Zion Market Research has published a new report titled “Prosthetic Heart Valve Market by Type (Transcatheter, Tissue, and Mechanical): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2015 – 2021”. According to the report, global prosthetic heart valve market was valued at USD 3,138.4 million in 2015, is expected to reach USD 5,302.1 million in 2021 and is anticipated to grow at a CAGR of 9.10% between 2016 and 2021.
Heart valves play an important role in proper and one-directional blood flow. The heart consists of four main types of valves that are tricuspid, pulmonary, mitral, and aortic valves. Prosthetic heart valves are artificial valves implanted in the patients suffering from the valvular heart disorder. There are 3 types of prosthetic heart valve such as mechanical heart valve, tissue heart valve, and transcatheter heart valve. Previously, mechanical heart valves were used extensively, however, they lack anticoagulation property.
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The surging incidence of heart disorders drives the prosthetic heart valve market. Increasing technological advancement and rising aging population fuel the growth of the market. Factors such as intense completion among the key player result into high R&D for innovated products and government funds and support for improvement of healthcare sector foster the demand for prosthetic valve market. However, the high cost of valve replacement therapy and regulations posed by the government in particular regions for tissue valve may hamper the growth of this market. Nevertheless, growing demand for minimal invasion techniques for heart valve replacement along with untapped opportunities in the emerging economies is likely to open new avenues for the prosthetic heart valve market in the near future.
Tissue valve held the largest market share in 2015. Types of tissue heart valves include stented tissue heart valves and stentless tissue heart valves. Tissue valve is obtained from the pig and cow and further neutralized and treated before implanting in the human heart. The mechanical heart valve is made up of pyrolytic carbon. Transcatheter heart valve replacement is the advanced technology which either repairs the damaged valve by minimal invasion or replaces it using transcatheter heart valve.
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In 2015, the prosthetic heart valve market was dominated by North America. This growth was mainly contributed by surging occurrence of heart valve disorders and the shift in preference for the minimally invasive method. Also, growing demand for tissue heart valve replacement in U.S triggers the growth of the market in North America. Asia Pacific is considered to be the fastest growing market for prosthetic heart valve and expected to maintain its market in the forecast period. Factors that led the growth of the market in this region are increasing discretional income and rising demand for valve replacement. Edwards Lifesciences Corporation is expected to launch SAPIEN 3 Transcatheter Heart Valve in 2016 which would surge the market growth in this country. Latin America is anticipated to experience decent growth in the forecast period due to the untapped market.
The presence of a large number of players for the prosthetic heart valve creates intense competition. The companies adopt strategies such as product innovation and expansion. Some of the key players in the prosthetic heart valve market are Colibri Heart Valve, LLC, Cytograft Tissue Engineering, Inc. (CTE), Direct Flow Medical, Inc., Edwards Lifesciences LLC, Heart Leaflet Technologies (HLT), Perouse Medical, St. Jude Medical Inc., and Sorin Group.
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