The left atrial appendage devices (LAA) market is expected to register a 20 % of CAGR over the forecast period. The key contributors in the market growth are rising geriatric population and associated cardiovascular diseases. People aged 65 years and above are at a higher threat of causing cardiovascular diseases such as atrial fibrilliation which might further lead to heart stroke. According to the report “World Ageing Population”, in 2019, around 702.9 million people all around the world were aged 65 years and above. Thus, it is expected to create a healthy demand for these devices during the forecast period.
Key Market Trends
Hospital Segment is Expected to be Dominant in the Left Atrial Appendage Devices (LAA) Market
Hospital segment of the Left Atrial Appendage Devices market is expected to show a significant growth. The increasing number of hospitals and advancing infrastructure is expected to drive the demand for the devices. According to the Centres for Medicare and Medicaid Services, in 2018 around 3.6 trillion USD was spent by the United States in the health-care management. This is expected to augment the left atrial appendage devices market growth.
Furthermore, the growing burden of atrial fibrillation is expected to be a major contributor in this segment. According to the European Society of Cardiology, atrial fibrillation is one of the most common heart disorder. In 2016, the prevalence of atrial fibrillation in people aged 65 years and above was around 7.6 million and it is expected to increase by 89%, i.e., around 14 million in 2060. Hence, the aforementioned factors are expected to increase the hospital visits for left atrial appendage management and thereby increase the demand for left atrial appendage devices in this segment.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to be a dominant region in the Left Atrial Appendage Devices (LAA) market owing to the growing number of cases of atrial fibrillation. According to the Centre for Disease Control and Prevention, in 2017, between 2.7 million and 6.1 million people in the United States were living with atrial fibrillation and it is expected to increase with the growing geriatric population. Atrial Fibrillation is likely to cause heart stroke and hence, left atrial appendage management is of utmost importance. Furthermore, novel technologies are being introduced in the market which is rising the adoption of these devices. For instance, in 2018, ArtiCure, Inc. designed AtriClip FLEX•V Left Atrial Appendage (LAA) Exclusion System in the United States that enables a clip deployment trigger release. Therefore, these factors are expected to drive the market growth over the forecast period.
Companies are taking initiatives to grow their presence in the market. In 2019, Boston Scientific Inc., received a CE mark for WATCHMAN FLX Left Atrial Appendage Closure (LAAC) Device in Europe. Key players that are expected to be dominant in Left Atrial Appendage Devices (LAA) market are Abbott, Articure, Boston Scientific, Johnson & Johnson, Lifetech Scientific, St Jude Medical and Sentreheart Inc.
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