According to a new market report published by Lucintel, the future of the global structural heart device market looks promising with opportunities in public and private hospitals. The global structural heart device market is expected to reach an estimated $9.7 billion by 2022 and it is forecast to grow at a CAGR of 14.3% from 2017 to 2022. The major drivers for market growth are growing demand for minimally invasive surgery, growing healthcare expenditure, and a growing geriatric population.
In this market, annuloplasty, valvuloplasty, transcatheter mitral valve repair (TMVR), surgical heart valve, and transcatheter aortic valve replacement (TAVR) are the main segments by procedure type. On the basis of comprehensive research, Lucintel forecasts that the TAVR, TMVR, and tissue heart valve segments are expected to show above average growth during the forecast period.
Within the global structural heart device market, the TAVR segment is expected to remain the largest segment. Increased catheter based procedures coupled with rising adoption of technological advancements in an effort to reduce treatment duration for high conventional surgical risk patients is expected to result in significant growth of the transcatheter aortic valve replacement market.
By position of structural heart device, aorta is expected to remain the largest segment as patients commonly suffer from severe aortic stenosis considered as high risk for surgery.
North America is expected to remain the largest market and is expected to witness the highest growth rate during the forecast period mainly due to increasing adoption of minimally invasive procedures for heart valve repair and replacement in this region.
For business expansion, Lucintel’s report suggests technological advancement and new product development to achieve low risk and faster recovery.
Emerging trends which have a direct impact on the dynamics of the industry include rising adoption of transcatheter aortic valve replacement procedure and introduction of new hybrid tissue engineered heart valve. Edwards Lifesciences Corporation, Medtronic Public Limited Company, St. Jude Medical, Inc, Boston Scientific Corporation, and LivaNova PLC are among the major suppliers of structural heart devices.