Structural Heart Devices Market Analysis with Global Growing Industry Key Players - Medtronic,Abbott Laboratories,Boston Scientific Corporation
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Among the available devices in the market, the Tissue Engineered Heart Valves are expected to drive new applications in the market. These valves also known as biological valves offer new ways of replacement surgeries, which are organic and less-invasive as opposed to conventional valves. Moreover, these also offer new opportunities due to advent of personalized medicine. This segment is likely to reach US$8 bn in 2027.
The structural heart devices market is expected to expand significantly in Asia Pacific region. The market promises robust opportunity in North America as large population of patients with heart disease, spread of obesity, and growing innovation will drive growth. In Asia Pacific, the rising disposable income, growing access to healthcare, and rising obesity in urban areas are expected to drive the fastest growth in the region.
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Rising Heart Failure Cases to Drive New Opportunities for Growth and Innovation
The structural heart device is widely used in various cardiac procedures for acquired diseases as well as congenital diseases. These include septal defects, valvular diseases, venous obstructions, arterial diseases, and issues like atrial appendage. Among these, rising heart failure cases promise the largest application in the structural heart devices market. According to Center for Disease Control and Prevention, there are over 5.7 million cases of heart failure in the United States. Additionally, these amounts to 1 in 10 death cases are attributed to heart failures. CDC estimates that each year, the disease costs over $30 billion to United States government each year. Moreover, current patients with heart failure possibilities will likely face fatal consequences without the heart replacement surgeries within a 5 year period. This fatal nature, and importance of structural heart devices in treating the fatal disease is likely to create new opportunities for players in the market.
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Hybrid Procedures Remain Most Promising to Drive Growth
Surgical and interventional procedures are likely to remain major applications in the structural heart devices market. Moreover, the evolution of hybrid procedures promises a robust application in the area. These include modern equipment, ventilation, and facilitation of both the procedures are important factors for end-consumers. Their cost-effective application, high imaging systematic application, and ventilation procedures will drive growth. The advancements in Computed Tomography or CT scans are also expected to create new opportunities for growth in the structural heart devices market. These are likely important for growth of catheter technologies.
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