Market Research Report
Global Artificial Heart Valve Market- Technologies, Market share and Industry Forecast to 2024
|Published by||Occams Business Research & Consulting Pvt. Ltd.||Product code||720553|
|Published||Content info||240 Pages
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|Global Artificial Heart Valve Market- Technologies, Market share and Industry Forecast to 2024|
|Published: October 12, 2018||Content info: 240 Pages||
Global artificial heart valve market is expected to grow at a CAGR of 12% during the forecast period 2017-2024. Increasing geriatric population and rising cases of heart valve diseases are major growth promotors of the market. Unhealthy lifestyle and lack of physical activities causes various cardiac diseases and pathological disorders. Further, increasing government funding for heart valve research, favorable reimbursement scenario and rising awareness about heart valve diseases are also adding growth in the market. However, high cost and risk associated with transcatheter aortic valve replacement (TAVR) procedures and strict approval process are hindering factor for the market growth.
North America accounted for the largest market share in terms of revenue for the artificial heart valve market in 2017 followed by Europe and Asia Pacific. Factors such as growth in the aging population and rise in the vascular heart diseases and rising product approvals for heart valves are contributing to the growth of North American market. In addition, North America leads market due to greater technological advancement. However, Asia Pacific is expected to be the fastest growing region in the market during the forecast period. Factors such as increasing disposable incomes and growing prevalence of heart valve diseases and improvement in healthcare infrastructure contributes to the growth rate of Asia Pacific artificial heart valve market during the forecast period.
On the basis of segmentation, the artificial heart valve market is segmented on the basis of type of valve. This type of valve segment is further categorized in to three segment those are biological heart valves, mechanical heart valves, and transcatheter heart valves. Transcatheter heart valve devices segment accounts for maximum share in the market. The large share of this segment is due increasing heart valve disease cases and these transcatheter heart valve are planted through minimally invasive procedures and the other type of heart valve type need open heart surgery.
Medtronic Plc (Ireland), Boston Scientific Corporation (U.S.) and Edwards Lifesciences Corporation (U.S.) are amongst the key players of the market. These companies use various strategies such as merger & acquisition, collaboration, partnership and product launch & approvals. Whereas, product approvals is the key strategy adopted by the companies in global artificial heart valve market. For instance, in august 2017, Medtronic Plc announced that its new avalus pericardial surgical valve for the treatment of aortic valve disease has received approval from the U.S. FDA and CE mark (conformite european).