North America Increasing Global Dominance in Structural Heart Devices Market
The Structural Heart Devices market is expected to witness a CAGR of 10.2% to reach $16.2 billion by 2024
Bangalore, India, November 30, 2018: With its recently published study “Structural Heart Devices Market – Global Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024”, Infoholic Research forecasts that the global market for structural heart devices will continue to grow, owing to the increasing aging population, increasing prevalence of cardiovascular diseases, and increase in minimally invasive surgery for structural heart diseases.
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Up until, the first line of treatment for treating any structural heart diseases was open heart surgery. Now, catheterization techniques have surpassed the open-heart surgery. Minimally-invasive techniques decreases the physical trauma and are connected with better quality patient consequences, shorter stay in the hospital, and lesser hospital expenses. Consequently, interventional cardiology procedures are the primary standard of treatment for ASD and PFO. Increasing demand for minimally-invasive procedures, launch of innovative product, and growing application areas are driving the market. This trend is expected to continue during the forecast period 2018–2024, fueling the structural heart devices market growth at a CAGR of 10.2% to reach $16.2 billion by 2024.
North America is the global leader with the US accounting for the major share in the market due to advancements in technology, presence of leading vendors, increasing regulatory reforms, and changes in reimbursement policies. The large patient pool and increased healthcare expenditure from government as there is excess growth in the medical technology in countries such as China, India, Indonesia, and South Korea are the key contributors that make Asia Pacific the leader in this market. The dominance of North America will continue during the forecast period, while underdeveloped countries are expected to witness a higher penetration rate, thereby boosting the structural heart devices market.
Sutureless valves are the emergent sector in the surgical valve market. These valves have performance of surgical tissue valves with proven benefits of minimally invasive transcatheter technique. The faster recovery of patients and declined side effects of procedure are the additional benefits of the technology.
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“The repair and replacement of the heart valves is one of the most inventive and challenging sector in the cardiac devices market. The players are endlessly aggressive about their strategies to be the leader in the market with new and state-of-the-art technologies. The farfetched complication involved in repairing and replacing the valves of the heart has hindered the technological advancement to address the unmet needs of the market.
The market has witnessed the introduction of transcatheter aortic valve implantation or also known as TAVI technology, which has immensely enhanced the aortic replacement technology and has provided high development opportunity for many companies following it. This technology has been the latest generation technology when compared to the earlier open-heart valve repair surgery.” said Rikitha K Murthy, Research Analyst, Infoholic Research.
Key insights of the report include
- Major Types -
- Structural Heart Repair Devices
- Structural Heart Replacement Devices
- Key End-Users -
- Ambulatory Surgical Centers
- Cardiac Centers
Industry outlook - Market trends, drivers, restraints, and opportunities