The global heart closure devices market is expected to be valued at US$ 2.71 Billion in 2023. With the rise in the demand for highly efficient procedures among people, coupled with the rise in research and development spending for developing innovative and technologically advanced products, the overall demand for Heart Closure Devices is projected to grow at a CAGR of 14.9% between 2023 and 2033, totaling around US$ 10.88 Billion by 2033.
Factors such as an increase in the incidence of congenital heart defects, technological advancements in heart closure devices, a rise in the adoption of MRI procedures, and an upsurge in the geriatric population are expected to augment the growth of the global heart closure devices market over the analysis period. On the other hand, the high cost of production and stringent regulations associated with these devices limit market growth. Whereas, an increase in the number of heart strokes and the development of innovative products by key players are expected to provide lucrative avenues for market expansion in the forthcoming years.
Furthermore, the utilization of 3D imaging and anatomical models in the manufacturing and planning processes of heart closure devices is gaining prominence in the market. This is expected to change the supply landscape of the industry, attributed to characteristics such as personalization, adaptability, and flexibility provided by using 3D imaging technology. This in turn decreases the overall prostheses employed per patient along with the procedure time, which makes it a viable option in the production and planning process. Similarly, continuous new product launches, as well as approvals along with the rapid expansion of the healthcare industry across emerging economies, will bode well for market growth in the near future.
| Data Points | Key Statistics |
|---|---|
| Heart Closure Devices Market Value 2023 | US$ 2.71 Billion |
| Heart Closure Devices Market Projected Value (2033) | US$ 10.88 Billion |
| Heart Closure Devices Market CAGR (2023 to 2033) | 14.9% |
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The global demand for heart closure devices is projected to increase at a CAGR of 14.9% during the forecast period between 2023 and 2033, reaching a total of US$ 10.88 Billion in 2033, according to a report from Future Market Insights (FMI). From 2018 to 2022, sales witnessed significant growth, registering a CAGR of 6.6%. According to Future Market Insights, a market research and competitive intelligence provider, the Heart Closure Devices market was valued at US$ 2.36 Billion in 2022.
Patients who suffer from advanced stages of heart disease repeatedly require technologically advanced diagnostic and therapeutic cardiovascular devices. This is due to the growing awareness and high demand for coronary stents and other medical devices with better safety features. The patient demand includes devices that do not cause adverse reactions like infections, which are caused by several types of stents, such as bare-metal stents.
Moreover, there is a demand for devices with advanced features such as remote cardiac monitoring features, due to current technological advancements. These characteristics provide individuals with a practical and accurate treatment plan, also allowing them ease of usability.
Increasing Availability of Efficient Devices to Fuel the Market Growth
The pervasiveness of heart diseases globally has observed a noticeable increase, which fuels the demand for efficient heart devices. The accessibility of advanced devices has led to the adoption of these devices in many countries. Also, adopted initiatives catering to the rise in demand for these devices in emerging economies have propelled the market. In addition, investors are focused on expanding the availability of economical heart closure devices in countries such as India, China, Mexico, and others. This, in turn, is expected to attract a huge heart closure devices market share in the forthcoming years.
For instance, in February 2020, AliveCor, a leading AI-based ECG technology, and enterprise cardiac solution provider announced the launch of KardiaMobile, which is used to record, store and transfer single-channel electrocardiogram rhythms in the Mexico region from the Federal Commission for the Protection against Sanitary Risk. This launch is the result of the partnership between AliveCor and Inpharamo, a Mexico-based medical solutions company.
Rise in Prevalence of Cardiovascular Diseases to Accelerate the Market Growth
The increasing occurrence of heart diseases in patients is the highest in regard to cost and healthcare services. The rise in the occurrence of chronic cardiovascular diseases like heart failure and coronary artery disease (CAD) is one of the major factors which promote market growth. One of the most critical cardiovascular devices is Coronary or cardiac stents. These devices help treat life-threatening cardiac conditions such as heart attack, coronary heart disease, atrial fibrillation, and the opening of narrowed arteries. The prevalence of cardiac diseases augments the need for advanced heart devices in the world.
According to the Centers for Disease Control and Prevention (CDC) estimates in 2019, cardiovascular diseases are the leading cause of death in the USA region, eventually contributing to an estimated 1 in 4 deaths every year. According to the World Health Organization, heart diseases cause an estimated 17.9 million deaths each year.
Additionally, the upsurge in approvals for new devices by regulatory authorities also provides major traction to the growth of the heart closure devices market. Numerous initiatives adopted by public authorities to enable the availability of cardiovascular devices to a large population in developing regions will probably steer the over the analysis period.
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High Cost of Heart Closure Devices to Restrain the Market Growth
Heart Closure Devices are relatively high-priced devices, as compared to manual compression devices. The average price of a heart closure device is about USD 150-250, while that of a manual compression device is about USD 15-25. The cost of HCDs essentially adds up to the patient’s hospitalization bill, increases the per-patient cost for hospitals, and simultaneously reduces profits.
The costs associated with manual compression devices, on the other hand, are very low compared to heart closure devices. Thus, the high cost of heart defect closure devices acts as a major factor restraining market growth. Hospitals are also not reimbursed for heart closure devices, which is another major factor hindering the demand for these devices.
Increasing Barriers in Research and Development Activities to Limit the Market Growth
Limitations involved in the advancement of innovative and technologically advanced heart closure devices are a strong Research and Development environment. Various key players are focused on their capacity to invest in futuristic Research and Development programs related to these devices, due to the ineffective processes within the reimbursement models. For instance, in the countries that advocate the policies of price caps on life-saving stents, manufacturers might be less inclined towards the development of new products or even in introducing advanced cardiac devices with high costs in these markets.
Additionally, apart from barriers in Research and Development programs in this market, rigid regulatory policies are also one of the major factors that are anticipated to hamper the market growth. The devices innovated by the key players without complying with regulatory guidelines cannot be launched in the market for commercial use resulting in a loss of significant investment by the manufacturers.
High Adoption of Advanced Devices in the Region to Fuel the Market Growth
The heart closure devices market in Asia Pacific is expected to accumulate the highest market share of 53% in 2023. Asia Pacific is the most lucrative region along with the highest market share. Factors such as the growing prevalence of chronic cardiovascular diseases and the high adoption of advanced devices in the region are expected to boost the growth of the heart closure devices market during the forecast period.
For instance, in February 2018, in India, the government confirmed that the price controls on the stents are expected to continue, especially on the drug-eluting stents. These stents have a substantially lower rate, as compared to international markets such as the USA. Such an established regulatory scenario for cardiovascular devices is expected to boost the expansion of the market in Asia Pacific over the analysis period. The region is expected to hold the highest CAGR of 14.8% during the forecast period.
High Research and Development Investments and Trials in the Region to Fuel the Market Growth
The heart closure devices market in North America is expected to accumulate the highest market share of 51% in 2023. North America is the most lucrative region along with the highest market share. Factors such as high Research and Development investments and trials in this region are expected to accelerate the regional market growth during the forecast period. For instance, the Lifetech Scientific-sponsored IDE study on LAmbre, and to establish safety and effectiveness data, the LAmbre device would be evaluated in this clinical trial among the USA population. Positive clinical results might boost the adoption of the LAA closure device in the USA as many physicians in the country are influenced by clinical studies.
Moreover, in North America, heart closure devices have been commercially available for more than a decade, which has allowed for the development of stronger healthcare infrastructure for performing minimally invasive heart defect closure treatments, resulting in further boosting the industry expansion. The region is expected to hold the highest CAGR of 14.7% during the forecast period.
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Left Atrial Appendage (LAA) Closure Segment to beat Competition in Untiring Market
On the basis of closure type, the left atrial appendage (LAA) closure segment is expected to account for a share of 49%. The growing number of nonvalvular AF patients who have been shown to be at high risk for stroke and also in whom oral anticoagulants are ineffective.
For instance, data from the Journal of Arrhythmia from 2017 shows that the number of cases is largest in densely populated nations like China and India, which would eventually increase the demand for LAAC. The segment is expected to hold a CAGR of 14.7% over the analysis period.
Hospitals Segment to Drive the Heart Closure Devices Market
Based on the End-User, the hospital's segment is expected to accumulate a revenue share of 47% in 2022, and the trend is expected to continue during the forecast period. This growth is attributed to the requirement of trained medical professionals to insert critical cardiovascular devices such as stents. Also, hospitals also help in the reduction of adverse reactions in patients during critical medical procedures.
For instance, the Cardiovascular Care Center at the Charlton Memorial Hospital announced that they had added a new electrophysiology lab. They also announced the complete renovation of the cardiac catheterization lab for elective as well as emergency treatments. The segment is expected to hold a CAGR of 14.6% over the analysis period.
Prominent players in the heart closure devices market are Abbott Laboratories, W. L. Gore & Associates, Inc, Boston Scientific Corp., Occlutech, Heartstitch, SMT, Cardia, Inc., Lifetech Scientific Corp., Lepu Medical Technology (Beijing)Co., Ltd., and AtriCure Inc., among others.
Recent Developments:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 14.9% from 2023 to 2033 |
| Market Value in 2023 | US$ 2.71 Billion |
| Market Value in 2033 | US$ 10.88 Billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in US$ Billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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| Customization & Pricing | Available upon Request |
As of 2022, the market for Heart Closure Devices was valued at US$ 2.36 Billion, as per FMI.
By 2023-end, sales of Heart Closure Devices closed at a value of US$ 2.71 Billion
From 2018 to 2022, Heart Closure Devices demand expanded at a CAGR of 6.6%
From 2023 to 2033, Heart Closure Devices sales are expected to flourish at a CAGR of 14.9%
By 2033, the market value of Heart Closure Devices is expected to reach US$ 10.88 Billion
By Closure Type, the left atrial appendage closure segment of the Heart Closure Devices constitutes the bulk of the market share of 49% in 2022
By End-User, the Hospitals segment dominates the market with a share of 47% in 2022.
1. Executive Summary | Heart Closure Devices Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Investment Feasibility Matrix
3.6. PESTLE and Porter’s Analysis
3.7. Regulatory Landscape
3.7.1. By Key Regions
3.7.2. By Key Countries
3.8. Regional Parent Market Outlook
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Billion) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Billion) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Closure Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Billion) Analysis By Closure Type, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Billion) Analysis and Forecast By Closure Type, 2023 to 2033
5.3.1. Congenital Heart Defect Closure
5.3.1.1. Atrial Septal Defect - ASD
5.3.1.2. Patent Ductus Arteriosus - PDA
5.3.1.3. Ventricular Septal Defect - VSD
5.3.2. Patent Foramen Ovale Closure
5.3.3. Left Atrial Appendage Closure
5.4. Y-o-Y Growth Trend Analysis By Closure Type, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Closure Type, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
6.1. Introduction
6.2. Historical Market Size Value (US$ Billion) Analysis By Region, 2018 to 2022
6.3. Current Market Size Value (US$ Billion) Analysis and Forecast By Region, 2023 to 2033
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa
6.4. Market Attractiveness Analysis By Region
7. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
7.1. Historical Market Size Value (US$ Billion) Trend Analysis By Market Taxonomy, 2018 to 2022
7.2. Market Size Value (US$ Billion) Forecast By Market Taxonomy, 2023 to 2033
7.2.1. By Country
7.2.1.1. USA
7.2.1.2. Canada
7.2.2. By Closure Type
7.3. Market Attractiveness Analysis
7.3.1. By Country
7.3.2. By Closure Type
7.4. Key Takeaways
8. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
8.1. Historical Market Size Value (US$ Billion) Trend Analysis By Market Taxonomy, 2018 to 2022
8.2. Market Size Value (US$ Billion) Forecast By Market Taxonomy, 2023 to 2033
8.2.1. By Country
8.2.1.1. Brazil
8.2.1.2. Mexico
8.2.1.3. Rest of Latin America
8.2.2. By Closure Type
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Closure Type
8.4. Key Takeaways
9. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
9.1. Historical Market Size Value (US$ Billion) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Billion) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Country
9.2.1.1. Germany
9.2.1.2. United Kingdom
9.2.1.3. France
9.2.1.4. Spain
9.2.1.5. Italy
9.2.1.6. Russia
9.2.1.7. Rest of Europe
9.2.2. By Closure Type
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Closure Type
9.4. Key Takeaways
10. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10.1. Historical Market Size Value (US$ Billion) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Billion) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Country
10.2.1.1. China
10.2.1.2. Japan
10.2.1.3. India
10.2.1.4. South Korea
10.2.1.5. Australia
10.2.1.6. Rest of Asia Pacific
10.2.2. By Closure Type
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Closure Type
10.4. Key Takeaways
11. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
11.1. Historical Market Size Value (US$ Billion) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Billion) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Country
11.2.1.1. South Africa
11.2.1.2. Saudi Arabia
11.2.1.3. United Arab Emirates(UAE)
11.2.1.4. Israel
11.2.1.5. Rest of Middle East and Africa(MEA)
11.2.2. By Closure Type
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Closure Type
11.4. Key Takeaways
12. Key Countries Market Analysis
12.1. USA
12.1.1. Pricing Analysis
12.1.2. Market Share Analysis, 2022
12.1.2.1. By Closure Type
12.2. Canada
12.2.1. Pricing Analysis
12.2.2. Market Share Analysis, 2022
12.2.2.1. By Closure Type
12.3. Brazil
12.3.1. Pricing Analysis
12.3.2. Market Share Analysis, 2022
12.3.2.1. By Closure Type
12.4. Mexico
12.4.1. Pricing Analysis
12.4.2. Market Share Analysis, 2022
12.4.2.1. By Closure Type
12.5. Germany
12.5.1. Pricing Analysis
12.5.2. Market Share Analysis, 2022
12.5.2.1. By Closure Type
12.6. United Kingdom
12.6.1. Pricing Analysis
12.6.2. Market Share Analysis, 2022
12.6.2.1. By Closure Type
12.7. France
12.7.1. Pricing Analysis
12.7.2. Market Share Analysis, 2022
12.7.2.1. By Closure Type
12.8. Spain
12.8.1. Pricing Analysis
12.8.2. Market Share Analysis, 2022
12.8.2.1. By Closure Type
12.9. Italy
12.9.1. Pricing Analysis
12.9.2. Market Share Analysis, 2022
12.9.2.1. By Closure Type
12.10. Russia
12.10.1. Pricing Analysis
12.10.2. Market Share Analysis, 2022
12.10.2.1. By Closure Type
12.11. China
12.11.1. Pricing Analysis
12.11.2. Market Share Analysis, 2022
12.11.2.1. By Closure Type
12.12. Japan
12.12.1. Pricing Analysis
12.12.2. Market Share Analysis, 2022
12.12.2.1. By Closure Type
12.13. India
12.13.1. Pricing Analysis
12.13.2. Market Share Analysis, 2022
12.13.2.1. By Closure Type
12.14. South Korea
12.14.1. Pricing Analysis
12.14.2. Market Share Analysis, 2022
12.14.2.1. By Closure Type
12.15. Australia
12.15.1. Pricing Analysis
12.15.2. Market Share Analysis, 2022
12.15.2.1. By Closure Type
12.16. South Africa
12.16.1. Pricing Analysis
12.16.2. Market Share Analysis, 2022
12.16.2.1. By Closure Type
12.17. Saudi Arabia
12.17.1. Pricing Analysis
12.17.2. Market Share Analysis, 2022
12.17.2.1. By Closure Type
12.18. United Arab Emirates(UAE)
12.18.1. Pricing Analysis
12.18.2. Market Share Analysis, 2022
12.18.2.1. By Closure Type
12.19. Israel
12.19.1. Pricing Analysis
12.19.2. Market Share Analysis, 2022
12.19.2.1. By Closure Type
13. Market Structure Analysis
13.1. Competition Dashboard
13.2. Competition Benchmarking
13.3. Market Share Analysis of Top Players
13.3.1. By Regional
13.3.2. By Closure Type
14. Competition Analysis
14.1. Competition Deep Dive
14.1.1. Abbott
14.1.1.1. Overview
14.1.1.2. Product Portfolio
14.1.1.3. Profitability by Market Segments
14.1.1.4. Sales Footprint
14.1.1.5. Strategy Overview
14.1.1.5.1. Marketing Strategy
14.1.2. W. L. Gore & Associates, Inc.
14.1.2.1. Overview
14.1.2.2. Product Portfolio
14.1.2.3. Profitability by Market Segments
14.1.2.4. Sales Footprint
14.1.2.5. Strategy Overview
14.1.2.5.1. Marketing Strategy
14.1.3. Boston Scientific Corp.
14.1.3.1. Overview
14.1.3.2. Product Portfolio
14.1.3.3. Profitability by Market Segments
14.1.3.4. Sales Footprint
14.1.3.5. Strategy Overview
14.1.3.5.1. Marketing Strategy
14.1.4. Occlutech
14.1.4.1. Overview
14.1.4.2. Product Portfolio
14.1.4.3. Profitability by Market Segments
14.1.4.4. Sales Footprint
14.1.4.5. Strategy Overview
14.1.4.5.1. Marketing Strategy
14.1.5. Heartstitch
14.1.5.1. Overview
14.1.5.2. Product Portfolio
14.1.5.3. Profitability by Market Segments
14.1.5.4. Sales Footprint
14.1.5.5. Strategy Overview
14.1.5.5.1. Marketing Strategy
14.1.6. SMT
14.1.6.1. Overview
14.1.6.2. Product Portfolio
14.1.6.3. Profitability by Market Segments
14.1.6.4. Sales Footprint
14.1.6.5. Strategy Overview
14.1.6.5.1. Marketing Strategy
14.1.7. Cardia, Inc.
14.1.7.1. Overview
14.1.7.2. Product Portfolio
14.1.7.3. Profitability by Market Segments
14.1.7.4. Sales Footprint
14.1.7.5. Strategy Overview
14.1.7.5.1. Marketing Strategy
14.1.8. Lifetech Scientific Corp.
14.1.8.1. Overview
14.1.8.2. Product Portfolio
14.1.8.3. Profitability by Market Segments
14.1.8.4. Sales Footprint
14.1.8.5. Strategy Overview
14.1.8.5.1. Marketing Strategy
14.1.9. Lepu Medical Technology
14.1.9.1. Overview
14.1.9.2. Product Portfolio
14.1.9.3. Profitability by Market Segments
14.1.9.4. Sales Footprint
14.1.9.5. Strategy Overview
14.1.9.5.1. Marketing Strategy
14.1.10. AtriCure Inc.
14.1.10.1. Overview
14.1.10.2. Product Portfolio
14.1.10.3. Profitability by Market Segments
14.1.10.4. Sales Footprint
14.1.10.5. Strategy Overview
14.1.10.5.1. Marketing Strategy
15. Assumptions & Acronyms Used
16. Research Methodology
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Heart Closure Devices Market
