(PharmaNewsWire.Com, May 09, 2020 ) Growth in the structural heart devices market is mainly driven by factors such as the rising prevalence of structural heart diseases, regulatory approvals for new and advanced structural heart devices, favourable reimbursement scenario for structural heart procedures & devices, and increasing awareness about structural heart diseases.
According to research report the global structural heart devices market is projected to reach $15.08 billion by 2023 from $9.28 billion in 2018, at a CAGR of 10.2%.
The report describes and studies the global structural heart devices market, by product, procedure, and region. It provides detailed information regarding the major factors influencing the growth of this market and the regulatory analysis impacting market dynamics.
On the basis of product, the global 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 expected to register the highest CAGR during the forecast period.
Based on procedure, the market is segmented into replacement procedures and repair procedures. The replacement procedures segment is further segmented into TAVR (transcatheter aortic valve replacement) procedures and SAVR (surgical aortic valve replacement) procedures, while the repair procedures segment is subdivided into closure procedures, annuloplasty, valvuloplasty, and TMVR procedures.
Players in this market compete to deliver superior and advanced technologies for heart valve repair and replacement. In 2017, the structural heart devices market was dominated by a few large players, namely, Edwards Lifesciences Corporation (US), Medtronic plc (Ireland), Abbott (US), Boston Scientific Corporation (US), and LivaNova plc (UK).
Edwards Lifesciences held the leading position in the global structural heart devices market in 2017 on account of its diverse portfolio of transcatheter and surgical heart valves. The company pursues organic as well as inorganic growth strategies, such as product launches & approvals and acquisitions to further increase its market share and strengthen its foothold in the surgical heart devices market. For instance, in December 2017, the company acquired Harpoon Medical Inc. (US). The unique beating-heart repair procedure for mitral valve patients of Harpoon Medical complements Edwards’ comprehensive portfolio of treatments for structural heart disease and reinforce its commitment to innovation in cardiac surgery. This acquisition was valued at USD 100 million.
Geographically, North America is expected to account for the largest share of the structural heart devices market in 2018, followed by Europe. The large share of North America in the global market is attributed to factors such as the rising prevalence of structural heart diseases, favourable reimbursement scenario for structural heart procedures and devices, technological advancements, and development of innovative devices.
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