Global Structural Heart Devices Market to Grow at a CAGR of 11.1% during Forecast Period
Published | 04 July 2022
Global Structural Heart Devices Market is flourishing owing to the rising prevalence of various structural heart diseases, a surge in expanded indication approval for various transcatheter structural heart products, and an increase in the geriatric population burdened with various degenerative valvular heart diseases…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Structural Heart Devices Market was worth USD 11.63 billion in the year 2021. The market is projected to grow at a CAGR of 11.1%, earning revenues of around USD 24.16 billion by the end of 2028. The Global Structural Heart Devices Market is booming because of the rising structural heart disease cases. Moreover, these diseases are mostly associated with heart valves or tissues. These diseases are known to be congenital, meaning they can be present from birth, though some structural heart diseases develop later in life. Additionally, the increase in demand for highly efficient procedures among people, the growing preference for minimally invasive structural heart therapeutic products among the value-oriented patient population, and the increase in R&D spending for developing innovative and technologically advanced products all contribute to the structural heart devices market's growth. Furthermore, Global Structural Heart Devices Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others. However, Low cardiac surgery affordability and accessibility in developing countries are expected to limit market growth in the coming years. However, a shortage of skilled personnel may have an impact on overall procedural volumes, slowing the rate of market growth during the forecast period (2022-2028).
The Number of Patients Suffering from Structural Heart Disease is Increasing.
Because of the increased number of patients suffering from structural heart diseases, there has been an increase in demand for structural heart devices. Because these disorders are generally congenital, they are very common in newborns. According to The Nemours Foundation, approximately one in every 100 newborns has congenital heart defects, which can range from mild to severe. According to Micro Interventional Devices, Inc., structural heart defects affect approximately 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), approximately 250,000 patients are diagnosed with mitral valve diseases each year at Henry Ford Hospital. Furthermore, 1.75 million people in Europe have aortic stenosis. These statistics demonstrate the need for structural heart treatment devices, providing impetus to develop new techniques for heart defect repair and replacement. TAVR procedures were approved in Europe in 2007, and in the United States in 2012. Furthermore, each year, approximately 80,000 patients undergo mitral valve repair or valve replacement surgery. All these factors boost the growth of the Global Structural Heart Devices Market during the forecast period (2022-2028).
Demand for minimally invasive procedures is increasing
Because structural cardiac procedures and devices are less intrusive than other procedures, such as open-heart operations, they are highly desired. Professionals in cardiology routinely perform minimally invasive procedures to replace the aortic, mitral, and artificial heart valves to treat disorders with the structural heart. Additionally, innovative advancements in the structural heart treatment and device markets, such as left arterial appendage closure devices, aortic valve replacement valves, and the introduction of biological and tissue valves, are anticipated to offer potential prospects in the projected future.
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Challenge: The Structural Heart Device Approval Process is Rigorous.
Most countries have stringent approval processes for structural heart devices because these are highly specialized devices that are implanted in the body. According to the FDA, structural heart devices are class III devices, whereas these devices are CE mark classified as class IIa (heart valve occluders and testers) and class III (for prosthetic and biological heart valves). Furthermore, the procedure is time-consuming and expensive. According to the Advanced Medical Technology Association, FDA-linked approval stages account for approximately 77 percent and 80 percent of the total cost of commercializing a class II and class III medical device in the market, respectively.
Segmental Coverage
The Global Structural Heart Devices Market is divided into Replacement procedures 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 procedures segment will have the largest market share (2022-2028). The segment's growth can be attributed to the long-term durability of these procedures, as well as the widespread preference for transcatheter replacement. During the forecast period, all of these factors contribute to the growth of the Global Structural Heart Devices Market (2022-2028).
Impact of COVID-19 on Global Structural Heart Devices Market
Around the world, the COVID-19 pandemic has affected several different businesses. Governments all across the world enacted stringent lockdown regulations and social segregation standards to slow the pandemic's quick spread. Manufacturing plants all across the world were closed during the pandemic's early phases. The commercialization of the structural heart devices market may also be significantly delayed as a result of the economic crisis that followed the pandemic. Supply chain interruptions presented several difficulties for market participants. However, things will get better over the projection period (2022-2028) as more supplies become available in the second half of 2022.
Competitive Landscape
The leading market players in the Global Structural Heart Devices 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, and other prominent players
The Global Structural Heart Devices Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Structural Heart Devices Market. It also highlights the factors driving forecasts of total 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. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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