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Structural Heart Devices Market size is poised to witness appreciable growth over the forecast period of 2023 to 2032 with the elevating demand for innovative medical devices across the healthcare sector. In addition, the rising incidences of cardiovascular diseases worldwide are projected to drive market outlook further.
The mounting cases of structural heart diseases are projected to favor 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.
The Russia-Ukraine war significantly impacted the structural heart devices industry due to disruptions in the supply chain and transport limitations in several countries affected by geopolitical relationships across the world. Moreover, the conflict led to delayed manufacturing operations, resulting in high product prices and increased value. Regulatory impositions and the expensiveness of structural heart devices are expected to impede industry expansion.
Based on patient category, the structural heart devices market from the geriatric segment is expected to grow considerably through 2032 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 end-user, the hospital segment is expected to record significant growth by 2032. This can be ascribed to ongoing enhancements in the healthcare infrastructure and the adoption of technologically advanced solutions in hospitals across various economies. To quote an instance, the 2022-2023 Budget of Saskatchewan allocated nearly USD 53.9 million to support capital projects for healthcare facilities including Prince Albert Victoria Hospital, and the refurbishment of Weyburn General Hospital to improve cardiovascular surgical, and critical care, as well as other surgical wards and facilitate better patient care.
Regionally, the structural heart devices market is estimated to record significant gains from North America over the analysis timeframe of 2023-2032 with the growing awareness among people about medical treatment solutions in the region. Supportive initiatives by government authorities are expected to favor the market landscape.
Various industry players operating in the structural heart devices market include Abbott, Micro Interventional Devices, Boston Scientific Corporation, Edwards Lifesciences Corporation, Medtronic, TTK Healthcare (A TTK Group Company), Cryolife, Livanova, Lepu Medical Technology, and Braile Biomédica, among others.