LONDON--(EON: Enhanced Online News)--According to the latest market study released by Technavio, the global left atrial appendage (LAA) closure market is expected to grow at a CAGR exceeding 33% during the forecast period.
“The left atrial appendage market is expected to grow at a faster pace during the forecast period because of the growing population of elderly people and increasing incidence and prevalence of atrial fibrillation and strokes.”
This research report titled ‘Global Left Atrial Appendage Closure Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Barath Palada, a lead analyst at Technavio for medical imaging research, “The left atrial appendage market is expected to grow at a faster pace during the forecast period because of the growing population of elderly people and increasing incidence and prevalence of atrial fibrillation and strokes.”
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The market research analysis categorizes the global LAA closure market into three major end-user segments. They are:
- Heart clinics
Hospitals are the key end-users that influence the market growth of thrombectomy devices. Large hospitals such as multispecialty hospitals and hospital groups function under government sponsorship or through private ownerships. These hospitals offer many inpatient and outpatient services and generate higher revenues. They procure medical products and consumables in bulk and engage closely with many suppliers, reimbursement authorities, and government entities. They have advanced medical infrastructure and trained professionals to cater to the needs of people. There is a rise in the sales of LAA closure devices due to the increase in the number of atrial fibrillation procedures.
Although the number of mid-sized hospitals is higher than large hospitals, there are few LAA closure procedures being carried out at these hospitals, due to the complexity of the procedure and lack of trained professionals. Patients prefer large-sized hospitals to undergo complex cardiovascular procedures.
Ambulatory Surgical Centers (ASCs) are modern healthcare facilities that focus on providing same-day surgical assistance, including diagnostic and preventive procedures. ASCs minimize the indirect costs of surgeries, which lowers the overall expenditure when compared with hospitals. Many of these centers are a part of group purchasing organizations, which allow them to save on the material cost. This reduces the cost of systems and accessories used for peripheral artery disease (PAD) diagnosis. Moreover, these facilities also have limited risks of hospital-acquired infections when compared to hospitals.
“The ASCs have transformed the outpatient experience for millions of Americans by providing convenient services as alternatives to hospital-based outpatient procedures. They maintain a solid track of the quality care and positive patient outcomes,” says Barath.
The presence of improved patient care, availability of hassle-free appointment rescheduling, and favorable reimbursement processing encourage people to undergo treatment in heart clinics. A 2016 report by the CDC estimated that in 2014, hospital outpatient visits amounted to 125.7 million, while visits to clinics were 928.6 million in the US.
The number of patient visits to heart clinics is increasing. This led hospitals to implement business models that involve their collaboration with physicians' offices for conversion into hospital-based providers. During left atrial appendage closure procedures, the hospitals receive less reimbursement when compared to heart clinics. The conversion of physicians' offices to outpatient departments using hospital's outpatient ambulatory payment classification structure increases the amount of technical fee. In this case, physicians have more benefits, as the number of patient visits to heart clinics for vascular closure keeps increasing.
The top vendors highlighted by Technavio’s healthcare and life sciences market research analysts in this report are:
- Boston Scientific
- Coherex Medical
- St. Jude Medical
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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