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Global Patent Foramen Ovale Closure Device Market Growth 2024-2030
Product Code:1226255
Published Date: Sep 19,2024
Pages: 101
Region: Global
Category: Medical Devices & Consumables
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A Patent Foramen Ovale (PFO) closure device is a medical device used to treat a patent foramen ovale, a congenital heart defect where a small opening between the upper chambers of the heart (the atria) fails to close after birth. This device is typically implanted through a minimally invasive catheter procedure to seal the opening, preventing abnormal blood flow between the atria. By closing the PFO, the device reduces the risk of complications such as stroke or migraines. It is usually made of a metal framework covered with biocompatible materials, ensuring safety and effectiveness in restoring normal circulation.
The global Patent Foramen Ovale Closure Device market size is projected to grow from US$ 146 million in 2024 to US$ 199 million in 2030; it is expected to grow at a CAGR of 5.3% from 2024 to 2030.
LP Information, Inc. (LPI) ' newest research report, the “Patent Foramen Ovale Closure Device Industry Forecast” looks at past sales and reviews total world Patent Foramen Ovale Closure Device sales in 2023, providing a comprehensive analysis by region and market sector of projected Patent Foramen Ovale Closure Device sales for 2024 through 2030. With Patent Foramen Ovale Closure Device sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Patent Foramen Ovale Closure Device industry.
This Insight Report provides a comprehensive analysis of the global Patent Foramen Ovale Closure Device landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Patent Foramen Ovale Closure Device portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Patent Foramen Ovale Closure Device market.
This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Patent Foramen Ovale Closure Device and breaks down the forecast by Type, by Application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Patent Foramen Ovale Closure Device.
The key drivers of the Patent Foramen Ovale (PFO) closure device market is the rising prevalence of stroke and related cardiovascular conditions. Since a PFO increases the risk of stroke, particularly cryptogenic stroke, there is growing demand for minimally invasive treatments to address this condition. Technological advancements in medical devices and increased awareness of PFO-related risks have led to a higher adoption rate of closure devices. Additionally, the growing aging population, which is more susceptible to heart-related disorders, further fuels the demand for PFO closure procedures.
Despite the increasing demand, the PFO closure device market faces significant challenges, primarily the high cost of devices and procedures. This can limit accessibility, particularly in developing regions where healthcare infrastructure and insurance coverage may be lacking. Another challenge is the risk of complications or adverse events associated with PFO closure procedures, such as device embolization or atrial fibrillation. Concerns over long-term safety and the need for more extensive clinical studies may hinder wider acceptance and regulatory approvals in certain markets.Abbott is the market leader with a market share of 80%
This report presents a comprehensive overview, market shares, and growth opportunities of Patent Foramen Ovale Closure Device market by product type, application, key manufacturers and key regions and countries.
Segmentation by Type:
Non-degradable
Degradable
Segmentation by Application:
Hospital
Clinics
This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries
The below companies that are profiled have been selected based on inputs gathered from primary experts and analysing the company's coverage, product portfolio, its market penetration.
Abbott
Occlutech
Starway
W. L. Gore & Associates
Lepu Medical
LifeTech
Key Questions Addressed in this Report
What is the 10-year outlook for the global Patent Foramen Ovale Closure Device market?
What factors are driving Patent Foramen Ovale Closure Device market growth, globally and by region?
Which technologies are poised for the fastest growth by market and region?
How do Patent Foramen Ovale Closure Device market opportunities vary by end market size?
How does Patent Foramen Ovale Closure Device break out by Type, by Application?