Patent Foramen Ovale Devices Market Size, Share, Growth, And Industry Analysis By Type (Amplatzer PFO Occluder and Other PFO Occluder) By Application (Hospitals, Clinics, and Other), Regional Insights, and Forecast To 2032

Updated On: 15 April 2024

Report Overview

• 

• Request a Free Sample to learn more about this report

The global patent foramen ovale devices market size was USD 17 million in 2022. As per our research, the market is expected to reach USD 27 million by 2028, exhibiting a CAGR of 7.9% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the patent foramen ovale devices market growth and demand returning to pre-pandemic levels once the pandemic is over.

A problem known as patent foramen ovale (PFO), a little hole in the heart that does not seal after birth, is treated using these devices. Strokes and migraines are just two significant health problems that PFO can cause. Patients can now sigh with relief thanks to the development of patent foramen ovale devices.

The market currently offers a variety of patent foramen ovale instruments. The occluder, which is used to seal the hole in the heart, is one such tool. The PFO is effectively sealed up by placing the occluder over it after a catheter is inserted. Patients can recover more quickly from this minimally invasive surgery, lowering the possibility of problems. The umbrella-like closure device is another variety of patent foramen ovale device. While this device's design differs from the occluder's, it functions similarly. It is made up of two discs joined together by a slim waist. The discs cover the PFO and stop blood flow when put into the heart, acting as an umbrella.

COVID-19 Impact: Increased Awareness Of Healthcare And The Importance Of Cardiovascular Health to Accelerate The Market Growth

The patent foramen ovale (PFO) devices market has been significantly impacted by the COVID-19 pandemic, just as many other sectors of the economy. However, this effect has given rise to some fascinating new possibilities. The demand for PFO devices has increased as people become more aware of healthcare issues and how important cardiovascular health is. As more people become aware of their heart health, they look for cutting-edge treatments, such as PFO devices, to address any underlying problems. PFO devices now have a healthy market thanks to the increased demand, which has sparked new developments and discoveries in this area. To fulfill the rising demand and create PFO devices that are more effective and efficient, manufacturers are currently making significant investments in research and development.

Latest Trends

"Development Of Minimally Invasive Procedures to Boost Market Expansion"

An intriguing new medical technology trend is affecting the market for patent foramen ovale devices. These devices treat patent foramen ovale, a common congenital cardiac condition in which a tiny hole in the heart fails to close after birth. The most recent advancement in these technologies is the creation of minimally invasive procedures that provide patients faster recovery times and lower dangers. The good news is that patients with this ailment can now receive therapy more confidently and easily. The market for patent foramen ovale devices is expected to grow due to technological improvements, giving numerous people worldwide hope and a better quality of life.

Segmentation

• 

• Request a Free Sample to learn more about this report

• By Type

On the basis of type, the market can be segmented into amplatzer PFO occluder and other PFO occluder.

Among these, amplatzer PFO occluder are projected to experience rapid growth through 2028.

• By Application

The market can be divided based on application into hospitals, clinics, and other.

Hospitals are expected to hold the most patent foramen ovale devices market share in the upcoming years.

Driving Factors

"Increasing Prevalence Of PFO Among The Population to Propel Market Expansion"

The market for patent foramen ovale devices is expanding rapidly due to numerous important driving forces. The rising prevalence of patent foramen ovale (PFO) in the general population is a key contributing factor. The common congenital heart condition known as PFO affects millions of people worldwide. The demand for PFO devices is rising as more people seek treatments as this condition's awareness spreads.

"Technology Advancements And The Rising Geriatric Population to Fuel Market Growth"

The market for patent foramen ovale devices is also being driven by technological innovation. The market has been greatly bolstered by the creating of novel devices that provide enhanced safety and efficacy. These gadgets offer minimally invasive PFO closure solutions, lowering the risk of problems and enhancing patient results. As a result, medical practitioners suggest these devices more frequently, fueling market expansion. The market for patent foramen ovale devices is also growing due to the elderly population. Growing older increases the risk of PFO, which raises the need for efficient treatment alternatives. Additionally, disorders like cryptogenic stroke that may necessitate PFO closure are more common among seniors.

Restraining Factor

"High Cost And The Lack Of Awareness to Hinder Market Growth"

The market for patent foramen ovale devices is increasing thanks to innovations and developments, giving individuals with this ailment hope. However, some limiting constraints must be addressed to the market's full potential. One of these is the high price of these gadgets, which prevents a substantial percentage of people from purchasing them. This makes it more difficult for patent foramen ovale devices to be adopted and used widely, depriving many patients of the critical care they require. Additionally, there is a dearth of knowledge and comprehension among medical practitioners regarding the advantages and effectiveness of these devices, which results in underutilization in some areas.

Regional Insights

• 

• Request a Free Sample to learn more about this report

"North America to Dominate Market Due To The Increasing Prevalence Of PFO Among The Population"

North America to hold the majority part of the market across the world. Factors driving the market growth in this region include the increasing prevalence of PFO among the population. Technology advancements and the rising geriatric population fuel market expansion.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Abbott (U.S.)
• Occlutech (Sweden)
• Starway (U.S.)
• W. L. Gore & Associates (U.S.)
• Cardia (U.S.)
• LifeTech (China)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.