Septal Occluder Devices Market: Introduction
• Septal Occluder Devices is indicated for percutaneous transcatheter closure of a patent foramen ovale (PFO) to reduce the risk of recurrent ischemic stroke in patients. Patent foramen ovale defect is a highly common congenital cardiac disease that usually affects women more than men. It is characterized by a hole or defect in the interatrial septum that separates the heart’s chambers. The original clamshell device was first introduced in 1989. It consisted of a double umbrella composed of four stainless steel arms covered with a polyester (Dacron) meshwork. An occlusion device is utilized in patients who are susceptible to a cryptogenic stroke due to a presumed paradoxical embolism, as determined by a neurologist and cardiologist following an evaluation to exclude known causes of ischemic stroke.
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Septal Occluder Devices Market: Key Trends
• Expansion of the global septal occluder devices market can be ascribed to a rise in prevalence of stroke and increase in geriatric population. Stroke is the third-most common cause of death in developed countries, behind ischemic heart disease and cancer. Possible causes of stroke vary; however, around 20% causes are of cardio embolic origin. In case the cause of the ischemic event has not been discovered, it is classed as cryptogenic. Generally, cryptogenic cases are particularly common in young adults, accounting for 10% to 40% depending on the population. High prevalence of PFO has been reported in patients with cryptogenic stroke as compared to known stroke cases in the last few years.
• Rise in number of interventional cardiologists is estimated to fuel the septal occluder devices market during the forecast period. The number of cathlabs and interventional cardiologists has been increasing for the last decade, especially in the U.S. and Europe. Technological advancements, such as image guided interventions simplifying surgical procedures, rising number of medical institutions providing courses pertinent to cardiology, and an increasing patient pool are key factors responsible for the above mentioned rise in number, which in turn drives the market.
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• Increasing prevalence and incidence of cardiovascular diseases worldwide is projected to boost the market during the forecast period. According to a report published by the W.H.O (World Health Organization) cardiovascular diseases is likely to cause approximately 25 million deaths by 2030. Rising prevalence of lifestyle habits such as growing number of global smokers and rising incidences of obesity and dietary irregularities are driving the prevalence of cardiovascular disease across the globe. Furthermore, the number of congenital heart disease patients is rising consistently, which in turn boosts the market.
• The global septal occluder devices market has been expanding for the last few decades due to successful introduction of advancements in devices, which have solved various issues related to congenital heart defects. Technological developments have also had their impact on the latest generation of occlusion devices. Several new and advanced occlusion devices are under clinical trials, while some are expected to be launched soon in the global market. These newly developed and advanced septal occluder devices would be able to address the unmet needs of patients around the world. Current advancements in septal occluder devices are estimated to increase their adoption in both developed as well as emerging markets. For instance, on March 2018, FDA approved GORE CARDIOFORM septal occluder indicated for the percutaneous, transcatheter closure of defects of the atrial septum.
• The world is presently struggling with the COVID-19 pandemic. COVID-19 leads to pneumonia, severe & acute respiratory disorders, multiple organ failure, and, in severe cases, death. The geriatric population is more prone to COVID-19. Expansion of the global septal occluder devices market has been hampered marginally by the pandemic.
• Governments of developing countries are making significant investments to modernize healthcare infrastructure in their respective countries, which is likely to increase access to healthcare. This is expected to increase the demand for septal occluder devices. Rise in prevalence of chronic heart diseases, especially heart attack, in developing countries presents lucrative opportunities in the global septal occluder devices market.
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North America to Capture Major Share of Global Septal Occluder Devices Market
• North America is projected to account for a large share of the global septal occluder devices market during the forecast period owing to the presence of key companies offering cardiac medical devices and technological advancements. Increase in geriatric population in the U.S. drives the septal occluder devices market in the region.
• The septal occluder devices market in Europe is likely to expand at a rapid pace during the forecast period, owing to a rise in the demand for septal occluder devices, changing lifestyle, and rise in prevalence of lifestyle diseases such as diabetes and obesity in the region. The septal occluder devices market in Asia Pacific is expected to expand at a high CAGR during the forecast period driven by a significant increase in number of cardiac procedures in countries such as China and India, rapid adoption of medical technologies, and a surge in number of patients suffering from cardiac diseases, obesity, and diabetes. Furthermore, presence of well-qualified and experienced cardiac surgeons in hospitals and strengthening healthcare system are likely to boost the septal occluder devices market in Asia Pacific during the forecast period.
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Key Players Operating in Global Septal Occluder Devices Market
The global septal occluder devices market is highly consolidated due to the presence of small number of key players. These players hold major share in their respective regions. Growth strategies adopted by leading players are likely to drive the global septal occluder devices market.
Major players operating in the global septal occluder devices market are listed below:
• Abbott
• W. L. Gore
• Lifetech Scientific
• pfm medical ag
• Occlutech
• Lepu Medical Technology (Beijing) Co., Ltd.
• MicroPort Scientific Corporation
• Other prominent players
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