Left Atrial Appendage Closure Devices Market Size, Share & Trends Analysis Report By Technique (Epicardial, Endocardial), By End-use (Hospitals, Others), By Region, And Segment Forecasts, 2022 - 2030
New York, Nov. 04, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Left Atrial Appendage Closure Devices Market Size, Share & Trends Analysis Report By Technique, By End-use, By Region And Segment Forecasts, 2022 - 2030" - https://www.reportlinker.com/p06360889/?utm_source=GNW
Left Atrial Appendage Closure Devices Market Growth & Trends
The global left atrial appendage closure devices market size is expected to reach a value of USD 5.7 billion by 2030, registering a CAGR of 20.5% during the forecast period. Increasing incidences of atrial fibrillation (AF) is expected to raise the left atrial appendage closure (LAAC) devices demand during the forecast period, which will further boost the market development.
The most prevalent arrhythmic condition in the world, AF affects more than 2.3 million individuals in the United States and 4.5 million in the European Union. With age, the incidence and disorder burden of AF increases, accounting for 15% of all strokes. The left atrial appendage (LAA) closure devices market has been greatly impacted by COVID-19. The pandemic prompted non-urgent operations, such as structural heart (SH) interventional surgery to be postponed or canceled, thereby, negatively impacting the market during 2020.
The COVID-19 outbreak had a temporary negative impact on product demand, significant delays in clinical trials, disrupted operations, and the market witnessed a detrimental effect on financial performance.For instance, AtriCure reported that its business was most impacted in the second, third, and fourth quarters of 2020, in terms of the decline in patients and revenue from the shelter-in-place restrictions in a majority of the countries and limitations on procedures in hospitals.
However, the market witnessed growth from the third quarter of 2020, as patient procedure volume trends and availability of healthcare resources improved owing to a lift in certain restrictions.
The LAAC device industry is competitive and significantly affected by the new product introductions and other strategic activities of the industry participants.Market leaders are involved in the establishment of extensive distribution systems as well as increasingly engaged in mergers &acquisitions to capture a larger share of the market.
For instance, in February 2022, Boston Scientific Corporation completed the acquisition of Baylis Medical Company Inc., a privately-held corporation that has developed the Versa Cross Transseptal Platforms including a family of sheaths, guidewires, and dilators used to support left heart access. Thus, expanded Boston Scientific Corporation’s electrophysiology and structural heart product portfolios.
Left Atrial Appendage Closure Devices Market Report Highlights
• Endocardial dominated the technique segment of the left atrial appendage closure (LAAC) devices market in 2021. Endocardial implants are considered to be easier for using. The availability of a wide range of products also contributes to segment growth
• The epicardial segment is expected to grow at a lucrative rate during the forecast period. Epicardial procedures possess benefits over some endocardial device features. Anticoagulation is not necessary while using epicardial devices, not even immediately after the procedure
• The hospital segment held the largest share of over 77% in 2021. Due to the increasing popularity of LAA surgeries and the growing acceptance of LAA closure devices in hospitals, they make up the largest end-use segment for the left atrial appendage closure devices
• Asia Pacific region is anticipated to register rapid growth in coming years owing to the presence of high unmet needs coupled with increasing patient awareness levels and improving healthcare infrastructure
• Growing R&D investments by the key companies and geographic expansion, as well as an increase in product portfolios, are the factors expected to contribute to the market growth. In August 2021, Abbott has received U.S. FDA approval for its Amplatzer Amulet LAA Occluder to treat individuals with atrial fibrillation
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