The US structural heart occlusion (SHO) market recorded a strong 39% year-over-year revenue increase in the first quarter (Q1) of 2025, according to GlobalData, a leading data and analytics company. This growth came despite rising trade policy uncertainty following President Donald Trump’s reelection and the swift rollout of new tariff measures early in the year.
Trump’s new tariff regime includes a 10% global baseline and a 'reciprocal' tariff framework that has unsettled global trade norms. With broad tariffs on strategic sectors and a 90-day pause on some reciprocal tariffs, businesses and healthcare providers are facing a shifting economic landscape.
According to data from GlobalData’s panel of medical facilities, March 2025 revenue growth in the SHO market grew over 50% compared to March 2024, signalling a late-quarter surge in demand.
The surge in growth may be less about increased patient demand and more about precautionary stockpiling. Hospitals appear to be accelerating procurement of high-value medical devices - such as those used for structural heart occlusion - in anticipation of rising costs and supply disruptions. This response reflects growing concerns about the sustainability of supply chains and the potential financial impact of extended tariff enforcement.
Historically, the US has held a leadership role in the global SHO market, driven by high incidence rates of structural heart conditions and robust innovation in cardiac care. However, the current environment marks a sharp contrast with previous expectations of stable, predictable growth. With global supply chains in flux and trade negotiations still unsettled, market stakeholders are left navigating increased risk.
While Q1’s growth may appear encouraging at first glance, it underscores the reactive measures health systems are taking in an uncertain policy environment. The long-term effects of these tariffs on device pricing, research investments, and patient outcomes remain to be seen, leaving the sector in a state of cautious watchfulness.
