WASHINGTON, Feb. 24, 2022 (GLOBE NEWSWIRE) -- The Global Structural Heart Devices Market size is expected to reach over USD 22.82 Billion by the year 2028. The market stood at a revenue of USD 10.25 Billion in the year 2021 and is expected to exhibit a Compound Annual Growth Rate (CAGR) of 9.8% during the forecast period.
Market Synopsis
Rise in occurrence of diseases related with structural heart (mitral regurgitation and aortic stenosis); technological advancements; growth of innovative repair equipment, such as occluders; annuloplasty rings, and rise in minimally invasive techniques demand are factors driving the market for Structural Heart Devices, states Vantage Market Research, in a report, titled “Structural Heart Devices Market by Product (Heart Valve Devices, Occluders and Delivery Systems, Annuloplasty Rings, Accessories), by Procedure (Replacement, Repair), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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List Of Prominent 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 Dynamics:
Driver: Rise in Patients Suffering from Heart Diseases
A rise in demand for the market has been witnessed, due to the increase in number of patients who are suffering from structural heart illness. These disorders are congenital generally; therefore, they occur commonly in an infant. Furthermore, in Europe, the pervasiveness of aortic stenosis is in millions. These statistics highlights the need for treatment devices for structural heart illness, hence, providing impetus to grow new techniques for replacement and repair of heart defects.
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Driver: Growth in Minimally Invasive Procedures Demand
Structural heart techniques and devices are minimally invasive in nature, thus they are highly preferred over any other techniques, like open heart surgeries. Aortic valve replacement, mitral valve replacement, and replacement of prosthetic heart valve procedures are minimally invasive and are widely used by professionals in cardiology to cure diseases related with structural heart. Furthermore, creative developments in market for structural heart procedures and devices, such as left arterial appendage closure devices, aortic valve replacement valves, and advent of biological and tissue valves, are expected to provide growth opportunities in the forecast period.
Regional Trends
Asia Pacific is estimated to register highest Compound Annual Growth Rate (CAGR) in the coming years. Factors like, increasing number of geriatric populations, rising regulatory approvals, friendly reimbursement scenario, presence of a larger target patients, implementation of insurance schemes funded by government, rising healthcare expenditure, and the expansion in medical tourism sector in various Asia Pacific nations are anticipated to fuel the Structural Heart Devices Market growth in Asia Pacific.
Recent Developments
- January, 2019: Abbott acquired Cephea Valve Technologies, Inc., which strengthened Abbott’s position in the Global Structural Heart Devices Market.
- March, 2019: Abbott received the FDA approval for its MitraClip for the treatment of heart failure patients and mitral regurgitation.
- July, 2017: Medtronic received CE mark for its CoreValve Evolut PRO valve for aortic stenosis. This enabled the company to enhance its customer reach and strengthen its product platform in the Structural Heart Devices Market in Europe.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the Structural Heart Devices Market. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Structural Heart Devices Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Structural Heart Devices Market?
- How will the Structural Heart Devices Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Structural Heart Devices Market?
- What is the Structural Heart Devices market drivers and restrictions?
- What will be the CAGR and size of the Structural Heart Devices Market throughout the forecast period?
This market titled “Structural Heart Devices Market” will cover exclusive information in terms of Geographic Segmentation, Regional Analysis, Forecast, and Quantitative Date – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 10.25 Billion |
| Projected Market Size in 2028 | USD 22.82 Billion |
| CAGR Growth Rate | CAGR of 9.8% From 2022 - 2028 |
| Base Year | 2020 |
| Historic Years | 2016 – 2019 |
| Forecast Years | 2021 – 2028 |
| Segments Covered | Product • Heart Valve Devices • Occluders and Delivery Systems • Annuloplasty Rings • Accessories Procedure • Replacement • Repair |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2021 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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