Market Study Report recently added a new title on 2021-2027 Global Left Atrial Appendage Closure Devices Market Report from its database. The report provides study with in-depth overview, describing about the Product, Size, Share, Industry Scope and elaborates market outlook and status to 2027.
Left atrial appendage closure devices are used to close the left atrial appendage, which is a highly vulnerable spot for the development of blood clots in patients suffering from atrial fibrillation. This procedure is commonly preferred over blood thinning medications that increase the risk of bleeding and entail several diet restrictions. Increasing awareness about the benefits of LAA closure procedures among patients around the world has propelled market demand in recent years.
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The left atrial appendage closure devices market is projected to grow exponentially by 2027 owing to expanding geriatric population worldwide. Moreover, technological advancements in the sector are set to further boost market adoption over the forecast timeline.
Furthermore, leading industry players are implementing lucrative strategies to strengthen their foothold in the industry, which has favorably impacted the overall business landscape. For instance, in September 2021, Boston Scientific Corporation, a leading medical technology company, announced the acquisition of the global surgical business of Lumenis LTD., an energy-based medical solutions specialist. Through the acquisition, Boston Scientific integrated Lumenis’ laser portfolio with its benign prostatic hyperplasia and kidney stone management offerings and expanded its presence across Asia and Europe.
The endocardial LAA devices sub-segment held over 78% market share in 2020 and is expected to grow at a steady pace over 2021-2027. Several advantages offered by endocardial LAA devices, along with the robust product pipeline, is likely to fuel segmental growth over the review period.
In another instance, in August 2021, Abbott, a global healthcare brand, announced that the U.S Food and Drug Administration (FDA) had granted approval to its novel LAA occluder, dubbed the Amplatzer Amulet, to treat people with atrial fibrillation. The device prevents blood clots from forming in the left atrial appendage (LAA), lowering the risk of stroke and eliminating the requirement for blood thinners.
The left atrial appendage closure devices market has been segmented based on patient, product, end-use, and region. In terms of product, the market has further been bifurcated into epicardial LAA devices, and endocardial LAA devices.
Based on patient, the left atrial appendage closure devices market has been divided into surgical and percutaneous. In 2020, the percutaneous sub-segment was valued at more than USD 334 million and is projected to register a sizable CAGR through the study timeline driven by increasing incidences of non-valvular atrial fibrillation (NVAF) and several clinical benefits offered by the percutaneous approach.
With respect to end-use, the left atrial appendage closure devices market has been segregated into ambulatory surgical centers, hospitals, and others. The hospitals sub-segment is anticipated to amass notable gains by 2027, expanding at a CAGR of approximately 27.4% over the assessment period. Increasing preference for left atrial appendage procedures and rising adoption of LAA devices in hospitals are likely to fuel segmental expansion in the coming years.
Some of the major players operating in the left atrial appendage closure devices market are Boston Scientific Corporation, Abbott Laboratories, Inc., Occlutech, Lifetech Scientific, Cardia, Inc., & Johnson and Johnson.
On the regional front, the Latin America left atrial appendage closure devices market is speculated to surpass a valuation of USD 50 million by 2027. High number of people suffering from atrial fibrillation, coupled with growing awareness regarding LAA closure procedures in LATAM, is foreseen to bolster regional market growth in the future.
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