Structural Heart Devices Market Size is poised to witness an appreciable growth over the forecast period of 2022 to 2028 with the elevating demand for innovative medical devices across the healthcare sector. Besides, the rising cases of cardiovascular diseases worldwide will drive the market growth further.
The rising cases of structural heart diseases are projected to favor the business expansion. These diseases are largely associated with valves or tissues of the heart. These diseases are known to be congenital and can be present from birth, while some structural heart diseases also develop later in life.
Based on the patient category, the overall structural heart devices market is expected to grow considerably from the geriatric segment as the elderly populace is highly susceptible to cardiovascular disorders. According to the Rural Health Information Hub data, over 46 million people in the U.S. are aged 65 and above and the number is expected to reach around 90 million by 2050. The rising elderly population will stimulate the demand for structural heart devices for the treatment of cardiovascular disorders over the foreseeable future.
With regards to the end-user, hospitals segment is expected to record significant growth by the end of 2028. This can be ascribed to ongoing enhancements in the healthcare infrastructure and the adoption of technologically advanced solutions in hospitals across various economies. To illustrate, in 2020, the UK government announced allocating USD 797.29 million towards the refurbishment of the NHS hospitals across the country. A significant share of this funding has been allocated for the development and refurbishment of cardiovascular surgical, critical care, as well as other surgical wards to facilitate better patient care.
Regionally, structural heart devices market is estimated to record significant gains from North America over the analysis timeframe of 2022-2028 with the growing awareness among people about the medical treatment solutions in the region. The supportive initiatives by the government authorities are expected to support the market expansion further. For instance, the U.S. government has established the Hospital Readmissions Reduction Program (HRRP). It is a Medicare value-based purchasing initiative that encourages healthcare facilities to enhance communication and care coordination for effectively engaging the patients and caregivers in discharge plans and reducing avoidable readmissions. This initiative covers ailments including heart failure and chronic obstructive pulmonary disease (COPD).
Various industry players operating in the market include Abbott, Edwards Lifesciences Corporation, Boston Scientific Corporation, Medtronic, Livanova, Cryolife, Lepu Medical Technology, Micro Interventional Devices, TTK Healthcare (A TTK Group Company), and Braile Biomédica.
These companies are majorly focusing on the strategic alliances, product launches, and regulatory approvals to gain a strong foothold in the market. To illustrate, in 2021, Abbott’s Portico™ with FlexNav™ transcatheter aortic valve replacement system received approval from the U.S. Food and Drug Administration for treating people with severe and symptomatic aortic stenosis.
The structural heart devices market outlook has been seriously affected by the global outbreak of COVID-19 as it led to a temporary delay in the surgical procedures that were not an emergency. This was majorly due to the high risk of infection in the healthcare settings that could possibly affect patients with heart-related disorders. However, with the increasing adoption of safety measures across hospitals coupled with the growing necessity for surgical procedures, the structural heart devices market is expected to grow steadily over the subsequent years.
Market, By Product
Market, By Patient
Market, By Disease Indication
Market, By End-use
The above information is provided for the following regions and countries: