The cardiac closure device market is expected to be worth US$10.88 billion, growing at a CAGR of 14.9% by 2033.

Cardiac Closure Device Market

The cardiac closure device market is experiencing a strong pulse, driven by rising demand for minimally invasive procedures. According to a recent analysis, global Cardiac Closure Device Market it is expected to reach staggering levels USD 10.88 billion by 2033. This represents a significant jump from the estimated value $2.71 billion in 2023, which reflects a solid Compound annual growth rate (CAGR) of 14.9%.

Factors such as increasing incidence of congenital heart defects, technological advancements in cardiac closure devices, increase in popularity of MRI procedures, and increase in geriatric population are expected to boost the growth of the global heart closure devices market during the period under review.

On the other hand, high manufacturing costs and stringent regulations associated with these devices are restricting the market growth. On the other hand, the increase in the number of heart strokes and development of innovative products by key players are expected to provide lucrative opportunities for market expansion in the coming years.

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Moreover, the use of 3D imaging and anatomical models in the manufacturing and planning of cardiac closure devices is becoming increasingly important in the market. This is expected to change the delivery landscape in the industry, attributed to features such as personalization, adaptability and flexibility provided by the use of 3D imaging technology.

This in turn reduces the total number of prostheses used per patient along with the duration of the procedure, making it a viable option in the manufacturing and planning process. Similarly, continuous new product launches as well as approvals along with the rapid expansion of the healthcare industry in emerging economies will bode well for the market growth in the near future.

Key findings for the cardiac closure market:

The global market value of heart closure devices was 2.36 billion US dollars by the end of 2022
From 2018 to 2022, market demand increased at a pace CAGR 6.6%
By type of closure, the left atrial appendage closure market segment accounts for the majority of the market with a market share of 49%
In terms of end users, the hospital segment dominates the market with a market share of 47%
From 2023 to 2033, sales of heart closure devices are expected to grow at a rate CAGR of 14.9%.
By 2033, the market value of cardiac closure devices is expected to reach 10.88 billion US dollars

“The increase in the number of patients worldwide and rising awareness about heart diseases are the main factors driving the growth of the heart closure device market over the forecast period,” notes an FMI analyst.

Cardiac Closure Device Market Competitive Landscape

Players in the global cardiac closure devices market are focusing on expanding their global reach through various strategies such as; partnerships, collaborations and partnerships. Players are also making significant investments in research and development to bring innovations to their products that would help them strengthen their position in the global market. Here are some of the recent developments among key players:

In July 2021, Angel Medical Systems, Inc. announced the first commercial implantation of its flagship product, “The Guardian” device, in the U.S. region, the first procedure to receive recent FDA approval.
In April 2021, Phoenix Cardiac Devices, Inc. announced that it has received the CE mark for its product, the BACE (Basal Annuloplasty of the Cardio externally) device. This approval supports the commercialization of BACE in the European Union.
In March 2021, the U.S. FDA announced approval of the world’s first non-surgical heart valve treatment for pediatric and adult patients with a native or surgically repaired right ventricular outflow tract (RVOT). The device was developed specifically for the treatment of patients with severe pulmonary regurgitation.

Learn more about what is covered in the Heart Closure Devices Market Report

Future Market Insights offers an unbiased analysis of the global cardiac closure devices market, presenting historical data from 2018 to 2022 and statistical forecasts from 2023 to 2033.

To understand the opportunities in the Cardiac Closure Devices market, the market has been segmented based on closure type into five major regions.

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Key segments:

Cardiac Closure Device Market by Closure Type:

Closure of congenital heart defect
- Atrial septal defect (ASD)
- Patent ductus arteriosus (PDA)
- Ventricular septal defect (VSD)
Closure of the patent foramen ovale (PFO).
Left atrial appendage (LAA) closure.

Cardiac Closure Devices Market by Region:

North America
Europe
Asia and the Pacific
Latin America
Middle East and Africa (MEA)

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award winner and member of the Greater New York Chamber of Commerce) offers in-depth knowledge of the drivers of market demand. FMI is a leading global provider of market information, advisory, consulting and events services for the packaging, food and beverage, consumer technology, healthcare, industrial and chemicals markets. With a massive team of over 400 analysts worldwide, FMI provides global, regional and local expertise in a variety of domains and industry trends in over 110 countries.

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