Product Description
The global Heart Defects Closure Device Market Report contains analysis for Patent Foramen Ovale Closure Devices and Atrial & Ventricular Septal Defect Closure Devices. Overall, the global patent foramen ovale closure device market was valued at $340 million in 2023. This is expected to increase over the forecast period at a CAGR of 3.2% to reach $425 million. On the other hand, the global atrial and ventricular septal defect closure device market was valued at $171 million in 2023. This is expected to increase over the forecast period at a CAGR of 1.5% to reach 190 million.
Abbott and W.L. Gore were the share leaders in the global patent foramen ovale closure device (PFO) market and the global atrial & ventricular septal defect closure device market. This global analysis covers over 70 countries and includes in-depth procedure numbers by the country for each market.
The full report suite on the global market for patent foramen ovale (PFO) closure device includes devices that treat PFO, a defect in the septum between the two atrial chambers of the heart. The full report suite on the global market for atrial and ventricular septal defect closure device includes devices that treat atrial and ventricular septal defects percutaneously by inserting a device through the defect, which expands and forms a seal around the defect. Many of these devices allow heart tissue to grow over the device with time.
MARKET DATA INCLUDED
- Unit Sales, Average Selling Prices, Market Size & Growth Trends
- Procedure Numbers
- COVID-19 Impact Analysis
- Market Drivers & Limiters
- Market Forecasts Until 2030, and Historical Data to 2020
- Recent Mergers & Acquisitions
- Disease Overviews
- Company Profiles, Product Portfolios, and SWOT for Top Competitors
Patent Foramen Ovale Closure Device Market Insights
A patent foramen ovale (PFO) defect is found in a small segment of the population and often goes undetected and untreated into adulthood due to its limited prevalence. This small patient pool restricts growth in device sales and reduces incentives for new companies to enter the market. Prior to the introduction of specialized PFO closure devices, such defects were typically addressed through traditional suturing techniques. However, as PFO closure devices have become more prevalent, the use of the older suturing method has declined, paving the way for significant market growth during the forecast period.
Atrial and Ventricular Septal Defect Closure Device Market Insights
The market for atrial and ventricular defect closure devices is constrained by the low incidence of ventricular defects. Although testing efforts to identify individuals with these defects are increasing, market expansion is likely to be hindered by the declining global birth rate. With the global incidence of cardiovascular diseases on the rise, the occurrence of atrial septal defects (ASD) and ventricular septal defects (VSD) is expected to grow. Enhanced efforts in testing and detection are facilitating the expansion of the defect closure device market during the forecast period.
MARKET SHARE INSIGHTS
Abbott and W.L. Gore controlled the global patent foramen ovale closure device and the atrial and ventricular septal defect closure device markets.
Abbott leads in both the global PFO and the ASD and VSD closure device markets, leveraging its pioneering Amplatzer™ line, which includes the Amplatzer™ PFO Occluder among other devices. This early market entry enables Abbott to maintain its dominance and sustain a strong market share in these segments, despite the presence of only a few global competitors.
Gore holds the position of second-leading competitor in the global markets for both PFO and ASD and VSD closure devices in 2023. The company’s Gore® Cardioform Septal Occluder, approved in Europe for ASD and PFO closures, faces significant challenges in global expansion due to strong competition from regional companies. Operating primarily in the atrial market regionally, Gore may see a decline in market share as local companies rise.
MARKET SEGMENTATION SUMMARY
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Global Patent Foramen Ovale Closure Device Market
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Global Atrial & Ventricular Septal Defect Closure Device Market
- Atrial Septal Defect Closure Devices
- Ventricular Septal Defect Closure Devices
RESEARCH SCOPE SUMMARY
| Report Attribute | Details |
|---|---|
| Regions | North America(Canada, United States) Latin America(Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Guatemala, Mexico, Panama, Paraguay, Peru, Puerto Rico, Uruguay, Venezuela) Western Europe(Austria, Benelux, France, Germany, Italy, Portugal, Scandinavia, Spain, Switzerland, U.K.) Central & Eastern Europe(Azerbaijan, Baltic States, Belarus, Bulgaria, Croatia, Czech Republic, Georgia, Greece, Hungary, Kazakhstan, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Turkey, Ukraine) Middle East(Bahrain, Iran, Israel, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates) Asia Pacific(Australia, Cambodia, China, Hong Kong, India, Indonesia, Japan, Kyrgyzstan, Macao, Mongolia, Malaysia, Myanmar, New Zealand, Philippines, Pakistan, Singapore, South Korea, Taiwan, Thailand, Uzbekistan, Vietnam) Africa(Algeria, Egypt, Ethiopia, Ghana, Kenya, Libya, Morocco, Nigeria, South Africa, Sudan, Uganda) |
| Base Year | 2023 |
| Forecast | 2024-2030 |
| Historical Data | 2020-2023 |
| Quantitative Coverage | Market Size, Market Shares, Market Forecasts, Market Growth Rates, Units Sold, and Average Selling Prices. |
| Qualitative Coverage | COVID19 Impact, Market Growth Trends, Market Limiters, Competitive Analysis & SWOT for Top Competitors, Mergers & Acquisitions, Company Profiles, Product Portfolios, FDA Recalls, Disruptive Technologies, Disease Overviews. |
| Data Sources | Primary Interviews with Industry Leaders, Government Physician Data, Regulatory Data, Hospital Private Data, Import & Export Data, iData Research Internal Database. |
