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The left atrial appendage closure market share is expected to increase by USD 1.67 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 18%.
This left atrial appendage closure market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers left atrial appendage closure market segmentation by product (epicardial LAA closure device and endocardial LAA closure device) and geography (North America, Europe, Asia, and ROW). The left atrial appendage closure market report also offers information on several market vendors, including Abbott Laboratories, Append Medical, AtriCure Inc., Boston Scientific Corp., Cardia Inc., Johnson and Johnson Inc., Lepu Medical Technology (Beijing) Co. Ltd., Lifetech Scientific (Shenzhen) Co. Ltd., Occlutech International AB, and SentreHEART Inc. among others.
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Based on our research output, there has been a positive impact on the market growth during and post-COVID-19 era. The increasing incidences of atrial fibrillation are notably driving the left atrial appendage closure market growth, although factors such as a shortage of skilled surgeons to perform LAA closure procedures may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the left atrial appendage closure industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Left Atrial Appendage Closure Market Driver
One of the key factors driving the growth in the left atrial appendage closure market is the Increasing incidences of atrial fibrillation. Atrial fibrillation is the most common type of heart arrhythmia in which the heart beats at a rapid and irregular pace. The irregular heart rhythm fluctuates the blood flow from the heart, causing blood to stagnate in the LAA, form clots, and increase the risk of stroke. There are some risk factors, such as diabetes, cigarette smoking, obesity, and cardiovascular diseases, which lead to atrial fibrillation. LAA closure devices play a pivotal role in managing stroke risk in atrial fibrillation patients. Among the many cardiovascular diseases, atrial fibrillation is a common risk factor, which leads to stroke in some individuals. The LAA closure device is used to close the appendage that occurs in the left atria and reduces the risk of stroke. LAA closure devices are minimally invasive, which offers a novel approach for atrial fibrillation treatment. This has driven the growth of the left atrial appendage closure market.
Key Left Atrial Appendage Closure Market Trend
The Emergence of 3D printing technology is a Left atrial appendage closure market trend that is expected to have a positive impact in the coming years. The researchers are evaluating the use of 3D printing technology in the LAA closure procedures to improve treatment outcomes. Researchers evaluated that 3D printing is useful during the LAA closure technique with the WATCHMAN, particularly in individuals where the anatomy is complex, and the interaction between the appendage and device is difficult to quantify. Such advancements will likely reduce complications such as incomplete closure of the device and pericardial effusion. Currently, 3D printing for LAA-closure procedures with LAA devices is not done regularly and might not need to be done in individuals where anatomy is straightforward; however, researchers believed that the technique would be useful as an adjunctive technology, mainly in the planning stage. In addition, the use of such advanced techniques will reduce the overuse of LAA devices. For instance, on average, 1.7-2 devices are used per procedure due to incorrect sizing of LAA. Therefore, 3D models are required prior to the commencement of the LAA procedure. As the 3D model is superior to 2D imaging in terms of operating difficulty and complications, physicians are expected to increasingly use 3D technology in LAA closure.
Key Left Atrial Appendage Closure Market Challenge
The shortage of skilled surgeons to perform LAA closure procedures will be a major challenge for the left atrial appendage closure market during the forecast period. There is a global shortage of cardiologists, including general cardiologists, electrophysiologists, interventional cardiologists, and pediatric cardiologists. This shortage is attributed to the aging cardiology community, limited growth in fellowship positions, increasing burden of cardiovascular diseases (CVDs), and evolving healthcare reforms. The resources required to treat CHD are both inadequate and maldistributed. A significant proportion of the global population has no access to cardiac surgery, and the distribution of cardiac surgeons in several developing countries is significantly unbalanced. Even in developed countries, there is a significant shortage of cardiac professionals. For instance, in the US, about three-fifths of the total cardiologists are aged 55 years and above, and the country is expected to witness a shortage of about 0.12 million physicians by 2030.
This left atrial appendage closure market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global left atrial appendage closure market as part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the left atrial appendage closure market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the left atrial appendage closure market encompasses successful business strategies deployed by the key vendors. The left atrial appendage closure market is concentrated and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The left atrial appendage closure market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the left atrial appendage closure market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the healthcare equipment market includes the following core components:
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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40% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for the left atrial appendage closure market in North America. Market growth in this region will be slower than the growth of the market in regions.
The increased need for effective management of LAA closure will facilitate the left atrial appendage closure market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The COVID-19 pandemic adversely affected the growth of the left atrial appendage closure market in 2020. As of January 4, 2021, the US was among the severely hit countries across the world, with about 21.12 million COVID-19 cases and about 0.36 million associated deaths. Patients with CHDs avoided visiting hospitals and undergoing treatment due to the contagious nature of the virus. This decreased the demand for LAA closure devices in 2020. However, considering the development of COVID-19 vaccines, the number of patients visiting hospitals has significantly increased since the last quarter of 2020. This is expected to drive the demand for LAA closure devices during the forecast period.
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The left atrial appendage closure market share growth by the epicardial LAA closure device segment will be significant during the forecast period. The epicardial LAA closure device involves percutaneous closed-chest epicardial LAA ligation. The epicardial LAA closure device offers advantages such as the elimination of the need for anticoagulants after the procedure and the absence of an external device permanently implanted inside the LAA. The epicardial LAA devices market is expected to grow at a lesser rate than endocardial devices owing to limited clinical evidence and fewer product approvals.
This report provides an accurate prediction of the contribution of all the segments to the growth of the left atrial appendage closure market size and actionable market insights on the post-COVID-19 impact on each segment.
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Left Atrial Appendage Closure Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 18% |
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Market growth 2021-2025 |
$ 1.67 billion |
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Market structure |
Concentrated |
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YoY growth (%) |
14.74 |
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Regional analysis |
North America, Europe, Asia, and ROW |
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Performing market contribution |
North America at 40% |
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Key consumer countries |
US, Canada, Germany, UK, China, and Japan |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Abbott Laboratories, Append Medical, AtriCure Inc., Boston Scientific Corp., Cardia Inc., Johnson and Johnson Inc., Lepu Medical Technology (Beijing) Co. Ltd., Lifetech Scientific (Shenzhen) Co. Ltd., Occlutech International AB, and SentreHEART Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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