The global structural heart devices market size was USD 13.69 Billion in 2022 and is expected to register a steady revenue CAGR of 10.2% during the forecast period, according to latest analysis by Emergen Research. Advancements in medical technology and development of novel structural cardiac devices are major factors driving market revenue growth. Structural heart devices are equipment used to diagnose structural heart and valve disease, which is a condition characterized by problems with heart’s tissues or valves. Manufacturers consistently spend resources on Research & Development (R&D) to enhance the aesthetics, usability, and functionality of these gadgets. In addition, release of next-generation devices with increased functionality, better clinical outcomes, and lower hazards and technological developments including Three Dimensional (3D) printing, computer-assisted imaging, and robotic surgery are other key factors driving revenue growth of the market.
Moreover, increasing preference for minimally invasive procedures is also expected to drive market revenue growth during the forecast period. Compared to standard surgeries, minimally invasive procedures have a number of benefits, including decreased scarring, quicker recovery times, and cheaper healthcare expenses. Structural heart devices reduce the need for open heart surgery by allowing interventional cardiologists to execute intricate treatments using small incisions or catheter-based techniques. As a result of this trend, use of structural cardiac devices is spreading throughout many healthcare settings toward minimally invasive therapies.
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However, shortage of suitably qualified healthcare workers is a major factor, which could restrain market revenue growth. Lack of competent experts in the field of structural heart devices present a significant constraint as major players in the market require trained and experienced workers at their facilities.
Furthermore, the world’s ageing population has played a significant influence in propelling the industry. With the elderly becoming increasingly vulnerable to heart disease, the need for structural heart devices has steadily increased. Furthermore, rising patient and healthcare professional awareness of the availability of sophisticated treatment options for structural heart disorders has supported market expansion.
Despite its strong growth trajectory, the structural cardiac devices industry is confronted with a number of obstacles and constraints. One of the primary impediments is the expensive cost of these gadgets. Advanced technologies and new procedures are frequently expensive, making them inaccessible in developing countries or to patients with low financial resources. Furthermore, the difficult and time-consuming nature of bringing innovative products to market is exacerbated by the strict regulatory structure governing their approval and marketing.
Some major companies in the market report include:
Medtronic plc, Cryolife Inc., Edwards Lifesciences Corporation, Abbott Laboratories, ST. JUDE MEDICAL, Medical Technology Est, Comed BV, Koninklijke Philips N.V., and Abbott.
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Edwards Lifesciences Corporation: Edwards Lifesciences is a market leader in structural cardiac devices, with a diverse product portfolio that includes transcatheter heart valves, annuloplasty rings, and delivery systems. The organisation has a significant global presence and focuses on continual innovation to improve patient outcomes.
Medtronic plc: Medtronic is a well-known medical technology firm that provides a diverse range of structural heart devices. Transcatheter aortic valves, closure devices, and annuloplasty rings are among their products. To increase its market position, the organisation prioritises strategic cooperation and partnerships.
Abbott Laboratories: Abbott Laboratories is a diversified healthcare company with a strong presence in the structural heart devices market. The company’s portfolio includes devices for transcatheter mitral and aortic valve replacement, as well as occlusion devices for septal defects. Abbott focuses on expanding its product offerings through acquisitions and product development initiatives.
CryoLife, Inc.: CryoLife is a leading provider of medical devices and surgical adhesives used in cardiac and vascular surgeries. The company offers a range of products for structural heart procedures, including implantable heart valves and surgical patch materials. CryoLife aims to strengthen its market presence through product launches and geographic expansion.
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Emergen Research has segmented the global structural heart devices market on the basis of products, procedure, and region:
Products Outlook (Revenue, USD Billion; 2019-2032)
Procedure Outlook (Revenue, USD Billion; 2019-2032)
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