Structural Heart Devices Market is projected to expand at a high CAGR of 2.3% fr
Posted by ankushraoaniket1tmr on May 16th, 2019
Transparency Market Research (TMR) has published a new report titled, “Structural Heart Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2028.” According to the new report, the global structural heart devices market was valued at US$ 9,444.0 Mn in 2017 and is projected to expand at a CAGR of 7.9% from 2018 to 2026. Surge in awareness about valve regurgitation and valve stenosis is anticipated to propel the global market between 2018 and 2026. North America and Europe are expected to dominate the global market, owing to an increase in demand for novel technologies. The market in Asia Pacific is projected to expand at a high CAGR during the forecast period. The structural heart devices market in Latin America is likely to grow at a moderate pace during the forecast period. Key factors contributing to the growth of the market in Brazil are rapid improvement in health care infrastructure and increase in purchasing power of people. Additionally, health care companies strive to cut hospitalization costs, while offering better services to patients in the country. Rise in awareness about minimally invasive heart surgery in South Africa propels the market in the region.
Rise in Prevalence of Structural Heart Diseases to Propel Market
Structural heart disease is a serious health problem affecting a large population across the globe. Hypertension, diabetes, and obesity are the leading causes of cardiovascular disorders, especially stroke, stenosis, atresia, and regurgitation. The prevalence of these disorders is constantly rising due to socioeconomic factors such as lifestyle-induced diet, physical inactivity, and other habits such as smoking. Rise in cardiovascular disease prevalence also drives the global market. More than 400 million people were suffering from cardiovascular diseases in 2017.
Increase in Demand for Minimally Invasive Procedures to Drive Market
Minimally invasive procedures are non-surgical procedures that facilitate minimal incision, shorter hospital stay, and lesser complications after surgery, and faster recovery time. These factors increase demand for minimally invasive surgeries. MitraClip is mitral-valve-repair device. More than 50,000 people across the world have taken treatment with this device as of 2017. Majority of open-heart procedures will gradually be replaced by more minimally invasive options for patients with structural heart disease in the near future.
Transcatheter Heart Valves Segment to Dominate Market
Transcatheter heart valves was a prominent segment of the global structural heart devices market in 2017. The segment is projected to expand at a high CAGR during the forecast period. Transcatheter aortic valve replacement (TAVR) is the first catheter-based treatment procedure for structural heart disease patients and will likely replace majority of open-heart surgical valve replacements.
Replacement Procedure Segment to Lead Market
The replacement procedure segment is projected to dominate the global market during the forecast period, accounting for the largest share by 2026. The segment is anticipated to expand at a high CAGR between 2018 and 2026. Increase in demand of surgical aortic valve replacement procedure and left atrial appendage closure procedure is expected to propel the market during the forecast period. 70,000 to 90,000 heart valve replacements are carried out in the U.S. each year.
Asia Pacific Offers Significant Opportunities
Asia Pacific accounted for high share of the global structural heart devices market in 2017. The region is likely to gain market share by 2026. High adoption of structural heart devices and government initiatives to promote innovative devices contributed to Asia Pacific’s high share of the global structural heart devices market. The region is projected to be an attractive market for structural heart devices during the forecast period. The market in Asia Pacific is likely expand at a high CAGR during the forecast period due to large number of structural heart disease patients. Japan accounted for the largest share of the market in the region in terms of revenue in 2017. Edwards Lifesciences Corporation’s Sapien heart valve device was launched in Japan in 2013 and 5,200 procedures were performed with the device as of 2017.
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Rise in Structural Heart Diseases among Geriatric Population
According to the American College of Cardiology (2018), heart disease is the most frequent condition in older adults and the no. 1 cause of death. Cardiovascular diseases account for 17.9 million deaths each year. According to the American Heart Association, people aged 75 and older account for 66% of cardiovascular disease deaths.Top Searches - Trending Searches - New Articles - Top Articles - Trending Articles - Featured Articles - Top Members
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