What is Prosthetic Heart Valves Market Scope?
Increasing Aging Population and occurrence of valvular disease spur the growth of the global prosthetic heart valve market in the forecasted period. Prosthetic heart valve, also called as an artificial heart valve, is fixed in the heart of an individual with cardiac vascular disease. It is made of strong material including carbon or titanium. The prosthetic heart valve is a medical device that transplants in the heart disease patient who is suffering from heart failure. It provides a heart valve consists of orifices, which are provided blood flow. Growing lifestyle diseases, smoking population, rising aging population are the key driver of prosthetic heart valves market. Growing demand for minimally-invasive devices and upsurge in occurrences of cardiac valve disorders are projected to create opportunities in the forecasted period.
The Prosthetic Heart Valves market study is being classified by Type (Transcatheter Heart Valve, Tissue Heart Valve and Mechanical Heart Valve) and major geographies with country level break-up.
The global prosthetic heart valve market is very fragmented and the key players have used many strategies including new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their market share in this market. Research Analyst at AMA predicts that Players from United States will contribute to the maximum growth of Global Prosthetic Heart Valves market throughout the predicted period.
Medtronic plc (Ireland), Boston Scientific Corporation (United States), Edwards Lifesciences Corporation (United States), St. Jude Medical, Inc. (an Abbott Laboratories Company) (United States), Symetis SA (Switzerland), LivaNova PLC (United Kingdom), Jenavalve Technology, Inc. (Germany), TTK Healthcare Limited (India), CryoLife, Inc. (United States) and Colibri Heart Valve, LLC (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Braile Biomédica (Brazil) and Lepu Medical Technology Co., Ltd. (China).
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Prosthetic Heart Valves market by Type, Application and Region.
On the basis of geography, the market of Prosthetic Heart Valves has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2020. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Influencers and their development strategies
On 23rd April 2019, The U.S. Food and Drug Administration (FDA) has cleared the Boston Scientific Lotus Edge transcatheter aortic valve system. Delivered via a minimally invasive procedure, this transcatheter aortic valve replacement (TAVR) technology is approved for patients with severe aortic stenosis who are considered at high risk for surgical valve replacement via open heart surgery.
On 6th March 2018, Abbott has announced the U.S. Food and Drug Administration (FDA) approved the Masters HP™ 15mm rotatable mechanical heart valve, the world's smallest mechanical heart valve, that will allow doctors to treat babies and toddlers in need of a mitral or aortic valve replacement.
Influencing Market Trend
- Favorable Reimbursement Scenario for Prosthetic Heart Valve
- Technological Advancements in Products
Market Drivers
- Increasing Awareness about Prosthetic Heart Valves Diseases
- Rising Government Expenditure for Heart Diseases
Opportunities
- Increasing Indication of TAVR from Only High-Risk to Intermediate- Or Low-Risk Patients
- Robust Product Pipeline
- Development Potential Offered By Emerging Nations
- Growing Investments by Key Players in Emerging Companies
Restraints
- Expensive Procedure of Transcatheter Aortic Valve Replacement (TAVR)
- Availability of Various Methods for Treatment
Challenges
- Introduction of Tissue-Engineered Heart Valve (TEHV)
- Need for Skilled Cardiac Specialist
Key Target Audience
Prosthetic Heart Valve Manufacturing Companies, Suppliers and Distributors of Prosthetic Heart Valve, Healthcare Service Providers, Teaching Hospitals and Academic Medical Centers (AMCs), Health Insurance Players, Investment Research Firms, Government and Private Research Organization, Government Regulatory Bodies and Others
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