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Abnormalities of the heart’s valves and chambers, known as structural heart conditions, threaten millions of lives across the world. But life-changing health technologies are enabling structural heart solutions never before imagined. As structural heart conditions affect millions of adults and thousands of new-borns annually the structural heart medical device market represents significantly growing cardiovascular device market opportunity today. Heart valve conditions are generally congenital hence they occurs very commonly in new born. Structural heart diseases can form later in life due to aging, infection or correlated underlying condition. Structural heart devices has emerged as a new focus area of medical device manufacturers as the population of most developed and developing countries continue to become older and risk of cardiovascular diseases increase with aging. The cardiovascular diseases which also include structural heart diseases have become leading cause of death.
The global structural heart devices market is majorly driven by the four key factors including rise in number of patients suffering from structural heart diseases, technological advancements in structural heart devices industry, growth in demand for minimally invasive procedures. As per centers for disease and control prevention, the congenital heart disorder affect nearly 1% of new born baby per year in the United States which is about 40,000?births per year. The prevalence (the number of babies born with heart defect compared to the total number of births) of some CHDs, especially mild types, is increasing, while the prevalence of other types has remained stable. This in turn, highlights the need for structural heart devices thus providing impetus to develop new techniques for repair and replacement of heart defects. In addition, the upsurge in demand for long-lasting and quick procedures among the geriatric population coupled with the increased focus of the key players on research and development activities of structural heart devices, are considered to offer lucrative opportunities for the players in the global market.
On the flip side, high cost associated with the surgeries coupled with strict government mandates are some of the major concerns considered to hamper the growth of the global structural heart devices market growth during the forecast period.
The report analyses the global structural heart devices market based on product type, procedure, end user and geography.
On the basis of product, the global structural heart devices market is classified into heart valve devices, occluders and delivery systems, annuloplasty rings, other devices, and accessories. The heart valve devices segment is further sub categorised into transcatheter heart valves and surgical heart valves. Further, surgical heart valve includes tissue heart valve and mechanical heart valves.
Among them, the segment of into heart valve devices accounts for significant market share in the market. In the foreseeable future too, the segment is expected to retain its dominant share on the back of growing number of transcatheter aortic valve replacement procedures performed across the globe, growing uptake of technologically superior products in developed nation, the efficacy and durability of these products, and the growing number of regulatory approvals for heart valve devices.
Based on procedure, the market is segmented into replacement procedures and repair procedures. The replacement procedures segment is further sub- segmented into TAVR (transcatheter aortic valve replacement) procedures and SAVR (surgical aortic valve replacement) procedures. Further, the repair procedures segment is sub segmented into closure procedures, annuloplasty, valvuloplasty, and TMVR procedures.
Among these Replacement Procedure is the treatment of choice for many patients diagnosed with severe aortic stenosis. Transcatheter aortic valve replacement (TAVR) is a minimally invasive procedure to replace a narrowed aortic valve that fails to open properly (aortic valve stenosis). The growth of this segment is attributed to the long-term durability of these procedures and the widespread preference for transcatheter replacement.
Based on the end users, the market is segmented into hospitals, ambulatory surgical centers, and cardiac centers among others. Among these end users, the hospitals are preferred choice for the treatment owing to the advantages such as availability of surgery specialists along with availability of high end equipment for the surgery and reimbursement facility.
By geography, the global structural heart devices market is studied across the countries of key regions such as, North America, Europe, Asia Pacific, and Rest of the world.
North America accounts for the largest share of market with the US being the major contributor to the market growth, followed by Europe, Asia Pacific, and Rest of the World. The large share of North America in the global market is attributed to factors such as the rising prevalence of structural heart diseases, favorable reimbursement scenario for structural heart procedures and devices coupled with the technological advancements, and development of innovative devices.
Further, The Asia Pacific region is projected to register the highest CAGR during the forecast period. The highest growth in this region is attributed to the factors such as the presence of a large target patient populace, rising geriatric populace, increasing healthcare expenditure, increasing regulatory approvals and the growing medical tourism industry in several countries in this region. Such factors are considered to offer favorable backgrounds to the market growth.
The major players involved in the global structural heart devices market are Edwards Lifesciences Corporation, Medtronic plc, Abbott, Boston Scientific Corporation, and LivaNova PLC. These are the prominent players in the structural heart devices market. The other players in this market include CryoLife, Inc., Micro Interventional Devices, Inc, Braile Biomédica, Lepu Medical Technology Co., Ltd., and TTK Healthcare Limited. The market is highly consolidated with major players dominating the market share
The report analyses the global structural heart devices market based on product type, procedure, end user and geography.
The global structural heart devices market, by type is segmented into heart valve devices, occluders and delivery systems, annuloplasty rings, other devices, and accessories. Based on procedure, the market is classified into Replacement Procedures and Repair Procedures. The replacement procedures includes TAVR Procedures and SAVR Procedures. The repair procedure is sub segmented into closure procedures, annuloplasty, valvuloplasty and tmvr procedures. The market by end user is segmented into into hospitals, ambulatory surgical centers, and cardiac centers among others.
By geography, the global structural heart devices market is studied across the countries of key regions such as, North America, Europe, Asia Pacific, and Rest of the world.
The major players involved in the market includes are Edwards Lifesciences Corporation, Medtronic plc, Abbott, Boston Scientific Corporation, and LivaNova PLC. These are the prominent players in the structural heart devices market. The other players in this market include CryoLife, Inc., Micro Interventional Devices, Inc, Braile Biomédica, Lepu Medical Technolog Co., Ltd., and TTK Healthcare Limited among others.
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