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Appendage Management Market Size Projected to Grow at a CAGR of 9.7% During the Forecast Period 2021-2026

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Appendage Management Market Size Projected to Grow at a CAGR of 9.7% During the Forecast Period 2021-2026

July 05
14:36 2021
Appendage Management Market Size Projected to Grow at a CAGR of 9.7% During the Forecast Period 2021-2026

Appendage Management Market
Moreover, the High Morbidity and Mortality Rates That Are Related to Atrial Fibrillation Results in Increasing Embolic Events Like Stroke, and Is One of the Major Factors Boosting the Appendage Management Market Growth.

Appendage Management Market size was estimated at $216 Million in 2020, projected to grow at a CAGR of 9.7% during the forecast period 2021-2026. Appendage Management industry has witnessed huge demand owing to the fact that atrial fibrillation is considered as one of the most complex condition where there is a need for appendage management. The aim of Left atrial appendage is to stop blood flow to the left atrial appendage that acts as a chamber causing atrial fibrillation. An International normalised ratio (INR) test is done to measure the time for the blood to clot. It is also called as a prothrombin time or a PT. It is used to monitor the blood-thinning medicines that are called as anticoagulants. The INR is also used to check if the person has a blood clotting problem. The high INR results in increased risk of bleeding and low INR is associated with in an increased risk of the stroke. The normal pumping rhythm of heart is disrupted by in atrial fibrillation, and blood clots are formed at the left atrial appendage, that gets circulated to vital organs and leads to stroke. The usage of this also helps in increasing life expectancy of patients.

Appendage Management Market Segment Analysis – By Product Type:

Based on Product Type, Appendage Management Market is segmented in to Epicardial LAA Closure Devices and Endocardial LAA Closure Devices. The Epicardial Left Atrial Appendage (LAA) closure devices is accounted for the largest revenue market share in 2020 as they are safe and effective in function. Various clinical trials conducted on endocardial devices has shown promising results in stroke reduction in patients. Endocardial LAA closure devices have lower complication rate compared to epicardial devices for atrial fibrillation and is likely to drive the market growth. Epicardial LAA closure devices predicted to grow with the fastest CAGR of 10.5% in the forecast period 2021-2026 owing to its ability to avoid the implanting a permanent device. In addition, these devices do not need anticoagulation post-procedure. Therefore, owing to the advantages of epicardial LAA closure devices, the appendage management market experiences lucrative growth.

Appendage Management Market Segment Analysis – By End User:

Based on End User, Appendage Management Market is segmented into Hospitals, Ambulatory Surgical Centers, Cardiac Centers and others. Hospitals segment has accounted for largest revenue market share in 2020, owing to the skilled healthcare professionals in the hospitals that used advanced LAA closure devices both Epicardial and endocardial to treat atrial fibrillation. Moreover, the huge number of patient’s footfall in addition with high number of surgeries in this places are driving the segment growth. Cardiac centers are anticipated to grow with fastest CAGR of 10.3% in forecast period 2021-2026 owing to the special and exclusive healthcare services to patients with diagnosed cardiac diseases in this centers. Moreover, they are solely dedicated to treat people suffering from cardiac ailments like as atrial fibrillation.

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Appendage Management Market Segment Analysis – By Geography:

Based on Geography, North America Appendage Management Market accounted for the 41% revenue share in 2020. This is majorly attributed to the rising prevalence of cardiovascular disorders, growing geriatric population, growing government initiatives. It is estimated that in the United States around 2.2 million people are affected from atrial fibrillation. According to the Heart Stroke Foundation of Canada, over 200,000 Canadians are affected from atrial fibrillation. Moreover, the incidence rate of atrial fibrillation in Canada is said to be 4.5% per year according to the Canadian Task Force on Preventive Health. Asia-Pacific market is poised to grow with the fastest CAGR in the forecast period 2021-2026 owing its increase in aging population, increasing health care expenditure coupled with growing awareness among people and developments in LAA closure devices in this region are thereby fuelling the market growth.

Appendage Management Market – Drivers

Rising Prevalence of Atrial Fibrillation:

The growing number of cases of atrial fibrillation is the major factor attributing to the appendage management market growth. Growing awareness about cardiac arrhythmias and increase in government focus and reimbursement policies aid to the demand for appendage management devices like LAA closure devices. For instance, it is estimated that there are between 110,000 to 230,000 new cases of atrial fibrillation every year in France. According to recently published data, 2.3 million people in the U.S. suffered from atrial fibrillation in 2017 and resulted in increased risk of stroke and mortality.

Appendage Management Market – Challenges

Side Effects Associated with the Process:

Left Atrial Appendage has a thin walled construction. The device apply pressure on LAA, so there is a possibility rupture of LAA while the device is being deployed. This is potentially fatal condition that requires emergency heart surgery to repair. There is a possible risk of infection at the access site where the catheter is inserted in to blood artery that leads to heart. These complications are the factors that are hampering the market growth.

Appendage Management Market Segment Landscape:

Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Appendage Management Market. Appendage Management Market top 10 companies are Abott Laboratories, Cardia, Inc., AtriCure, Inc., Boston Scientific Corporation, SentreHEART, Inc., Johnson & Johnson Services, Inc., Medtronic Plc., Occulutech International AB, LifeTech Scientific Co., Ltd.

Acquisitions/Product Launches:

In February 2020, Abbott has received U.S FDA approval for ots new trail to assess it Amplatzer Amulet Left Atrial Appendage (LAA) Occluder for the people with atrial fibrillation.

In August, 2019, ArtiCure has completed its acquisition of SentreHEART, Inc., this acquisition helps ArtiCure to increase its product portfolio and expand their market share.

Key Takeaways

Geographically, North America Appendage Management Market held the largest revenue share of 41% in 2020 owing to the highest disposable income and growing geriatric population in this region.

Increasing inclination towards R&D activities by the key players in different region of the world are driving the market.

Moreover, the high morbidity and mortality rates that are related to atrial fibrillation results in increasing embolic events like stroke and is one of the major factors boosting the appendage management market growth.

Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market is provided in the Appendage Management Market.

Related Reports :

A. Medical Device Market

https://www.industryarc.com/Research/Medical-Device-Market-Research-514107

B. AntiCoagulants Market

https://www.industryarc.com/Research/AntiCoagulants-Market-Research-502046

For more Lifesciences and Healthcare Market reports, please click here

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