PFO Closure Devices Market Size, Share, Trends Analysis, 2034

PFO Closure Devices Industry Prospective:

The global PFO closure devices market size was worth around USD 128.69 million in 2023 and is predicted to grow to around USD 249.43 million by 2032 with a compound annual growth rate (CAGR) of roughly 7.63% between 2024 and 2032.

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Patent Foramen Ovale (PFO) is a flaw in the septum in the middle of two atrial heart chambers. PFO occurs only after birth when the foramen ovale is incapable of closing. The aperture situated between the atrial chambers facilitates the transfer of a negligible volume of blood from the right to the left atria. The risk of heart attack, stroke, and transient ischemic attack is increased by PFO. To diagnose PFO, specialized examinations are conducted, including an echocardiogram, bubble test, and transesophageal echocardiogram.

The report covers a forecast and an analysis of the PFO closure devices market on a global and regional level. The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD Million). The study includes drivers and restraints for the PFO closure devices market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the PFO closure devices market on a global and regional level.

In order to give the users of this report a comprehensive view of the PFO closure devices market, we have included a competitive landscape and an analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.

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Patent Foramen Ovale (PFO) is a flaw in the septum in the middle of two atrial heart chambers. PFO occurs only after birth when the foramen ovale is incapable of closing. This hole between the atrial chambers allows a minor quantity of blood to pass from right to left atria. PFO escalates the chances of heart attack, stroke, and transient ischemic attack. Specialized tests, such as an echocardiogram, bubble test, and Transesophageal echocardiogram, are performed to diagnose PFO. Some additional tests might be recommended by doctors if the PFO’s presence is confirmed. A PFO closure device is used to treat PFO by performing minimally invasive surgery.

High occurrences of ischemic stroke, rising count of congenital heart diseases, growing adoption of unhealthy lifestyle habits, launching of new and improved products, and increasing clinical trials being undertaken for new devices are likely to drive the global PFO closure devices market. Increasing PFO awareness and its growing detection are projected to create opportunities for the players operating in the PFO closure devices market. However, the uncertainty due to recall and discontinuation of products might hamper the PFO closure devices market globally.

The report provides a company market share analysis to give a broader overview of the key players in the PFO closure devices market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the PFO closure devices market on a global and regional basis.

PFO Closure Devices Market: Report Scope

The study provides a decisive view of the PFO closure devices market by segmenting the market based on product, channel, end-user, and region.

The segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

The product segment includes first generation and second generation PFO closure devices. The first Generation PFO closure devices held approximately 64% market, due to its cost-effectiveness as compared to the second generation PFO closure devices.

By channel, this market is bifurcated into direct sales and distributor. Distributor segment held the majority market share in 2022 and is expected to grow significantly during the estimated time period.

By on end-user, the PFO closure devices market includes hospitals and cardiac centers. Hospitals held approximately 75% market share in 2022.

The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa with its further division into major countries including the U.S. Canada, Germany, France, UK, China, Japan, India, and Brazil.

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The North American region is likely to lead during the forecast time period, due to high occurrences of ischemic stroke and the presence of leading manufacturers of PFO closure devices. Europe is anticipated to be the second largest regional market for PFO closure devices, owing to the presence of advanced healthcare infrastructure and favorable reimbursement policies. The Asia Pacific market is projected to expand rapidly in the upcoming years, due to the growing number of welfare programs undertaken by the governments. The Latin American market is anticipated to develop modestly during the estimated time period. The Middle Eastern and African countries are expected to experience perceptible growth in the future.

Some of the key players of the global PFO closure devices market include Abbott Laboratories, Lifetech Scientific Corporation, Occlutech, W. L. Gore & Associates, pfm medical ag, and Cardia, Inc., among others.

PFO Closure Devices Market: Competitive Analysis

The global PFO closure devices market is dominated by players like:

• Abbott Laboratories
• Lifetech Scientific Corporation
• Occlutech
• W. L. Gore & Associates
• PFM Medical AG
• Cardia, Inc.

This report segments the global PFO closure devices market into:

Global PFO Closure Devices Market: By Product

• First Generation
• Second Generation

Global PFO Closure Devices Market: By Channel

• Direct Sales
• Distributor

Global PFO Closure Devices Market: By End-User

• Hospitals
• Cardiac Centers

Global PFO Closure Devices Market: By Region

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa