Structural Heart Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Structural Heart Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Structural Heart Devices Market is poised to grow at a CAGR of 8.56% over the forecast period (2022 - 2027).

The Covid-19 pandemic affected healthcare systems globally and resulted in the interruption of usual care in many healthcare facilities. This exposed vulnerable patients with cardiovascular diseases to significant risks. However, the demand for various cardiovascular devices including structural heart devices increased during the pandemic, owing to the increased risk of infection among cardiovascular patients. Several research also suggested the efficiency of the drugs among Covid-19 infected patients. For instance, the article “Coronavirus fulminant myocarditis treated with glucocorticoid and human immunoglobulin” published in January 2021 showed that when a case study was conducted on a Chinese male of 37 years admitted to hospital with chest pain and dyspnoea for 3 days, accompanied by diarrhea, the patient chest computed tomography (CT) examination indicated pulmonary infection, enlarged heart, and pleural effusion, while the electrocardiogram (ECG) suspected ST-segment elevation acute myocardial infarction, which led to a better diagnosis of the patient. Such research during the pandemic is anticipated to generate demand for structural heart devices, used for patient survival. Thus, the pandemic is anticipated to show a considerable impact on the market studied.

Factors such as increasing cardiovascular diseases, rapid technological advances, growing public awareness, and government initiatives related to cardiovascular diseases globally are expected to positively impact the market growth.

The rising prevalence of cardiovascular diseases (CVDs) globally, growing research and development (R&D) and investments in efficient drug development, and increasing availability of reimbursement policies are the major factors that contribute to the market growth. For instance, the “UK Factsheet January 2022” published by “British Heart Foundation (BHF)” shows that around 7.6 million people are living with heart and circulatory diseases in the United Kingdom. Additionally, as per the source above, nearly 4 million males and 3.6 million females were diagnosed with heart and circulatory diseases in the country in 2021. This high prevalent heart and circulatory disease patients generate demand for more treatment procedures such as angioplasty and heart surgeries for patient survival. Thereby creating opportunities for structural devices such as heart valves, and annuloplasty rings globally. Therefore, the burden of heart diseases across the globe is expected to fuel the market growth during the analysis period.

Furthermore, the development activities by the market players in the form of product launches, acquisitions, mergers, and investments are also expected to enhance the market growth. For instance, in August 2021, CORCYM enrolled the first patient in MANTRA (Mitral, Aortic aNd Tricuspid post-maRket Study in a reAl-world setting) study. The first patient was implanted in Italy, at Citta di Lecce Hospital with a Bicarbon aortic mechanical valve. Such advancements are expected to drive the market to grow in the future.

Therefore, owing to the above-mentioned factors the market studied is expected to grow over the forecast period. However, less accessibility to new technology in the emerging markets and irregular reimbursement scenarios are the factors that are anticipated to hinder the market growth.

Key Market TrendsHeart Valve Devices Segment is Expected to Grow Over the Forecast Period

Heart devices include heart valve balloon occluders and annuloplasty rings. If the heart is oversized or has a leaky valve, these devices are utilized to restructure and tighten the ring around the heart. Owing to the increasing cardiovascular diseases globally, the demand for heart valve devices is growing, which is further expected to fuel market growth.

The article published in June 2022 stated that heart valve surgery is a procedure to treat heart valve disease which involves at least one of the four heart valves not working properly. Heart valves keep blood flowing in the correct direction through the heart. Thus, the advantages of the devices are anticipated to fuel the segment growth.

Additionally, product approvals and new drug launches are the primary factors affecting the availability of a huge concentration of drugs in the market. This is expected to drive segment growth. For instance, in September 2021, Abbott received the Food and Drug Administration (FDA) approval for the company's Epic Plus and Epic Plus Supra Stented Tissue Valves to improve therapy options for people with aortic or mitral valve disease. With this new device, Abbott expanded its Epic surgical valve platform.

In addition, in August 2021, the First 'Made in India' 3-D printed heart valve was developed in Chennai. The new heart valves are developed using 3D printers which can overcome the problems related to artificial heart valves. Thus, increasing developments are anticipated to drive segment growth over the forecast period.

Therefore, owing to the factors mentioned above, the segment is anticipated to witness growth over the analysis period.

North America is Expected to Hold Largest Market Share over the Forecast Period

North America is anticipated to witness growth over the forecast period and dominate the market. Among other countries in the region, the United States is leading the market, due to factors such as an increase in healthcare expenditure, increasing research and developments, and a rising prevalence of heart diseases. Additionally, the rising geriatric population across the United States is the primary driver for the United States structural heart devices market.​

The data updated by Cedars-Sinai in January 2022 shows that coronary artery bypass graft surgery (CABG), also known as coronary artery bypass, or bypass surgery, is the most common type of heart surgery and more than 300,000 people have successful bypass surgery in the United States each year. This shows a rising burden of cardiovascular diseases in the country.

In addition, the Centers for Disease Control and Prevention (CDC) data updated in July 2022 shows that coronary heart disease is the most common type of heart disease, and approximately 20.1 million adults of age 20 and older have the disease in the United States. Additionally, as per the CDC data every 40 seconds, someone suffers from a heart attack and nearly 805,000 people in the United States have a heart attack every year. Thus, the high burden of cardiovascular diseases demands for the development of structural heart devices used for treatment in the United States. This is expected to fuel market growth.

Moreover, the development activities by the market players in the form of product launches, acquisitions, mergers, and investments are also expected to enhance the market growth. For example, in May 2022, Centerline Biomedical, Inc. completed the second in a series of structural heart navigation animal studies. Physicians from Cleveland Clinic's Heart, Vascular and Thoracic Institute evaluated the feasibility of applying the company's augmented reality image guidance technology to navigate structures in a beating heart. Thus, increasing developments are anticipated to drive market growth over the forecast period in the country.

Therefore, owing to the factors mentioned above, the market studied is anticipated to witness growth in the region.

Competitive Landscape

The market is competitive with signicant contribution of several public and private companies operating at the global level. Many companies are now exploring collabroation opportunities in many of medical tourism destinations across the emerging markets of the world. Some of the top players include Abbott Laboratories, Boston Scientific Coporation, Medtronic PLC, Lepu Medical, and Edwards Life Sciences Corporation, among others.

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