Structural Heart Devices Market Expected To Reach US$ 18.9 Bn By 2026
The latest market report published by Brisk Insights “Structural Heart Devices Market - Growth, Future Prospects, Competitive Analysis, 2018 - 2026,” the global structural heart devices market was valued at US$ 7.5 Bn in 2017 and expected to reach US$ 18.9 Bn by 2026, expanding at a CAGR of 10.7% from 2018 to 2026.
Market Insights
Structural heart diseases are non-coronary abnormalities comprise conditions which are either congenital or due to certain abnormalities developed in heart valves, and vessels due to age or underlying conditions. Common conditions respective to heart structure include paravalvular leak, ventricular septal defect, arterial venous fistulae, patent foramen oval, and so on. Significantly large prevalence of cardiovascular abnormalities. In the U.S. alone approximately 60 million individuals presenting 20% of the total population suffers from structural heart defects. This represents a significant opportunity for the use of structural heart devices. These conditions present a wide category of treatment including both repair and replacement procedures, for both acquired and congenital diseases.
Favorable reimbursements for the novel minimally invasive procedures have made procedures such as TAVR highly popular and affordable to the patients. As the global population is aging, the medical expenditure in several countries is being covered by the government and private insurers. This eases the per capita healthcare burden, therefore urging more and more patients to opt for such treatments. Furthermore, increasing awareness about the novel procedures and increasing availability of long-lasting implants drive the global market growth.
The major market players are also increasing their investments in research and development activities to enhance the effectiveness of these devices. It is expected that by 2020 some prominent and advanced pipeline products shall be commercialized. Boston Scientific Corporation, Abbott Laboratories, Medtronic, Edwards Lifesciences Corporation are some of the leading companies in this space.
Browse the full report Structural Heart Devices Market - Growth, Future Prospects, Competitive Analysis, 2018 – 2026 at https://www.briskinsights.com/report/structural-heart-devices-market
Based on the type of devices, the global structural heart devices market is segmented into heart valve devices, repair devices and accessories. Among these the demand for heart valve devices is set to be the highest during the forecast period. Similarly, the replacement procedures segment in terms of procedure types is estimated to undergo the fastest market growth. Consistent growth in geriatric population, rapid adoption of transcatheter aortic valve replacement therapies, and affordable process of replacement procedures contribute to the rapid growth of this segment. Additionally, North America and Asia Pacific markets are the most prominent regions to watch during the forecast period in terms of revenue and market growth respectively. Asia Pacific region will progress at the fastest CAGR during the forecast period. Considering the competitive landscape, the global structural heart valve devices has rapidly changing dynamics. The new market entrants with promising pipeline devices are often being acquired by incumbent players with rich financial pool. The existing players are also strengthening their geographical foothold through mergers, distribution agreements and other growth strategies. The major players operating in this market are Abbott Laboratories, Edwards Lifesciences Corporation, Medtronic, Boston Scientific Corporation and others.
Key Market Movements:
• Growing incidence of congenital heart defects, and high prevalence of age related structural conditions
• Growing awareness and reducing procedure costs in Asia Pacific
• Intensifying market entry of major market players from developed countries to emerging Asia Pacific region
• Growing demand for minimally invasive procedures therefore paving way for transcatheter procedures