Left atrial appendage (LAA) is a common site for thrombus formation. LAA is multi-lobed and can vary in orifice size and length. The varying shapes of LAA orifice are considered important when performing device closure since current devices are circular. LAA closure is a minimally invasive technique used to reduce the risk of stroke that may occur as a result of atrial fibrillation. LAA closure device is an interventional device used to avoid stroke, and mitigate the risk of embolism and secondary stroke because of atrial fibrillation.
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Rise in global demand for LAA closure can be primarily ascribed to the increase in number of geriatric population, growth in prevalence of atrial fibrillation, and technological advancements. Additionally, increase in investments by government and private companies in the field of atrial fibrillation is one of the key factors driving the global LAA closure market. However, presence of alternative technologies and high cost of LAA closure are the major factors hampering the global LAA closure market. Constant technological innovation and inclusion of modern technologies is leading to a rise in overall cost of the systems. This is prompting consumers to opt for alternative techniques, thereby restraining the global LAA closure market.
The global LAA closure market can be segmented based on product type, end-user, and geography. In terms of product type, the LAA closure market can be divided into endocardial and epicardial. Based on end-user, the LAA closure market can be segregated into hospitals, ambulatory surgery centers, and heart clinics.
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Geographically, the global LAA closure market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America comprises cumulative left atrial appendage (LAA) closure market for the U.S and Canada. Europe comprises collective market of left atrial appendage (LAA) closure in Germany, Italy, France, Spain, and Rest of Europe. Asia Pacific comprises cumulative market of left atrial appendage (LAA) closure in China, India, Australia, and New Zealand. Currently, North America leads the global LAA closure market.
Europe also accounts for key share of the LAA closure market. Factors such as highly developed healthcare, biotechnology research infrastructure, availability of government grants to support research activities, and availability of skilled personnel to perform LAA closure procedures are driving the LAA closure market in North America and Europe. The LAA closure market in Asia Pacific is expanding at a significant rate owing to the rapidly developing healthcare infrastructure in the region. Furthermore, availability of advanced facilities at cheaper rates and rise in medical tourism are encouraging various companies in the market to establish research and development and manufacturing facilities in Asia Pacific. India, China, Japan, South Korea, and Singapore are some of the emerging economies that are attractive markets for LAA closure owing to the rise in disposable income and rapid increase in adoption of advanced technologies in these countries.
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Prominent players operating in the LAA closure market are Sentreheart, Inc., Dune Medical Devices, Coherex Medical, Lifetech Scientific (Shenzhen), Abbott, Atricure, and BoAston Scientific Corporation.