Structural Heart Devices Market Size To Reach USD 12.07 Billion, Globally, By 2022
Pune, Maharashtra, India, September 10 2020 (Wiredrelease) Allied Analytics –:UPDATE AVAILABLE ON-DEMAND
According to the report by Allied Market Research, the global structural heart devices market is estimated to register a CAGR of 10.5% from 2016 to 2022. The research helps leading players and startups to devise new strategies based on current market trends and changing dynamics. Competitive landscape is mentioned in the report based on business segments, products portfolio, and strategic moves & developments of leading market players. Detailed segmentation assists in determining growing segments and determining further steps to capitalize on lucrative segments. Regional landscape is helpful in determining opportunities and driving factors of each region and taking further steps. 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.
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.
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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.
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.
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The Major Key Players Are:
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.
Key Findings of Structural Heart Devices Market:
• 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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