Structural Heart Devices Market Is Poised to Expand at CAGR of 10.4% Over the Forecast Period.
Structural heart diseases are problems associated with the valves or tissues of the heart. These diseases may be congenital or might be acquired later in life. Structural heart diseases include cardiomyopathy, myocarditis, aortic valve stenosis, heart valve disease, atrial septal defect, mitral valve regurgitation, and others. As per the latest report of Market Research Future (MRFR),
The structural heart devices market is primarily driven by a radical rise in the incidence rate of non-coronary heart disorders, increased demand for minimally invasive surgical procedures, and improving reimbursement schemes.
In the past few years, tremendous advances have been achieved with respect to the understanding of these diseases, and accordingly, therapeutic modalities have been developed. A number of clinical trials and technology developments are underway, which is likely to provide the structural heart devices market opportunities for growth in the coming years.
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Competitive Landscape: Global Structural Heart Devices Market
Boston Scientific Corporation (US), Comed BV, Edwards Lifesciences Corporation (US), Cook Group Incorporated (US), Medtronic plc (Ireland), W. L. Gore & Associates, Inc. (US), Biomerics, Endologix Inc. (US)., ST. Jude Medical, LivaNova plc (UK), CardioKinetix, JenaValve Technology, Inc., and Abbott (US) are the key players in the structural heart devices market.
Segmentation: Global Structural Heart Devices Market
The structural heart devices market has been segmented based on type, indication, procedure, and end-user.
By Type, the structural heart devices market has been segmented into heart valve devices, occluders and delivery systems, annuloplasty rings, accessories, and other devices. The heart valve devices segment has been further segmented into transcatheter heart valves and surgical heart valves. The surgical heart valves sub-segment has been further segmented into tissue heart valves and mechanical heart valves.
By Indication, the structural heart devices market has been segmented into valvular heart disease, cardiomyopathy, congenital heart defects, and others. The valvular heart disease segment has been further segmented into regurgitation and stenosis.
By Procedure, the structural heart devices market has been segmented into Replacement Procedures and repair procedures. The Replacement Procedures segment has been further segmented into TAVR procedures and SAVR procedures. The repair procedures segment has been further segmented into closure procedures, annuloplasty, valvuloplasty, and TMVR procedures.
By end-user, the structural heart devices market has been segmented into hospitals, ambulatory surgery centers, and others.
Regional Analysis : Global Structural Heart Devices Market
Region-wise, the structural heart devices market has been segmented into North America, Europe, the Middle East & Africa (MEA), and Asia Pacific (APAC).
North America is the dominant market for structural heart devices. High prevalence of cardiovascular disorders, fast uptake of the latest technologies, and high healthcare expenditure are the factors that are driving the North America market. Additionally, favorable reimbursement policies for cardiac surgeries also support the growth of the market.
Europe accounts for the second most significant share of the global structural heart devices market. The growth of the Europe market can be attributed to the high incidence rate of cardiovascular disorders in the region, which requires surgeries and advanced treatment procedures for remediation. Other driving factors include high healthcare expenditure, the prevalence of obesity and diabetes, rise in geriatric population, and the presence of robust healthcare infrastructure.
The APAC structural heart devices market is anticipated to expand at the fastest CAGR over the forecast period. Expanding base of population suffering from diabetes, obesity, and other cardiac disorders are influencing the growth of the market.
The MEA structural heart devices market is likely to capture the smallest share of the market over the forecast period. The market growth is subdued due to low healthcare expenditure and low healthcare penetration in the underdeveloped regions of Africa.
Industry Updates : Global Structural Heart Devices Market
July 2019 – Abbott Laboratories, an American healthcare company, announced that its latest version of its heart device, dubbed MitraClip G4 had received FDA approval. The new heart device is equipped with advanced features that allow for customization of the mitral valve repair procedure.
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