Structural Heart Devices Global Market estimated to be worth $15,671.0 million by 2024
Structural heart (SH) devices are used for the treatment of congenital heart diseases and other diseases of heart that develop due to aging and reduce the effectiveness of functioning of the heart. The major structural heart diseases include heart valve diseases (valve stenosis and regurgitation) which are treated either by repair or replacement of the valve and septal defects or heart holes (ASD, VSD, PDA, PFO, PVL), left atrial appendage are treated by implanting occluders. According to IQ4I Analysis, Structural heart device market is expected to grow at a double digit CAGR to reach $15,671.0 million by 2024.
Increase in the prevalence of heart valve disease due to rise in aging population, technological advancement and demand for minimally invasive surgery are driving the market growth. A vast number of pipeline products, growing healthcare budgetary allocation and increasing funding for structural heart devices research are some of the growth opportunities available in the market. However, lack of skilled and trained professionals and high cost associated with the device and procedure are some of the restraints of the market. Stringent regulatory requirements with high cost of device development and lack of patient awareness and primary healthcare infrastructure in developing countries are some of the threats of the market.
The structural heart devices global market is segmented into repair and replacement devices based on the products. The replacement devices segment held the largest market revenue in 2017 and expected to grow at a double digit CAGR from 2017 to 2024 due to technological advancement in transcatheter based technology particularly in case of mitral valve regurgitation (TMVR).
In structural heart repair devices segment, transcatheter repair device held the largest share and is projected to grow at a strong double digit CAGR from 2017 to 2024. Among transcatheter repair devices, Transcatheter mitral valve repair device held the largest share and is projected to grow at a strong double digit CAGR from 2017 to 2024. Structural heart Replacement segment is dominated by Transcatheter valve replacement and expected to grow at a strong double digit CAGR from 2017 to 2024. Among transcatheter replacement devices TMVR is expected to grow at a strong double digit CAGR as there is huge demand for TMVR devices and numerous companies are developing transcatheter mitral valve replacement devices. For instance, Abbott’s Tendyne Transcatheter Mitral Valve Replacement has treated 100 patients in a global study, the first and only mitral replacement valve that can be easily positioned and fully retrievable allowing more precise implantation, for better patient outcomes. Some other companies which are developing TMVR devices are Micro Interventional Devices - Permavalve - Mitral Valve Replacement, MitrAssist Ltd - MitrAssist valve, NaviGate Cardiac Structures Inc - Navi mitral valved stent, strait access technologies pty ltd - Synthetic heart valve.
Advanced technologies like cardiac or ventricular remodeling, chordal mitral valve replacement, and transcatheter tricuspid valve replacement will drive the Structural heart device market. Some of the Ventricular remodeling products include Parachute implant a ventricular partitioning device from Cardiokinetix and Revivent TC TransCatheter ventricular enhancement system from BioVenrix, both are CE approved and transcatheter tricuspid valve replacement device from NaviGate Cardiac Structures Inc, which offers Gate Tricuspid vavled stent which is Canadian approved. Some of the advanced technologies which are in development phase are Novostia SA (Switzerland) - LTV a prosthetic heart valve resistant to thrombosis, structural failure and not requiring anticoagulation therapy and Valcare Medical, Inc. (Israel) - Amend mitral valve repair, a minimally-invasive annuloplasty anchoring system that attaches to the annulus in four different zones with short procedure time. These upcoming products will realize the unmet needs.
The Structural heart device market is consolidated with top five players occupying major share of the market. The top players include Edward Lifesciences, Medtronic PLC, Abbott Laboratories, Boston scientific and LivaNova. These companies are maintaining strong position in the market by have a strong distribution network, by enhancing patents portfolio and acquisition strategy. For instance, Abbott Laboratories acquired St.Jude medical in January 2017, through this acquisition Abbott increased its product portfolio in structural heart devices with range of products like occluders, valves and annuloplasty rings. Edward lifesciences acquired Harpoon medical in December 2017 and gained access to HARPOON system, an echo guided degenerative mitral regurgitation repair technology with fast recovery and low morbidity.
The Structural heart devices global market based on geography is divided into North America, Europe, Asia-Pacific and Rest of the world. North America region commanded the largest share in 2017 and is expected to grow at a strong CAGR from 2017 to 2024. A high prevalence of cardiovascular disease such as heart failure, cardiogenic shock, dilated cardiomyopathy, ventricular insufficiency, Valvular heart disease, congenital heart diseases and growth in aging population and favorable reimbursement coverage led the market growth in this region. However, Asia-Pacific is expected to grow at a strong double digit CAGR from 2017 to 2024 owing to the rapidly increasing aging population with high prevalence of cardiovascular diseases, improving healthcare infrastructure and rise in healthcare spending in the emerging countries, such as India and China.
Major players in Structural heart device market include Abbott laboratories (U.S.), Medtronic (Ireland), Boston Scientific (U.S.), Edward Lifesciences (U.S.), LivaNova (U.K.), Lepu Medicals (China), JenaValve Technologies GmbH (Germany), Braile biomedia (Brazil), Cryolife (U.S.), Labcore Laboratories ltd (Brazil).
Some of the key players operating in Structural heart device global market include BioVentrix, Inc (U.S.), Balton Sp. z o.o (Poland), Cardiac dimensions, Inc (U.S.), Cardiosolutions, Inc (U.S.), Colibri Heart Valve, LLC (U.S.), Effluent medicals (France), Heart Leaflet Technologies (U.S.), Leman cardiovascular (Switzerland), Medtentia International Ltd Oy (Finland), NaviGate Cardiac Structures Inc (U.S.), Neochord (U.S.), Occlutech (Germany), Strait access technologies Pvt ltd (South Africa), TTK Chitra Valve (India), Valcare medical (Israel).