(PharmaNewsWire.Com, December 04, 2019 ) Growth in this market is mainly driven by the rising prevalence of structural heart diseases, regulatory approvals for new and advanced structural heart devices, favorable reimbursement scenario for structural heart procedures & devices, and increasing awareness about structural heart diseases.
The emergence of tissue engineered heart valves, increased adoption of percutaneous interventions such as TAVR, and emerging economies such as China, India, Brazil, and several Middle Eastern countries are expected to offer further growth opportunities for players operating in the market during the forecast period.
According to research report the global structural heart devices market is projected to reach USD 15.08 billion by 2023 from USD 9.28 billion in 2018, at a CAGR of 10.2%.
• On the basis of product, the structural heart devices market is segmented into heart valve devices, occluders and delivery systems, annuloplasty rings, other devices, and accessories. The heart valve devices segment is further divided into transcatheter heart valves and surgical heart valves. The heart valve devices segment is expected to account for the largest share of the structural heart devices market in 2018. The growing number of transcatheter aortic valve replacement procedures performed across the globe, the efficacy and durability of these products, and the growing number of regulatory approvals for heart valve devices are some of the key factors supporting the growth of this product segment. • By procedure, the market has been broadly segmented into replacement procedures and repair procedures. Repair procedures are further segmented into closure procedures, annuloplasty, valvuloplasty, and transcatheter mitral valve repair while replacement procedures are further segmented into transcatheter aortic valve replacement (TAVR) and surgical aortic valve replacement (SAVR). The replacement procedures segment is expected to account for the largest share of the structural heart devices market in 2018. This can be attributed to the long-term durability of these procedures and the widespread preference for transcatheter replacement.
Some of the other players operating in this market are CryoLife, Inc. (US), Micro Interventional Devices, Inc. (US), Braile Biomédica (Brazil), Lepu Medical Technology (Beijing) Co., Ltd. (China), and TTK Healthcare Limited (India).
Product launches & approvals; acquisitions; expansions; and partnerships & agreements were the key strategies adopted by key players between 2015 and 2018. Some of the key players that adopted these strategies are Edwards Lifesciences (US), Medtronic (Ireland), Boston Scientific (US), Abbott (US), LivaNova (UK), Micro Interventional Devices (US), Braile Biomédica (Brazil), and CryoLife (US).
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