Left Atrial Appendage Market size is forecast to reach $1.87 billion by 2025, growing at a CAGR of 18.3% during the forecast period 2020-2025. The left atrial appendage (LAA) is a small, ear-shaped sac in the muscle wall of the left atrium (top left chamber of the heart). It has developmental, ultrastructural, and physiological characteristics distinct from the left atrium proper. Growing incidences of atrial fibrillation and increasing technological advancements are driving the market growth in recent years. Growing geriatric population and recent market developments by key players present in the market is also poised to drive the growth of the market during the forecast period 2020-2025.
Product Type - Segment Analysis
Endocardial LAA Closure Device held the largest share in the product type segment of Left Atrial Appendage Market in 2019 and is estimated to grow at a CAGR of 14.2% during the forecast period 2020-2025. The Endocardial LAA Closure Devices mostly create a mechanical barrier between the LAA and LA without eliminating the LAA body completely. These devices are currently in more demand, owing to the devices being approved by FDA (WATCHMAN by Boston Scientific) or in preclinical or clinical evaluation stages (Ultraseal by Cardia and Pfm by Pfm Medical). Typically, endocardial LAA closure devices require short-term postprocedural oral anticoagulation for a few weeks to months during device endothelization. Endocardial LAA Closure Devices are anticipated to find an important niche in patients at a high bleeding risk and very high stroke risk. Endocardial LAA Closure Devices is set to be the fastest growing segment and is estimated to register the highest CAGR during the forecast period 2020-2025, owing to increase in its usage in hospitals and other healthcare centers.
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End User - Segment Analysis
Hospitals held the major share in the end user segment of Left Atrial Appendage Market in 2019. Improving healthcare infrastructure in North America and Europe regions have helped in financial growth of hospitals. This has led to demand of both endocardial and epicardial LAA devices in hospitals, which can aid the growth of the hospitals segment in Left Atrial Appendage Market. Heart Specialty Clinics have accounted for the second largest market share in this segment in the year 2019, owing to establishments in providing better cardiological treatment services and other related services. Hospital segment is poised to continue dominating the market with the highest CAGR during the forecast period 2020-2025, owing to increasing investment in various cardiological surgeries and growing financial power for purchasing devices from key market players of Left Atrial Appendage Market.
Geography - Segment Analysis
North America dominated the geography segment of Left Atrial Appendage Market with a share of more than 42.4% in 2019, followed by Europe. The well-developed and established healthcare infrastructure and higher demand for advanced LAA devices combined with entry of new market players have fuelled the market growth in this region. Major investment firms are involved in technological developments of LAA closure devices. A major development of the market is the development of implantable cardiac devices which have several medical advantages. Europe held the second largest share in 2019, owing to presence of robust healthcare infrastructure and large investments of government in healthcare development.
However, Asia-Pacific is estimated to grow at a higher CAGR during the forecast period 2020-2025.This is owing to growing investments in cardiac surgeries and launch of new LAA closure device products and big investments in technological innovations by companies in this region.
Drivers – Left Atrial Appendage Market
Rising prevalence of atrial fibrillation
In the last two decades, a rapid upward course of atrial fibrillation (AF) prevalence and incidence is occurring. It is estimated that between 2.7 million and 6.1 million people in the U.S. have AF. As the U.S. population ages, this number is estimated to increase. The reasons for the increase in the prevalence of AF remain elusive and are related to multiple factors including enhanced detection, increased incidence, and greater survival after onset of AF. This is set to aid the rapid demand of LAA devices in the healthcare sector across the world. Growing geriatric population and development of advanced minimally invasive theories of Left Atrial Appendage Market in upcoming years is estimated to drive the industry growth during the forecast period 2020-2025.
Technological innovation and investments by key market players
Boston Scientific became the market leader in the Left Atrial Appendage market in 2017. Boston Scientific is the only company that offers an endocardial product with their WATCHMAN LAA closure devices. The WATCHMAN had been approved by the FDA in 2015 and has since taken over the LAA market. AtriCure was the second largest competitor in the LAA market in 2017. AtriCure offers their AtriClip® product line as their epicardial option.
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Challenges – Left Atrial Appendage Market
Higher costs of LAA devices
The increasing costs of LAA devices are gradually putting financial pressure on government health funds and middle class population. Current prices of the Watchman device in the U.S. are $12500 - $18000. This price is comparatively higher for a medical device. This is poised to hamper the market growth in the upcoming years.
Left Atrial Appendage Industry Outlook
Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Left Atrial Appendage Market. In 2019, Left Atrial Appendage Market share is consolidated by the top players present in the market. Left Atrial Appendage Market top 10 companies are Boston Scientific Corporation, Sentreheart, Inc., Dune Medical Devices, Coherex Medical, Lifetech Scientific (Shenzhen), St. Jude Medical, Atricure, Abbott Laboratories, Aegis Medical and Occlutech among others.
Acquisitions/Product Launches
In March 2015, Boston Scientific received U.S. Food and Drug Administration (FDA) approval for the WATCHMAN Left Atrial Appendage Closure Device. The WATCHMAN Device offered a new stroke risk reduction option for high-risk patients with non-valvular atrial fibrillation who are seeking an alternative to long-term warfarin therapy.
In August 2019, SentreHEART announced the initial clinical use of the LARIAT® with EpiRAILÔ procedure for Left Atrial Appendage Exclusion.
In January 2018, Biosense Webster announced that the first patient had been enrolled in an investigational device exemption trial for its WaveCrest system.
Key Takeaways
North America dominated the Left Atrial Appendage Market in 2019 owing to the its well- developed and established healthcare infrastructure and higher demand for advanced LAA devices, which have driven the market growth in recent years. The Left Atrial Appendage Market scope for different regions will be provided in the final report.
Rising prevalence of atrial fibrillation mostly among the geriatric population, technological innovation, and investments in LAA closure devices by key market players and favorable government policies have helped in significant growth of Left Atrial Appendage Market.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Left Atrial Appendage Market report.
Higher costs of LAA devices is anticipated to hamper the market growth of the Left Atrial Appendage Market.
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