(I-BusinessNews.Com, February 25, 2021 ) According to research report the global structural heart devices market is projected to reach USD 15.08 billion by 2023 from USD 9.28 billion in 2018, at a CAGR of 10.2%.
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Growth in the structural heart market is mainly driven by factors such as 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.
Growth in the structural heart devices market is mainly driven by factors such as 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.
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).
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.
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.
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).
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North America is expected to account for the largest share of the structural heart market in 2018, followed by Europe. The large share of North America in the global market is attributed to factors such as the rising prevalence of structural heart diseases, favorable reimbursement scenario for structural heart procedures and devices, technological advancements, and development of innovative devices.
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