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The structural heart devices market share is expected to increase by USD 7.60 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 10.03%.
This market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by method (replacement procedures and repair procedures) and geography (North America, Europe, Asia, and Rest of World (ROW)). The market report also offers information on several market vendors, including Abbott Laboratories, AFFLUENT MEDICAL SA, Artivion Inc., AtriCure Inc., Boston Scientific Corp., Braile Biomedica, CORONEO Inc., Edwards Lifesciences Corp., Getinge AB, Jc Medical Inc., Johnson and Johnson Inc., Lepu Medical Technology Beijing Co. Ltd., Lifetech Scientific Shenzhen Co. Ltd., LivaNova Plc, Medtronic Plc, Micro Interventional Devices Inc., NuMED Inc., Terumo Corp., TTK Healthcare Ltd., and W. L. Gore and Associates Inc. among others.
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Based on our research output, there has been a positive impact on the market growth during and post-COVID-19 era. The increasing prevalence of structural heart diseases is notably driving the structural heart disease treatment devices market growth, although factors such as high costs associated with structural heart disease treatment procedures may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the structural heart disease treatment devices industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Structural Heart Disease Treatment Devices Market Driver
The increasing prevalence of structural heart diseases is one of the key drivers supporting structural heart devices market growth. For instance, CHD is the most common type of birth defect. According to the CDC, around 40,000 babies in the US are affected by it each year. About 75% of babies born with it are expected to survive to one year of age. Thus, the increasing prevalence of CHD augments the demand for structural heart devices. According to the National Institutes of Health (NIH), in 2020, the degenerative abnormalities associated with severe aortic stenosis and mitral and tricuspid regurgitation were found in nearly 10% of the population aged 75 years and above. Therefore, the increasing ageing population in developed and developing countries is likely to increase the prevalence of structural heart diseases, which, in turn, will augment the growth of the global market during the forecast period.
Key Structural Heart Disease Treatment Devices Market Trend
Technological innovations in structural heart disease treatment are another factor supporting the structural heart devices market growth. For instance, a research report published in April 2019 reported that some bioengineers of the Boston Children's Hospital developed a robotic catheter using a novel sensor integrated with artificial intelligence (AI) and an image processing algorithm. This catheter was then tested on animal models for cardiac valve repair. It was observed that the robotic catheter was able to locate the leaky heart valve without a surgeon's guidance. The sensor used AI and image processing algorithms to reach the leaky heart valve for repair procedures. This demonstrated that the integration of AI and software algorithms in structural heart devices could increase the efficiency of surgical procedures and minimize the complication and overall cost of the surgery. Such developments will drive the growth of the global market during the forecast period.
Key Structural Heart Disease Treatment Devices Market Challenge
High costs associated with structural heart disease treatment procedures are one of the factors hindering the structural heart devices market growth. Patients who receive mechanical heart valves are required to undergo long-term blood-thinning or anticoagulation drug therapy to minimize the risk of complications from blood clots. Thus, the direct costs associated with mechanical valves, including medication costs, testing costs, and costs of hospitalization related to bleeding and thromboembolism, are high. Meanwhile, bioprosthetic valves have a life of 7 years-20 years, after which the valve starts degenerating and must be replaced. This leads to multiple open surgeries for the replacement of the bioprosthetic valve. Thus, the cumulative cost of multiple operations will increase the cost burden of the treatment of patients during the forecast period. Therefore, the high cost associated with structural heart devices and procedures is hindering market growth.
This structural heart disease treatment devices market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global structural heart devices market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the structural heart disease treatment devices market encompasses successful business strategies deployed by the key vendors. The structural heart disease treatment devices market is concentrated and the vendors are deploying growth strategies such as R&D activities to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The structural heart disease treatment devices market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the structural heart disease treatment devices market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Method
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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