Mumbai, Maharashtra, India – Business Wire India
• The global market for heart valves is expected to cross USD 6 Billion by the end of 2023 at a CAGR of 20%
• TAVR (Transcatheter Aortic Valve Replacement) is an innovative non-surgical procedure that substitutes the high-risk open-heart valve replacement surgery. This procedure is quickly becoming the preferred option for the majority of the heart valve patients in India.
SMT (Sahajanand Medical Technologies Pvt Ltd) announces its entry into the structural heart segment with an acquisition of medical device firm Vascular Concepts. The acquisition got completed on May 27. Even after the acquisition, Vascular Concept will retain its distinct brand and independence. Mr. Swaminathan Jayaraman, CEO of Vascular Concepts will continue to manage the operation of the company.
Vascular Concepts Group comprises of two entities, based in India and Thailand. This medical device firm has more than 200 employees, two manufacturing setups and two research and development centres.
It is one of the oldest Indian medical device companies established by Mr. Swaminathan Jayaraman in 1988. It has a diversified product portfolio which includes coronary stents, cardiac closure devices, peripheral stents, unique balloon catheters like PTMC balloons and TAVI.
Vascular Concepts has developed and launched the Hydra transcatheter aortic valve system, which received Indian regulatory approval in 2020. It is used for the treatment of high-risk patients suffering from severe and symptomatic aortic valve stenosis. The Hydra TAVI system is a self-expanding supra-annular transcatheter aortic valve, which presents unique design features and similar event rates compared to contemporary devices in separate clinical studies conducted in India and Europe. The TAVI market is growing at about 20% worldwide, Europe and the US being the main markets to date.
Speaking about the combined operational strength and new entry; Chairman of Sahajanand Group, Mr. Dhirajlal Kotadia said, “Structural heart segment is a fast-growing segment in cardiovascular industry. We strongly believe that SMT will play a major role within this segment and provide solutions to benefit patients and its wide customer base. Acquisition of Vascular Concepts Group reflects our commitment to become a leader in TAVI and structural heart technologies. TAVI is an innovative solution and will help carry forward our motto of – ‘Pledged to save millions’.”
Commenting on the acquisition, Mr. Swaminathan Jayaraman CEO & MD of Vascular Concepts Group added that, “We are excited to join hands with SMT, who have strong leadership in interventional cardiology and has demonstrated aggressive growth in this business. This association will create tremendous market opportunities for both companies to grow in Structural Heart Disease. Vascular Concepts is committed to driving further innovation in the field of Structural Heart which can be commercialized together with SMT.”
With an addition of aortic valve to its product categories, SMT advances in its mission to provide best-in-class cardiac care to the healthcare community and patients.
About SMT (Sahajanand Medical Technologies)
SMT is a global medical device company committed to making advanced medical technologies accessible to everyone around the world. With a presence in over 75 countries, SMT has achieved recognition from the Government of India for its tremendous contributions in the field of Cardiovascular healthcare. SMT has also led the development of innovative biodegradable polymer coating technology in coronary stent system. SMT will continue the journey to healing hearts around the world by creating a healthcare future promising for everyone.
About Vascular Concepts Group
Vascular Concepts (VC) is a cardiovascular medical device company with 200+ employees operating out of 24 locations and a commercial presence in 10 countries. It has a broad portfolio comprising of coronary and peripheral stent systems, structural heart closure devices such as occluders and PTCA accessories. Recently, Vascular Concepts has introduced Hydra™ Aortic Valve for Transcatheter aortic valve replacement (TAVR) therapy which has received DCGI approval & awaiting CE mark. The company has 2 R&D and 2 manufacturing facilities located in Bangalore and Nonthaburi in Thailand.