Left Atrial Appendage (LAA) Closure Device Market Expected to Reach $8.2 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Left Atrial Appendage (LAA) Closure Device Market," The left atrial appendage closure device market size was valued at $1.3 billion in 2021 and is estimated to reach $8.2 billion by 2031, growing at a CAGR of 21% from 2022 to 2031.

Left atrial appendage (LAA) closure devices are implantable cardiac devices that are placed in the left atrial appendage for preventing strokes and heart blockages in patients suffering from atrial fibrillation and blockages. Depending on the device, they may be inserted percutaneously or through minimally invasive or open surgery. In individuals with non-valvular atrial fibrillation, LAA devices are implanted in the heart to lessen the risk of thromboembolism from the left atrial appendage (LAA). To stop LAA thrombus from entering the systemic circulation, the device mechanically occludes the LAA.

Atrial fibrillation is one of the most prevalent arrhythmias, affecting people 65 years of age and older. The older population is more prone to arrhythmia and other cardiac disorders, including atrial fibrillation due to slowly degrading health. LAA Closure Device Market have recently emerged as an effective alternative for heart stroke management in patients suffering from atrial fibrillation. This is the major factor estimated to propel the left atrial appendage closure device market growth over the upcoming years.

The high cost of LAA closure device is expected to limit market growth in the coming years. As a result of ongoing technological advancement and the incorporation of modern technology, the overall cost of the LAA device is increasing. As a result, customers are opting for alternative methods, which is likely to impede the growth of the global left atrial appendage closure device market trends.

Rising awareness about the presence of technologically advanced medical devices like Left Atrial Appendages devices and their high effectiveness in treating and managing heart diseases like heart strokes is anticipated to provide a lucrative growth of the market in the next few years. Also, the rising per capita income of people in developing countries has boosted the affordability of expensive healthcare facilities. Along with it, government-regulated health schemes and health insurance coverages provided to people in developing countries are further projected to generate huge revenue. These factors are anticipated to increase the left atrial appendage closure device market share over the coming years.

The global Left Atrial Appendage (LAA) Closure Device market share is segmented based on product, end-use, and region. By product, it is classified into epicardial LAA closure devices and endocardial LAA closure devices. By end-use industry, it is classified into hospitals, ambulatory surgery centers, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the LAA closure device industry report include Boston Scientific Corporation, Abbott, Lifetech Scientific, ATRICURE, INC., SentreHEART, Inc., Medical Device Business Services, Inc., Occlutech, Cardia, Inc., Johnson & Johnson Private Limited, and Lepu Medical Technology Co., Ltd.

The report offers a comprehensive analysis of the global Left Atrial Appendage (LAA) Closure Device market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and the emergence of substitutes in the market.

Impact of Covid-19 on the Global Left Atrial Appendage (LAA) Closure Device Industry

• The COVID-19 pandemic has had a negative impact on the growth of the left atrial appendage (LAA) closure device market. Due to rapidly increasing cases of infected patients, healthcare professionals prevented patients, other than COVID infected, to visit hospitals in order to prevent viral transmission.
• Also, many private clinics were not accepting any patient visits due to the non-availability of healthcare professionals. This factor also impeded the market growth in the pandemic time period.

Key Findings of the Study

• Based on Product, the Endocardial sub-segment emerged as the global leader in 2021 and is anticipated to be the dominating sub-segment during the forecast period.
• Based on the end-use industry, the hospital sub-segment is predicted to be dominating in the market in the upcoming years.
• Based on region, the Asia-Pacific market registered to be the fastest growing in 2022-2032, and North America is projected to be the dominating region during the forecast period.