Prosthetic Heart Valve Market was valued
at $3,874 million in 2016, and is expected to reach at $8,392 million by 2023,
growing at a CAGR of 11.4% from 2017 to 2023. The transcatheter heart valve
segment accounted for more than three-fifths share of the total market in 2016.
Prosthetic
heart valves are implanted in patients suffering from valvular heart disease,
which results in failure of one or more valves present in the human heart.
These patients are treated by replacing a natural heart valve with a prosthetic
heart valve.
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The market is driven by rise in prevalence of
cardiac disorders, such as rheumatic heart diseases, increase in geriatric
population, and change in lifestyle of people, novel technological advancements
in prosthetic heart valves, rise in patient awareness, demand for minimally
invasive cardiovascular surgeries, and surge in transcatheter heart valve
surgery centers. However, this growth is limited by high cost, risk associated
with prosthetic heart valves, and stringent approval process for prosthetic heart
valves. Use of transcatheter heart valves for new indications and emerging
markets in Asia-Pacific and LAMEA are expected to provide several opportunities
for key players operating in prosthetic heart valve market.
The
transcatheter heart valve segment is expected to maintain its dominant position
throughout the analysis period, owing to rise in prevalence of aortic stenosis,
increase in geriatric population, and new device approvals. In addition,
transcatheter heart valve segment is expected to grow at the highest CAGR of
15.0%, owing to increase in adoption rate for transcatheter valve implantation
procedures.
Key Findings of
the Prosthetic Heart Valve Market
- Based on product
type, the transcatheter heart valve segment accounted for more than
three-fifths of the total market in 2016.
- Europe accounted
for more than half of the transcatheter heart valve market (in terms of
value) in 2016, with a CAGR of 13.8%.
- Europe accounted
for both, major share (nearly two-fifths) in 2016 (in terms of volume) and
highest CAGR of 11.1% (for volume market) from 2017 to 2023, in the global
market.
- LAMEA is expected
grow at a high CAGR of 11.7% from 2017 to 2023.
Europe accounted for majority of the share
(nearly half) in the market in 2016, and is expected to remain dominant
throughout the forecast period, owing to increased adoption of prosthetic
valves, enhanced technological advancements, and development of novel products
by the key players. In addition, increase in prevalence of aortic stenosis,
rise in awareness among patients & physicians about the availability of
advanced prosthetic valves, and advanced healthcare infrastructure fuel the
market growth. Moreover, rise in awareness for availability of prosthetic
valves and procedures in certain European nations are the key factors that have
increased the adoption of advanced prosthetic valves in the region.
The
major companies profiled in the report include Abbott Laboratories, Medtronic
plc., Medical Technology Est., Boston Scientific Corporation; Micro
Interventional Devices, Inc., Direct Flow medical, Inc., Edwards Lifesciences
Corporation, LivaNova PLC., JenaValve Technology, Inc., and Cryolife, Inc.
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