According to the latest market report published by Credence Research, Inc. “Heart Valve Devices Market – Growth, Future Prospects, and Competitive Analysis, 2017 – 2025,” the global heart valve devices market was valued at US$ 4,945 Mn in 2016, and is expected to reach US$ 13,377.9 Mn by 2025, expanding at a CAGR of 10.6% from 2017 to 2025.
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Heart valve devices are basically use to treat the blockage of heart. Heart valve surgery or other surgical procedures are commonly used to repair or replace valve in the heart. This procedure improves survival rate and quality of life of the patient. Rising geriatric population, increase in prevalent population with heart valve disease and demand for novel and less invasive technology are significant factors contributing to the growth of heart valve devices market. With increase in investment in R&D and constant improvement in technology by the companies and their market expansion through strategic merger and acquisition further boast the growth of heart valve devices market.
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The global heart valve devices market is segmented by procedure type into heart valve repair and heart valve replacement. Heart valve repair is further segmented into surgical heart valve repair devices, percutaneous balloon valvuloplasty devices and transcatheter heart valve repair devices. Transcatheter heart valve is fast growing market due to preference for less invasive surgeries. Heart valve replacement is segmented by type into mechanical valves, tissue/bioprosthetic valves and transcatheter heart valves/ percutaneous heart valves. Mechanical valve replacement dominates the heart valve device market, due it high durability and observed significant improvement in survival rates in patient. It is further segmented into position by mitral valve replacement devices, aortic valve replacement devices and other position heart valve replacement devices. Most of the replacement take place for mitral and aortic damaged valves.
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As of the current market scenario, North America dominates the global heart valve devices market followed by Europe. Every year around 5 million Americans are diagnosed with moderate or severe heart valve disease. Thus upsurge in cardiovascular diseases, demand for less invasive and novel technology are the main growth factors for heart valve devices market in North America. Asia Pacific is the fastest growing heart valve devices market in the forecast period. The key factors contributing to growth of Asia Pacific heart valve devices market are rise in prevalence of heart valve disease, increase in disposable income and improvement in healthcare infrastructure.
Market Competition Assessment:
Key players in the global heart valve devices market are Abbott Laboratories, Boston Scientific Corporation, Cryolife, Inc., Edwards Lifesciences LLC, On-X Life Technologies, Inc., LivaNova, Plc., Medtronic, Plc., Meril Life Sciences Pvt. Ltd., Micro Interventional Devices, Inc., Neovasc, Inc., Sorin Group, St. Jude Medical, Inc., TTK Healthcare Ltd and others.
Key Market Movements:
– Around 5 million American suffer from heart valve disease every year. Heart disease is considered as one of the leading cause of mortality. Thus substantial rise in burden of heart valve disease is the major growth driver for the heart valve device market.
– Minimally invasive and percutaneous heart valve technologies availability, wide array of surgical procedure, advances in heart valve therapies has revolutionized the traditional ways of treatment of valvular disease
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