Global PFO Closure Devices Market 2021 (Includes Business Impact of COVID-19)

                                          
Report updated on 11th September, 2021: Global PFO Closure Devices Market 2021 (Includes Business Impact of COVID-19)
Global PFO Closure Devices Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2030 is a recent report generated by Trusted Business Insights, which offers in-depth insights, revenue details, and other vital information regarding the global PFO closure devices market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global PFO closure devices market report has been segmented on the basis of product, distribution channel, end user, and region.
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The global PFO Closure Devices market size was valued at USD$116.67 million in 2020 and is projected to reach USD $236.02 million by 2030, and is anticipated to expand at a CAGR of 7.30% over the forecast period from 2020 to 2030.

Introduction:

Closure devices are used to close a defect or an opening between the right and left sides of the heart. The device is attached on to a special catheter that is used during catheterization. The catheter is inserted into a vein in the leg and advanced into heart through the defect. The device is pushed out of catheter allowing each side of the device to open up and cover each side of the hole, closing the hole or defect.
Dynamics:
Increasing prevalence of congenital heart disease and rising high occurrence of ischemic stroke among individuals are major factors expected to drive growth of the global PFO closure devices market over the forecast period. In addition, changing lifestyle and food consumption habits among consumers, owing to high disposable income is resulting in increasing percentage of heart attacks and cardiovascular diseases is another factor, which in turn expected to support growth of the global market to certain extent.

However, issues related to product failure is a major factor expected to hamper growth of the global market. In addition, lack of awareness among patients related to PFO closure devices is another factor expected to limit growth of the global market.

Technological advancements and increasing investments for R&D activities by major players is expected to create new opportunities in terms of revenue for players operating in the target market over the forecast period. In addition, strategic approach by major players for expansion activities is expected to further support growth of the global market.

Region Analysis: 

The market in North America is expected to dominate the global market and is expected to continue its dominance over the forecast period. The dominance can be attributed to well-developed healthcare infrastructure, favorable reimbursement policies, and presence of major players operating in the countries in this region. The market in Asia Pacific is expected to witness faster growth, owing increasing patient pool suffering from congenital heart disease, coupled with rising awareness among patient related to PFO closure devices, and presence of prominent manufacturers operating in the emerging economies such as India and China in this region. The market in Europe is expected to contribute significant revenue share in the global market.

Global PFO Closure Devices Market Segmentation:

By Product:

  
First Generation
  
Second Generation

By Distribution Channel:

  
Direct Sales
  
Distributor

By End-User:

  
Hospitals
  
Cardiac Centers


Key Market Players included in the report:


  
Abbott
  
AGA Medical Corporation
  
Cardia Inc
  
Comed BV
  
Heartstitch Inc.
  
Lepu Medical Technology
  
LifeTech Sci
  
OCCLUTECH GMBH
  
PFM medical ag
  
St. Jude medical
  
Starway Medical Technology Inc.
  
The Cardia Inc.
  
The Lifetech Scientific Corporation
  
The W.L. Gore & Associates, Inc.
  
Vascular Innovations Co., Ltd.
  
W. L. Gore and Associates


Below are the key development related to PFO Closure Devices Market in 2020 and 2021.


April 2021: Holistick raises $5M to boost preclinical development of PFO closure device. Holistick Medical SAS reported a $5 million round for development of the first generation of a light-activated implant for a patent foramen ovale (PFO). Truffle Capital provided the startup with $4.6 million, while Bpifrance provided $470,000 in non-dilutive funding. Source