(PharmaNewsWire.Com, August 18, 2021 ) According to research report the Structural Heart Devices Market is expected to reach USD 19.6 billion by 2027 from USD 10.4 billion in 2019, at a CAGR of 8.2%.
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 are the major factors driving the growth of the structural heart devices market.
Players in this market compete with each other 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).
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).
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.
Medtronic held the second position in the structural heart devices market in 2017. The company offers a comprehensive range of transcatheter and surgical heart valve products through its Coronary & Structural Heart division. The key percutaneous surgical products offered by the company include the third-generation CoreValve Evolut PRO system and tissue & mechanical heart valves. To maintain its leading position in the market and increase its customer base, the company focuses on product launches & approvals, partnerships, and expansions. For instance, in 2016, the company partnered with the World Stroke Organization (WSO, Switzerland). Under this partnership, the two organizations will work together to educate, raise awareness, and support the effective management of patients who suffer from strokes.
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).
On the basis of procedure, the market has been broadly 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.
On the basis of products, the structural heart market is segmented into heart valve devices, occluders and delivery systems, annuloplasty rings, other devices, and accessories. The heart valve devices segment is further subdivided into transcatheter heart valves and surgical heart valves.
The Asia Pacific region is projected to register the highest CAGR during the forecast period. Factors such as the rising geriatric population, favorable reimbursement scenario, increasing regulatory approvals, the presence of a large target patient population, increasing healthcare expenditure, implementation of government-funded insurance schemes, and the growing medical tourism industry in several APAC countries are expected to drive the growth of the Asia Pacific structural heart devices market.
Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 sales@marketsandmarkets.com
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