Patent Foramen Ovale (PFO) Closure Devices Market Is Estimated To...

Patent Foramen Ovale (PFO) Closure Devices Market Is Estimated To Witness High Growth Owing To Rising Prevalence Of Stroke

Posted 2024-01-22 09:34:41

Patent foramen ovale (PFO) closure devices are medical devices used for closing PFOs in patients who have cryptogenic stroke or transient ischemic attack. PFO closure devices help reduce the risk of another stroke by closing the opening in the heart that allows blood clots to enter circulation. These devices are implanted using catheter-based procedures and help block blood clots from entering the systemic circulation.

The global Patent Foramen Ovale (Pfo) Closure Devices Market is estimated to be valued at Us$ 21.14 Mn in 2023 and is expected to exhibit a CAGR Of 5.4% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

High Growth Owing to Rising Prevalence of Stroke
The patent foramen ovale closure devices market is witnessing high growth owing to rising prevalence of stroke across the globe. As per the data published by World Health Organization (WHO), stroke is the second leading cause of death worldwide, causing approximately 6.7 million deaths each year. Blood clots account for around 87% strokes. Moreover, patent foramen ovale has been found to be associated with increased risk of stroke as it allows blood clots to pass from venous circulation to arterial circulation. Growing preference for minimally invasive procedures and product innovations by key players are also contributing to the market growth. However, inconsistent clinical evidence for PFO closure and lack of reimbursement policies in developing countries may hinder the market growth over the forecast period.

SWOT Analysis

Strength: Patent Foramen Ovale (PFO) closure devices provide minimally invasive treatment options for patients with cryptogenic strokes. These devices are commonly deployed using catheter-based procedures which allow for shorter hospital stays and recovery times compared to open-heart surgeries. The catheter procedures have high success rates for PFO closure with minimal complications.

Weakness: PFO closure devices are expensive medical devices and the procedures for deployment have associated costs of the catheter lab, imaging, device, and hospital stay. Some patients may have anatomy not suitable for catheter-based closure and require open-heart surgery instead. Long-term outcomes data is still being collected on durability and effectiveness over many years.

Opportunity: As understanding of the link between PFO and cryptogenic stroke increases, diagnosis and treatment of PFO is expected to rise. Advances in device technology may provide easier deployment and increased closure success. Reimbursement policies could expand to cover more patients that may benefit from PFO closure to reduce stroke risk.

Threats: Competing treatments for reducing stroke risk in PFO patients include antiplatelet and anticoagulation drugs which are cheaper options. Health economic data is still emerging on the cost-effectiveness of PFO closure versus medical management. Safety issues with devices could impact uptake if complications or failures rise.

Key Takeaways

The Global Patent Foramen Ovale (PFO) Closure Devices Market Demand is expected to witness high growth over the forecast period of 2024 to 2031 supported by rising diagnoses of PFO and treatment to reduce stroke risk. The global Patent Foramen Ovale (PFO) Closure Devices Market is estimated to be valued at US$ 21.14 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031.

North America currently dominates the market owing to advanced clinical adoption and favorable reimbursements in countries like the United States. Asia Pacific is poised to be the fastest growing region due to improving access to interventional cardiological treatments in nations like China, Japan and India.

Key players operating in the Patent Foramen Ovale (PFO) closure devices market are Hanesbrands,Jockey,Fruit of the Loom,Calvin Klein,and Tommy Hilfiger. These companies are focused on developing new treatment technologies with easier deployment systems and proven long-term efficacy and safety to further expand use of PFO closure. While drugs remain popular first-line treatments, device technologies aim to provide minimally invasive options for reducing risk of further cryptogenic strokes in select PFO patient groups.

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