Heart Valve Repair and Replacement Devices Market - Global Outlook and Forecast 2018-2023
The global heart valve repair and replacement devices market is expected to generate revenues of more than $12 billion by 2023, growing at an impressive CAGR of around 17% during 2017-2023.
The government organizations and leading manufacturers involved in spreading awareness, education, and support about various types of cardiac diseases will have a positive impact on the global market. Top vendors in the transcatheter space, startups, and small medtech investigational companies are actively engaged in developing next-generation medical devices creating lucrative opportunities in the market. The global heart valve repair and replacement devices market is driven by growing technological advancements, new product approvals, a growing elderly population, and improvements in reimbursement policies. The increasing adoption of transcatheter and other MI heart valve procedures will transform the global market. The market research report provides in-depth market analysis and segmental analysis of the global heart valve repair and replacement devices market by product, surgery type, end-user, and geography.
The report considers the present scenario of the global heart valve repair and replacement devices market and its market dynamics for the period 2018−2023. It covers five geographic regions (North America, Europe, APAC, Latin America, and MEA); end-users (Hospitals and ambulatory surgical centers); product type (heart valve repair and replacement devices); surgery type (Transcatheter, open, and minimally invasive heart valve repair and replacement procedures) under the study elaborating the present market scenario and discussing the futuristic demand of heart valve repair and replacement devices in the market. It also covers a detailed overview of various market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes the leading companies and various other prominent companies operating in the global heart valve repair and replacement devices market.
Heart Valve Repair and Replacement Devices Market – Dynamics
The introduction of transcatheter based procedure that is highly advanced than other MI and open surgical techniques is driving the growth of the global heart valve repair and replacement devices market. Transcatheter treatments are associated with fewer complications, high success rate, and a faster recovery rate than other techniques available in the market. Players such as Edwards Lifesciences, Abbott, Medtronic, and LivaNova have launched a wide range of devices that include annuloplasty rings, tissue valves, transcatheter heart valves, mechanical heart valves, and advanced delivery systems. The launch of devices that focuses on valve retrievability and repositioning will transform the global heart valve repair and replacement devices market. The emergence of transcatheter mitral valve replacement procedure is expected to revolutionize the global heart valve repair and replacement devices market. With the availability of favorable clinical evidence and technological improvements, this procedure is expected to gain immense popularity in the global market over the next few years.
Heart Valve Repair and Replacement Devices Market – Segmentation
This market research report includes a detailed segmentation of the market by product, surgery type, end-users, and geography. Replacement devices segment dominated more the 3/4th of market share in 2017, growing at a CAGR of approximately 18% during the forecast period. The growing demand for transcatheter replacement procedures especially TAVR and the availability of next-generation prosthetic tissue heart valves are two of the major factors augmenting the growth of this segment in the global market. The growing demand for mitral valve repair procedures will create lucrative opportunities for leading vendors operating in the global market.
MI heart surgery segment dominates a section of the market share in 2017, growing a CAGR of around 12% during the forecast period. The growing demand for minimally invasive surgeries such as video-assisted, robotic-assisted, and endoscopic techniques will propel the growth of this segment in the global market. Hospital end-user segment dominated the largest market share in 2017, growing at a CAGR of around 18% during the forecast period. The availability of various procedure such as transcatheter-based, MI robotic-assisted, and video-assisted techniques for treating a broad range of high-risk and complicated heart valve diseases is propelling the growth of this end-user segment in the global market.
Market Segmentation by Product
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