Structural Heart Devices Market Anticipated to Cross USD 22.82 Billion in 2028
The Global Structural Heart Devices Market accounted for USD 10.25 Billion in 2021 and is estimated to reach USD 22.82 Billion in 2028, at the Compound Annual Growth Rate (CAGR) of 9.8%. Structural Heart Devices treat or close openings in the heart caused by congenital heart defects. The past 10 years have seen significant improvements in both understandings of these processes and in targeted therapies. Technology continues to emerge and clinical trials continue to help define the proper role these therapies will play.
The prevalence of systemic heart disease, the regulatory approvals of new and improved cardiovascular systems, favorable conditions for cardiovascular procedures and equipment, and increased awareness of structural heart disease are major factors driving the growth of the cardiovascular market. Cardiac structures and techniques are less aggressive in nature, and as a result are more preferred than other methods, such as open-heart surgery. Mitral valve replacement, aortic valve replacement, an artificial heart valve replacement procedures are the most invasive procedures used by cardiologists to treat structural heart disease. However, the Structural Heart Devices Market has seen a period of stagnant growth due to the COVID-19 outbreak. Due to the nature of the COVID-19 epidemic, all other types of selection processes have been suspended in contrast to the affected patients of COVID-19. Other factors such as closure restrictions, patient reluctance to visit hospitals and clinics, restrictions on transportation, and closure of production facilities also had an impact on the Structural Heart Devices Market. In addition, a shortage of skilled workers may affect the volume of processes and slow down the growth of the market during forecasts. The low availability and unavailability of heart surgery in developing countries is expected to delay the growth of this market in the coming years.
On a product basis, the global cardiac devices market is divided into heart valves, occludes and delivery systems, annuloplasty rings, other devices, and other instruments. Part of the heart valve devices is expected to register the highest CAGR at the time of prediction. The high growth rate of this component may be due to the growing number of transcatheter aortic valve replacement procedures performed worldwide, the efficiency and durability of these products, and the increasing number of cardiovascular regulation authorization approvals.
Based on the process, the market is divided into exchange processes and adjustment processes. Part of the transplant procedures are further divided into TAVR procedures (transcatheter aortic valve replacement) and SAVR procedures (surgical aortic valve replacement), while part of the correction procedures is divided into closure procedures, annuloplasty, valvuloplasty, and TMVR procedures. The growth in this segment may be due to the long-term sustainability of these processes and the widespread popularity of transcatheter switching.
Some of the most prominent names in the construction of heart structural devices may consider investing heavily in regions such as Europe and the U.S.A. which provides fruitful opportunities. About 1.75 million people suffer from aortic stenosis in Europe and 60 million in America due to heart failure. These figures are considered important to support growth opportunities in Europe and the U.S.A. cardiovascular markets. Apart from this, in general, it is recognized that minor to severe congestive heart failure can occur in one in 100 newborns.
Some of the major players of the Global Structural Heart Devices Market are Medtronic plc; Braile Biomedica, St. Jude Medical, Inc., Medical Technology Est., Micro Interventional Devices, Inc., Boston Scientific Corporation; LivaNova PLC, Edwards Lifesciences Corporation, Cryolife, Inc., and JenaValve Technology, Inc..
Browse the full Report - 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)