Structural Heart Devices Market Size, Growth and Share Analysis By Type (Heart Valve Devices, Annuloplasty Rings, Occluders, and Delivery Systems), Indication (Valvular Heart Disease, Cardiomyopathy), Procedure (Replacement Procedures, Repair Procedures), Global Forecast Till 2023
Structural Heart Devices Market Scope
Structural heart devices market size and its net profit raised in the second quarter as the impact of the Coronavirus pandemic lessens the complicated efforts to a certain extent to refocus on shares while dealing with rising tensions of the deadly disease. Market Research Future attempts to study the Structural Heart Devices Market size would surpass the existing value if the pace of growth should be 10.4% by the year 2023. The growth period of the market is calculated to between 2018 and 2023.
Structural heart devices have emerged as the latest focus area of medical device manufacturers as the population of most developed and developing countries continue to become older, and risk of cardiovascular diseases boost with ageing. The cardiovascular diseases, which also include structural heart diseases, have become the leading cause of death. Thus, it is projected that with newfound prosperity owing to globalization and industrialization has led to changing lifestyle, leading to an escalating risk of younger people developing cardiovascular diseases. These factors have emerged as positive in the growth of the structural heart devices market with interventional cardiology imaging at a higher demand.
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Rise in incidence of structural heart diseases (aortic stenosis and mitral regurgitation), technological advancements, development of innovative repair devices, such as annuloplasty rings, occludes, and boost in demand for minimally invasive techniques are factors that motivate the structural heart devices market. In the case of point, the Food and Drug Administration (FDA) has approved structural heart therapies that are limited to the selected groups of the patients. Some personal healthcare providers for the heart condition are the available treatment of choices. For instance, Premier Health providers are known for innovative structural heart services, which include alcohol septal ablation that treats hypertrophic cardiomyopathy with the use of catheter-based technology, balloon valvuloplasty.
For occasion, as per the World Health Organization (WHO) roughly 17.7 million people died in the year 2015 owing to the cardiovascular diseases, the number contributes to 31% of the worldwide deaths. Among these deaths, it was probable that near about 7.4 million deaths were due to coronary heart diseases and near about 6.7 million deaths were due to heatstroke. Among the 17 million deaths, the premature deaths contributed owing to non-communicable diseases in 2015. This number relates to around 82% in low and middle-income countries, and about 37% were due to CVDs. Hence, various strategies and initiations are being taken to control cardiovascular diseases.
On the contrary, the factor of elevated cost of surgeries and stringent government regulations might hamper the market’s growth. Conversely, rise in focus of key players on R&D activities of structural heart devices and upsurge in demand for quick and long-lasting procedures among the geriatric population are likely to offer beneficial opportunities for the players in the structural heart devices market in the assessment period.
Structural Heart Devices Market Segmental Review
The global structural heart devices market is studied among the segments of type, indication, procedure, and end-user.
By the segment of type, the structural heart devices market has included occluders and delivery systems, heart valve devices, accessories, annuloplasty rings, and other devices. The heart valve devices are segmented into transcatheter heart valves and surgical heart valves. The surgical heart valves are also sub-segmented into tissue heart valves and mechanical heart valves.
By the segment of indication, the structural heart devices market has included cardiomyopathy, valvular heart disease, congenital heart defects, and others.
By the segment of the procedure, the structural heart devices market has included replacement procedures and repair procedures. The replacement procedures have included TAVR procedures and SAVR procedures. The repair procedures are segmented into annuloplasty, closure procedures, valvuloplasty, and TMVR procedures.
By the segment of end-users, the structural heart devices market has included ambulatory surgery centres, hospitals, and others.
Structural Heart Devices Market Regional Aspect
North America led the structural heart devices market share in 2016. A strong preference for austerely invasive procedures, which is the critical reason for this leadership. Since 2006, the rate of bypass surgeries has decreased by 43%, whereas the rate of endovascular procedures has surged by multiple times.
The Asia Pacific is anticipated to scrutinize the fastest growth over the coming years, which is attributed to the escalating awareness about better newborn screening programs, cardiac diseases, and improvement in healthcare access.
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Structural Heart Devices Market Top Players
The top players in the structural heart devices market are Medtronic plc (Ireland), Edwards Lifesciences Corporation (US), Boston Scientific Corporation (US), Abbott (US), LivaNova plc (UK), Biomerics, ST. Jude Medical, JenaValve Technology, Inc., Comed BV, Cook Group Incorporated (US), CardioKinetix, W. L. Gore & Associates, Inc. (US) and Endologix Inc. (US).
NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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