The Global Structural Heart Devices Market size is expected to reach over USD 22.82 Billion by the year 2028. The market generated USD 10.25 billion in revenue in 2021, and is predicted to grow at a CAGR of 9.8% over the forecast period.
Increased prevalence of structural heart diseases (mitral regurgitation and aortic stenosis); technological advancements; growth of innovative repair equipment, such as occluders and annuloplasty rings; and increased demand for minimally invasive techniques are factors driving the market for Structural Heart Devices, according to Zion Market Research in a report titled “Structural Heart Devices Market.” by Product (Heart Valve Devices, Occluders and Delivery Systems, Annuloplasty Rings, Accessories),By Application (Atrial Septal Defect, Aortic Valve Stenosis, Patent Foramen Ovale, Ventricular Septal Defects, Mitral Regurgitation, And Others) by Region (North America, Europe, Asia Pacific, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
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Impact Analysis of COVID-19:
The COVID-19 outbreak has impacted a variety of sectors around the world. To slow the spread of the pandemic, governments around the world enacted tight lockdown measures and social distance standards. During the early phases of the pandemic, manufacturing facilities all around the world were shut down. Furthermore, the economic crisis that followed the pandemic could cause a major delay in the commercialization of structural heart devices. As a result, market participants faced several hurdles as supply chain interruptions were noticed. However, as additional supplies become available in the second half of 2022, things will improve. When evaluating the current and prospective market size and growth patterns for all regions and countries, the impact of COVID-19 on market demand is taken into account.
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The following is a list of notable players in the global structural heart devices market:
• Medtronic plc
• Braile Biomedica
• St. Jude Medical Inc
• Medical Technology Est
• Micro Interventional Devices Inc
• Boston Scientific Corporation
• Liva Nova PLC
• Edwards Lifesciences Corporation
• Cryolife Inc
• Jena Valve Technology Inc
Market Trends:
Driver: Increase in Patients with Heart Diseases
The market has seen an increase in demand as the number of individuals suffering from structural heart disease has increased. Because these illnesses are congenital in nature, they are common in infants. Furthermore, aortic stenosis affects millions of people in Europe. These figures underline the need for treatment devices for structural heart disease, providing motivation for the development of innovative approaches for heart defect replacement and repair.
Demand for minimally invasive procedures is increasing
Because structural cardiac treatments and devices are minimally invasive, they are chosen over other procedures such as open heart surgery. Aortic valve replacement, mitral valve replacement, and prosthetic heart valve replacement treatments are minimally invasive and frequently utilised by cardiologists to treat structural heart disorders. Additionally, in the forecast period, innovative developments in the market for structural heart procedures and devices, such as left arterial appendage closure devices, aortic valve replacement valves, and the introduction of biological and tissue valves, are expected to provide growth opportunities.
Regional Developments
In the future years, Asia Pacific is expected to have the highest compound annual growth rate (CAGR). Factors such as the rising number of geriatric populations, rising regulatory approvals, favourable reimbursement scenarios, the presence of a larger target patient population, the implementation of government-funded insurance schemes, rising healthcare expenditure, and the expansion of the medical tourism sector in various Asia Pacific countries are expected to fuel the growth of the Structural Heart Devices Market in Asia Pacific.
Recent Happenings
● Abbott purchased Cephea Valve Technologies, Inc. in January 2019, bolstering Abbott’s position in the global structural heart devices market.
● Abbott’s MitraClip was approved by the FDA in March 2019 for the treatment of heart failure patients with mitral regurgitation.
● Medtronic’s CoreValve Evolut PRO valve for aortic stenosis obtained CE approval in July 2017. This allowed the company to expand its customer base and develop its product platform in the European market for structural heart devices.
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