In the modern advances of medical sciences, many medical heart device companies and institutes are focusing upon several ways to replace or repair structural heart diseases such as congenital and age-related heart defects.
There is a significant growth over the decade in the type of complexities which are presented by the cardiovascular patients. To curb them, structural heart devices play a significant role in the treatment of chronic heart disorders. The initiatives and awareness programs by the government and private sector in collaboration with cardiac specialized hospitals also drive the adoption of such devices in the healthcare facilities.
Some of the major structural heart diseases having a significant burden across the world include atrial septal defects, aortic stenosis, peripheral arteriovenous fistula, along with related indications. As an alternative to open surgeries, there has been a steady increase in the adoption of minimally invasive devices which also drives the demand for structural heart devices market, over the forecast period.
Key Market Trends
Replacement Procedures is Expected to Contribute to Significant Revenue Over the Forecast Period
The transcatheter aortic valve replacement (TAVR) is one of the noticeable advances under the replacement procedures segment, TAVR has gained attention because of growing adoption of minimally invasive surgical procedures. Under sedative medications, the procedure lasts for a shorter period than open heart surgery and is highly useful for patients with severe aortic stenosis (AS). In many multispeciality healthcare facilities, the replacement therapies are considered to be safer, offer better effectiveness and are applicable to a greater range of patient population, as per the study published in the Annals of Cardiothoracic Surgery, 2017.
Furthermore, the better participation by the government authorities to push more on innovation and better distribution network across the cities are expected to drive and provide steady growth to replacement procedures, over the forecast period.
North America is Expected to Hold Largest Market Share over the Forecast Period
North America is the major contributing geography for the structural heart devices market. The presence of better awareness in the society regarding the heart indications and well-organized infrastructure in the cities of the United States ad Canada, along with the faster approval process of medical devices in the region, are a few of the important factors driving the growth of the studied market in this region.
The better healthcare expenditure, boost to innovative medical device companies through funding from venture partners, and steady participation of small business innovation research in the innovative projects drives the demand of cardiovascular devices and positively impacting the growth of structural heart devices.
The market is moderatley fragmented with signicant contribution of several public and private 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, Edwards Life Sciences Corporation, among others.
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