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Patent Foramen Ovale (PFO) Closure Devices Market Is Estimated To Witness High Growth Owing To Opportunity Of Rising Prevalence Of Ischemic Stroke

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Pooja Khodke
Patent Foramen Ovale (PFO) Closure Devices Market Is Estimated To Witness High Growth Owing To Opportunity Of Rising Prevalence Of Ischemic Stroke

Patent Foramen Ovale (PFO) closure devices are used for closure of passage present between left and right atrium of heart. These devices facilitate prevention of diseases like cryptogenic stroke. High incidence of ischemic stroke in geriatric population drives demand for these devices. Technological advancements in material science have improved biocompatibility and operability of these devices.


The global Patent Foramen Ovale (Pfo) Closure Devices Market is estimated to be valued at Us$ 21.14 Mn in 2024 and is expected to exhibit a CAGR Of 5.4% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.


Market Opportunity:


The rising prevalence of ischemic stroke offers lucrative growth opportunities for players in PFO closure devices market. Stroke is ranked 5th among all causes of death as per WHO. Around 15 million people suffer from stroke each year. Around 30% of total ischemic strokes have unknown origin and these are termed as cryptogenic strokes. Studies indicate that 20-30% of cryptogenic strokes are caused due to presence of PFO. Growing aging population prone to stroke coupled with device advancement supports wide acceptance of PFO closure as standard treatment of cryptogenic stroke. This growing prevalence of ischemic stroke especially cryptogenic strokes presents substantial opportunity for adoption of PFO closure devices.


Porter's Analysis


Threat of new entrants: The PFO closure devices market requires large investments for R&D and manufacturing. Patents and regulatory approvals also pose as entry barriers.


Bargaining power of buyers: The bargaining power of buyers is moderate as customers have several options from key players. However, switching costs are low.


Bargaining power of suppliers: Key raw material suppliers possess bargaining power due to their technical know-how and economies of scale. This is balanced by availability of substitute materials.


Threat of new substitutes: Alternatives like pharmacological and open-heart surgical techniques provide limited threat currently due to invasiveness.


Competitive rivalry: The market consists of few large players leading to high competition. Differentiation based on innovative technologies and value-added services impact competition.


SWOT Analysis


Strengths: Growing geriatric population susceptible to cryptogenic strokes is a key driver. Advanced patented minimally invasive devices attract patients.


Weaknesses: High procedure and device costs pose affordability challenges in developing regions. Limited clinical evidence and reimbursement issues exist.


Opportunities: Untapped developing markets offer scope, awareness initiatives can expand eligible patients. Additional clinical data strengthens clinical adoption.


Threats: Stricter regulations increases compliance costs. Economic slowdowns impact discretionary healthcare spends. Patent expiries allow generic competition.


Key Takeaways


The Global Patent Foramen Ovale (PFO) Closure Devices Market Demand is expected to witness high growth at a CAGR of 5.4% during the forecast period of 2024 to 2031. The market size is projected to reach US$ 21.14 Mn in 2024.


Regional analysis –

North America dominates currently owing to supportive reimbursements and availability of advanced devices. Asia Pacific exhibits highest growth led by nations like China and India due to improving access and standards of care.


Key players –

Key players operating in the PFO closure devices market are Hanesbrands,Jockey,Fruit of the Loom,Calvin Klein,Tommy Hilfiger. They focus on expanding geographical presence and introducing updated versions of devices using nitinol and other implantable alloys for secure closure of PFO defects.

Get more insights on this topic : 

https://www.ukwebwire.com/patent-foramen-ovale-pfo-closure-devices-market-is-expected-to-be-flourished-by-growing-demand-for-minimally-invasive-procedures/

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