A number of enterprises vying to make it to the top and achieve colossal market revenue in the global heart valve devices market. Transparency Market Research (TMR) has recently published a report that calls to attention some of the leading names in the business, such as Mediotronic cplc, Abbott Laboratories, Sorin Group, Neovasc Inc., and Edward Life Sciences Corporation. These players, along with other prominent market players are expected to be focus on research and development in the heart valve repair technology. The investment on research and development of new techniques are aimed at making heart valve repair and replacement safer and more efficient. This would also help market players strengthen their foothold in the global heart valve devices market.
The TMR report states that the international heart valve devices market is envisaged to exhibit a CAGR of 13.4% between 2016 and 2025, primarily on account of the popularity of transcatheter valves. Globally, the market stood at US$5,046.7 mn in 2016 and is projected to reach US$14,358.3 mn by the end of 2025. North America held nearly 40% of the total market share, thus emerging as the leading market player in 2016.
Being Minimally Invasive, Transcatheter Aortic Valves to Be Leading Segment
Among the various market segments of the global heart valve devices market, mechanical valves hold a leading share in terms of revenue, owing to its capabilities to minimize cell damage, do not require subsequent surgeries, and are least resistant to blood flow. However, the most growth is predicted to be registered by the transcatheter valve segment. Transcatheter valves are expected to register immense growth at a promising pace. Their immense scope of growth can be attributed to the fact that transcatheter aortic valves are minimally invasive, owing to which they completely eliminate the need for conventional surgeries.
North America has been the top market performer until now, and is predicted to continue holding its position, on account of brisk technology integration and surging adoption of usage of transcatheter valves. It is followed by Europe with an estimated 33.9% share of the total market share by the forecast period, owing to increasing awareness about cardiac disorders and valve repair procedures.
Rising Geriatric Population and Increasing Incidence of Heart Diseases to Create Growth Opportunities
The global market for heart valve devices is anticipated to grow consistently due to improved life spans and progress in functional attributes among patients and health care institutes across the world. Asia Pacific is predicted to showcase tremendous market growth opportunities, being a vast region of briskly emerging economies. Geriatric population with heart conditions is soaring in populous countries like China and India, and the growing percentage of adults with disposable incomes are making it easier to spend on advanced surgeries. This, in turn, is anticipated to create significant impressions on the world market opportunities. The World Health Organization reports that in the year 2012, approximately 17.5 mn individuals suffered death at the hands of cardiovascular disorders.
Advent of industries like medical tourism is also predicted to cater to market growth worldwide. The market is anticipated to face some factors hindering its growth over the report’s forecast period, such as complicated regulatory procedures, high surgery costs, and stringent regulatory processes. Nonetheless, the global heart valve devices market is expected to witness a steady growth rate and plentiful market opportunities, and overcome the restraints smoothly.
The data and information presented in this review is based on a TMR report, titled, “Heart Valve Devices Market (Type - Mechanical Heart Valve, Biological Heart Valve, and Transcatheter Aortic Valve; Distribution Channel - Hospitals, Ambulatory Surgical Centers, Cardiac Centers, and Research Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025.”
The global heart valve devices market is segmented by the report as presented below:
Global Heart Valve Devices Market by Type
- Mechanical Heart Valve
- Biological Heart Valve
- Transcatheter Heart Valve
Global Heart Valve Devices Market by Distribution Channel
- Ambulatory Surgical Centers
- Others (Cardiac and Research Centers)
Global Heart Valve Devices Market by Geography
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- Saudi Arabia
- Arab Emirates
- South Africa
- Rest of MEA
- Latin America
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