Prosthetic heart valve is an artificial device surgically implanted for removing damaged heart valves caused by heart valve diseases. Heart valves help in controlling the flow of blood through the heart. Poor functioning of heart valve leads to inadequate blood flow, which requires prosthetic heart valve surgery later. Prosthetic heart valves reduce morbidity and mortality associated with cardiac valve disorder. Cardiac valves disorders can be either congenital or acquired, and sometimes the causes are unknown. There is no cure for heart valve disorder, although proper medication and diet can prevent or delay the occurrence. Transcatheter valve is a recommended minimally invasive surgery which repairs the valve without removing the abnormal heart valve but instead the process involves implanting a replacement valve into an aortic valve place. Alternative treatments for cardiac valve disorder include, suture-less valves, anti-calcification technology and polymer & carbon-based technologies. Valvular stenosis and valvular regurgitation are types of heart valve disorders which are treatable through surgeries. After implanting a prosthetic heart valve, the patient is recommended a blood thinning medication for lifetime to prevent blood clots on the valve. According to the World Health Organization, in 2016, 17.9 million people died from cardiovascular diseases which accounted for 31% of the deaths globally.
Global demand for prosthetic heart valves is driven by increasing number of heart surgeries performed, aging population, and growing base of patients across the world. Prosthetic heart valves is considered a lucrative market globally. Certain other factors, such as, growing health care expenditure and rising awareness regarding proper diagnosis and availability of treatment options for heart valve disorders are also propelling the global market. Furthermore, increasing demand for minimally invasive surgeries, technological advancement, and rising prevalence of cardiac disorders are the major factors expected to generate lucrative opportunities for the global prosthetic heart valves market during the forecast period. Additionally, increasing disposable income in developed countries is boosting the growth of global prosthetic heart valve market. However, reimbursement issues, high cost of development, and expensive treatment, particularly of transcatheter aortic heart valve, are the restraining factors affecting the growth of the prosthetic heart valve market across the globe. Strict government regulations and shortage of skilled professionals further restrict the growth of global prosthetic heart valves market.
Based on product type, the global prosthetic heart valves market can be bifurcated into mechanical heart valves, tissue heart valves, and transcatheter heart valves. Mechanical heart valves can be further classified into mechanical mitral valves and aortic valves. Tissue heart valves can be segmented into stentless tissue valves, stented tissue valves, tissue-engineered valves, and homograft & heterograft valves. Globally, the tissue heart valves is the rapidly growing segment. In terms of end-user, the prosthetics heart valves global market can be divided into hospitals, ambulatory surgical centers, and others. By region, the global prosthetic heart valve market can be segmented into North America, Europe, Asia Pacific, the Middle East, and Latin America. North America dominates the global prosthetic heart valves market, driven by well-developed health care infrastructure, technological advancements, rising health care expenditure, growing number of heart surgeries, and increasing government funding in the region. Prevalence of heart valve disorders in North America is the highest among these regions, followed by that in Europe and Asia Pacific. Asia Pacific is an emerging economy and is expected to grow at the fast pace in during the forecast years. Expected growth of the prosthetic heart valves market in Asia Pacific can be ascribed to improving health care infrastructure and increasing incidence of chronic diseases in the region. Also, growing population and developing economies are the factors propelling the growth of the prosthetic heart valves market in the region during the forecast period.
Major players leading the global prosthetic heart valves market include Edwards Lifesciences Corporation, Medtronic, Abbott Laboratories, Boston Scientific Corporation, Jenavalve Technology, Inc., and Cryolife Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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- Customer Experience Maps
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
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7. Which government regulations might challenge the status of key regional markets?
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