Global PFO Closure Devices Market Expected to Reach USD 158 Million By 2024: Zion Market Research
New York, NY, Dec. 20, 2018 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “PFO Closure Devices Market by Product (First Generation and Second Generation), by Channel (Direct Sales and Distributor), and by End-User (Hospitals and Cardiac Centers): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024”. According to the report, the global PFO closure devices market was valued at approximately USD 97 million in 2017 and is expected to generate revenue of around USD 158 million by 2024, growing at a CAGR of around 7.3% between 2018 and 2024.
Patent Foramen Ovale (PFO) is a flaw in the septum in the middle of two atrial heart chambers. PFO occurs only after birth when the foramen ovale is incapable of closing. This hole between the atrial chambers allows a minor quantity of blood to pass from right to left atria. PFO escalates the chances of heart attack, stroke, and transient ischemic attack. Specialized tests, such as an echocardiogram, bubble test, and Transesophageal echocardiogram, are performed to diagnose PFO. Some additional tests might be recommended by doctors if the PFO’s presence is confirmed. A PFO closure device is used to treat PFO by performing minimally invasive surgery.
Browse through 91 Tables & 23 Figures spread over 110 Pages and in-depth TOC on “Global PFO Closure Devices Market: By Type, Size, Share, Industry Segments, Analysis and Forecast, 2017—2024”.
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In 2016, FDA approved the Amplatzer PFO Occluder, which reduces the stroke threat for patients with PFO. The Amplatzer PFO Occluder, a double-disc device, can close all types of PFOs. It is transported to the required site by non-surgical methods. Gore Cardioform Device is another PFO closure device. The PFO closure devices are available in first-generation and second-generation models. The second-generation PFO closure devices have several advantages over the first-generation PFO closure devices apart from being ceramic coated and preventing nickel allergy. These devices contain PTFE membrane for faster occlusion and can pass through a lower-profile sheath due to their soft structure.
High occurrences of ischemic stroke, rising count of congenital heart diseases, growing adoption of unhealthy lifestyle habits, launching of new and improved products, and increasing clinical trials being undertaken for new devices are likely to drive the global PFO closure devices market. Increasing PFO awareness and its growing detection are projected to create opportunities for the players operating in the PFO closure devices market. However, the uncertainty due to recall and discontinuation of products might hamper the PFO closure devices market globally.
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The global PFO closure devices market is segmented into the product, channel, and end-user. The product segment includes first generation and second generation PFO closure devices. The first Generation PFO closure devices held approximately 64% market, due to its cost-effectiveness as compared to the second generation PFO closure devices. By channel, this market is bifurcated into direct sales and distributor. Distributor segment held the majority market share in 2017 and is expected to grow significantly during the estimated time period. By on end-user, the PFO closure devices market includes hospitals and cardiac centers. Hospitals held approximately 75% market share in 2017.
North America is the dominant regional market for PFO closure devices and will display fast growth in the near future. The U.S. is likely to be the major PFO closure devices market by country in North America. The U.S. will progress with increasing CAGR during the projected timeframe. This growth can be attributed to the high occurrence of ischemic stroke, the presence of leading manufacturers of PFO closure devices, rigorous research and developments activities conducted by medical device companies, and the existence of cutting-edge healthcare infrastructure. Moreover, growing government funding for healthcare activities is predicted to further boost the PFO closure devices market in the upcoming years.
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Europe is likely to exhibit remarkable growth in the near future in the market for PFO closure devices, majorly due to the presence of favorable reimbursement policies, the rise in the number of congenital heart diseases, and the launch of new and improved products.
The Asia Pacific is expected to progress at the fastest rate during the projected period. Japan, India, and China are likely to be the major contributors in the region’s PFO closure devices market. Developments in the Asia Pacific region are projected to be driven by an increase in the proportion of unhealthy and sedentary lifestyle habits, welfare programs undertaken by the government, and the rise in PFO awareness.
Browse the full “PFO Closure Devices Market by Product (First Generation and Second Generation), by Channel (Direct Sales and Distributor), and by End-User (Hospitals and Cardiac Centers): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024” Report At https://www.zionmarketresearch.com/report/pfo-closure-devices-market
The Middle Eastern and African PFO closure devices market is anticipated to demonstrate restricted growth, due to the absence of modern infrastructure facility and the lack of PFO awareness. Latin America is likely to record precipitous growth over the estimated time period, due to the improvements witnessed in the insurance facilities and growing product awareness.
Some of the key players of the global PFO closure devices market include Abbott Laboratories, Lifetech Scientific Corporation, Occlutech, W. L. Gore & Associates, pfm medical ag, and Cardia, Inc., among others.
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This report segments the global PFO closure devices market into:
Global PFO Closure Devices Market: By Product
- First Generation
- Second Generation
Global PFO Closure Devices Market: By Channel
- Direct Sales
- Distributor
Global PFO Closure Devices Market: By End-User
- Hospitals
- Cardiac Centers
Global PFO Closure Devices Market: By Region
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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