Edwards Lifesciences and Medtronic are leading players in Structural Heart Devices Market
The global structural heart devices market is projected to reach USD 15.08 billion by 2023 from USD 9.28 billion in 2018, at a CAGR of 10.2%. Players in this market compete with each other to deliver superior and advanced technologies for heart valve repair and replacement. In 2017, the structural heart devices market was dominated by a few large players, namely, Edwards Lifesciences Corporation (US), Medtronic plc (Ireland), Abbott (US), Boston Scientific Corporation (US), and LivaNova plc (UK).
Product launches & approvals; acquisitions; expansions; and partnerships & agreements were the key strategies adopted by key players between 2015 and 2018. Some of the key players that adopted these strategies are Edwards Lifesciences (US), Medtronic (Ireland), Boston Scientific (US), Abbott (US), LivaNova (UK), Micro Interventional Devices (US), Braile Biomédica (Brazil), and CryoLife (US).
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Edwards Lifesciences held the leading position in the global structural heart devices market in 2017 on account of its diverse portfolio of transcatheter and surgical heart valves. The company pursues organic as well as inorganic growth strategies, such as product launches & approvals and acquisitions to further increase its market share and strengthen its foothold in the surgical heart devices market. For instance, in December 2017, the company acquired Harpoon Medical Inc. (US). The unique beating-heart repair procedure for mitral valve patients of Harpoon Medical complements Edwards’ comprehensive portfolio of treatments for structural heart disease and reinforce its commitment to innovation in cardiac surgery. This acquisition was valued at USD 100 million.
Medtronic held the second position in the structural heart devices market in 2017. The company offers a comprehensive range of transcatheter and surgical heart valve products through its Coronary & Structural Heart division. The key percutaneous surgical products offered by the company include the third-generation CoreValve Evolut PRO system and tissue & mechanical heart valves. To maintain its leading position in the market and increase its customer base, the company focuses on product launches & approvals, partnerships, and expansions. For instance, in 2016, the company partnered with the World Stroke Organization (WSO, Switzerland). Under this partnership, the two organizations will work together to educate, raise awareness, and support the effective management of patients who suffer from strokes.
Some of the other players operating in this market are CryoLife, Inc. (US), Micro Interventional Devices, Inc. (US), Braile Biomédica (Brazil), Lepu Medical Technology (Beijing) Co., Ltd. (China), and TTK Healthcare Limited (India).
Related Reports:
Structural Heart Devices Market by Product (Heart Valve Devices (Transcatheter and Surgical), Occluders and Delivery Systems, Annuloplasty Rings, and Accessories), Procedure (Replacement and Repair) - Global Forecast to 2023
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