteriosus (PDA)
5.3 Market Attractiveness Analysis By Type
Chapter 6 Global Cardiac Closure Occluder Devices Market Analysis and Forecast By Age
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities By Age
6.1.2 Basis Point Share (BPS) Analysis By Age
6.1.3 Absolute $ Opportunity Assessment By Age
6.2 Cardiac Closure Occluder Devices Market Size Forecast By Age
6.2.1 Children
6.2.2 Adults
6.3 Market Attractiveness Analysis By Age
Chapter 7 Global Cardiac Closure Occluder Devices Market Analysis and Forecast By End-Use
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities By End-Use
7.1.2 Basis Point Share (BPS) Analysis By End-Use
7.1.3 Absolute $ Opportunity Assessment By End-Use
7.2 Cardiac Closure Occluder Devices Market Size Forecast By End-Use
7.2.1 Hospitals
7.2.2 Specialty Surgical Centers
7.3 Market Attractiveness Analysis By End-Use
Chapter 8 Global Cardiac Closure Occluder Devices Market Analysis and Forecast by Region
8.1 Introduction
8.1.1 Key Market Trends & Growth Opportunities by Region
8.1.2 Basis Point Share (BPS) Analysis by Region
8.1.3 Absolute $ Opportunity Assessment by Region
8.2 Cardiac Closure Occluder Devices Market Size Forecast by Region
8.2.1 North America
8.2.2 Europe
8.2.3 Asia Pacific
8.2.4 Latin America
8.2.5 Middle East & Africa (MEA)
8.3 Market Attractiveness Analysis by Region
Chapter 9 Coronavirus Disease (COVID-19) Impact
9.1 Introduction
9.2 Current & Future Impact Analysis
9.3 Economic Impact Analysis
9.4 Government Policies
9.5 Investment Scenario
Chapter 10 North America Cardiac Closure Occluder Devices Analysis and Forecast
10.1 Introduction
10.2 North America Cardiac Closure Occluder Devices Market Size Forecast by Country
10.2.1 U.S.
10.2.2 Canada
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 North America Cardiac Closure Occluder Devices Market Size Forecast By Type
10.6.1 Patent Foramen Ovale (PFO)
10.6.2 Atrial Septal Defects (ASD)
10.6.3 Ventricular Septal Defect (VSD)
10.6.4 Patent Ductus Arteriosus (PDA)
10.7 Basis Point Share (BPS) Analysis By Type
10.8 Absolute $ Opportunity Assessment By Type
10.9 Market Attractiveness Analysis By Type
10.10 North America Cardiac Closure Occluder Devices Market Size Forecast By Age
10.10.1 Children
10.10.2 Adults
10.11 Basis Point Share (BPS) Analysis By Age
10.12 Absolute $ Opportunity Assessment By Age
10.13 Market Attractiveness Analysis By Age
10.14 North America Cardiac Closure Occluder Devices Market Size Forecast By End-Use
10.14.1 Hospitals
10.14.2 Specialty Surgical Centers
10.15 Basis Point Share (BPS) Analysis By End-Use
10.16 Absolute $ Opportunity Assessment By End-Use
10.17 Market Attractiveness Analysis By End-Use
Chapter 11 Europe Cardiac Closure Occluder Devices Analysis and Forecast
11.1 Introduction
11.2 Europe Cardiac Closure Occluder Devices Market Size Forecast by Country
11.2.1 Germany
11.2.2 France
11.2.3 Italy
11.2.4 U.K.
11.2.5 Spain
11.2.6 Russia
11.2.7 Rest of Europe
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Europe Cardiac Closure Occluder Devices Market Size Forecast By Type
11.6.1 Patent Foramen Ovale (PFO)
11.6.2 Atrial Septal Defects (ASD)
11.6.3 Ventricular Septal Defect (VSD)
11.6.4 Patent Ductus Arteriosus (PDA)
11.7 Basis Point Share (BPS) Analysis By Type
11.8 Absolute $ Opportunity Assessment By Type
11.9 Market Attractiveness Analysis By Type
11.10 Europe Cardiac Closure Occluder Devices Market Size Forecast By Age
11.10.1 Children
11.10.2 Adults
11.11 Basis Point Share (BPS) Analysis By Age
11.12 Absolute $ Opportunity Assessment By Age
11.13 Market Attractiveness Analysis By Age
11.14 Europe Cardiac Closure Occluder Devices Market Size Forecast By End-Use
11.14.1 Hospitals
11.14.2 Specialty Surgical Centers
11.15 Basis Point Share (BPS) Analysis By End-Use
11.16 Absolute $ Opportunity Assessment By End-Use
11.17 Market Attractiveness Analysis By End-Use
Chapter 12 Asia Pacific Cardiac Closure Occluder Devices Analysis and Forecast
12.1 Introduction
12.2 Asia Pacific Cardiac Closure Occluder Devices Market Size Forecast by Country
12.2.1 China
12.2.2 Japan
12.2.3 South Korea
12.2.4 India
12.2.5 Australia
12.2.6 South East Asia (SEA)
12.2.7 Rest of Asia Pacific (APAC)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Asia Pacific Cardiac Closure Occluder Devices Market Size Forecast By Type
12.6.1 Patent Foramen Ovale (PFO)
12.6.2 Atrial Septal Defects (ASD)
12.6.3 Ventricular Septal Defect (VSD)
12.6.4 Patent Ductus Arteriosus (PDA)
12.7 Basis Point Share (BPS) Analysis By Type
12.8 Absolute $ Opportunity Assessment By Type
12.9 Market Attractiveness Analysis By Type
12.10 Asia Pacific Cardiac Closure Occluder Devices Market Size Forecast By Age
12.10.1 Children
12.10.2 Adults
12.11 Basis Point Share (BPS) Analysis By Age
12.12 Absolute $ Opportunity Assessment By Age
12.13 Market Attractiveness Analysis By Age
12.14 Asia Pacific Cardiac Closure Occluder Devices Market Size Forecast By End-Use
12.14.1 Hospitals
12.14.2 Specialty Surgical Centers
12.15 Basis Point Share (BPS) Analysis By End-Use
12.16 Absolute $ Opportunity Assessment By End-Use
12.17 Market Attractiveness Analysis By End-Use
Chapter 13 Latin America Cardiac Closure Occluder Devices Analysis and Forecast
13.1 Introduction
13.2 Latin America Cardiac Closure Occluder Devices Market Size Forecast by Country
13.2.1 Brazil
13.2.2 Mexico
13.2.3 Rest of Latin America (LATAM)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Latin America Cardiac Closure Occluder Devices Market Size Forecast By Type
13.6.1 Patent Foramen Ovale (PFO)
13.6.2 Atrial Septal Defects (ASD)
13.6.3 Ventricular Septal Defect (VSD)
13.6.4 Patent Ductus Arteriosus (PDA)
13.7 Basis Point Share (BPS) Analysis By Type
13.8 Absolute $ Opportunity Assessment By Type
13.9 Market Attractiveness Analysis By Type
13.10 Latin America Cardiac Closure Occluder Devices Market Size Forecast By Age
13.10.1 Children
13.10.2 Adults
13.11 Basis Point Share (BPS) Analysis By Age
13.12 Absolute $ Opportunity Assessment By Age
13.13 Market Attractiveness Analysis By Age
13.14 Latin America Cardiac Closure Occluder Devices Market Size Forecast By End-Use
13.14.1 Hospitals
13.14.2 Specialty Surgical Centers
13.15 Basis Point Share (BPS) Analysis By End-Use
13.16 Absolute $ Opportunity Assessment By End-Use
13.17 Market Attractiveness Analysis By End-Use
Chapter 14 Middle East & Africa (MEA) Cardiac Closure Occluder Devices Analysis and Forecast
14.1 Introduction
14.2 Middle East & Africa (MEA) Cardiac Closure Occluder Devices Market Size Forecast by Country
14.2.1 Saudi Arabia
14.2.2 South Africa
14.2.3 UAE
14.2.4 Rest of Middle East & Africa (MEA)
14.3 Basis Point Share (BPS) Analysis by Country
14.4 Absolute $ Opportunity Assessment by Country
14.5 Market Attractiveness Analysis by Country
14.6 Middle East & Africa (MEA) Cardiac Closure Occluder Devices Market Size Forecast By Type
14.6.1 Patent Foramen Ovale (PFO)
14.6.2 Atrial Septal Defects (ASD)
14.6.3 Ventricular Septal Defect (VSD)
14.6.4 Patent Ductus Arteriosus (PDA)
14.7 Basis Point Share (BPS) Analysis By Type
14.8 Absolute $ Opportunity Assessment By Type
14.9 Market Attractiveness Analysis By Type
14.10 Middle East & Africa (MEA) Cardiac Closure Occluder Devices Market Size Forecast By Age
14.10.1 Children
14.10.2 Adults
14.11 Basis Point Share (BPS) Analysis By Age
14.12 Absolute $ Opportunity Assessment By Age
14.13 Market Attractiveness Analysis By Age
14.14 Middle East & Africa (MEA) Cardiac Closure Occluder Devices Market Size Forecast By End-Use
14.14.1 Hospitals
14.14.2 Specialty Surgical Centers
14.15 Basis Point Share (BPS) Analysis By End-Use
14.16 Absolute $ Opportunity Assessment By End-Use
14.17 Market Attractiveness Analysis By End-Use
Chapter 15 Competition Landscape
15.1 Cardiac Closure Occluder Devices Market: Competitive Dashboard
15.2 Global Cardiac Closure Occluder Devices Market: Market Share Analysis, 2022
15.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
15.3.1 Abbott
15.3.2 Cardia
15.3.3 Lepu Medical Technology(Beijing) Co.,Ltd.
15.3.4 LifeTech Scientific Corporation
15.3.5 Occlutech
15.3.6 Sahajanand Medical Technologies Pvt Ltd.
15.3.7 W. L. Gore & Associates, Inc
Methodology
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