Structural Heart Devices Market
Number of pages: 100 | Report Format: PDF | Published date: March 15, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market size value in 2022 |
US$ 14.5 billion |
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Revenue forecast in 2031 |
US$ 36.1 billion |
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Growth Rate |
CAGR of 10.6% from 2023 to 2031 |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Product, Indication, Age Group, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
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.
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 of a congenital cardiac abnormality is frequently unknown. Adults may also experience a structural heart defect as a result of another condition, such as rheumatic fever, atherosclerosis, excessive blood pressure, an infection, 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 a lot of 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 a variety of minimally invasive techniques to treat structural heart problems. Treatment options include mitral clip, amplatzer septal occluder, alcohol septal ablation, and transcatheter aortic valve replacement (TAVR).
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Market Dynamics
The fast rise in cardiovascular diseases among the global population is the crucial factor driving the growth of structural cardiac devices market. The prevalence of structural heart diseases is expected to considerably increase as the population ages and grows. Heart disease is generally brought on by traditional risk factors, including diets high in saturated fats, elevated serum cholesterol and blood pressure (BP), diabetes, and smoking. 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 course of years majority of countries experienced considerable changes in their social structures, economics, governments, educational systems, and domestic environments. Due to the large number of patients with the valves, walls, or chambers of the heart and high prevalence of congenital diseases who would have a significant need for structural heart devices, the market is growing significantly.
The reimbursement scenario is likely to improve, making the complex structural cardiac procedures such as transcatheter aortic valve replacement treatments cheaper. Also, the market for structural heart devices is anticipated to grow significantly as a result of initiatives by the government and participation of major industry participants. Prominent stakeholders, including international research & medical institutes, scientists, and researchers, are increasingly concentrating on coordinated efforts to provide more effective treatment options for life-threatening illnesses. Throughout the course of the projection period, it is anticipated that these cooperative efforts would greatly increase the market for structural heart devices.
High precision, enhanced dependability, and minimally structural heart devices are all made possible by frequent technological advancements and increased adoption rates promote market growth. The leading firms are concentrating their efforts and initiatives on the development of minimally invasive coronary stents in order to meet the growing demand from patients, which is raising the market demand for structural heart devices. Since they're 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), 80,000 individuals have surgery to repair or replace their mitral valves each year. Aortic valve replacement valves left arterial appendage closure devices, and the introduction of tissue or biological valves are just a few of the cutting-edge advances in structural cardiac devices and procedures that are expected to provide the industry attractive growth prospects.
However, the complexity of the structural heart diseases coupled with the lack of proper resources is the most important restraining factor 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.
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
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Based on the product the global structural heart devices market is segmented as repair devices, and replacement devices. The repair devices are further sub-segmented as occluders, annuloplasty rings, heart valve balloons, transcatheter mitral valve repair, and others. The replacement devices are also further sub-segmented as 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. Transcatheter aortic valve replacement is a minimally invasive cardiac operation used to substitute an aortic valve that has swollen and cannot completely open which is known as aortic valve stenosis. Transcatheter aortic valve replacement can help restore blood flow and alleviate aortic valve stenosis symptoms such as chest discomfort, difficulty in breathing, fainting, and fatigue. People who are 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 who collaborate to determine the best possible treatment for the patient.
Structural Heart Devices Market by Indication
Based on the indications the global structural heart devices market is segmented into atrial septal defects (ASD), ventricular septal defects (VSD), 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 defect in population is the major factor responsible for the segment growth. About 25% of newborns have atrial septal abnormalities, one of the most prevalent types of congenital heart problems. Atrial septal defects smaller than 5 mm in size typically spontaneously close in the first year of life in patients. Medical/surgical intervention will probably be necessary to close defects larger than 1 cm. Patients who come with atrial dysrhythmias initially require control of the aberrant rhythm and anticoagulation; once the team achieves control of the dysrhythmia, final intervention can take place. 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 less negative effects on the body and mind.
Structural Heart Devices Market by Age Group
Based on the age groups the global structural heart devices market is segmented into pediatric and adults.
The adults segment accounted for the largest revenue share of the global structural heart devices market in 2022. The most prevalent birth defects are congenital heart defects (CHDs). In the United States, inborn structural heart diseases affect roughly 40,000 babies annually, or close to 1% of all births. A critical congenital heart disease affects about 1 in 4 infants. Throughout their first year of life, infants with serious this disease typically require surgery or other operations. 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, there were approximately 2 million infants, kids, teenagers, and adults living 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 structural heart disease by birth. In general, adults are slightly more prevalent than children. Prenatal screening methods continue to routinely miss congenital heart abnormalities (CHD), which can cause serious morbidity or even death. Tiny ventricular septal defect typically has no symptoms and can coexist with a normal existence; in fact, 40% of them spontaneously close in early childhood. Cardiac failure is brought on by large defects in the second- or third-month following delivery. 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 the structural heart disease 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 structural heart disease is the main reason behind the growth of structural heart devices market. In North America, the most common type of structural heart disease is heart valve disease. It affects approximately 2.5% of all Americans. Furthermore, approximately 1.4 million adults and 1 million children in the United States have a congenital heart condition. Congenital heart defects are the most common type of 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, a result of Americans' greater embrace of cutting-edge technology and the increasing attention being paid to reducing the burden of heart disease fuel the market growth. The government is also essential in making sure that people have access to the devices they need, including counseling and exercise, to recover. The goal of government programs is 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 that is to reduce the burden of heart disease and stroke.
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 many other kinds of collaboration as improved growth strategies. These steps have increased the likelihood of having profitable growth prospects in the future given the rising global market demand for structural heart devices. Notable market participants include,
Strategic Development
A structural heart disease is a non-coronary defect of the heart, thus not affecting the blood vessels in the heart. The devices such as occluders, transcatheter heart valve are used to treat structural heart diseases.
Increased prevalence of structural heart diseases in population is the major driving force for the global market.
A high cost of the devices is the factor hindering the growth of global structural heart devices market.
Key companies operating the global structural heart devices market are, Abbott Laboratories, B. Braun Melsungen AG, Boston Scientific Corporation, Becton, Dickinson and Company, Cardinal Health Inc., Cook Group, Medtronic plc, Terumo Group, Koninklijke Philips N.V. and other notable companies.
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