Global Left Atrial Appendage Closure Devices Market

Global Left Atrial Appendage Closure Devices Market Size, Share, Growth Analysis, By Product(Endocardial LAA Devices, Epicardial LAA Devices), By Procedure(Percutaneous, Surgical), By End - Use(Hospitals, Ambulatory Surgical Centers) - Industry Forecast 2024-2031


Report ID: SQMIG35A2586 | Region: Global | Published Date: March, 2024
Pages: 184 | Tables: 88 | Figures: 66

Global Left Atrial Appendage Closure Devices Market Insights

Global Left Atrial Appendage Closure Devices Market size was valued at USD 1.21 billion in 2022 and is poised to grow from USD 1.46 billion in 2023 to USD 6.48 billion by 2031, growing at a CAGR of 20.5% in the forecast period (2024-2031).

The industry has experienced significant demand attributed to the escalating prevalence of atrial fibrillation, a complex condition often necessitating appendage treatment.

The surge in atrial fibrillation cases can be linked to factors such as high-calorie diets, smoking, and sedentary lifestyles. The demand upswing is further propelled by shifting lifestyles, improved healthcare accessibility, and an aging population prone to cardiovascular diseases.

The realm of electrophysiology procedures also emerges as a notable opportunity, driven by technological advancements in interventions and diagnostic pathways. Effectiveness of implants and procedural safety has shown remarkable improvements, not only in developed nations but also in developing regions.

US Left Atrial Appendage Closure Devices Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 1.21 billion

Largest Segment

Endocardial LAA Devices

Fastest Growth

Endocardial LAA Devices

Growth Rate

20.5% CAGR

Global Left Atrial Appendage Closure Devices Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Left Atrial Appendage Closure Devices Market By Product ($ Bn)
Global Left Atrial Appendage Closure Devices Market By Product (%)

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Global Left Atrial Appendage Closure Devices Market Segmental Analysis

The global left atrial appendage closure devices market is segmented on the basis of product, procedure, end – use, region. By product, the market is segmented into endocardial LAA devices, epicardial LAA devices. By procedure, the market is segmented into percutaneous, surgical. By end – use, the market is segmented into hospitals, ambulatory surgical centers, and others. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.

Left Atrial Appendage Closure Devices Market Analysis By End - Use

Segmented by end-use, the market categorizes into hospitals and other entities. In 2021, the hospital segment emerged as the dominant player. This prominence owes itself to the increasing adoption of left atrial appendage (LAA) surgeries and the growing favorability of LAA closure devices within hospital settings. The robust prevalence of these devices in hospitals stems from factors like easy access to cutting-edge medical technologies, a pool of skilled healthcare professionals, and the escalating utilization of the latest LAA closure advancements. Hospitals stand as pivotal components of the healthcare ecosystem, acting as principal revenue generators that stimulate research and innovation. Consequently, market players exert substantial efforts, both financial and strategic, to promote their products and services within hospital contexts.

Contrastingly, ambulatory surgery clinics emerge as an affordable alternative for outpatient procedures compared to hospitals. The rise of clinic chains, such as Hospital Corporation of America, bolsters accessibility to outpatient surgical facilities, subsequently fostering industry growth. As the landscape evolves, the market continues to pivot around the dynamic interplay between hospital settings and outpatient clinics, each playing a pivotal role in driving the expansion of left atrial appendage closure devices into diverse healthcare environments.

Left Atrial Appendage Closure Devices Market Analysis By Product

The endocardial segment secured a significant market share, surpassing 50% in 2021. This substantial segment dominance can be attributed to the manifold advantages offered by endocardial left atrial appendage (LAA) devices. Notably, endocardial implants are acknowledged for their user-friendliness, rendering them a preferred choice. The presence of a diverse array of products and a robust product pipeline further augments the growth trajectory of this segment.

Meanwhile, the Epicardial segment is poised for lucrative growth during the forecast period. Epicardial procedures boast advantages over select endocardial device features. These procedures eliminate the need for immediate post-procedure anticoagulation and sidestep the requirement for permanent device implantation, distinguishing them from endocardial techniques.

Global Left Atrial Appendage Closure Devices Market By Product, 2023 (%)

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Global Left Atrial Appendage Closure Devices Market Regional Insights

In 2022, North America dominated the revenue landscape with a share exceeding 45.0%, driven by a surge in atrial fibrillation cases. The region is poised to maintain a significant stance in the global left atrial appendage (LAA) devices market. According to CDC estimates, between 2.7 million and 6.1 million Americans were affected by atrial fibrillation in 2019, a figure poised to escalate alongside the aging population trend.

Managing the left atrial appendage assumes paramount importance as atrial fibrillation escalates the risk of heart attacks. Esteemed industry players are keenly focused on strategic blueprints encompassing collaborative research ventures, novel product introductions, market penetration, and distribution partnerships, all aimed at amplifying their market presence.

The Asia Pacific market for left atrial appendage closure (LAAC) devices is poised for remarkable growth during the forecast period. Factors such as improving healthcare systems, rising healthcare expenditures, and heightened awareness about LAAC devices contribute to this ascent. Notably, company initiatives further bolster regional market expansion. Over nearly two decades of research and development, Life tech Scientific has evolved from congenital occluders to boasting three product lines catering to diverse aspects of heart disorders. Notably, LAmbre emerges as a pivotal revenue catalyst, underlining Life tech Scientific's shift from congenital occluders to LAA occluders as the focal point of their structural heart products portfolio.

Global Left Atrial Appendage Closure Devices Market By Geography, 2024-2031
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Global Left Atrial Appendage Closure Devices Market Dynamics

Left Atrial Appendage Closure Devices Market Drivers

Rising Incidence of Atrial Fibrillation

  • The increasing prevalence of atrial fibrillation, a major risk factor for stroke and heart-related complications, is a significant driver for the adoption of left atrial appendage (LAA) closure devices.

Increased Awareness and Patient Education

  • Enhanced patient awareness about the benefits of LAA closure devices and education campaigns by healthcare organizations are encouraging more individuals to seek this advanced treatment option.

Left Atrial Appendage Closure Devices Market Restraints

Procedural Challenges

  • The complexity of LAA closure procedures and associated complications, including device migration and periprocedural bleeding, can limit adoption, particularly among less-experienced medical professionals.

Regulatory Hurdles

  • Stringent regulatory approval processes for medical devices can slow down product launches and limit the availability of LAA closure devices in certain markets.

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Global Left Atrial Appendage Closure Devices Market Competitive Landscape

The competitive landscape of the global left atrial appendage closure devices market is characterized by intense rivalry among established players and a surge of new entrants vying for market share. Leading companies such as Boston Scientific Corporation, Abbott Laboratories, and AtriCure, Inc. dominate the market with their comprehensive product portfolios, extensive research capabilities, and strategic alliances. These industry giants are focused on continuous product innovation, robust clinical trials, and strategic collaborations to maintain their competitive edge.

The market also witnesses the presence of emerging players striving to establish themselves in this niche arena. These entrants are leveraging technological advancements and innovative solutions to challenge the market leaders. To enhance their market standing, these players are investing in R&D activities, gaining regulatory approvals, and forging partnerships with healthcare institutions.

Left Atrial Appendage Closure Devices Market Top Player’s Company Profiles

  • Abbott Laboratories (USA)
  • Lifetech Scientific (China)
  • Occlutech International AB (Sweden)
  • Artio Medical (USA)
  • Cardia, Inc. (USA)
  • SentreHEART, Inc. (USA)
  • Lepu Medical Technology Co., Ltd. (China)

Left Atrial Appendage Closure Devices Market Recent Developments

  • In January 2024, another strategy called the Laminar Device for shutting off a piece of the heart called the left atrial appendage (LAA) was created. This gadget is embedded through a little opening in the heart and has an enclosure toward the end that can be turned to seal the LAA shut, like tying a contort tie on a bread bag. An extraordinary security keeps the enclosure secure. Testing on creatures and people has shown promising outcomes, without any releases or complexities noted. This procedure might lessen the risk of specific complexities contrasted with different strategies.

     

  • On February 26, 2024, Catheter Precision, Inc., a US medical device company working in electrophysiology items, uncovered that it is introducing its LockeT suture closure device at the International Symposium on Left Atrial Appendage. The meeting is occurring at the Intercontinental New York Times Square from March 1 to 2, 2024.

     

  • In October 2023, FEops, known for personalized predictive preparation in structural heart interventions, declared a partnership with ConcertAI's TeraRecon. This collaboration plans to popularize FEops HEARTguide's work process for Left Atrial Appendage (LAA) impediment, especially focusing on the US market.

Global Left Atrial Appendage Closure Devices Key Market Trends

  • Transition to Minimally Invasive Procedures: The trend towards minimally invasive interventions is driving the shift from open-heart surgeries to minimally invasive LAA closure procedures, resulting in reduced patient recovery time and hospital stays.
  • Expansion into Emerging Markets: Increasing market penetration efforts in developing regions, coupled with rising healthcare infrastructure and awareness, are driving the growth of LAA closure device adoption in emerging economies.

Global Left Atrial Appendage Closure Devices Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our global left atrial appendage closure devices market analysis, the global left atrial appendage closure devices market is propelled by a confluence of factors such as the rising incidence of atrial fibrillation, advancing medical technologies, and an aging population. Despite challenges like procedural complexities and high costs, the market continues to evolve with increasing awareness and innovative interventions. The competitive landscape is marked by established players like Boston Scientific Corporation and Abbott Laboratories, alongside newer entrants striving to carve a niche. Strategic collaborations, mergers, and product innovation are key strategies employed by market participants to maintain their market standing.

Report Metric Details
Market size value in 2023 USD 1.21 billion
Market size value in 2031 USD 6.48 billion
Growth Rate 20.5%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Endocardial LAA Devices, Epicardial LAA Devices
  • Procedure
    • Percutaneous, Surgical
  • End - Use
    • Hospitals, Ambulatory Surgical Centers, Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Abbott Laboratories (USA)
  • Lifetech Scientific (China)
  • Occlutech International AB (Sweden)
  • Artio Medical (USA)
  • Cardia, Inc. (USA)
  • SentreHEART, Inc. (USA)
  • Lepu Medical Technology Co., Ltd. (China)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Left Atrial Appendage Closure Devices Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Left Atrial Appendage Closure Devices Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Left Atrial Appendage Closure Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Left Atrial Appendage Closure Devices Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Left Atrial Appendage Closure Devices Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Left Atrial Appendage Closure Devices Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Left Atrial Appendage Closure Devices Market size was valued at USD 1.21 billion in 2022 and is poised to grow from USD 1.46 billion in 2023 to USD 6.48 billion by 2031, growing at a CAGR of 20.5% in the forecast period (2024-2031).

The competitive landscape of the global left atrial appendage closure devices market is characterized by intense rivalry among established players and a surge of new entrants vying for market share. Leading companies such as Boston Scientific Corporation, Abbott Laboratories, and AtriCure, Inc. dominate the market with their comprehensive product portfolios, extensive research capabilities, and strategic alliances. These industry giants are focused on continuous product innovation, robust clinical trials, and strategic collaborations to maintain their competitive edge. 'Boston Scientific Corporation (USA)', 'Abbott Laboratories (USA)', 'AtriCure, Inc. (USA)', 'Johnson & Johnson (USA)', 'Lifetech Scientific (China)', 'Occlutech International AB (Sweden)', 'Artio Medical (USA)', 'Cardia, Inc. (USA)', 'SentreHEART, Inc. (USA)', 'Lepu Medical Technology Co., Ltd. (China)'

The increasing prevalence of atrial fibrillation, a major risk factor for stroke and heart-related complications, is a significant driver for the adoption of left atrial appendage (LAA) closure devices.

Transition to Minimally Invasive Procedures: The trend towards minimally invasive interventions is driving the shift from open-heart surgeries to minimally invasive LAA closure procedures, resulting in reduced patient recovery time and hospital stays.

In 2022, North America dominated the revenue landscape with a share exceeding 45.0%, driven by a surge in atrial fibrillation cases. The region is poised to maintain a significant stance in the global left atrial appendage (LAA) devices market. According to CDC estimates, between 2.7 million and 6.1 million Americans were affected by atrial fibrillation in 2019, a figure poised to escalate alongside the aging population trend.

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