The incidence of heart diseases is growing at a rapid pace around the world. The World health Organization (WHO) states cardiovascular diseases as the leading cause of death across the globe. The Centers for Disease Control and Prevention survey also mentions heart disease as the number one cause of death in the U.S. One in every four deaths is caused due to heart diseases in the U.S. These statistics highlight the growing problem of heart diseases. To put a lid on these on the increasing cases, heart valve devices are necessary. Hence, based on these aspects, the heart valve devices market will observe extensive growth during the forecast period of 2017-2025.
Heart valves are an important component of the human body. They perform the function of assuring constant blood flow to the different parts of the body. When one or more heart valves do not open or close in a systematic way, the condition is known as heart valve disease. They are either congenital or are caused later due to infections, calcific degeneration, heart attacks, age-related changes, heart damage, etc. Lifestyle diseases like obesity and cardiac diseases are increasing at a rapid rate. Thus, this factor will sow the seeds of growth across the heart valve devices market.
Heart valve devices are used largely for fixing the valve damage. Transcathether heart valves, mechanical heart valves, and biological heart valves are the types of heart valve devices used for various purposes. The rising influence of heart valve devices as a prominent treatment method will bring good growth opportunities during the forecast period.
However, the advent of new technologies such as valves developed from bio absorbable polymer scaffolds will serve as a hindrance. To overcome this threat, players in the heart valve devices market are investing in research and development activities for formulating new techniques and upgrades that help in increasing the revenues of the players. Strategic collaborations will also have a positive impact on the growth of the heart valve devices market.
Transparency Market Research’s (TMR’s) research report on the heart valve devices market has every component that will assist the stakeholder in understanding the current scenario. The overall market research survey on heart valve devices by TMR suggests a stable growth period.
According to the TMR experts, the market for heart valve devices is prognosticated to expand at 12.4 percent CAGR during the forecast period of 2017-2025. In the context of valuation, the heart valve devices market is estimated to reach a valuation of US$ 16.2 bn by 2025, the end year of the forecast period, and was valued at US$ 5.8 bn in 2016.
Rising Popularity of Minimally Invasive Surgeries to Attract Considerable Growth across Heart Valve Devices Market
Many people prefer minimally invasive surgeries as they have a plethora of benefits with less pain and hassle-free procedure being the prominent ones. With an increase in the demand for minimally invasive surgeries to treat complex heart disorders, the players in the heart valve devices market are focusing on developing technologically advanced and minimally invasive heart valve devices. These factors will bring exponential growth for the heart valve devices market.
Mechanical Heart Valve Devices to Observe Promising Growth in Developing Economies
The demand for mechanical heart valve devices is growing at an accelerated pace across developing countries. These products ensure longer life expectancy. Thus, most developing countries, having a larger patient pool with cardiovascular diseases will invite promising growth for the heart valve devices market.
The healthcare infrastructure of numerous countries is improving rapidly. Government bodies of numerous countries are focusing on revamping their healthcare infrastructure to provide better quality treatment to its citizens. This factor indirectly helps in increasing the growth rate of the heart valve devices market.
The global heart valve devices market is segmented based on:
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