North America has the largest share of the global structural heart device market. The rising prevalence of structural heart disease, favorable reimbursement scenarios for structural heart procedures and devices, technological advances and the development of innovative devices all contribute to the region’s large share of the global market. In addition, the Asia-Pacific region is expected to have the highest CAGR during the forecast period. Rising geriatric populations, favorable reimbursement scenarios, increasing regulatory approvals, the presence of a large target population of patients, rising health care expenditures, the implementation of government-funded insurance schemes and the growing medical tourism industry in several APAC countries are expected to drive the growth of the Asia-Pacific market for structural cardiac devices.
New Delhi, July 4, 2022 (GLOBE NEWSWIRE) — Global Structural Cardiac Device Market: is thriving as a result of the rising prevalence of various structural heart diseases, a wave of extensive indication approvals for various transcatheter structural heart products, and an increase in the geriatric population suffering from various degenerative valvular diseases…
A recent survey conducted by the strategic consultancy and market research firm, BlueWeave Advicerevealed that the global structural heart device market was worth $11.63 billion by the year 2021. Structural heart devices Market is booming due to rising cases of structural heart disease. In addition, these diseases are usually associated with heart valves or tissues. These diseases are known to be congenital, meaning they can be present from birth, although some structural heart diseases develop later in life. In addition, the increasing demand for highly efficient procedures in humans, the growing preference for minimally invasive structural cardiac therapeutic products among the value-oriented patient population and the increase in R&D expenditure to develop innovative and technologically advanced products contribute to structural cardiac treatment. the growth of the appliance market. Moreover, the global market for structural heart devices is one of the most emerging markets that is constantly growing thanks to the rapid integration of new technologies such as the Internet of Things (IoT), artificial intelligence (AI), cloud computing and others. However, affordability and accessibility of low heart surgery in developing countries is expected to limit market growth in the coming years. However, a shortage of skilled personnel could impact overall procedural volumes, slowing down market growth during the forecast period (2022-2028).
The number of patients suffering from structural heart disease is increasing.
Due to the increased number of patients suffering from structural heart disease, there is an increase in the demand for structural heart devices. Because these conditions are generally congenital, they are very common in newborns. According to The Nemours Foundation, about one in 100 newborns has congenital heart defects, which can range from mild to severe. According to Micro Interventional Devices, Inc. Structural heart defects affect about 60 million people in the United States, or 20-25 percent of the adult population. According to the Center for Structural Heart Disease at Henry Ford Hospital (CSHD), about 250,000 patients are diagnosed with mitral valve disease at Henry Ford Hospital each year. In addition, 1.75 million people in Europe have aortic stenosis. These statistics show the need for structural cardiac treatment devices, which are driving the development of new techniques for repairing and replacing heart defects. TAVR procedures were approved in Europe in 2007 and in the United States in 2012. In addition, approximately 80,000 patients undergo mitral valve repair or valve replacement surgery each year. All these factors are driving the growth of the global structural cardiac device market during the forecast period (2022-2028).
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Demand for minimally invasive procedures is increasing
Because structural heart procedures and devices are less invasive than other procedures, such as open heart surgery, they are highly desirable. Cardiology professionals routinely perform minimally invasive procedures to replace the aortic, mitral, and artificial heart valves to treat conditions involving the structural heart. In addition, innovative developments in the structural cardiac treatment and device markets, such as left arterial appendage closure devices, aortic valve replacement valves, and the introduction of biological and tissue valves, are expected to offer potential prospects in the projected future.
Challenge: The approval process for structural heart devices is rigorous.
Most countries have strict approval processes for structural heart devices, as these are highly specialized devices that are implanted in the body. According to the FDA, structural cardiac devices are Class III devices, while these devices are CE marked classified as Class IIa (heart valve valves and testers) and Class III (for prosthetic and biological heart valves). In addition, the procedure is time consuming and expensive. According to the Advanced Medical Technology Association, FDA-linked approval stages represent approximately 77 percent and 80 percent of the total cost of bringing a Class II and Class III medical device to market, respectively.
Segmental coverage
The global structural cardiac equipment market is subdivided into replacement procedures which are further subdivided into TAVR (transcatheter aortic valve replacement) procedures and SAVR (surgical aortic valve replacement) procedures while repair procedures are further subdivided into closure procedures, annuloplasty, valvuloplasty, TMVR procedures, and others . During the forecast period, the replacement proceedings segment will have the largest market share (2022-2028). The segment’s growth is attributable to the long-term durability of these procedures, as well as the widespread preference for transcatheter replacement. During the forecast period, all these factors contribute to the growth of the global structural cardiac device market (2022-2028).
Visit the press release of the Global Structural Heart Devices Market: https://www.blueweaveconsulting.com/press-release/global-structural-heart-devices-market-to-grow-at-a-cagr-of-11-1-during-forecast-period
Impact of COVID-19 on Global Structural Heart Devices Market
Across the world, the COVID-19 pandemic has affected several businesses. Governments around the world have introduced strict lockdown rules and social segregation standards to slow the rapid spread of the pandemic. In the early stages of the pandemic, factories around the world were closed. Commercialization of the structural heart device market may also be significantly slowed down as a result of the economic crisis that followed the pandemic. Supply chain disruptions posed several problems for economic operators. However, the projection horizon (2022-2028) will improve as more inventories become available in the second half of 2022.
Competitive landscape
The leading market players in the global structural cardiac device market are Abbott Laboratories, Affluent Medical SA, Artivion Inc, AtriCure Inc, CORONEO Inc, Braile Biomedica, Boston Scientific Corporation, Getinge AB, Jc Medical Inc, Johnson and Johnson Inc, among other prominent players
The global structural cardiac device market is highly fragmented with the presence of several manufacturing companies in the country. The industry leaders maintain their supremacy by devoting to research and development, incorporating advanced technology into their goods, and releasing upgraded items for customers. Various tactics are used, including strategic alliances, agreements, mergers and partnerships.
The in-depth analysis of the report provides information on the growth potential, upcoming trends, and statistics of the Global Structural Heart Devices market. It also highlights the factors driving the forecasts of the overall market size. The report promises to provide recent technology trends in the global Structural Heart Devices market and industry insights to help decision-makers make sound strategic decisions. Moreover, the report also analyzes the growth drivers, challenges and competitive dynamics of the market.
Recent development
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In May 2022, Abbott and labs have announced a distinctive minimally invasive device for repairing vascular heart valves. The company also unveiled new data on two key components of its market-leading structural heart portfolio, MitraClip and Amplatzer Amulet.
Scope of the report
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attributes |
Details |
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years considered |
Historical data – 2018-2021 |
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Base year – 2021 |
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Forecast – 2022 – 2028 |
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Facts Covered |
Revenue in USD Billion |
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Product service/segmentation |
By product type, by procedure, by region |
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protagonists |
Abbott Laboratories, Affluent Medical SA, Artivion Inc, AtriCure Inc, CORONEO Inc, Braile Biomedica, Boston Scientific Corporation, Getinge AB, Jc Medical Inc, Johnson and Johnson Inc and other prominent players |
By product type
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Tissue Heart Valves
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Mechanical heart valve
according to procedure
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TAVR procedures
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SAVR procedures
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Closing Procedures
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annuloplasty
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Valvuloplasty
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TMVR procedures
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others
Per region
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East and Africa
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