"Structural Heart Devices Market by Type, Age Group, and Indication: Global Opportunity Analysis and Industry Forecast, 2014 - 2022", the structural heart devices market was valued at $6,006 million in 2015, and is projected to reach $12,076 million by 2022, growing at a CAGR of 10.5% from 2016 to 2022. The structural heart repair devices segment held nearly half of the total market share in 2015, and is expected to dominate during the forecast period.
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Rise in incidence of aortic stenosis, introduction of technologically advanced products (such as the Trifecta valve with Glide Technology), and increase in awareness about the benefits and availability of structural heart devices worldwide are major factors that drive the market growth. In addition, increase in number of application areas for repair and replacement devices coupled with its rise in adoption of annuloplasty rings and tissue valves is expected to further fuel this growth. However, stringent approval process and high cost of surgeries restrict the market growth.
Tissue heart valves is expected to maintain its dominant position throughout the analysis period, due to its significant property of low requirement of anticoagulants, which reduces incidence of bleeding and thereby lowers the usage of anticoagulant by the patient.
The occluders segment accounted for two-fifths of the overall structural heart repair devices market in 2015, owing to its benefits in the treatment of congenital heart diseases and high adoption rate. In addition, annuloplasty ring is projected to register the highest CAGR of 13.3% during the forecast period.
Key findings of the study
- Annuloplasty ring is projected to grow at the highest growth rate during the analysis period.
- North America dominated the global structural heart devices market, accounting for one-third of the overall market in 2015, owing to the increase in prevalence of structural heart diseases.
- Aortic valve stenosis indication occupied more than one-third of the total market in 2015.
- Adult age group segment is expected to grow at the highest rate of 11.1%.
- China occupied one-fifth of the total Asia-Pacific structural heart devices market in 2015.
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Asia-Pacific is the fastest growing region in the structural heart devices market, and is expected to continue this trend due to increase in healthcare infrastructural development, specifically in China, India, and other developing economies, and rise in structural heart defects.
Structural heart devices are used to treat heart valves defects as well as acquired valvar abnormalities. The market for structural heart devices is growing at a rapid pace, providing an opportunity for key players to enter this market. For instance, in May 2016, Johnson & Johnson announced that will enter structural heart devices market due to the high growth potential.
The major companies profiled in the report include Medtronic plc; St. Jude Medical, Inc., Braile Biomedica; Medical Technology Est., Boston Scientific Corporation, Micro Interventional Devices, Inc., Edwards Lifesciences Corporation, LivaNova PLC, JenaValve Technology, Inc., and Cryolife, Inc.
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From the last 10 years, tremendous growth have been noticed in Structural heart devices market.
With increasing population, and growing health awareness among people, the Structural Heart Disease Market is expected to expand at a very high rate.The structural heart devices market are categorized into the following segments and subsegments: o the basis of product: Heart Valve Devices, Surgical Heart Valves, Transcatheter Heart Valves, Occluders and Delivery Systems, Annuloplasty Rings, Other Devices, Accessories; on the basis of procedure: Replacement Procedures, TAVR Procedures, SAVR Procedures, Repair Procedures, Closure Procedures, Annuloplasty, Valvuloplasty, TMVR Procedures; on the basis of geography: North America, Europe, Asia Pacific, Rest of the World.
Due to pollution and bad living habits, the cardiovascular diseases including structural heart diseases have become leading cause of death, now a days.
These factors are the key growth drivers of the Structure Heart Devices Market and will keep taking the market to new heights.The major restraints include the lack of availability of skilled cardiovascular Interventionist.
Whereas the increasing health awareness is helping in the growth of market and also the hospitals are these days following the international standards for these cardiovascular diseases.Among all the segments, Occluders and Delivery Systems are having the largest market share.
With the growing population, pollution is also increasing which in turn caused the scarcity of purified drinking water and adulteration of food.
