Endocardial left atrial appendage closure devices to witness considerable demand across hospitals
Rising cases of patients suffering from atrial fibrillation has positively influenced global left atrial appendage closure device market trends. A recent study indicates that more than 2.3 million people in the U.S. suffer from atrial fibrillation which is linked to an increased risk of stroke and mortality. LAA closure devices are known to play an important role in reducing the risk of strokes.
High geriatric population across the globe, prone to chronic diseases is another major factor supporting the demand for the product over time. According to reports, cardiovascular diseases in the U.S. affects more than 40 million people aged 60 and above. The introduction of technologically advanced solutions to treat atrial fibrillation has boosted left atrial appendage closure device market outlook over time.
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Governments around the globe have undertaken measures to spread awareness regarding cardiovascular diseases and ways to improve the health of the heart. Heart Truth- a national awareness program established in the U.S. spreads awareness regarding CVD and its risk factors. These awareness programs have magnified the use of advanced left atrial appendage closure devices.
Investments made in the medical sector by the government authorities and private healthcare firms to develop innovative medical devices that are reliable, safe and target the disease has led to accelerated R&D in the industry. Left atrial appendage closure device market is projected to amass USD 2 billion annually by the end of 2026.
Increasing penetration of hospitals due to the demand for advanced healthcare facilities and a considerable rise in the number of hospital admissions has supported growth in the industry. In the year 2019, the LAA closure devices demand from the hospital segment was valued at around USD 322 million and will witness considerable growth over the next few years.
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The ready availability of accessories that are necessary for device implantation and simplified implantation procedures has magnified this segment. Due to the aforementioned reasons, hospitals have and will continue to witness the increased deployment of left atrial appendage devices.
Japan has accounted for a significant share in the Asia Pacific LAA closure devices industry due to the high geriatric population in the region as well as, high prevalence of atrial fibrillation. According to reports, in Japan, the overall prevalence of atrial fibrillation in people aged 80 and above is nearly 2-3%. An increase in the number of people being admitted to hospitals with atrial fibrillation as a major reason has intensified the adoption of the devices in the country.
Left atrial appendage closure device manufacturers are constantly aiming at improving their product portfolio to meet the expanding demands as well as expand their customer base. Key market players include AtriCure Inc., Lifetech Scientific, Boston Scientific Corporation, and Johnson and Johnson, among several others.
The companies are constantly involved in mergers and acquisitions, collaborations, product innovations, and new product launches. In August 2019, AtriCure acquired SentreHEART Inc. which develops advanced percutaneous left atrial appendage management systems. The acquisition helped AtriCure to increase its production capacity.
In terms of the product type, endocardial LAA closure devices has led the market with a revenue generation of USD 380 million in the year 2019. The growth is attributed to the easy availability of the device as compared to its alternatives. Additionally, due to the wide range of existing devices like Amplatzer Cardiac Plug, the demand for endocardial left atrial appendage closure device will witness significant growth over the years.