Left atrial appendage (LAA) closure devices market size to reach USD 3 billion by 2025, growing at a CAGR of 36% during the forecast period. The left atrial appendage (LAA) closure devices market growth can be attributed to the growing prevalence of atrial fibrillation (AF) across the globe. The growth in the geriatric population and the increased prevalence of lifestyle-related disorders such as obesity, diabetics, and high blood pressure are contributing to the growth of AF. According to several epidemiological studies, AF is the most common arrhythmia, with an estimated prevalence of 1.5–3% in the general population in developed regions. Approximately 7.6 million people over 65 years of age in Europe suffered from AF in 2016, which is expected to increase by around 89%, reaching 14.4 million by 2060. Hence, the high occurrence of AF across the globe is likely to contribute to the growth of the market.
In addition, frequent development and commercial approvals & launches of innovative next-generation LAA closure devices is another primary factor driving the rising uptake of these devices worldwide. For instance, market leader Boston Scientific received CE Mark approval for its Next Generation WATCHMAN FLX Left Atrial Appendage Closure Device in March 2019.
- Around 14.4 million aged over 65 years and above in Europe are expected to develop atrial fibrillation by 2060, thereby offering expansion growth and innovation opportunities for the growth
- The global left atrial appendage (LAA) closure devices market is likely to witness double-digit growth during the forecast period due to the increasing availability of the latest generation LAA closure devices
- The hospital end-user segment is expected to account for $1.6 billion incremental growth due to the large uptake of advanced LAA closure devices in several private and public hospitals across the globe.
- North America is likely to observe an incremental growth of over $2.27 billion on account of high penetration and availability of advanced treatment solutions for cardiac diseases in the aging population
LEFT ATRIAL APPENDAGE (LAA) CLOSURE DEVICES MARKET SEGMENTATION
This research report includes a detailed segmentation by
INSIGHTS BY PRODUCTS
The endocardial LAA closure devices segment accounts for the maximum shares as these devices are safe and effective. Several clinical studies conducted on endocardial devices have displayed encouraging results for the patient population in terms of stroke risk reduction, thereby contributing to the market share of the segment. Endocardial devices involve a lower complication rate (around 8.5%) compared with epicardial devices (25.4%), which is likely to boost the segment growth.
The surgical epicardial LAA closure devices have emerged as an alternative procedure for LAA closures intending to improve efficacy, particularly for the patients that have displayed poor results for the standard endocardial technique. In 2019, the epicardial segment accounted for 17% of the global market share.
INSIGHTS BY END-USER
The hospitals segment is accounted for major share of 55% in 2019. Healthcare professionals in the hospital segment use advanced LAA closure devices, including endocardial and epicardial, to treat AF. The segment is growing at a healthy rate, which is expected to continue during the forecast period. The growth in the aging population and the increasing pool of AF patients are the major factors driving the segment growth.
The specialty cardiac centers (SCC) segment provides exclusive healthcare services to patients with suspected or diagnosed cardiac diseases. These centers are solely dedicated to treating patients suffering from cardiac ailments such as AF. The segment is likely to witness the fastest growth during the forecast period.
The ambulatory specialty center (ASC) segment constitutes a small share of the global left atrial appendage (LAA) closure devices market. These centers are cost-effective and offer quality care with the minimal indirect cost of treatment. The segment is expected to witness significant growth, especially in developed countries.
INSIGHTS BY GEOGRAPHY
North America dominates the global left atrial appendage (LAA) closure devices market share. North America is likely to witness highest CAGR of 38%. The presence of a large disease population, coupled with better treatment options for AF, is the primary factor for the high market share. The US is the major revenue contributor to the North America region and accounted for a share of 98% in 2019.
Germany, France, the UK, Spain, and Italy are the major revenue contributors. The market in Europe is expected to grow at a healthy rate during the forecast period. Western Europe has advanced healthcare services, especially for the implantation of LAA closure devices. The increasing incidence of AF, the rapid adoption of advanced devices, and high healthcare expenditures are driving the growth in Europe.
APAC accounted for the third largest share in 2019. China, Japan, Australia, South Korea, and India are the major revenue contributors in the APAC region. A high disease prevalence population, improvement in healthcare spending, and an increase in awareness for heart diseases, including AF, will fuel the growth of the left atrial appendage (LAA) closure devices market in the region.
INSIGHTS BY VENDORS
The global left atrial appendage (LAA) closure devices market is highly consolidated and is characterized by the presence of a few established players holding a majority of the shares. Vendors are offering several endocardial and epicardial devices and are competing based on factors such as technology, safety features, regulatory approvals, marketing strategies, and distribution channels. Boston Scientific, AtriCure, and Abbott are the key vendors in the market.
The left atrial appendage (LAA) closure market research report includes in-depth coverage of the industry with growth rates, revenues & forecasts for the following segments:
Market Segmentation by Product
- Endocardial LAA Closures
- Epicardial LAA Closure
- Specialty Cardiac Centers
- Ambulatory Surgery Centers (ASC)
- North America
- South Korea
- Latin America
- Saudi Arabia
- South Africa