Structural Heart Devices Market to grow at 7.9% CAGR during 2018 and 2026
Published On : Feb 24, 2019 | Category : Healthcare
Various devices play a key role in the medical industry to safeguard patients, especially during surgeries. Structural heart devices are such important devices and help medical practitioners effectively during minimally invasive surgeries. These devices are often used to treat mitral valve replacement, aortic valve replacement, and prosthetic heart valve replacement. During Tran catheter heart valve replacement, minimal invasive nature is of paramount importance to medical practitioners. The devices enable medical caretakers eliminate the need for a more risky and more time-consuming conventional surgery by conducting valve replacement surgery via a catheter.
The global structural heart devices market is driven by surge in demand for minimally invasive procedures, increase in the geriatric population, and rise in prevalence of structural heart diseases. The global market was valued at US$ 9,444.9 Mn in 2017 and is projected to reach US$ 18,692.1 Mn by 2026 at a CAGR of 7.9% from 2018 to 2026.
The global structural heart devices market was evaluated at US$ 9,444.9 Mn in 2017. The market is expected to register robust growth driven by increase in geriatric disorder related diseases, increase in number of structural heart disease cases and increasing consumer demand for minimally invasive procedures. The market is expected to grow at 7.9% CAGR to reach US$ 18,692.1 Mn by 2026.
Rise in Structural Heart Diseases cases to drive Market
Structural heart disease is a growing concern worldwide. Various illnesses such as diabetes, hypertension and obesity are major factors in driving cardiovascular diseases. These illnesses can be life-threatening in nature. Some of these ailments include stroke, atersia, stenosis, regurgitation, etc. Moreover, increasingly fast-paced life, physical inactivity and harmful habits such as smoking are further expected to drive the number of structural heart disease cases upwards. Over 400 million people suffered from cardiovascular diseases in 2017.
Increase in Demand for Minimally Invasive Procedures to Drive Market
Minimally invasive procedures reduce risks, reduce complications after surgery and shorten hospital stays as well as make way for faster recoveries. These factors drive demand for minimally invasive surgeries. MitraClip is valve repair device, which has helped physicians operate on over 50,000 people globally. It is expected that the majority of open-heart surgeries would be replaced by less invasive treatment method for patients in the near future.
Transcatheter Heart Valves Segment to Dominate Market
Transcatheter heart valves continue to remain a premier segment in the structural heart device market. The segment is expected to grow at a high CAGR during the forecast period. Transcatheter aortic valve replacement (TAVR) is the first catheter-based device available for the structural heart disease patients. It is expected to replace a large majority of the current equipment used during open-heart surgeries currently.
Replacement Procedure Segment to Lead Market
Each year, over 70,000 heart valve replacements surgeries are performd. This makes a strong case for the growth of the replacement procedure segment. The segmented is expected to grow at a significant pace between 2018 and 2026. The market growth is further expected to receive a boost from left atrial appendage closure and surgical aortic valve replacement procedure.
Asia Pacific Promises significant Opportunities
The Asia Pacific region held the largest market share to drive the global structural heart devices market in 2017. The region is expected to make further gains during the forecast period. Increasing government initiatives and high adoption of structural heart devices is expected to drive the market during the forecast period. large population and growing lifestyle diseases such as diabetes are expected to drive high CAGR led growth of the structural heart devices market during the forecast period. Japan held the largest share in the regional market in terms of revenue in 2017. Sapien heart valve device by Edwards Lifesciences Corporation was launched in the market in 2013. The device has since then been used in over 5,200 surgeries till 2017.