Septal Occluder Devices Market Introduction
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.
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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.
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.
Global Septal Occluder Devices Market – Segmentation
The global septal occluder devices market can be segmented based on product type, defects, end-user, and region
Based on product, the global septal occluder devices market can be divided into
- Atrial Septal Defect Device Market
- Ventricular Septal Defect Device Market
Based on Defects, the global septal occluder devices market can be bifurcated into
- Single Defects
- Largest Defects
Based on end-user, the global septal occluder devices market can be segregated into
- Hospitals and Ambulatory Surgical Centers
- Specialty Clinics
- Other End-users
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.