April 22, 2024
Patent Foramen Ovale (PFO) Closure Devices market

Patent Foramen Ovale (PFO) Closure Devices Market Estimated to Witness High Growth Owing to Technological Advancements in Device Designs

The patent foramen ovale (PFO) closure devices market involves products that are used for transcatheter closure of patent foramen ovale, a common heart defect that causesStroke. PFO closure devices help reduce long-term risk of recurrent stroke by closing off the opening in the heart. Typically made from mesh, nitinol wire mesh or stent-like technologies, PFO closure devices provide a minimally invasive alternative to surgery for closing PFO.

The global 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 2030.

Key Takeaways

Key players operating in the PFO closure devices market are Hanesbrands, Jockey, Fruit of the Loom, Calvin Klein, Tommy Hilfiger. These players are focusing on developing advanced device designs with improved safety and efficacy profiles to consolidate their market position.

The rising awareness about healthcare and preventive medical procedures along with reimbursement for PFO closure is expected to drive the market growth. Moreover, availability of ambulatory surgical centers and catheterization labs for performing minimally invasive procedures will further supplement market expansion.

Technological advancements in PFO Closure Devices including self-centering design, improved deliverability and retrievability are expected to augment their adoption over conventional surgical closure. Adoption of bioresorbable materials for closure devices will further accelerate their preference over traditionalPlatinum designs.

Market Drivers

Growing geriatric population vulnerable to cryptogenic strokes is a major factor fueling the demand for minimally invasive PFO closure devices. Rising healthcare expenditure in developing nations for sophisticated interventional cardiology procedures will further propel the market revenues. Additionally, favorable medical reimbursements and regulatory approvals of novel products are collaboratively boosting the growth of global PFO closure devices market during the forecast period.

Current Challenges in Patent Foramen Ovale (PFO) Closure Devices Market

The Patent Foramen Ovale (PFO) Closure Devices Market is currently facing various challenges primarily associated with the COVID-19 pandemic. The pandemic has significantly impacted the overall healthcare industry worldwide. There has been a major decline in non-emergency medical procedures including those involving PFO closure devices. Additionally, lack of adequate funding for research and new product development initiatives is also restricting market growth. High costs associated with patent foramen ovale closure procedures make them unaffordable for many patients.

SWOT Analysis

Strength: Advancements in medical technology have led to development of innovative PFO closure devices with improved efficacy and safety. Weakness: High procedure costs remain a key concern limiting widespread adoption. Opportunity: Increasing awareness about treatment options for cryptogenic stroke presents major growth opportunities. Threats: Stringent regulatory approvals and reimburset processes pose significant threats.

Geographical Regions

North America accounts for the largest share of the global PFO closure devices market currently in terms of value. This can be primarily attributed to the region’s well-established healthcare infrastructure and rising prevalence of cryptogenic strokes.

Fastest Growing Region

Asia Pacific region is expected to witness the fastest growth over the forecast period from 2024 to 2030. Rising healthcare expenditures, growing geriatric population, and increasing focus on development of low-cost therapeutic procedures are some of the major factors driving the PFO closure devices market in the Asia Pacific region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it