(I-BusinessNews.Com, March 27, 2021 ) According to research report the 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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Edwards Lifesciences Corporation (US), Medtronic plc (Ireland), Abbott (US), Boston Scientific Corporation (US), and LivaNova plc (UK) are the key players in the structural heart market. The other players 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).
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, favourable reimbursement scenario for structural heart procedures & devices, and increasing awareness about structural heart diseases.
By procedure, the replacement procedures segment is expected to command the largest share of the market in 2018
On the basis of procedure, the market has been broadly segmented into replacement procedures and repair procedures. The replacement procedures segment is further segmented into TAVR (transcatheter aortic valve replacement) procedures and SAVR (surgical aortic valve replacement) procedures, while the repair procedures segment is subdivided into closure procedures, annuloplasty, valvuloplasty, and TMVR procedures. The replacement procedures segment is expected to account for the largest share of the structural heart devices market in 2018. This can be attributed to the long-term durability of these procedures and the widespread preference for transcatheter replacement.
The heart valve devices segment is expected to account for the largest share of the market, by product, in 2018
On the basis of products, the structural heart market is segmented into heart valve devices, occluders and delivery systems, annuloplasty rings, other devices, and accessories. The heart valve devices segment is further subdivided into transcatheter heart valves and surgical heart valves. The heart valve devices segment is expected to account for the largest market share in 2018. The growing number of transcatheter aortic valve replacement procedures performed across the globe, the efficacy and durability of these products, and the growing number of regulatory approvals for heart valve devices are some of the key factors supporting the growth of this product segment.
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North America is expected to dominate the structural heart devices market during the forecast period
Geographically, 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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