Left Atrial Appendage (LAA) Closure Device Market by Product (Epicardial LAA Devices and Endocardial LAA Closure Devices) End-use (Hospitals, Ambulatory Surgery Centers and Others), and Regional Analysis (Europe, North America, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031

Global Left Atrial Appendage (LAA) Closure Device Market analysis

The global left atrial appendage (LAA) closure device market size was $1,276.90 million in 2021 and is predicted to grow with a CAGR of 20.97%, by generating a revenue of $8,218.10 million by 2031.

Left Atrial Appendage (LAA) Closure Device Market Synopsis

It has been discovered that the majority of strokes connected to atrial fibrillation are caused by thrombus development mostly from the left atrial appendage (LAA). Atrial fibrillation (AF), one of the most prevalent arrhythmias that affects about 2% of people globally. Atrial fibrillation (AF), a disorder that is on the rise throughout the world, is known to have a major negative influence on health, as well as long-term impacts disability and mortality. According to research, surgical removal and exclusion of the left atrial appendage are just as safe and effective as treating atrial fibrillation medically to prevent strokes. Atrial fibrillation's rising prevalence is boosting the market for appendage management. The need for appendage treatment is due to the rising prevalence of atrial fibrillation, which is one of the most difficult conditions considered under cardiology. The growing prevalence of atrial fibrillation is result of a high-calorie diet, smoking, and inactivity. The use of medications to treat atrial fibrillation is shown to be decreasing. In response to the negative effects of the medications, this alteration of left atrial appendage (LAA) closure device has been made. These markets are extremely attractive for medical device businesses due to changes in lifestyle, an increase in the prevalence of atrial fibrillation, better access to healthcare services, and a growth in demand for high-quality healthcare.

However, some factors such as high cost associated with the left atrial appendage (LAA) closure device can restrain the market growth. The time and cost invested during research and product development is resulting into the high cost of the left atrial appendage closure device.  

Due to the healthcare industry’s rapid expansion and increased need for advanced technological solutions for treatment of atrial fibrillation related complications, the demand has increased significantly across globe for the Left Atrial Appendage (LAA) Closure Devices. Hospitals and other healthcare organizations are adopting new advancements that are available in the market to reduce the casualties of patients who have atrial fibrillation and are connected with high stroke risk. The global Left Atrial Appendage (LAA) Closure Device market demand is projected to see growth potential as a result of these factors.

Left Atrial Appendage (LAA) Closure Device Overview

Devices to close the left atrial appendage were developed as a substitute treatment for patients with atrial fibrillation to reduce their risk of stroke. The left atrial appendage is closed off with left atrial appendage closure devices, which prevents blood clots from forming and eliminates the need for the patient to take blood-thinning medication. As the prevalence of atrial fibrillation is expected to rise throughout the forecast period, competitors in the market are sponsoring trials and research to demonstrate the safety and efficacy of their respective devices.

COVID-19 Impact on Left Atrial Appendage (LAA) Closure Device Market

The rise in COVID-19 impact on left atrial appendage (LAA) closure device market cases is expected to drive the market, which can wean patients off of anticoagulation and may eliminate the need for frequent coumadin clinic visits for international normalized ratio (INR) testing, which is necessary to keep the medication at therapeutic levels. The two main drivers anticipated to drive the growth of the worldwide left atrial appendage closure devices market are the increasing number of people with atrial fibrillation (AF) and the ageing population. The major factor anticipated to drive the market growth during the study period is the efforts being made by governments across the globe to raise public awareness for the necessity of left atrial appendage closure devices during a pandemic.

Additionally, the COVID-19 pandemic is not expected to have any impact on the market for LAA closure devices, which is expected to drive the market significantly. The main drivers projected to boost the market expansion are the government's support for medical device approvals, the rise in the number of ambulatory clinical facilities throughout the world, and breakthroughs by well-known industry participants. For instance, in August 2021, Abbott Laboratories a multinational medical devices and health care company received the US FDA approval for Amplatzer Left Atrial Appendage Occular. The purpose of these devices is to treat atrial fibrillation. This approval will help the company increase product sales and take a large market share in the United States.

Rising Prevalence of Atrial Fibrillation is Expected to Drive the Global Left Atrial Appendage (LAA) Closure Device Market Growth

The increasing prevalence of atrial fibrillation is expected to increase the demand for left atrial appendage closure devices. For instance, the National Library of Medicine published a study titled Global epidemiology of atrial fibrillation: An increasing epidemic and public health challenge in January 2020. The most common cardiac arrhythmia is atrial fibrillation. This condition is expected to affect 6-12 million people in the United States by 2050, and 17.9 million people in the middle east by 2060. Atrial fibrillation is the potential cause of ischemic stroke, causing a significant impact on morbidity and mortality. Furthermore, the aging population is increasing the disease burden of atrial fibrillation because elderly individuals are more likely to be exposed to arrhythmia, ischemic stroke disease, and atrial fibrillation.

High Cost of Left Atrial Appendage (LAA) Closure Device may Restrain the Growth of the Global Left Atrial Appendage (LAA) Closure Device Market

High Cost of left atrial appendage (LAA) closure device is expected to restrain market expansion in the upcoming years. The overall cost of the systems is increasing as a result of ongoing technological advancement and the incorporation of contemporary technology. Customers are choosing alternate methods as a result, which is restraining the global market for left atrial appendage (LAA) closure market growth.

The Expanding Healthcare Sector in Developing Countries may Open New Opportunities in the Global Left Atrial Appendage (LAA) Closure Device Market

The healthcare industry in the nation is one of the most significant areas that contributes to the development of the country, and developing nations like India, Brazil, Myanmar, Thailand, Turkey, and others are concentrating more on it. Hospitals and other healthcare organizations are adopting new advancements that are available in the market to reduce the casualties of patients who are suffering from atrial fibrillation and are connected with a stroke risk. The global left atrial appendage (LAA) closure device market opportunity is projected to see growth potential as a result of these factors.

Global Left Atrial Appendage (LAA) Closure Device Market Share, by Product

Based on Product, left atrial appendage (LAA) closure device market is further divided into Epicardial LAA devices and Endocardial LAA devices. Among these, Endocardial LAA devices sub-segment is expected to have dominating market share during the forecast period.

Global Left Atrial Appendage (LAA) Closure Device Market Size, by Product, 2021

The endocardial LAA devices sub-segment is anticipated to have a dominant market share and generate a revenue of $7,588.00 million by 2031, growing from $1,153.50 million in 2021. Comparing Endocardial LAA closure devices to Epicardial LAA closure devices, Endocardial LAA closure devices had lower rates of complications, shorter hospital stays, and fewer readmissions. According to the clinical investigations the Endocardial LAA devices offer improved safety and effectiveness in the management of stroke and the reduction of bleeding. This factor is expected to drive the growth of the left atrial appendage (LAA) closure device market growth in the analysis period.

The epicardial LAA devices sub-type is anticipated to show the second fastest growth and shall generate a revenue of $630.10 million by 2031, increasing from $123.40 million in 2021. Epicardial LAA devices have recently emerged as a successful solution for stroke control in patients with atrial fibrillation who are non-compliant with long-term oral anticoagulation medication. Clinical results show that epicardial LAA devices help to reduce the burden of atrial fibrillation and are associated with an early and constant drop in systemic blood pressure on short-term follow-up. Furthermore, epicardial LAA devices reduce the requirement for antihypertensive drugs more than endocardial LAA devices.

Global Left Atrial Appendage (LAA) Closure Device Market Value, by End-use

Based on end-use, the global Left Atrial Appendage (LAA) Closure Device market is further divided into hospitals, ambulatory surgery centers and others. Among these, hospitals sub-segment is expected to account for highest revenue share.

Global Left Atrial Appendage (LAA) Closure Device Market Growth, by End-Use 2021

Hospitals sub-segment is anticipated to have a dominant market share and generate a revenue of $6,499.40 million by 2031, growing from $969.00 million in 2021. This is due to the increased preference for LAA surgeries and adoption of left atrial appendage closure devices at hospitals. The preference for hospitals is predicted to increase due to the availability of cutting-edge medical technologies, certified medical personnel, and growing use of the most recent left atrial appendage closure devices. Additionally, hospitals' increased predilection for LAA surgeries and adoption of left atrial appendage closure devices. The availability of modern medical technology, skilled medical staff, and the expanding usage of the newest left atrial appendage closure devices are expected to boost hospital segment.

Global Left Atrial Appendage (LAA) Closure Device Market Share, Regional Insights

Global Left Atrial Appendage (LAA) Closure Device market was investigated across Europe, North America, Asia-Pacific, and LAMEA.

Global Left Atrial Appendage (LAA) Closure Device Market Size and Forecast, by Region, 2021-2031 (USD Million)

The Left Atrial Appendage (LAA) Closure Device Market in North America Region is Expected to be Dominant

The North America left atrial appendage (LAA) closure device market analysis accounted $615.50 million in 2021 and is projected to grow with a CAGR of 20.51%. The market for left atrial appendage (LAA) closure device market trend in North America has experienced significant expansion, mostly due to important factors such the need of advanced solutions for the treatment of atrial fibrillation and related complications. Some of the factors that are anticipated to drive the growth of the left atrial appendage (LAA) closure device market growth in the North American region include an ageing population and an increase in the number of patients in these areas.

Global Left Atrial Appendage (LAA) Closure Device Market Competitive Scenario

Some product advancements, and technological advancements are the common strategies followed by major market players. For instance, in April 2021, AtriCure, Inc. A leading specialist in the management of left atrial extensions and atrial fibrillation therapy stated that the US FDA had approved the EPi-Sense system for the treatment of patients with chronic persistent atrial fibrillation. The market for left atrial appendage (LAA) closure devices may experience increased sales as a result of this new development.

Leading companies in Left Atrial Appendage (LAA) Closure Device market are Boston Scientific Corporation, Abbott, Lifetech Scientific, ATRICURE, INC., SentreHEART, Inc., Medical Device Business Services, Inc., Occlutech, Cardia, Inc., Johnson & Johnson Private Limited, and Lepu Medical Technology Co., Ltd.