Structural Heart Devices Market To See Record Break Revenue $12.07 billion By 2022 | Medical Technology Est., Boston Scientific Corporation

Key companies are investing heavily in the structural heart devices market to treat leaky mitral heart valves, a serious condition affecting millions of people. Mitral valve repair is currently a big, large untapped need, which is yet to be catered.

The structural heart devices market was valued at $6,006 million in 2015, and is projected to reach $12,076 million by 2022, growing at a CAGR of 10.5% from 2016 to 2022.

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COVID-19 scenario-

1) Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.

2) However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.

3) Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.

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.

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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.

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