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Structural Heart Devices Market Insights, Competitive Analysis, Latest Trends, And Forecast To 2033
Structural Heart Devices Market Insights
According to The Business Research Company's, The structural heart devices market size has grown strongly in recent years. It will grow from $9.5 billion in 2023 to $10.4 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to the shift towards less invasive surgical techniques, the demand for minimally invasive structural heart devices, ongoing training and education programs for healthcare professionals, rising healthcare expenditure, growing patient preference for non-surgical or minimally invasive treatment options.
The structural heart devices market size is expected to see strong growth in the next few years. It will grow to $15.06 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to the increasing aging population, growing awareness about heart health, the implementation of screening programs, favorable reimbursement policies for structural heart procedures, timely regulatory approvals for new structural heart devices. Major trends in the forecast period include increasing adoption of transcatheter valve replacement, ongoing development of innovative devices with advanced materials, growing emphasis on personalized treatment approaches, increasing adoption of hybrid procedures, integration of remote monitoring and telehealth solutions.
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Market Drivers and Trends:
The rising prevalence of cardiovascular diseases is expected to propel the growth of the structural heart device market going forward. Cardiovascular diseases (CVDs) are a group of disorders affecting the heart and blood vessels, including conditions such as coronary artery disease, heart attacks, and strokes. The cases of cardiovascular diseases, including heart disease and stroke, have been steadily increasing globally due to sedentary lifestyles, poor dietary habits, rising obesity rates, smoking, and aging populations. Structural heart devices treat cardiovascular diseases by repairing or replacing damaged heart valves, correcting structural defects, and improving heart function and patient outcomes. For instance, in January 2024, according to a report published by the American Heart Association, a US-based nonprofit organization focused on cardiovascular medical research, cardiovascular disease caused 931,578 deaths in the US, slightly more than the 928,741 in 2020. Globally, there were 19.91 million CVD deaths in 2021, compared to 19.05 million in 2020. Therefore, the rising prevalence of cardiovascular diseases is driving the growth of the structural heart device market.
Major companies operating in the structural heart devices market are developing minimally invasive treatment procedures and devices to enhance patient outcomes, reduce recovery times, and expand treatment options for structural heart conditions. A self-expanding transcatheter aortic valve implantation (TAVI) system is a device designed to deploy and secure the replacement valve within the native aortic valve anatomy without relying on balloon inflation. For instance, in December 2022, Abbott Laboratories, a US-based company manufacturing medical devices and health care products, launched the latest-generation transcatheter aortic valve implantation (TAVI) system, Navitor, in India. It is tailored for individuals with severe aortic stenosis at high or extreme surgical risk and features advancements such as a unique design to prevent valve leakage. Navitor enhances Abbott's structural heart transcatheter portfolio, offering physicians and patients minimally invasive treatment options for heart diseases. It stands out as the sole self-expanding TAVI system with intra-annular leaflets and large frame cells, facilitating improved access to coronary arteries for potential future interventions in coronary artery disease (CAD). This new design also enhances hemodynamics, optimizing blood flow.
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Major Key Players of the Market:
Abbott Laboratories, Medtronic Plc, Boston Scientific Corporation, Terumo Corporation, Edwards Lifesciences Corporation, W. L. Gore & Associates Inc., Bracco Group, LivaNova PLC, Meril Life Sciences Pvt. Ltd., CryoLife Inc., Braile Biomédica, TTK Healthcare Limited, Direct Flow Medical Inc., JenaValve Technology Inc., Micro Interventional Devices Inc., CardioKinetix Inc., Xeltis AG, Ancora Heart Inc., JOMDD Inc., Valcare Medical, BioStable Science & Engineering Inc., Comed B.V., Transcatheter Technologies GmbH, Navilyst Medical Inc.
Structural Heart Devices Market 2024 Key Insights:
• The structural heart devices market size is expected to see strong growth in the next few years. It will grow to $15.06 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%.
• Rising Prevalence Of Cardiovascular Diseases And The Structural Heart Device Market
• Advancements In Minimally Invasive Repair Devices For Structural Heart Conditions
• North America was the largest region in the structural heart devices market in 2023
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