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

PFO Closure Devices Market is poised to fuel by increasing prevalence of cryptogenic strokes

The patent foramen ovale (PFO) closure devices market offers promising devices for minimally invasive repair of cardiac defects. PFO devices are cardiac septal occluders implanted via catheterization to close the patent foramen ovale, a hole in the heart that fails to close after birth. The procedures reduce risk of cryptogenic strokes in patients with confirmed right-to-left shunting across a PFO. Rising incidence of cryptogenic strokes, advancements in catheter-based technologies and favorable hospital reimbursement policies are key factors driving increased adoption of PFO closure devices.

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. With rising patient awareness about reduction of post-procedure complications, the demand for advanced PFO occluder devices is surging globally. Several market players are increasingly focusing on developing novel implant designs, delivery systems and technologies to expand their market share. With a growing preference for minimally invasive procedures, various market players are also focusing on global expansion plans and targeting untapped growth opportunities in emerging markets.

Market key trends
One of the key trends gaining traction in the PFO Closure Devices Market is the development of next-generation implant designs. Several companies are innovating novel implant platform technologies to develop advanced PFO occluders with improved anchoring, symmetric closure and reduced risk of fractures or embolization. This is anticipated to boost clinical efficacy and drive demand for advanced PFO closure devices.

Porter’s Analysis
Threat of new entrants: High capital requirement and regulatory barriers deter new players.

Bargaining power of buyers: Few alternative options limits buyers’ bargaining power.

Bargaining power of suppliers: Established players dominates suppliers limits their bargaining power.

Threat of new substitutes: Limited availability of new substitutes safeguard the market.

Competitive rivalry: Presence of few large players results in intense competition.

Geographical Regions

North America accounted for the largest share in terms of value in 2022. Presence of major players, established healthcare infrastructure, and growing elderly population suffering from congenital heart diseases drive the market in the region.

Asia Pacific is poised to grow at the fastest pace during the forecast period. Increasing disposable income, rising healthcare spending, growing medical tourism, and rapidly ageing population base are some key factors boosting the market growth in Asia Pacific.

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