Global Structural Heart Devices Market size was valued at $6,006 million in 2015, and is predicted to grow to $12,076 million by 2022, with a CAGR of 10.5 percent between 2016 and 2022. A structural heart defect is a non-coronary heart defect that does not damage the heart’s blood arteries. The majority of structural heart problems are present from birth (congenital), although they can also be acquired later in life due to infection-related wear and tear. Transcatheter aortic valve replacement (TAVR) and transcatheter mitral valve repair are examples of minimally invasive techniques that have replaced open heart surgery procedures.
The structural heart devices market is driven by factors such as an increase in the incidence of structural heart diseases (aortic stenosis and mitral regurgitation), technological advancements, the development of innovative repair devices such as annuloplasty rings and occluders, and an increase in demand for minimally invasive techniques. However, hefty surgical costs and strict regulatory controls hinder this expansion. Conversely, the structural heart devices market is predicted to benefit from a rise in key players’ focus on structural heart device R&D as well as an increase in demand for quick and long-lasting operations among the senior population.
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Industry of structural cardiac devices in LAMEA
The structural heart devices market in LAMEA is growing due to an increase in the incidence of aortic stenosis and rapid adoption of structural heart devices. Furthermore, structural cardiac device suppliers’ increased focus on emerging regions (such as Asia-Pacific and LAMEA) is expected to contribute to the market’s growth. Major firms have extended their penetration in the Middle East due to a lack of healthcare facilities and an increased need for treatment devices for structural heart disorders. Nonetheless, the structural heart devices industry is growing as healthcare infrastructure improves and disposable money rises.
The number of people with structural heart problems is increasing.
Because of the rise in the number of patients suffering from structural heart ailments, there has been an increase in demand for structural cardiac devices. Because these abnormalities are usually congenital, they are highly frequent in newborns. According to The Nemours Foundation, approximately one out of every 100 newborns has congenital cardiac abnormalities, which can range from minor to severe. According to Micro Interventional Devices, Inc., structural heart abnormalities affect around 60 million people in the United States, or about 20-25 percent of the adult population. According to the Center for Structural Heart Dysfunction at Henry Ford Hospital (CSHD), over 250,000 people are diagnosed with mitral valve disease each year at Henry Ford Hospital. Furthermore, 1.75 million people in Europe have aortic stenosis. These figures clearly demonstrate the need for structural heart treatment devices, spurring the development of innovative approaches for heart defect repair and replacement. TAVR procedures were approved in Europe in 2007, and in the United States in 2012. Furthermore, each year, around 80,000 people have their mitral valve repaired or replaced.
Technological breakthroughs in the field of structural heart devices
The need for technologically sophisticated structural heart devices, such as innovative tissue heart valves used in structural heart repair and replacement, is being fueled by improved treatments for improving quality of life and increasing life expectancy. Furthermore, the quality of life for patients suffering from aortic regurgitation has improved since the introduction of tissue valves utilised in tissue aortic valve replacement. For example, the advent of St. Jude’s Trifecta valve with Glide Technology (GT), an advanced tissue valve, in April 2016 gave patients with aortic valve replacement options. Heart-related disorder treatment patterns alter as a result of technological advancements, reducing the burden of heart disease. To treat structural heart abnormalities with better lifetime, novel tissue valves and mechanical heart valves are routinely used.
Demand for minimally invasive procedures is increasing.
Because structural heart devices and treatments are minimally invasive, they are chosen over more invasive procedures like open heart surgery. Experts in cardiology employ minimally invasive operations including mitral valve replacement, aortic valve replacement, and prosthetic heart valve replacement to treat structural heart disorders. Around 80,000 individuals receive mitral valve repair or valve replacement surgery each year, according to the Center for Structural Heart Disease at Henry Ford Hospital (CSHD). Furthermore, the market is expected to benefit from new advances in structural heart devices and procedures, such as aortic valve replacement valves, left arterial appendage closure devices, and the introduction of tissue or biological valves.
Treatment procedures have a high cost and danger associated with them.
The high cost of modern structural heart implants, as well as the danger involved with the procedures, are important market restraints. Because technologically advanced structural heart devices are more expensive than their traditional counterparts, their adoption rate is low, particularly in emerging economies. According to Edwards Lifesciences, a SAPIEN transcatheter heart valve with the RetroFlex 3 Transfemoral System costs $32,500, which is prohibitively expensive for the average person. Furthermore, after a mitral valve replacement treatment, stroke, renal failure, and gastrointestinal problems are all hazards connected with these devices.
STRUCTURAL HEART DEVICES MARKET KEY SEGMENTS
By Product
● Repair Devices
● Replacement Valves
By Application
● Atrial Septal Defect
● Aortic Valve Stenosis
● Patent Foramen Ovale
● Ventricular Septal Defects
● Mitral Regurgitation
● Others
The key companies profiled in the report are Medtronic plc; St. Jude Medical, Inc., Braile Biomedica, Medical Technology Est., Boston Scientific Corporation; Micro Interventional Devices, Inc., Edwards Lifesciences Corporation, LivaNova PLC, JenaValve Technology, Inc., and Cryolife, Inc. Other players operating in this market include Corvia Medical, Inc., CardioKinetix, Inc., Biomerics, LLC, Lepu Medical Technology (Beijing) Co., Ltd., XELTIS BV, and Comed B.V.
KEY BENEFITS OF STRUCTURAL HEART DEVICES ON THE MARKET:
• The research provides a thorough examination of the market, as well as current trends and forecasts, in order to identify potential investment opportunities.
• It provides a quantitative study from 2014 through 2022, allowing stakeholders to take advantage of current market opportunities.
• A thorough market analysis based on goods aids in determining the types of devices utilised to treat structural heart problems.
• Competitive intelligence identifies the strategies used by major companies in various locations.
• A thorough examination of all geographical locations aids in determining the current opportunities.
• To assess the competitive perspective of the total market, key competitors and their tactics are examined.
• Following key product positioning and monitoring the leading contenders within the market framework allows for in-depth analysis.
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