The report estimates that the global heart valve devices market will demonstrate a CAGR of 7% end of 2016. As of 2011, the global market for heart valve devices was valued at USD 1.26 billion. This market is anticipated to show consistent growth on account of the improved longevity of new-age tissue heart valves. This, in turn, will lead to higher adoption rates among younger patients. The market is projected to touch USD 1.7 billion by 2015.
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The report states that the introduction of transcatheter aortic valve replacement (TAVR) devices has boosted the growth of global heart valve devices market. Developments in minimally invasive devices and advances in related technologies have played a key role in fuelling the demand from the market. The rapidly growing geriatric population has further augmented the market growth. The 60 years and above age group susceptible to cardiac problems, including valve malfunctioning is the largest demographic group in the global heart valve devices market.
On the basis of type of devices, the global heart valve devices market has been segmented into biological, mechanical, and tissue. Mechanical heart valves have been available since the 1950s. The pyrolytic carbon parts in mechanical valves do not wear out from the normal wear and tear inside the heart. The strength of mechanical heart valves has contributed to the longevity of patients. The advantage of tissue valves is that in approximately 50% of patients, anticoagulant medication is not needed on a longer run. Among the heart valve device implants, Transcatheter aortic valve implant (TAVI) shows healthy growth. Transcatheter valves have made it possible to conduct valve-replacement and repair procedures on patients facing high risks of complications related with heart surgery.
The report studies the global heart valve devices market across four key regions: Asia Pacific, North America, Europe, and Rest of the World. There has been significant growth in the heart valve devices market in North America and Europe. However, during the forecast horizon, growing geriatric population suffering from heart ailments in Asia Pacific will drive the market in the region.
Describing competitive landscape, the report profiles some of the key players in the global heart valve devices market. The global market has been monopolized by three key market players: Medtronic, Edwards Life Sciences, and St Jude Medical. Together, these companies account for nearly 70% of the overall market. Heart valve device SAPIEN, developed by Edwards Life Sciences has been approved by the U.S. FDA and has brought unprecedented ease to valve replacement procedures. The report offers insightful details about the players including their business segmentation, revenue, and recent developments.
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