The global heart closure devices market is expected to be valued at USD 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 USD 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 | USD 2.71 Billion |
| Heart Closure Devices Market Projected Value (2033) | USD 10.88 Billion |
| Heart Closure Devices Market CAGR (2023 to 2033) | 14.9% |
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 USD 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 USD 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.
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.
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 | USD 2.71 Billion |
| Market Value in 2033 | USD 10.88 Billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Closure Type, Region |
| Regions Covered | North America; Europe; Asia Pacific; Latin America; Middle East and Africa (MEA) |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Russia, China, Japan, India, South Korea, Australia, Saudi Arabia, United Arab Emirates(UAE), South Africa, Israel |
| Key Companies Profiled | Abbott; W. L. Gore & Associates, Inc.; Boston Scientific Corp.; Occlutech; Heartstitch; SMT; Cardia, Inc.; Lifetech Scientific Corp.; Lepu Medical Technology; AtriCure Inc. |
| Customization & Pricing | Available upon Request |
Table 1: Global Market Value (US$ Billion) Forecast by Region, 2018 to 2033
Table 2: Global Market Value (US$ Billion) Forecast by Closure Type, 2018 to 2033
Table 3: North America Market Value (US$ Billion) Forecast by Country, 2018 to 2033
Table 4: North America Market Value (US$ Billion) Forecast by Closure Type, 2018 to 2033
Table 5: Latin America Market Value (US$ Billion) Forecast by Country, 2018 to 2033
Table 6: Latin America Market Value (US$ Billion) Forecast by Closure Type, 2018 to 2033
Table 7: Europe Market Value (US$ Billion) Forecast by Country, 2018 to 2033
Table 8: Europe Market Value (US$ Billion) Forecast by Closure Type, 2018 to 2033
Table 9: Asia Pacific Market Value (US$ Billion) Forecast by Country, 2018 to 2033
Table 10: Asia Pacific Market Value (US$ Billion) Forecast by Closure Type, 2018 to 2033
Table 11: Middle East and Africa Market Value (US$ Billion) Forecast by Country, 2018 to 2033
Table 12: Middle East and Africa Market Value (US$ Billion) Forecast by Closure Type, 2018 to 2033
Figure 1: Global Market Value (US$ Billion) by Closure Type, 2023 to 2033
Figure 2: Global Market Value (US$ Billion) by Region, 2023 to 2033
Figure 3: Global Market Value (US$ Billion) Analysis by Region, 2018 to 2033
Figure 4: Global Market Value Share (%) and BPS Analysis by Region, 2023 to 2033
Figure 5: Global Market Y-o-Y Growth (%) Projections by Region, 2023 to 2033
Figure 6: Global Market Value (US$ Billion) Analysis by Closure Type, 2018 to 2033
Figure 7: Global Market Value Share (%) and BPS Analysis by Closure Type, 2023 to 2033
Figure 8: Global Market Y-o-Y Growth (%) Projections by Closure Type, 2023 to 2033
Figure 9: Global Market Attractiveness by Closure Type, 2023 to 2033
Figure 10: Global Market Attractiveness by Region, 2023 to 2033
Figure 11: North America Market Value (US$ Billion) by Closure Type, 2023 to 2033
Figure 12: North America Market Value (US$ Billion) by Country, 2023 to 2033
Figure 13: North America Market Value (US$ Billion) Analysis by Country, 2018 to 2033
Figure 14: North America Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 15: North America Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 16: North America Market Value (US$ Billion) Analysis by Closure Type, 2018 to 2033
Figure 17: North America Market Value Share (%) and BPS Analysis by Closure Type, 2023 to 2033
Figure 18: North America Market Y-o-Y Growth (%) Projections by Closure Type, 2023 to 2033
Figure 19: North America Market Attractiveness by Closure Type, 2023 to 2033
Figure 20: North America Market Attractiveness by Country, 2023 to 2033
Figure 21: Latin America Market Value (US$ Billion) by Closure Type, 2023 to 2033
Figure 22: Latin America Market Value (US$ Billion) by Country, 2023 to 2033
Figure 23: Latin America Market Value (US$ Billion) Analysis by Country, 2018 to 2033
Figure 24: Latin America Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 25: Latin America Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 26: Latin America Market Value (US$ Billion) Analysis by Closure Type, 2018 to 2033
Figure 27: Latin America Market Value Share (%) and BPS Analysis by Closure Type, 2023 to 2033
Figure 28: Latin America Market Y-o-Y Growth (%) Projections by Closure Type, 2023 to 2033
Figure 29: Latin America Market Attractiveness by Closure Type, 2023 to 2033
Figure 30: Latin America Market Attractiveness by Country, 2023 to 2033
Figure 31: Europe Market Value (US$ Billion) by Closure Type, 2023 to 2033
Figure 32: Europe Market Value (US$ Billion) by Country, 2023 to 2033
Figure 33: Europe Market Value (US$ Billion) Analysis by Country, 2018 to 2033
Figure 34: Europe Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 35: Europe Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 36: Europe Market Value (US$ Billion) Analysis by Closure Type, 2018 to 2033
Figure 37: Europe Market Value Share (%) and BPS Analysis by Closure Type, 2023 to 2033
Figure 38: Europe Market Y-o-Y Growth (%) Projections by Closure Type, 2023 to 2033
Figure 39: Europe Market Attractiveness by Closure Type, 2023 to 2033
Figure 40: Europe Market Attractiveness by Country, 2023 to 2033
Figure 41: Asia Pacific Market Value (US$ Billion) by Closure Type, 2023 to 2033
Figure 42: Asia Pacific Market Value (US$ Billion) by Country, 2023 to 2033
Figure 43: Asia Pacific Market Value (US$ Billion) Analysis by Country, 2018 to 2033
Figure 44: Asia Pacific Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 45: Asia Pacific Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 46: Asia Pacific Market Value (US$ Billion) Analysis by Closure Type, 2018 to 2033
Figure 47: Asia Pacific Market Value Share (%) and BPS Analysis by Closure Type, 2023 to 2033
Figure 48: Asia Pacific Market Y-o-Y Growth (%) Projections by Closure Type, 2023 to 2033
Figure 49: Asia Pacific Market Attractiveness by Closure Type, 2023 to 2033
Figure 50: Asia Pacific Market Attractiveness by Country, 2023 to 2033
Figure 51: Middle East and Africa Market Value (US$ Billion) by Closure Type, 2023 to 2033
Figure 52: Middle East and Africa Market Value (US$ Billion) by Country, 2023 to 2033
Figure 53: Middle East and Africa Market Value (US$ Billion) Analysis by Country, 2018 to 2033
Figure 54: Middle East and Africa Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 55: Middle East and Africa Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 56: Middle East and Africa Market Value (US$ Billion) Analysis by Closure Type, 2018 to 2033
Figure 57: Middle East and Africa Market Value Share (%) and BPS Analysis by Closure Type, 2023 to 2033
Figure 58: Middle East and Africa Market Y-o-Y Growth (%) Projections by Closure Type, 2023 to 2033
Figure 59: Middle East and Africa Market Attractiveness by Closure Type, 2023 to 2033
Figure 60: Middle East and Africa Market Attractiveness by Country, 2023 to 2033
As of 2022, the market for Heart Closure Devices was valued at USD 2.36 Billion, as per FMI.
By 2023-end, sales of Heart Closure Devices closed at a value of USD 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 USD 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.
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Heart Closure Devices Market
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