PORTLAND, Oregon and PUNE, India, February 13, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Structural Heart Devices Market by Type, Age Group, and Indication: Global Opportunity Analysis and Industry Forecast, 2014 - 2022", the structural heart devices market was valued at $6,006 million in 2015, and is projected to reach $12,076 million by 2022, growing at a CAGR of 10.5% from 2016 to 2022. The structural heart repair devices segment held nearly half of the total market share in 2015, and is expected to dominate during the forecast period.
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Rise in incidence of aortic stenosis, introduction of technologically advanced products (such as the Trifecta valve with Glide Technology), and increase in awareness about the benefits and availability of structural heart devices worldwide are major factors that drive the market growth. In addition, increase in number of application areas for repair and replacement devices coupled with its rise in adoption of annuloplasty rings and tissue valves is expected to further fuel this growth. However, stringent approval process and high cost of surgeries restrict the market growth.
Tissue heart valves is expected to maintain its dominant position throughout the analysis period, due to its significant property of low requirement of anticoagulants, which reduces incidence of bleeding and thereby lowers the usage of anticoagulant by the patient.
The occluders segment accounted for two-fifths of the overall structural heart repair devices market in 2015, owing to its benefits in the treatment of congenital heart diseases and high adoption rate. In addition, annuloplasty ring is projected to register the highest CAGR of 13.3% during the forecast period.
According to Hemali Narkhede, Healthcare Manager at Allied Market Research, "Key companies are investing heavily in the structural heart devices market to treat leaky mitral heart valves, a serious condition affecting millions of people. Mitral valve repair is currently a big, large untapped need, which is yet to be catered."
Summary of Similar Reports can be viewed at: https://www.alliedmarketresearch.com/life-sciences/diagnostic-and-biotech-market-report
Key findings of the study
- Annuloplasty ring is projected to grow at the highest growth rate during the analysis period.
- North America dominated the global structural heart devices market, accounting for one-third of the overall market in 2015, owing to the increase in prevalence of structural heart diseases.
- Aortic valve stenosis indication occupied more than one-third of the total market in 2015.
- Adult age group segment is expected to grow at the highest rate of 11.1%.
- China occupied one-fifth of the total Asia-Pacific structural heart devices market in 2015.
Asia-Pacific is the fastest growing region in the structural heart devices market, and is expected to continue this trend due to increase in healthcare infrastructural development, specifically in China, India, and other developing economies, and rise in structural heart defects.
Structural heart devices are used to treat heart valves defects as well as acquired valvar abnormalities. The market for structural heart devices is growing at a rapid pace, providing an opportunity for key players to enter this market. For instance, in May 2016, Johnson & Johnson announced that will enter structural heart devices market due to the high growth potential.
The major companies profiled in the report include Medtronic plc; St. Jude Medical, Inc., Braile Biomedica; Medical Technology Est., Boston Scientific Corporation, Micro Interventional Devices, Inc., Edwards Lifesciences Corporation, LivaNova PLC, JenaValve Technology, Inc., and Cryolife, Inc.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. The data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research