Bioprosthetics Market Analysis By Type (Allograft, Xenograft, Porcine, Bovine), By Application (Cardiovascular, Plastic Surgery & Wound Healing) And Segment Forecasts To 2024
The global bioprosthetics market is expected to reach USD 6.41 billion by 2024, according to a new report by Grand View Research, Inc. The unprecedented upward shift in the lifestyle-associated habits leading to the high prevalence of cardiovascular diseases coupled with the increasing geriatric population base,which is highly susceptible to developing cardiac impairments and tissue damage,are presumed to impel the demand for the bioprosthetics market during the forecast period.
Lower biocompatibility, aesthetics, and strength exhibited by the synthetic material-based prosthetics indicate the indisputable requirement for incorporating bioprosthetics; consequentially, the increasing need for the tissue-engineered autologous, allogenic or xenograft products is anticipated to present the market with lucrative growth opportunities.
The growth in the demand for bioprostheses is attributed mainly to technological advancements comprising trans catheter valve fabrication technology, the construction of which involves a multidisciplinary approach, wherein wide-ranging technologies borrowed from varied devices including balloon angioplasty and coronary stents as well as medical disciplines, such as cardiac surgery and interventional cardiology, are merged to introduce a revolutionary quantum leap in the transcatheter valve replacement procedures. Moreover, a combination of the non-invasive imaging techniques, such as, echo cardiography angiography, MRI, and CT, are increasingly being employed, which allows the surgeons to visualize both the device and the anatomy of the patient thus eliminating the need to conduct an open heart surgery.
Further key findings from the study suggest:
The allograft segment is expected to exhibit growth at a significant CAGR of over 10.0% during the forecast period. This is a consequence of the following associated advantages such as reduced surgical time, smaller incisions, greater physiological acceptability, availability of larger grafts, and a safer alternative to procedures that employ synthetic grafts as they pose a high risk of complications under anesthesia
The plastic surgery and wound healing segment is anticipated to witness an exponential CAGR of over 11.0% in the application segment over the forecast period. This substantial share can be attributed to the increasing number of soft tissue repair procedures, such as in hernia and abdominal wall reconstruction
Additionally, as per a research published by the NCBI, the increase in case complexities drive the need to apply a multidisciplinary approach in performing the above-mentioned procedures, which augments the use of these bioprosthetics meshes to decrease the morbidity associated with chronic impairments
In 2015, Europe dominated the overall bioprosthetics market at over 40.0%. Moreover, the subsequent changes in the demographic trends, such as the frequent product approvals, increasing geriatric population base, lifestyle-associated changes, and the high awareness levels pertaining to the availability of bioprosthetics solutions are anticipated to drive the market growth in this region
For instance, In April 2016, St. Jude Medical, Inc. announced the European launch of Trifecta Surgical Valve to provide enhanced alternatives to patients requiring aortic valve replacements. This launch resulted in the expansion of the existing product portfolio of St. Jude Medical, Inc. in Europe
Some leading players in this industry include Edwards Lifesciences Corporation, St.Jude Medical, Inc., Sorin Group, CryoLife, Inc., Braile Biomedica, Inc., and Medtronic Plc; these players are increasingly involved in adopting collaborative strategies and launching frequent product approvals to facilitate business expansion
For instance, in March 2016, Edwards Lifesciences Corporation received an approval for the SAPIEN 3 Valve in Japan for the treatment of patients suffering from aortic stenosis. Additionally, the rising involvement of the players in this vertical toward developing and enhancing the supply of bioprosthetics through strategic alliances is likely to provide the market with a high potential growth platform in the future
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