Number of pages: 100 | Report Format: PDF | Published date: March 15, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global structural heart devices market was valued at US$ 14.5 billion in 2022 and is expected to register a revenue CAGR of 10.6% to reach US$ 36.1 billion by 2031.
Structural Heart Devices Market Fundamentals
Birth defects are referred to as congenital defects, and structural heart diseases can be congenital or acquired. Birth abnormalities can also manifest when a woman is pregnant, for example, if she uses certain drugs or treatments, eats poorly, or becomes ill. The reason for a congenital cardiac abnormality is frequently unknown. Adults may also experience a structural heart defect due to another condition, such as rheumatic fever, atherosclerosis, excessive blood pressure, or bacterial endocarditis (an infection of the inner layer of the heart and valves). A flaw might be brought on by damage from a previous heart attack, or it might just be the product of aging. Open heart surgery was the standard of care for structural heart diseases for many years, but now patients who are medium to high risk for open heart surgery can receive less invasive treatments. Minimally invasive procedures have many benefits, such as quicker healing times, little to no scarring, less blood loss, less discomfort, shorter hospital stays, and fewer problems. The surgeon, an interventionalist, and a cardiologist collaborate to decide the best course of action if the patient is a good candidate for the structural heart program. Depending on the circumstance, doctors employ various minimally invasive techniques to treat structural heart problems. Treatment options include a mitral clip, amplatzer septal occluder, alcohol septal ablation, and transcatheter aortic valve replacement (TAVR).
Structural Heart Devices Market Dynamics
The fast rise in cardiovascular diseases among the global population is the crucial factor driving the structural cardiac devices market revenue growth. The prevalence of structural heart diseases is expected to increase considerably as the population ages and grows. Traditional risk factors, including diets high in saturated fats, elevated serum cholesterol and blood pressure, diabetes, and smoking, generally bring on heart disease. For instance, the epidemic of cardiovascular disease in Eastern European countries is mostly due to high rates of smoking and excessive alcohol consumption, both of which can cause strokes, along with diets high in saturated fat and poor social circumstances. Over the years, most countries experienced considerable changes in their social structures, economics, governments, educational systems, and domestic environments. The demand for structural heart devices is increasing rapidly due to the large number of patients with heart valve, wall, or chamber issues and the high prevalence of congenital diseases. The reimbursement scenario is likely to improve, making complex structural cardiac procedures such as TAVR treatments cheaper. Also, the market for structural heart devices is anticipated to grow significantly as a result of initiatives by the government and the participation of major industry participants. Prominent stakeholders, including international research and medical institutes, scientists, and researchers, are increasingly concentrating on coordinated efforts to provide more effective treatment options for life-threatening illnesses. Throughout the projection period, these cooperative efforts are anticipated to increase the structural heart device market greatly.
Frequent technological advancements make high precision, enhanced dependability, and minimally structural heart devices possible, and increased adoption rates promote market revenue growth. The leading firms are concentrating their efforts and initiatives on developing minimally invasive coronary stents to meet the growing demand from patients, which is raising the market demand for structural heart devices. Since they are less intrusive than other methods, like open heart surgery, structural heart devices, and techniques are much preferred. Cardiologists frequently use minimally invasive treatments to address structural heart problems, including replacement of the mitral valve, aortic valve, and prosthetic heart valves. For instance, according to the Center for Structural Heart Disease at Henry Ford Hospital (CSHD), about 80,000 individuals have yearly surgery to repair or replace their mitral valves. Aortic valve replacement valves, left arterial appendage closure devices, and introducing tissue or biological valves are just a few of the cutting-edge advances in structural cardiac devices and procedures expected to provide the industry with attractive growth prospects.
However, the complexity of structural heart diseases and the lack of proper resources are the most important restraining factors for the global structural heart devices market. In November 2022, Members of the European Parliament and the EU Structural Heart Disease (SHD) Collation published the priorities and actions to express concern about the lack of cardiovascular health resources in the EU4healthcare Program 2023.
Structural Heart Devices Market Ecosystem
The global structural heart devices market is analyzed from three perspectives: product, indication, age group, and region.
Structural Heart Devices Market by Product
Based on the product, the global structural heart devices market is segmented into repair devices and replacement devices. The repair devices are further sub-segmented into occluders, annuloplasty rings, heart valve balloons, transcatheter mitral valve repair, and others. The replacement devices are also further sub-segmented into transcatheter heart valve replacement and surgical heart valve replacement devices.
The replacement segment accounted for the largest revenue share of the global structural heart devices market in 2022. The transcatheter heart valve replacement sub-segment dominated the market. TAVR is a minimally invasive cardiac operation used to replace an aortic valve that has swollen and cannot completely open, known as aortic valve stenosis. TAVR can help restore blood flow and alleviate aortic valve stenosis symptoms, such as chest discomfort, difficulty breathing, fainting, and fatigue. People at risk of comorbidities from surgical aortic valve replacement may benefit from this procedure. The decision to treat aortic stenosis with valve replacement is reached after consultation with a team of heart and heart surgery specialists collaborating to determine the best possible treatment for the patient.
Structural Heart Devices Market by Indication
Based on the indication, the global structural heart devices market is segmented into atrial septal defects, ventricular septal defects, aortic valvular diseases, mitral valvular disease, pulmonary valvular disease, patent ductus arteriosus (PDA), patent, foramen ovale, and others.
The atrial septal defects segment accounted for the largest revenue share of the global structural heart devices market in 2022. The emergence of atrial septal defects in the population is the major factor responsible for segment growth. About 25% of newborns have atrial septal abnormalities, one of the most prevalent congenital heart problems. Atrial septal defects smaller than 5 mm in size typically spontaneously close in patients’ first year of life. Medical/surgical intervention will probably be necessary to close defects larger than 1 cm. Patients with atrial dysrhythmias initially require control of the aberrant rhythm and anticoagulation; once the team achieves control of the dysrhythmia, a final intervention can occur. A common method for treating secundum atrial septal abnormalities is transcatheter closure. Compared to surgery, it offers a less invasive procedure with a quicker recovery and fewer negative effects on the body and mind.
Structural Heart Devices Market by Age Group
Based on the age group, the global structural heart devices market is segmented into pediatric and adults.
The adults segment accounted for the largest global structural heart devices market revenue share in 2022. The most prevalent birth defects are congenital heart defects (CHDs). In the United States, inborn structural heart diseases affect about 40,000 babies annually, or nearly 1% of all births. A critical congenital heart disease affects about 1 in 4 infants. Infants severely infected with this disease typically require surgery or other operations throughout their first year of life. Several techniques have been utilized up to this point to estimate the overall number of kids and adults with these problems. For instance, according to one study, approximately 2 million infants, kids, teenagers, and adults lived with congenital heart disease in the United States in 2010. According to research, 1.4 million American adults and 1 million American children are thought to have SHD by birth. In general, these conditions are more common in adults than children. Prenatal screening methods continue to routinely miss CHD, which can cause serious morbidity or even death. Tiny ventricular septal defect typically has no symptoms and can coexist with a normal existence; 40% of them spontaneously close in early childhood. Large defects in the second- or third-month following delivery bring on cardiac failure. When a big shunt does not cause symptoms during infancy, there usually is not much of a problem until late adolescence or early adulthood, when the patient starts to experience symptoms, including high pulmonary vascular resistance, dyspnea, weariness, and cyanosis. Heart failure, repeated hemoptysis, and exertion syncope are all possible progressions. Hence in adults, SHD is frequently treated.
Structural Heart Devices Market by Region
Based on the region, the global structural heart devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the largest revenue share of the global structural heart devices market in 2022. The high prevalence of SHD is the main reason behind the growth of the structural heart devices market. The most common type of SHD in North America is heart valve disease. It affects approximately 2.5% of all Americans. Furthermore, about 1.4 million adults and 1 million children in the United States have a congenital heart condition. Congenital heart defects are the most common birth defect in the United States. Each year, they affect nearly 1% of all births (about 40,000 babies). Due to the expansion of the healthcare system in the United States, North America is the most industrialized region of the world in terms of healthcare. The need for structural heart devices is increasing in the United States due to Americans’ greater embrace of cutting-edge technology and the increasing attention paid to reducing the burden of heart disease, fueling market revenue growth. The government is also essential in ensuring people can access the necessary devices, including counseling and exercise, to recover. Government programs aim to provide aid and guidance to those who need it so they may get back on their feet and lead healthy lives. The U.S. Department of Health and Human Services of the Center for Disease Control and Prevention released A Public Health Action Plan to Prevent Heart Disease and Stroke to address one of the century’s most daunting public health challenges: reducing the burden of heart disease and stroke.
Structural Heart Devices Market Competitive Landscape
Structural heart devices have a moderately competitive global market due to new product introductions, mergers, and acquisitions. The introduction of novel therapeutics, obtaining approval for those products, and participating in other activities like awareness programs are some of the key development strategies that many organizations are emphasizing. Additionally, the market classified partnerships, acquisitions, and other collaborations as improved growth strategies. Given the rising global market demand for structural heart devices, these steps have increased the likelihood of having profitable growth prospects in the future.
Notable market participants include:
Structural Heart Devices Market Strategic Developments
Structural heart disease is a non-coronary heart defect, thus not affecting the blood vessels in the heart. The devices such as occluders and transcatheter heart valves are used to treat structural heart diseases.
The increased prevalence of structural heart diseases in the population is the major driving force for the global market.
The high cost of the devices hinders the growth of the global structural heart devices market.
Key companies operating in the global structural heart devices market are Abbott Laboratories, B. Braun Melsungen AG, Boston Scientific Corporation, Becton, Dickinson and Company, and Cardinal Health Inc.
The global structural heart devices market is expected to grow at a revenue CAGR of 10.6% during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain