Structural Heart Devices Market Size to Surpass US$31.71 Billion by 2030, The Brainy Insights
The increasing incidence of structural heart diseases will drive the global structural heart device market. The improvement is bound to continue and offer lucrative opportunities to the market players in the global structural heart devices market. The North American region emerged as the largest global structural heart devices market, with a 45.31% market revenue share in 2022.
Newark, Feb. 21, 2023 (GLOBE NEWSWIRE) — The brainy Insights estimates that the USD 13.44 billion in 2022 structural heart devices market will reach USD 31.71 billion by 2030. Given the considerable knowledge that the world has now gathered about life sciences over the past few years, modern medicine is extremely advanced. Earlier, diseases that impacted huge populations or started pandemics required the medical community’s attention. The main focus was on coronaviruses, smallpox, influenza, and other illnesses and infections. Such illnesses have grown endemic as medical care has advanced worldwide, and the number of people dying from them has significantly dropped. The treatment of chronic and uncommon diseases and improving patient outcomes are now the main priorities. Automation, digitization, and technology breakthroughs have transformed healthcare globally. Novel drugs, therapies, devices and treatments have become possible due to focusing on providing each patient with the best possible healthcare. Genetic research and development are growing, creating promising and potentially effective medicines that can enhance patient outcomes. Government agencies and business organizations are working together to increase research funding for structural heart devices.
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Key Insight of the structural heart devices Market
Asia Pacific is expected to grow the fastest during the forecast period 2022-2030.
Asia Pacific is expected to grow the fastest during the forecast period 2022-2030. The significant population of the region has witnessed an increase in the number of structural heart disease patients. The changing lifestyle of the young population associated with an unhealthy diet, no-physical exercise and excessive alcohol consumption/smoking/drugs has increased the incidence of structural heart diseases. The increasing healthcare expenditure undertaken by the government towards developing advanced medication, devices and treatments are also augmenting the regional market’s growth.
The aortic valvular diseases segment will augment the structural heart devices market during the forecast period.
The indication segment is divided into atrial septal defects, aortic valvular disease, pulmonary valvular disease, patent foramen ovale, ventricular septal defects, mitral valvular disease, patent ductus arteriosus, and others. The aortic valvular disease segment dominated the market with a market share of around 25% in 2022.
The heart valve devices segment will augment the structural heart devices market during the forecast period.
The product segment is divided into heart valve devices, annuloplasty rings, occluders and delivery systems, transcatheter mitral valve repair, and others. The heart valve devices segment dominated the market with a market share of around 45% in 2022.
The replacement segment will augment the structural heart devices market during the forecast period.
The procedure segment is divided into repair and replacements. The replacement segment dominated the market with a market share of around 65% in 2022.
Advancement in market
November 2022 – A USD 20 million Series A funding for the medical device startup Nyra Medical, Inc., which is developing a revolutionary transcatheter mitral valve replacement method, was closed in November 2022. Broadview Ventures, Epidarex Capital, and the Georgia Research Alliance Venture Fund were among the investors in the round, co-led by Vensana Capital and a significant international medical equipment firm. The financing proceeds will support Nyra’s technology through preliminary clinical viability trials. To address inadequacies that result in mitral regurgitation, Nyra is developing a transcatheter technique called CARLEN. It changes the native mitral valve leaflets with a proprietary implant.
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Market Dynamics
Driver: increasing structural heart devices globally
Infants can develop structural heart disorders, and adults can also get them. The prevalence of structural heart disorders has increased. In the USA, for instance, roughly the same number of adults are diagnosed with congenital heart illnesses each year as there are congenital heart disease sufferers among children worldwide. Similarly to that, cardiomyopathy affects thousands of people. The prevalence of structural heart problems has increased due to the rising trend of utilizing drugs, alcohol, and tobacco as stress relievers. Similarly, the prevalence of heart attacks has increased the population’s susceptibility to structural heart problems. Patients with structural heart disease are becoming more prevalent, which is also being fueled by disorders including hypertension, high blood pressure, autoimmune diseases, and others. The rising prevalence of structural heart disorders will drive the global market for structural cardiac devices.
Restraint: expensive structural heart devices
Developing sophisticated diagnostic and therapeutic methods costs billions of dollars. High-cost inputs create any therapy or product, including medical equipment, drugs, and personnel. However, the success of any novel drug or device is not guaranteed. These failed efforts to advance medicine resulted in a substantial financial loss. The successful ones have made significant financial investments. Research and development for structural cardiac devices take time and money. The funds used in the research and development of successful projects must be recovered when the product is put on the market to continue developing new therapies or gadgets. As a result, the market actors demand high prices for these smart, expensive, and efficient products.
Opportunities: rising research and development expenditure
Government institutions across the globe have increased their research and development spending to strengthen their countries’ infrastructure for diagnosis and treatment due to the rising prevalence of structural heart disorders. The medical industry has improved medical devices, drugs, therapies, and treatments to make them more efficient, affordable, and available to the general public. The pharmaceutical and biotechnology industries can now concentrate on diagnosing and treating ailments previously ignored, given the advancements in global healthcare over the years. Therefore, the infrastructure for diagnosing and treating structural heart disorders has been strengthened due to technical improvements and rising research and development spending. The structural heart devices industry is expected to improve and present profitable prospects to market participants worldwide.
Challenge: comprehensive regulatory approval processes
Even though structural heart devices have the potential to prolong and improve the quality of life for patients, they also carry the risk of injury if necessary precautions are not taken during their approval or commercial use. These gadgets can potentially negatively affect the patients and result in serious, permanent harm. Strict regulations are in place governing the approval of structural heart devices and overseeing their use afterwards to protect the interests of consumers. National institutions carry out these laws and regulations. They are in charge of the populace and hold big pharma corporations accountable for carelessness or other wrongdoing. Such strictness may deter companies from pursuing innovations that advance medicine by causing delays in approvals that harm their business. The government’s strict controls will hamper the market’s expansion.
Some of the major players operating in the structural heart devices market are:
• Abbott
• Boston Scientific Corporation
• CryoLife
• Edwards Lifesciences Corporation
• JenaValve Technology Inc.
• Lepu Medical Technology
• LivaNova PLC
• Medtronic PLC
• Micro Interventional Devices
• St. Jude Medical
Key Segments cover in the market:
By Indication
• Atrial Septal Defects
• Aortic Valvular Disease
• Pulmonary Valvular Disease
• Patent Foramen Ovale
• Ventricular Septal Defects
• Mitral Valvular Disease
• Patent Ductus Arteriosus
• Others
By Product
• Heart Valve Devices
• Annuloplasty Rings
• Occluders and Delivery Systems
• Transcatheter Mitral Valve Repair
• Others
By Procedure
• Repair
• Replacement
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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