Septal Occluder Devices Market Size Will Observe Substantial Growth by 2027
Septal Occluder Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027
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.
Global Septal Occluder Devices Market – Competitive Landscape
Very few players operating in the global septal occuluder devices market engage in research and development. Low level of R&D funding and investment for device innovation, most likely due to a poor understanding of the underlying mechanisms of the PFO, acts as a strong barrier to the development of effective products with less adverse effects. Key players operating in the septal occuluder devices market are Abbott Laboratories and W. L. Gore.
Founded in 1888, Abbott Laboratories is currently based in Illinois, U.S. Abbott Laboratories is a global health care solutions provider that engages in the discovery, development, production, and sale of diversified health care products. The company operates in four business segments: nutritional products, established pharmaceuticals, cardiovascular and neuromodulation, and diagnostics. The company provides a wide range of diagnostic and medical test instruments that are used by various end-users across the globe to diagnose and monitor coagulation systems, cancer, heart diseases, metabolic disorders, and assess other health indicators. The company provides services in about 150 countries and has around 94,000 employees.
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W. L. Gore
Founded in 1958, W. L. Gore is presently based in Delaware, U.S. W. L. Gore & Associates provides clinicians and patients with a wide variety of healing solutions. Gore’s portfolio includes implant biomaterials and membranes for venting and filtration in critical applications. The company is focused on the development of existing products for newer indications and develop products for minimally-invasive procedures and other emerging health care segments to address the unmet needs of the market.
Global Septal Occluder Devices Market – Dynamics
Increase in prevalence of stroke
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 cardioembolic 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 compared to known stroke cases in the last few years.
Rising number of interventional cardiologists
The number of cathlabs and interventional cardiologists has been increasing since 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 the increasing patient pool are key factors responsible for the above mentioned rise in number, which in turn drives the market.
Increase in geriatric population
Cardiovascular diseases are a highly common cause of death worldwide. 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, 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.
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Novel technologies in clinical trials to address various unmet needs of the patient pool
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.