Structural Heart Devices Market Scenario
According to MRFR, the Global structural heart devices market 2020, according to MRFR, is slated to mature at a CAGR of 10.4% during the forecast period. The increase in the frequency of structural heart disease and the increase in demand for minimally invasive techniques are factors that drive market growth. Similarly, increased emphasis by key players on structural heart device research and development activities and increased demand for quick and long-lasting procedures among the elderly are likely to provide profitable breaks for players on the structural heart device market.
However, this growth is hampered by the high cost of surgeries and strict government regulations. Advanced products such as suture-free heart valve cost markedly higher than previous products available, doubling the prices of the suture-free device, thus limiting the adoption of the equipment, which in turn will restrict the market growth.
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Structural Heart Devices Market Segmental Analysis
The global structural heart devices market was segmented according to type, indication, procedure, and end-user.
The structural heart devices market was classified by type as cardiac valve devices, occluders, and delivery systems, annuloplasty rings, accessories, and other devices. The heart valve devices are segmented into cardiac transcatheter valves and cardiac surgical valves. Operational heart valves are further sub-sectioned into heart valves and mechanical heart valves for the tissue.
The structural heart devices market has been classified on the basis of indication as valvular heart disease, cardiomyopathy, congenital heart defects, and others. Valvular cardiac disease is segmented into stenosis and regurgitation.
The structural heart devices market was classified as Replacement Procedures and Repair Procedures based on the procedure. The Replacement Procedures are bifurcated into TAVR and SAVR procedures. The repair procedures are segmented into procedures for the closure, annuloplasty, valvuloplasty, and TMVR.
The structural heart devices market was classified, based on end-users, as hospitals, outpatient surgery centers, and others.
Structural Heart Devices Market Regional Summary
On the basis of region, the structural heart devices market is segmented into the Americas, Europe, Asia-Pacific, and the Middle East and Africa.
In the forecast period the Americas are projected to lead the structural heart devices market. Increasing rates in a number of surgeries due to factors such as diabetes, high blood pressure and others mainly contribute to market growth. Increasing awareness of healthcare, advancing technology, medical tourism, and an increase in disposable income are some of the other factors that boost market growth. North America is expected to account for the largest market share in structural heart devices, due to favorable compensation for many surgical procedures.
The second most significant structural heart devices market share is expected to be held by the European structural heart devices market. Market growth in this region can be attributed to the increasing frequency of cardiovascular disorders, increasing numbers of surgeries and increasing demand for advanced treatment procedures boosting the European structural heart devices market.
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In 2018 Asia-Pacific was projected to be the fastest growing region on the global market for structural heart devices. Market share in Asia-Pacific is also expected to grow in the near future due to access to optimal treatment facilities and increasing demand for advanced technology, changing lifestyles, increasing the elderly population and increasing medical tourism.
Due to an underdeveloped healthcare sector, lack of technical knowledge, and poor medical facilities, the Middle East and Africa market is poised to account for the smallest share on the global structural heart devices market.
Structural Heart Devices Market Competitive Dashboard
Some of the eminent players in the Edwards Abbott (US), Lifesciences Corporation (US), Boston Scientific Corporation (US), and LivaNova plc (UK), ST. Jude Medical, Biomerics, Comed BV, JenaValve Technology, Inc., CardioKinetix, Endologix Inc. (US)., Medtronic plc (Ireland), Cook Group Incorporated (US), and W. L. Gore & Associates, Inc. (US).
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