The global heart closure devices market size was estimated to be USD 2.72 billion in 2023 and is expected to reach at USD 12.57 billion by 2034 with a CAGR of 14.92% during the forecast period 2024-2034. Increased utilization of expensive technologies has broadened reimbursement choices, the availability of qualified physicians has expanded, surge in technological developments, growing number of clinical trials & improved understanding of the device are encouraging the gradual development of favorable clinical data, favoring the adoption of their product lines, growing approvals by regulatory authorities, rising introduction of innovative heart closure devices are some of the leading factors propelling the market growth.
Rising introduction of innovative heart closure devices is predicted to boost the market growth during the forecast period. Heart closure devices play a pivotal role by facilitating efficient and effective closure of structural defects or access sites in minimally invasive procedures. This minimizes the necessity for large incisions and contributes to accelerated recovery times for patients. For instance, in November 2023, Medtronic plc has introduced its Penditure Left Atrial Appendage (LAA) Exclusion System in the United States. This innovative system involves an implantable clip pre-loaded on a single-use delivery system, designed for utilization in the management of the left atrial appendage (LAA) during concomitant cardiac surgery procedures.
By closure type, left atrial appendage closure was the highest revenue-grossing segment in the global heart closure devices market in 2023 owing to the rising number of approvals granted by regulatory authorities, along with an increasing population of nonvalvular atrial fibrillation (AF) patients identified as high-risk for stroke. For instance, in September 2023, Boston Scientific Corporation has been granted approval by the U.S. Food and Drug Administration for the most recent iteration of the WATCHMAN FLX Pro Left Atrial Appendage Closure (LAAC) Device. Additionally, congenital heart defect closure is predicted to grow at the fastest CAGR during the forecast period owing to the progress in the facility infrastructure of the region, the availability of congenital heart defect closure devices, and the growth in the number of skilled physicians collectively contribute to fostering the utilization of minimally invasive devices.
By material, nitinol-based devices was the highest revenue-grossing segment in the global heart closure devices market in 2023 owing to the exceptional super elasticity and excellent biocompatibility of Nitinol are crucial factors. For minimally invasive operations, nitinol enables the compression of cardiac closure devices into a delivery catheter. Its remarkable super elasticity ensures that the device can withstand the dynamic forces and movements within the heart while retaining its shape and functionality. Additionally, stainless steel devices is predicted to grow at the fastest CAGR during the forecast period owing to the longer durability & advancements in materials and increasing mergers & acquisitions within market players. For instance, in February 2022, The Boston Scientific Corporation has declared the completion of its acquisition of Baylis Medical Company Inc., a business that provides guidewires, sheaths, dilators, and sophisticated transseptal access solutions to facilitate catheter-based left-heart surgeries.
By mode of delivery, transcatheter delivery devices was the highest revenue-grossing segment in the global heart closure devices market in 2023 owing to the growing acceptance of minimally invasive surgical procedures and the continual introduction of new devices are noteworthy trends. Transcatheter delivery presents a less invasive alternative to open-heart surgery, involving small incisions or punctures in the skin instead of a large chest incision. This approach results in smaller scars, less pain, a decreased risk of infection, and shorter recovery times. Overall, transcatheter closure procedures tend to lead to a faster recovery period compared to traditional open-heart surgery. For instance, In February 2023, Ra Medical Systems, Inc. has reported the introduction of its LockeT product to the market through its wholly owned subsidiary, Catheter Precision, Inc. Initial shipments to distributors are set to commence promptly. Additionally, surgical delivery is predicted to grow at the fastest CAGR during the forecast period owing to the growing demand for various surgical procedures among patients, driven by an increase in the incidence of chronic diseases, particularly cardiovascular diseases.
By end-user, hospital's was the highest revenue-grossing segment in the global heart closure devices market in 2023 owing to the insertion of crucial cardiovascular devices like stents necessitates skilled medical professionals. Hospitals play a vital role in minimizing adverse reactions in patients during critical medical procedures. The anticipated growth of this segment is expected to be driven by the increasing introduction of innovative systems by key market players. For instance, in September 2022, Abbott has introduced the Amplatzer Talisman PFO Occlusion System in Europe, designed to address individuals with a patent foramen ovale (PFO), a heart hole that remains open after birth and poses a risk of recurrent stroke. The latest Talisman PFO occluders are pre-connected to the delivery cable, aiming to streamline preparation for physicians and enhance the system's ease of use. Additionally, cardiac catheterization laboratories is predicted to grow at the fastest CAGR during the forecast period owing to the increase in the number of patients affected by cardiovascular disorders, leading to a surge in the demand for heart closure procedures.
North America region is anticipated for the highest revenue share during the forecast period owing to the increasing introduction of advanced technologies for closing heart defects, significant investments in research & development activities, and rising trend of collaboration among market players for the commercialization of these devices. For Instance, in May 2022, Teleflex Incorporated, a provider of medical technologies, has obtained approval from Health Canada for the MANTA Vascular Closure Device. This is the first biomechanical vascular closure device tailored for closing large bore femoral arterial access sites and is now available for commercial use. The MANTA Device is designed for closing femoral arterial access sites and aims to reduce the time to achieve hemostasis after using 10-20F devices or sheaths (12-25F OD) in endovascular catheterization procedures. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the existence of robust healthcare infrastructure, an expanding embrace of minimally invasive treatments for closing heart defects, and a rising number of approvals from regulatory authorities. For instance, in September 2022, LifeTech Scientific Corporation has gained medical insurance coverage in the United States for an FDA-approved investigator-initiated pre-market clinical trial of its LAmbre Plus Left Atrial Appendage (LAA) Closure System. This signifies that the medical insurance in the USA will fully cover the enrollment of all patients participating in the clinical trial.
ASD
PDA (inclusive of PDA closure and embolization coils)
Rising introduction of innovative heart closure devices is predicted to boost the market growth during the forecast period. Heart closure devices play a pivotal role by facilitating efficient and effective closure of structural defects or access sites in minimally invasive procedures. This minimizes the necessity for large incisions and contributes to accelerated recovery times for patients. For instance, in November 2023, Medtronic plc has introduced its Penditure Left Atrial Appendage (LAA) Exclusion System in the United States. This innovative system involves an implantable clip pre-loaded on a single-use delivery system, designed for utilization in the management of the left atrial appendage (LAA) during concomitant cardiac surgery procedures.
By closure type, left atrial appendage closure was the highest revenue-grossing segment in the global heart closure devices market in 2023 owing to the rising number of approvals granted by regulatory authorities, along with an increasing population of nonvalvular atrial fibrillation (AF) patients identified as high-risk for stroke. For instance, in September 2023, Boston Scientific Corporation has been granted approval by the U.S. Food and Drug Administration for the most recent iteration of the WATCHMAN FLX Pro Left Atrial Appendage Closure (LAAC) Device. Additionally, congenital heart defect closure is predicted to grow at the fastest CAGR during the forecast period owing to the progress in the facility infrastructure of the region, the availability of congenital heart defect closure devices, and the growth in the number of skilled physicians collectively contribute to fostering the utilization of minimally invasive devices.
By material, nitinol-based devices was the highest revenue-grossing segment in the global heart closure devices market in 2023 owing to the exceptional super elasticity and excellent biocompatibility of Nitinol are crucial factors. For minimally invasive operations, nitinol enables the compression of cardiac closure devices into a delivery catheter. Its remarkable super elasticity ensures that the device can withstand the dynamic forces and movements within the heart while retaining its shape and functionality. Additionally, stainless steel devices is predicted to grow at the fastest CAGR during the forecast period owing to the longer durability & advancements in materials and increasing mergers & acquisitions within market players. For instance, in February 2022, The Boston Scientific Corporation has declared the completion of its acquisition of Baylis Medical Company Inc., a business that provides guidewires, sheaths, dilators, and sophisticated transseptal access solutions to facilitate catheter-based left-heart surgeries.
By mode of delivery, transcatheter delivery devices was the highest revenue-grossing segment in the global heart closure devices market in 2023 owing to the growing acceptance of minimally invasive surgical procedures and the continual introduction of new devices are noteworthy trends. Transcatheter delivery presents a less invasive alternative to open-heart surgery, involving small incisions or punctures in the skin instead of a large chest incision. This approach results in smaller scars, less pain, a decreased risk of infection, and shorter recovery times. Overall, transcatheter closure procedures tend to lead to a faster recovery period compared to traditional open-heart surgery. For instance, In February 2023, Ra Medical Systems, Inc. has reported the introduction of its LockeT product to the market through its wholly owned subsidiary, Catheter Precision, Inc. Initial shipments to distributors are set to commence promptly. Additionally, surgical delivery is predicted to grow at the fastest CAGR during the forecast period owing to the growing demand for various surgical procedures among patients, driven by an increase in the incidence of chronic diseases, particularly cardiovascular diseases.
By end-user, hospital's was the highest revenue-grossing segment in the global heart closure devices market in 2023 owing to the insertion of crucial cardiovascular devices like stents necessitates skilled medical professionals. Hospitals play a vital role in minimizing adverse reactions in patients during critical medical procedures. The anticipated growth of this segment is expected to be driven by the increasing introduction of innovative systems by key market players. For instance, in September 2022, Abbott has introduced the Amplatzer Talisman PFO Occlusion System in Europe, designed to address individuals with a patent foramen ovale (PFO), a heart hole that remains open after birth and poses a risk of recurrent stroke. The latest Talisman PFO occluders are pre-connected to the delivery cable, aiming to streamline preparation for physicians and enhance the system's ease of use. Additionally, cardiac catheterization laboratories is predicted to grow at the fastest CAGR during the forecast period owing to the increase in the number of patients affected by cardiovascular disorders, leading to a surge in the demand for heart closure procedures.
North America region is anticipated for the highest revenue share during the forecast period owing to the increasing introduction of advanced technologies for closing heart defects, significant investments in research & development activities, and rising trend of collaboration among market players for the commercialization of these devices. For Instance, in May 2022, Teleflex Incorporated, a provider of medical technologies, has obtained approval from Health Canada for the MANTA Vascular Closure Device. This is the first biomechanical vascular closure device tailored for closing large bore femoral arterial access sites and is now available for commercial use. The MANTA Device is designed for closing femoral arterial access sites and aims to reduce the time to achieve hemostasis after using 10-20F devices or sheaths (12-25F OD) in endovascular catheterization procedures. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the existence of robust healthcare infrastructure, an expanding embrace of minimally invasive treatments for closing heart defects, and a rising number of approvals from regulatory authorities. For instance, in September 2022, LifeTech Scientific Corporation has gained medical insurance coverage in the United States for an FDA-approved investigator-initiated pre-market clinical trial of its LAmbre Plus Left Atrial Appendage (LAA) Closure System. This signifies that the medical insurance in the USA will fully cover the enrollment of all patients participating in the clinical trial.
Segmentation: Heart Closure Devices Market Report 2023 - 2034
Heart Closure Devices Market Analysis & Forecast by Closure Type 2023 - 2034 (Revenue USD Bn)
- Left Atrial Appendage (LAA) Closure
- Patent Foramen Ovale (PFO) Closure
- Congenital Heart Defect Closure
- By Technique
ASD
PDA (inclusive of PDA closure and embolization coils)
Heart Closure Devices Market Analysis & Forecast by Material 2023 - 2034 (Revenue USD Bn)
- Stainless Steel Devices
- Nitinol-based Devices
- Others
Heart Closure Devices Market Analysis & Forecast by Mode Of Delivery 2023 - 2034 (Revenue USD Bn)
- Surgical Delivery
- Transcatheter Delivery
Heart Closure Devices Market Analysis & Forecast by End-user 2023 - 2034 (Revenue USD Bn)
- Cardiac Catheterization Laboratories
- Hospitals
- Ambulatory Surgical Centers
- Others
Heart Closure Devices Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Heart Closure Devices Market: Closure Type Estimates & Trend Analysis
8. Heart Closure Devices Market: Material Estimates & Trend Analysis
9. Heart Closure Devices Market: Mode Of Delivery Estimates & Trend Analysis
10. Heart Closure Devices Market: End-user Estimates & Trend Analysis
11. Regional Market Analysis
12. North America Heart Closure Devices Market
13. Europe Global Heart Closure Devices Market
14. Asia Pacific Global Heart Closure Devices Market
15. Latin America Global Heart Closure Devices Market
16. MEA Global Heart Closure Devices Market
17. Competitor Analysis
18. Company Profiles
Companies Mentioned
- Bravado Designs USA
- Pigeon Corporation
- Spectra Baby USA
- Koninklijke Philips N.V.
- Ameda
- AVINCI BABY
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | January 2024 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value ( USD | $ 2.72 Billion |
| Forecasted Market Value ( USD | $ 12.57 Billion |
| Compound Annual Growth Rate | 14.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 6 |
