Structural Heart Devices Market Size & Share to Surpass $22.82 Billion by 2028 | Vantage Market Research
WASHINGTON, March 27, 2023 (GLOBE NEWSWIRE) -- Global Structural Heart Devices Market is valued at USD 10.25 Billion in 2021 and is projected to reach USD 22.82 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 9.8% over the forecast period 2022-2028.
Structural Heart Devices Market Overview
The structural heart devices market refers to medical devices used in the treatment of structural heart diseases such as heart valve defects, atrial septal defects, and patent foramen ovale. These devices are used to repair or replace heart valves, close holes in the heart, or provide support for weakened heart walls.
The global structural heart devices market is expected to grow significantly over the next few years, driven by factors such as the increasing prevalence of structural heart diseases, technological advancements in device design and materials, and the growing demand for minimally invasive procedures.
Some of the key structural heart devices include transcatheter heart valves, left atrial appendage closure devices, and mitral valve repair devices. Transcatheter heart valves, which can be implanted through a minimally invasive procedure, are expected to be one of the fastest-growing segments in the market.
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Structural Heart Devices Market Dynamics
Increasing prevalence of structural heart diseases: The incidence of structural heart diseases such as heart valve defects, atrial septal defects, and patent foramen ovale is increasing globally due to aging populations and lifestyle changes. This is expected to drive demand for structural heart devices.
Technological advancements in device design and materials: The development of new materials and technologies has led to the creation of devices that are more effective and durable, and have better outcomes. These advancements are expected to drive growth in the market.
Growing demand for minimally invasive procedures: Minimally invasive procedures are becoming increasingly popular as they offer several benefits, including reduced hospital stays, faster recovery times, and fewer complications. Structural heart devices that can be implanted through minimally invasive procedures are expected to experience significant growth.
Increasing healthcare spending: Healthcare spending is increasing globally, particularly in emerging markets. This is expected to drive demand for structural heart devices as more people gain access to healthcare.
Favorable reimbursement policies: Favorable reimbursement policies for structural heart devices are expected to drive market growth, particularly in developed countries where healthcare systems are well established.
However, there are also some challenges facing the structural heart devices market, including:
High cost of devices: Structural heart devices can be expensive, particularly in emerging markets where access to healthcare is limited. This can limit market growth.
Stringent regulatory requirements: Regulatory requirements for structural heart devices are stringent, particularly in developed countries, which can limit market growth.
Lack of skilled healthcare professionals: Minimally invasive procedures require specialized training and expertise, which can limit market growth in regions with a shortage of skilled healthcare professionals.
Top Players in the Global Structural Heart Devices Market
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.
JenaValve Technology Inc.
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Top Report Findings
The global structural heart devices market is expected to reach a value of USD 22.82 billion by 2028, growing at a CAGR of 9.8% during the forecast period.
Transcatheter heart valves are expected to be the fastest-growing segment in the market due to their effectiveness, minimal invasiveness, and low mortality rates compared to traditional surgical methods.
The North American region holds the largest share of the market due to its advanced healthcare infrastructure and high prevalence of cardiovascular diseases, while the Asia-Pacific region is expected to experience significant growth due to increasing healthcare spending and improving healthcare infrastructure.
Favorable reimbursement policies and increasing demand for minimally invasive procedures are expected to drive market growth, while the high cost of devices, stringent regulatory requirements, and shortage of skilled healthcare professionals may limit market growth.
The COVID-19 pandemic has had a significant impact on the structural heart devices market, with the postponement of elective surgeries and a decrease in hospital visits leading to a temporary decline in demand. However, as the pandemic subsides, the market is expected to recover and continue growing.
Top Trends in the Global Structural Heart Devices Market
Growing demand for minimally invasive procedures: The trend towards minimally invasive procedures is expected to continue, as they offer several benefits, including reduced hospital stays, faster recovery times, and fewer complications. Structural heart devices that can be implanted through minimally invasive procedures are expected to experience significant growth.
Technological advancements in device design and materials: The development of new materials and technologies is leading to the creation of devices that are more effective and durable, and have better outcomes. Examples of these advancements include the use of 3D printing and artificial intelligence in device design.
Increasing prevalence of structural heart diseases: The incidence of structural heart diseases such as heart valve defects, atrial septal defects, and patent foramen ovale is increasing globally due to aging populations and lifestyle changes. This is expected to drive demand for structural heart devices.
Focus on patient-centric care: There is a growing focus on patient-centric care in healthcare, which is leading to the development of devices that are tailored to individual patient needs. This includes personalized device design and better patient education.
Shift towards value-based healthcare: The shift towards value-based healthcare is leading to greater emphasis on outcomes and cost-effectiveness. This is expected to drive demand for devices that offer better outcomes at a lower cost.
Collaboration and partnerships: Collaboration and partnerships between companies, healthcare providers, and research institutions are becoming increasingly common in the structural heart devices market. These collaborations are leading to the development of new products and technologies that offer better outcomes and lower costs.
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Key Questions Answered in the Structural Heart Devices Market Report are:
What is the current size of the global structural heart devices market, and what is its expected growth rate during the forecast period?
What are the major market drivers, challenges, and opportunities in the structural heart devices market?
What are the key segments of the structural heart devices market, and what are their respective sizes and growth rates?
Who are the major players in the structural heart devices market, and what are their market shares, product portfolios, and business strategies?
What are the recent technological advancements in structural heart devices, and how are they impacting the market?
What are the major regulatory requirements and standards governing the development, manufacturing, and distribution of structural heart devices?
What are the key trends and developments in the structural heart devices market, and how are they expected to shape the market in the future?
What are the key challenges facing the structural heart devices market, and how can they be addressed?
What are the opportunities and threats facing the structural heart devices market, and how can market players capitalize on them?
What are the major geographic regions and countries in the structural heart devices market, and what are their respective sizes, growth rates, and opportunities for market players?
Browse market data Tables and Figures spread through 185 Pages and in-depth TOC on Structural Heart Devices Market Forecast Report (2022-2028).
Global Structural Heart Devices Market Segmentation
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
Latin America
Scope of the Report:
Report Attributes | Details |
Market Size in 2021 | USD 10.25 Billion |
Revenue Forecast by 2028 | USD 22.82 Billion |
CAGR | 9.8% from 2022 to 2028 |
Base Year | 2021 |
Forecast Year | 2022 to 2028 |
Key Players | 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., JenaValve Technology Inc. |
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Regional Analysis
North America: This region includes the United States and Canada. North America is the largest market for structural heart devices, driven by the high prevalence of cardiovascular diseases and advanced healthcare infrastructure.
Europe: This region includes countries such as the United Kingdom, Germany, France, Italy, and Spain. Europe is the second-largest market for structural heart devices, driven by the aging population and high healthcare spending.
Asia-Pacific: This region includes countries such as China, Japan, India, South Korea, and Australia. Asia-Pacific is expected to experience significant growth in the structural heart devices market due to the increasing healthcare spending and improving healthcare infrastructure.
Latin America: This region includes countries such as Brazil and Mexico. Latin America is a growing market for structural heart devices due to the increasing prevalence of cardiovascular diseases and improving healthcare infrastructure.
Middle East and Africa: This region includes countries such as Saudi Arabia, the UAE, and South Africa. The Middle East and Africa are expected to experience moderate growth in the structural heart devices market due to the increasing demand for advanced medical technologies and improving healthcare infrastructure.
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