(PharmaNewsWire.Com, June 26, 2020 ) Growth in this market is mainly driven by 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.
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%.
Players in this market compete to deliver superior and advanced technologies for heart valve repair and replacement. In 2017, the structural heart devices market was dominated by a few large players, namely, Edwards Lifesciences Corporation (US), Medtronic plc (Ireland), Abbott (US), Boston Scientific Corporation (US), and LivaNova plc (UK).
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.
On the basis of product, the global structural heart devices market is segmented into heart valve devices, occluders and delivery systems, annuloplasty rings, other devices, and accessories. The heart valve devices segment is expected to register the highest CAGR during the forecast period.
The APAC region is projected to register the highest CAGR during the forecast period. Factors such as the rising geriatric population, favorable reimbursement scenario, the presence of a large target patient population, increasing regulatory approvals, increasing healthcare expenditure, implementation of government-funded insurance schemes, and the growing medical tourism industry in several APAC countries are expected to drive the growth of the Asia Pacific structural heart devices market.
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