Patent foramen ovale (PFO) closure devices are minimally invasive medical implant devices that are used to close holes in the heart called patent foramen ovale. PFO closure devices are catheter-based implants that are placed using a catheter-based delivery system to close openings between the left and right atria in the heart that result from a patent foramen ovale. A patent foramen ovale is a persistent opening in the heart that failed to close after birth and allows passage of blood from the right atrium to the left atrium. The devices are used to reduce the risk of recurrent cryptogenic stroke in patients with a patent foramen ovale.
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 key trends:
One of the major trends in the Patent Foramen Ovale (PFO) Closure Devices Market is rising incidence of cryptogenic strokes in the geriatric population. According to the American Heart Association, about 800,000 strokes occur every year in the United States. Out of these, 80,000 to 115,000 are cryptogenic strokes caused by patent foramen ovale defects.Furthermore, around 18% of strokes in people under 55 years of age are cryptogenic strokes which can potentially occur due to patent foramen ovale. With rising geriatric population globally, the number of cryptogenic strokes due to PFO are also expected to increase which will drive the demand for PFO closure devices over the forecast period.
Threat of new entrants: Low-medium because manufacturing medical devices requires high capital investment and established regulatory approvals. However, there is opportunity for new smaller players.
Bargaining power of buyers: Medium-high as large hospitals can negotiate prices down. Smaller hospitals have less bargaining power.
Bargaining power of suppliers: Low as their components are not specialized and there are many component manufacturers.
Threat of new substitutes: Low as PFO closure devices have strong clinical evidence and few competitors in the structural heart defect devices space.
Competitive rivalry: High among existing players due to increase in procedures and adoption of PFO closure devices. Key players compete on innovation, services and pricing.
The Global Patent Foramen Ovale (PFO) Closure Devices Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. 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.
North America dominates the global market currently owing to higher adoption rates and advanced healthcare infrastructure. Asia Pacific is expected to grow at the fastest rate due to rise in healthcare spending and growing medical tourism industry.
Key players operating in the Patent Foramen Ovale (PFO) Closure Devices are Hanesbrands,Jockey,Fruit of the Loom, Calvin Klein,Tommy Hilfiger. Key players compete on innovation, services and pricing to gain market share in the growing structural heart defect devices segment.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it