June 19, 2024
Patent Foramen Ovale (PFO) Closure Devices Market

Patent Foramen Ovale (PFO) Closure Devices Market Is Expected To Be Flourished By Growing Demand For Minimally Invasive Procedures

Patent foramen ovale (PFO) closure devices are used to close or plug an abnormal opening in the heart, known as patent foramen ovale (PFO). PFO is a flap-like opening between the two upper chambers of the heart—left and right atria. The global patent foramen ovale (PFO) closure devices market has witnessed significant growth due to the growing preference for minimally invasive procedures over open heart surgeries for treating PFO. PFO closure devices offer a minimally invasive method to close PFO with lesser discomfort and shorter recovery time for patients as compared to open-heart surgery. These devices are implanted through catheters to close the opening without external incisions.

The global Patent Foramen Ovale (PFO) Closure Devices Market is estimated to be valued at US$ 21.14 Mn in 2023 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 Dynamics:

The growing demand for minimally invasive procedures and technological advancements are the major drivers of the global patent foramen ovale (PFO) closure devices market. As mentioned in the heading, the minimally invasive nature of PFO closure devices is spurring their demand over traditional open-heart surgeries. Another major driver is the ongoing technological advancements in PFO closure devices. Manufacturers are developing enhanced devices with improved delivery systems, low risk of complications, and better success rates. This is expected to boost the adoption of technologically advanced devices. However, high cost of these devices and lack of awareness regarding PFO in developing regions are some of the factors that may hinder the market growth. Nonetheless, increasing healthcare expenditure and government support are expected to create lucrative growth opportunities for players in the patent foramen ovale (PFO) closure devices market during the forecast period.

Segment Analysis

The global Patent Foramen Ovale (PFO) Closure Devices market is dominated by the occlusion devices sub segment. Within occlusion devices, transesophageal echocardiography (TEE)-guided closure devices hold the largest share, owing to the high accuracy level of TEE guidance in identifying PFO defects and guiding device deployment during minimally invasive surgeries. The TEE guidance helps the surgeon get a clearer view of the defect location and ensure proper placement and seal of the device.

PEST Analysis

Political: The market is positively impacted by increasing government and regulatory authority approvals for new PFO closure devices. Various bodies like the FDA encourage research and clinical trials for advanced non-invasive closure options.
Economic: Rising healthcare expenditures on cardiovascular diseases management and growing middle class population undergoing medical insurance are driving the market growth. High treatment costs of recurrent cryptogenic strokes also increases demand.
Social: Growing awareness about MINIMALLY invasive procedures for PFO closure and post-procedure benefits like lower risk of migraine and reduced healthcare expenses boost the market.
Technological: Development of novel echocardiography imaging technologies for more accurate defect visualization and new bioabsorbable occlusion devices with advanced sealing capabilities are expanding the marketscope.

Key Takeaways

The global Patent Foramen Ovale (PFO) Closure Devices Market Share size was valued at US$ 21.14 Mn in 2024 and is anticipated to reach over US$ 35 Mn by 2031, expanding at a CAGR of 5.4% during the forecast period.

Regional analysis shows that North America dominates currently due to strong reimbursement scenarios and frequent adoption of advanced cardiac technologies. The European market is also growing steadily.

Key players operating in the Patent Foramen Ovale (PFO) Closure Devices market are Hanesbrands, Jockey, Fruit of the Loom, Calvin Klein, and Tommy Hilfiger. Key players are introducing innovative bioresorbable occlusion devices with enhanced echogenic properties and repositioning capabilities. This is helping them gain market share.

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