Global Heart Valve Devices Market: Overview
The global heart valves devices market is witnessing an upward trend due to the increasing prevalence of obesity and adoption of unhealthy lifestyle choices leading to cardiovascular diseases and pathological disorders. Heart valve devices are used for repairing and replacing heart valves sans the need for open surgery. The acceptance of heart valve devices is likely to surge as new devices continue to receive approval from the Food and Drug Administration.
The global market for heart valve devices could be segregated on the basis of type, end-user, and region, where the transcatheter heart valve devices by type is predicted to retain the leading share. The preference of physicians and satisfactory outcomes account for high adoption of transcatheter heart valves devices. Transcatheter devices are used to repair and replace heart valves sans the need for open heart surgery.
The report prepared by seasoned analysts provides a comprehensive analysis of the worldwide heart valve devices market taking into account growth factors, challenges, and other vital aspects.
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Global Heart Valve Devices Market: Trends and Opportunities
Majorly fuelling the global market for heart valve devices is the rising prevalence of lifestyle diseases such as diabetes and obesity and lifestyle changes leading to cardiac diseases. High pressure jobs, sedentary lifestyle, and consumption of processed food that are synonymous with urban living are increasingly becoming major cause for diabetes and obesity that can further lead to heart conditions.
Apart from this, the increasing preference for minimally invasive procedures which lowers the risk of infections, need for blood transfusion, and even reduces hospital stay due to speedy recovery is serving to boost the demand for heart valve devices. Additionally, continued product upgrade by incorporating latest technologies leading to the advent of sophisticated heart valve devices is also serving to drive growth of this market.
Structural advances and design innovations of prosthetic heart valves have proven beneficial for valve replacement surgeries. This is further aiding the rise of heart valve devices market. The adoption of regenerative medicine and in-situ tissue engineering for the advent of bio absorbable heart valve devices is the focus of key players in this market. New players seeking entry into this market will strive to develop innovative products that will help them sustain the competition.
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Global Heart Valve Devices Market: Geographical Analysis
The global market for heart valve devices witnesses the supremacy of North America because of early adoption of technologically advanced products and comparatively higher average selling prices of medical devices in the region.
Europe is the second-leading market for heart valve devices. The region’s growth is mainly attributed to numerous product launches, favorable government policies, and a large geriatric population susceptible to heart conditions.
Asia Pacific is likely to surpass other key regions vis-à-vis growth rate over the forecast period. The surging demand for heart valve devices in the region is mainly because of increasing incidence of cardiovascular diseases and improving healthcare infrastructure.
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Global Heart Valve Devices Market: Competitive Landscape
The worldwide heart valve devices market comprises top-ranking companies such as Boston Scientific Corporation, Abbott, TTK Healthcare, Medtronic, Sorin Group, Lepu Medical Technology CO. Ltd., Edward Lifesciences Corporation, CryoLife Inc., JenaValve Technology Inc., Neovasc Inc., and Micro Interventional Devices Inc.
The presence of a large number of players accounts for the heart valve devices market to be fragmented in nature. Expansion of product portfolio and product innovation are the key focus of key players in this market.
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