Patent foramen ovale (PFO) closure devices are utilized to close defects between the left and right atria of the heart which are known as PFOs. These devices help in preventing paradoxical embolism which occurs due to the passage of thrombus from the venous circulation to the arterial circulation. PFO closure devices are associated with advantages such as minimal invasion, improved efficacy and reduced risk of stroke recurrence. The growing prevalence of atrial septal aneurysm and PFO along with the rising risk of stroke primarily drives the demand for these devices.
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 from 2024 to 2030.
Key Takeaways
Key players: Key players operating in the Patent Foramen Ovale (PFO) Closure Devices are Hanesbrands, Jockey, Fruit of the Loom, Calvin Klein, Tommy Hilfiger. These players are focusing on new product launches and geographic expansion to solidify their presence.
Key opportunities: Increase in research for development of innovative devices, rising healthcare expenditure in emerging nations, and growing demand for MI procedures present lucrative opportunities in the coming years.
Global expansion: Leading players are expanding their operations in high growth markets like Asia Pacific and Latin America to tap the business potential offered by these regions.
Market drivers: Rising incidence of stroke is a key factor augmenting the adoption of PFO closure devices globally. According to World Stroke Organization, over 17 million people suffer stroke annually worldwide. This raises the demand for effective stroke management therapies like PFO closure.
PEST Analysis
Political: Globally, rising healthcare expenditure has led various governments to undertake various initiatives and launch healthcare programs. This is promoting awareness and adoption of PFO Closure Devices.
Economic: Increasing per capita incomes have improved affordability of expensive medical procedures. This is driving demand for PFO closure devices for treating risks of cryptogenic strokes.
Social: Growing incidences of strokes among younger population is raising awareness about treatment of underlying conditions. This is benefitting adoption of PFO closure devices for preventing recurrent cryptogenic strokes.
Technological: Advancements are witnessing the introduction of innovative devices with enhanced safety profile and new delivery systems. Researchers are also working on developing bioresorbable devices to eliminate risks of long-term complications.
Geographical Regions with High Market Concentration
North America holds the largest share of the global PFO closure devices market owing to established healthcare infrastructure, rising healthcare expenditure, and presence of major players. The U.S. accounts for the bulk of the regional market.
Asia Pacific is Also Emerging as a Fastest Growing Region
Asia Pacific is poised to witness fastest growth during the forecast period owing to rising healthcare spending of countries, increasing investments by key players, and growing incidences of strokes in China and India. Rapidly improving healthcare infrastructure and rising medical tourism are further enhancing the region’s attractiveness.