New York, USA, Oct. 25, 2021 (GLOBE NEWSWIRE) -- According to a recent report by Research Dive, the global left atrial appendage closure devices market is forecasted to reach $2,637.1 million at a CAGR of 24.0% by the end of 2027, from $466.6 million in 2019. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
Factors Impacting the CAGR Figures Pre and during COVID-19
The report reveals the real-time CAGR registered by the market during the pandemic. According to the report, the market has recorded a CAGR of 24.0% during recent months, while it was expected to be only 23.1% in the pre-COVID-19 scenario. The main factor behind this growth is the impact of COVID-19 on the respiratory system. People with LAA (Left Atrial Appendage) are vulnerable to get infected with the COVID-19 virus. This is the main factor enhancing the market growth.
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Factors Impacting the Market Size in the Pre-COVID-19 and Real-time Scenario
According to the report, the real-time market size has been increased compared to the pre-COVID-19 estimations. The real-time market size has reached a revenue of $585.2 million, while it was estimated to be $572.9 million in a pre-COVID analysis. The main attributor of this growth of the market is the rising cases of LAA during the coronavirus pandemic and demand of left atrial appendage closure devices.
Endocardial LAA Closure Devices Product and Percutaneous Procedure Segment Held the Global Market Size
Based on a product, the global market is categorized into endocardial LAA closure devices and epicardial LAA closure devices. In both of these, endocardial LAA closure devices segment held the global market size, it was valued over $359.3 million in 2019 and is anticipated to continutes its trend in the global market throughout the forecast years. This dominance is majorly attributed to extensive use of endocardial procedures in atrial fibrillation in the previous years.
Based on procedure, the global market is majorly is categorized into surgical and percutaneous. Among these, percutaneous procedure accounted for majority of the left atrial appendage closure devices market share in the previous time, which was 85.0% and is projected to generate a revenue of $2,188.8 million till 2027. Percutaneous is widely utilized procedure due to several benefits such as minimize angina and better results in coronary artery diseases. This aspect will propel the market growth during the forecast time.
Hospital Segment Dominated Highest Revenue Share
Based on end-use, the global left atrial appendage closure devices market is classified into hospitals, ambulatory surgey centers and others. Among these, hospitals end use accounted for largest left atrial appendage closure devices market share in the previous years and is expected to reach up to $1,569.1 million by the end of 2027. Increasing number of hospital admissions along with rising investments to advance healthcare facilities is expected to fuel the market growth during the estimated period. Along with, ambulatory surgery centers segment will witness to rise at a notable rate of 24.4% CAGR during the projected time and projected to account for $812.2 millions by 2027.
Post Pandemic Insight
The global left atrial appendage closure device market is expected to sustain its growth post the pandemic because of its demand in the healthcare industry. The market will experience steady growth in upcoming years as the governments are expected to invest more in the industry. Apart from this, the key players of the market are working on the development of new strategies to sustain the growth of the market in the post pandemic time. Some of the key players of the market include -
- SentreHEART, Inc.
- Boston Scientific Corporation
- AtriCure, Inc.
- Abbott
- Occlutech
- Lifetech Scientific
- Cardia, Inc.
- Aegis Medical Group
- Biosense Webster, Inc.
- Johnson & Johnson Services, Inc.
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Recent Development
In August 2019, AtriCure, Inc., a leading innovator in treatments for atrial fibrillation (Afib) and left atrial appendage (LAA) management, announced about its definitive agreement to acquire SentreHEART, Inc., a privately held developer of percutaneous left atrial appendage management solutions. The acquisition is expected to enhance the portfolio of AtriCure Inc.
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