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.
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Global Heart Valve Devices Market: Snapshot
On account of the presence of a copious number of manufacturers, the global heart valve devices market is fragmented in nature. Players in the market are seen competing with one another either on the basis of a diverse product portfolio or on the basis of specific products. A report by Transparency Market Research predicts the competition in the market to heat up further in the years to come on account of the foray of aspiring manufacturers.
Majorly fuelling growth in the global market for heart valve devices market is the increasing instances of obesity and unhealthy lifestyle causing various cardiac diseases and pathological disorders. In addition, the increasing demand for minimally invasive procedures and continued product modifications by leveraging the latest technologies developments have brought about more effective heart valve devices. This has also had a positive impact on the market.
As per Transparency Market Research, the global heart valve devices market will likely register a CAGR of 12.4% during the period from 2017 to 2025. Rising at this pace, the market which was worth US$5.8 bn in 2016 will likely become worth US$16.2 bn in 2025.
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Improving Healthcare Infrastructure Drives Maximum Growth in Asia Pacific
From a geographical standpoint, North America leads the global heart valve devices market because of the greater uptake of technologically superior products and techniques and comparatively greater average selling prices of heart valve devices in the region. By expanding at a CAGR of 12.4% during the period between 2017 and 2025, the region will likely become worth US$6.92 bn in terms of revenue.
Europe trails North America in the global heart valve devices market vis-à-vis market share. The region’s growth has been mainly brought about by the numerous product launches, supportive policies of the government, and a large pool of elderly highly susceptible to various heart diseases. In terms of growth rate, however, Asia Pacific is expected to overtake other regions by registering a CAGR of 13.3% in the forecast period. The region’s growth will be mainly brought about by the high occurrence of heart valve diseases and an improving healthcare infrastructure.
Some of the prominent participants in the global heart valve devices market are Abbott, CryoLife, Inc., Boston Scientific Corporation, Edward Lifesciences Corporation, TTK HealthCare, JenaValve Technology, Inc., Medtronic, Neovasc, Inc., Sorin Group, Micro Interventional Devices, Inc., and Lepu Medical Technology Co., Ltd.
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