Global Structural Heart Devices Market valued at $6.6 billion in 2021, is set to witness a healthy growth rate of 10% in the next 5 years

2022-08-01

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Summary: The rising geriatric population & corresponding rise in the prevalence of structural heart disease, technological advancements in structural heart devices, US FDA approval for expanded indications for several transcatheter heart valves, increasing awareness about structural heart diseases, and favorable reimbursements for structural heart procedures in key markets are some of the pivotal factors driving the global structural heart devices market. BRUSSELS, BELGIUM, August 01, 2022: Structural heart disease occurs when something is wrong with one’s heart valves, walls, chambers or muscles. It exists from birth or develops as one age. It includes conditions such as congenital heart disease, cardiomyopathy, and heart valve disease. APAC Market to Witness Highest Growth in the Next Five Years The growth of the structural heart devices market in the APAC is likely to be driven by China and India. Considering the lucrative prospects of the structural heart devices market in the APAC region, prominent companies have expanded their footprint in the region. For instance, In Jan 2022, Medtronic received approval of the CoreValve™ Evolut™ PRO TAVR system from National Medical Products Administration (NMPA) in China. CoreValve™ Evolut™ PRO TAVR system is aimed for the treatment of severe aortic stenosis (AS) for symptomatic patients in China who are at high or extreme risk for open heart surgery. “The clinical demand for treatment of severe aortic stenosis is expected to increase due to the growing aging population in China. Because of the advantages of minimally invasive procedure & quick recovery, transcatheter aortic valve replacement (TAVR) is fast-emerging as a suitable option for several elderly patients in China.” -Academician & Director, Leading Cardiology Hospital, China Transcatheter Mitral Valve Replacement Systems (TMVR), Tricuspid Valve Repair, and Tricuspid Valve Replacement Systems Likely to Open New Growth Avenues In the field of structural heart disease, interventional treatment for mitral regurgitation is one of the most challenging areas but showcases huge market potential. Mitral valve regurgitation is the most common type of heart valve disease in which the valve between the left heart chambers does not close completely, allowing blood to leak backward across the valve. Similarly, tricuspid regurgitation is a highly prevalent, but rarely treated disease. It occurs when the valve’s flaps do not close properly. As a result, blood can leak backward into the atrium from the leaky tricuspid valve, causing the heart to pump harder to move blood through the valve. Tricuspid regurgitation affects more than 2 million patients in the United States and represents a large, unmet clinical need. Explore Detailed Research Insights on Structural Heart Devices Market @ Citing the lucrative prospects and unmet needs of the market, players operating in the market are launching innovative devices to address the demand. For instance, In January 2022, InnovHeart s.r.l., a developer of novel Transcatheter Mitral Valve Replacement (TMVR) systems for the treatment of mitral valve disease raised $55 million in Series C financing to further develop the Trans-septal Saturn Transcatheter Mitral Valve Replacement System. Technological Advancements Drive the Structural Heart Devices Market The structural heart devices market is a technology-driven market and is marked by constant product enhancements/innovations. For instance, In September 2021, Abbott received U.S. FDA approval for Portico™ with FlexNav™ transcatheter aortic valve replacement (TAVR) system. The system treats people with symptomatic, severe aortic stenosis who are at high or extreme risk for open-heart surgery. Competitive Landscape Analysis: Structural Heart Devices Market The global structural heart devices market is marked by the presence of key players such as Edwards Lifesciences, Medtronic, Boston Scientific, Abbott, SMT, TTK Healthcare, Micro Interventional Devices (MID) Lepu Medical, Microport, CORCYM, among others. Organic and Inorganic Growth Strategies Adopted by Players to Establish Their Foothold in Structural Heart Devices Market The structural heart devices market is marked by the presence of both established and new players. Players operating in the market adopt both organic and inorganic growth strategies such as acquisitions, and new product launches to garner market share. For instance, In February 2022, Genesis MedTech Group completed the acquisition of JC Medical (JCM), a structural heart company engaged in the design and development of transcatheter valve replacement products for the minimally invasive treatment of structural heart diseases. The acquisition adds J-Valve, a minimally invasive transcatheter aortic valve replacement (TAVR) device for both aortic regurgitation and stenosis patients, to Genesis product portfolio and significantly improves the Group's ability to better meet the needs of patients, interventional cardiologists, and cardiac surgeons. The worldwide structural heart devices market is expected to continue to grow in the coming years due to growing cardiovascular cases, growth opportunities in the APAC region, technological advancements in structural heart devices, and favourable reimbursement in key markets. For a Customized Research Report on Structural Heart Devices Market, Contact Us @ About Medi-Tech Insights: Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have successfully completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services. Contact Us: Ruta Halde Associate, Medi-Tech Insights +32 498 86 80 79 info@meditechinsights.com