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Global Heart Closure Devices Market to reach USD 6.23 billion by the end of 2029

Global Heart Closure Devices Market Size study & Forecast, by Closure Type (Congenital Heart Defect Closure, PFO Closure, LAA Closure) and Regional Analysis, 2022-2029

Product Code: HLSMDE-11769431
Publish Date: 25-01-2023
Page: 200

Global Heart Closure Devices Market is valued at approximately USD 2.05 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 14.9% over the forecast period 2022-2029. Heart closure devices is a type of medical device that is specially designed for the diagnosis and treatment of congenital heart defects such as ventricular septal defect, atrial septal defect, left atrial appendage defect, and patent ductus arteriosus. These illnesses affect the heart structure, which results in reducing the heart’s ability to pump blood normally. Congenital heart abnormalities are treated by using closure devices to seal a gap between the right and left sides of the heart. Factors such as strong clinical evidence surrounding the device, the rising adoption of high-priced technologies expanded options for reimbursement, and the increase in adoption of MRI procedures are contributing to the market growth around the world.

The rising incidences of congenital heart disease (CHD) among the population are directly associated with the demand for heart closure devices in the global market. The Indian Pediatrics reported that almost 1.35 million babies are born with CHD each year globally. Likewise, according to The Centers for Disease Control and Prevention, it was estimated that CHD affected approximately 1% or nearly 40,000 births per year in the United States. Also, around 1 in 4 babies with a CHD have a critical CHD, which requires surgery or other procedures in their first year of life. Therefore, the high disease burden is stipulating the growth of the global market. Moreover, the increasing number of hospitals & surgical centers, as well as the rising development of innovative products by key players are presenting various lucrative opportunities over the forecasting years. However, the shortage of highly skilled professionals and stringent regulatory frameworks are hampering the market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Heart Closure Devices Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America dominated the market in terms of revenue, owing to the increasing number of clinical trials, along with the rising government initiatives and high R&D investments. Whereas, the Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as the rising development of stronger healthcare infrastructure, increasing population, as well as rising prevalence of target disease in the market space.

Major market players included in this report are:
W. L. Gore & Associates, Inc.
Boston Scientific Corp.
Cardia, Inc.
Lifetech Scientific Corp.
Lepu Medical Technology (Beijing)Co., Ltd.
AtriCure Inc.

Recent Developments in the Market:
 In 2021, Vivasure Medical Ltd. (Ireland) declared the development of its product, PerQseal Blue. This product is a large-bore vascular closure device that is specially designed to be use after interventional cardiovascular procedures.

Global Heart Closure Devices Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Closure Type, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Closure Type:
Congenital Heart Defect Closure
PFO Closure
LAA Closure

By Region:
North America
Asia Pacific
South Korea
Latin America
Rest of the World

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
1.2.1. Heart Closure Devices Market, by Region, 2019-2029 (USD Billion)
1.2.2. Heart Closure Devices Market, by Closure Type, 2019-2029 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Heart Closure Devices Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Heart Closure Devices Market Dynamics
3.1. Heart Closure Devices Market Impact Analysis (2019-2029)
3.1.1. Market Drivers Rising incidences of congenital heart disease (CHD) Increasing adoption of MRI procedures
3.1.2. Market Challenges Shortage of highly skilled professionals Stringent regulatory frameworks
3.1.3. Market Opportunities Increasing number of hospitals & surgical centers Rising development of innovative products by key players
Chapter 4. Global Heart Closure Devices Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Futuristic Approach to Porter’s 5 Force Model (2019-2029)
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. Industry Experts Prospective
4.7. Analyst Recommendation & Conclusion
Chapter 5. Risk Assessment: COVID-19 Impact
5.1. Assessment of the overall impact of COVID-19 on the industry
5.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global Heart Closure Devices Market, by Closure Type
6.1. Market Snapshot
6.2. Global Heart Closure Devices Market by Closure Type, Performance – Potential Analysis
6.3. Global Heart Closure Devices Market Estimates & Forecasts by Closure Type 2019-2029 (USD Billion)
6.4. Heart Closure Devices Market, Sub Segment Analysis
6.4.1. Congenital Heart Defect Closure
6.4.2. PFO Closure
6.4.3. LAA Closure
Chapter 7. Global Heart Closure Devices Market, Regional Analysis
7.1. Heart Closure Devices Market, Regional Market Snapshot
7.2. North America Heart Closure Devices Market
7.2.1. U.S. Heart Closure Devices Market Closure Type breakdown estimates & forecasts, 2019-2029
7.2.2. Canada Heart Closure Devices Market
7.3. Europe Heart Closure Devices Market Snapshot
7.3.1. U.K. Heart Closure Devices Market
7.3.2. Germany Heart Closure Devices Market
7.3.3. France Heart Closure Devices Market
7.3.4. Spain Heart Closure Devices Market
7.3.5. Italy Heart Closure Devices Market
7.3.6. Rest of Europe Heart Closure Devices Market
7.4. Asia-Pacific Heart Closure Devices Market Snapshot
7.4.1. China Heart Closure Devices Market
7.4.2. India Heart Closure Devices Market
7.4.3. Japan Heart Closure Devices Market
7.4.4. Australia Heart Closure Devices Market
7.4.5. South Korea Heart Closure Devices Market
7.4.6. Rest of Asia Pacific Heart Closure Devices Market
7.5. Latin America Heart Closure Devices Market Snapshot
7.5.1. Brazil Heart Closure Devices Market
7.5.2. Mexico Heart Closure Devices Market
7.5.3. Rest of Latin America Heart Closure Devices Market
7.6. Rest of The World Heart Closure Devices Market

Chapter 8. Competitive Intelligence
8.1. Top Market Strategies
8.2. Company Profiles
8.2.1. Abbott Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
8.2.2. W. L. Gore & Associates, Inc.
8.2.3. Boston Scientific Corp.
8.2.4. Occlutech
8.2.5. Heartstitch
8.2.6. SMT
8.2.7. Cardia, Inc.
8.2.8. Lifetech Scientific Corp.
8.2.9. Lepu Medical Technology (Beijing)Co., Ltd.
8.2.10. AtriCure Inc.
Chapter 9. Research Process
9.1. Research Process
9.1.1. Data Mining
9.1.2. Analysis
9.1.3. Market Estimation
9.1.4. Validation
9.1.5. Publishing
9.2. Research Attributes
9.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
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Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
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Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
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