The global prosthetic heart valves market is expected to expand rapidly as the frequency of heart valve disease rises and regulatory requirements for innovative and sophisticated prosthetic heart valves increase. The global healthcare system bears a huge burden as a result of valvular heart disease (VHD).
Every year, nearly 5 million individuals in the US are diagnosed with HVD, as per the American College of Cardiology. VHD mostly affects the elderly because to calcium accumulation and scarring in the valve cusp caused by ageing. As a result, the rapidly ageing population and the resulting increase in the incidences of VHD are likely to fuel growth of the global prosthetic heart valves market in the forthcoming years.
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Due to consistent rules and the high frequency of cardiac disorders, the prosthetic valves industry has also seen multiple clinical studies in recent years, particularly in the countries of Europe. A prosthetic heart valve is a tool that is placed in a patient who has valvular heart disease, which causes one or more valves in the human heart to fail. The treatment for such condition comprises the replacing of a natural heart valve with a prosthetic one, which reduces the mortality and morbidity associated with cardiac valve problems.
Prosthetic heart valve is an artificial device surgically implanted for removing damaged heart valves caused by heart valve diseases. Heart valves help in controlling the flow of blood through the heart. Poor functioning of heart valve leads to inadequate blood flow, which requires prosthetic heart valve surgery later. Prosthetic heart valves reduce morbidity and mortality associated with cardiac valve disorder. Cardiac valves disorders can be either congenital or acquired, and sometimes the causes are unknown. There is no cure for heart valve disorder, although proper medication and diet can prevent or delay the occurrence.
Transcatheter valve is a recommended minimally invasive surgery which repairs the valve without removing the abnormal heart valve but instead the process involves implanting a replacement valve into an aortic valve place. Alternative treatments for cardiac valve disorder include, suture-less valves, anti-calcification technology and polymer & carbon-based technologies. Valvular stenosis and valvular regurgitation are types of heart valve disorders which are treatable through surgeries. After implanting a prosthetic heart valve, the patient is recommended a blood thinning medication for lifetime to prevent blood clots on the valve. According to the World Health Organization, in 2016, 17.9 million people died from cardiovascular diseases which accounted for 31% of the deaths globally.
Global demand for prosthetic heart valves is driven by increasing number of heart surgeries performed, aging population, and growing base of patients across the world. Prosthetic heart valves is considered a lucrative market globally. Certain other factors, such as, growing health care expenditure and rising awareness regarding proper diagnosis and availability of treatment options for heart valve disorders are also propelling the global market.
Furthermore, increasing demand for minimally invasive surgeries, technological advancement, and rising prevalence of cardiac disorders are the major factors expected to generate lucrative opportunities for the global prosthetic heart valves market during the forecast period. Additionally, increasing disposable income in developed countries is boosting the growth of global prosthetic heart valve market. However, reimbursement issues, high cost of development, and expensive treatment, particularly of transcatheter aortic heart valve, are the restraining factors affecting the growth of the prosthetic heart valve market across the globe. Strict government regulations and shortage of skilled professionals further restrict the growth of global prosthetic heart valves market.
Based on product type, the global prosthetic heart valves market can be bifurcated into mechanical heart valves, tissue heart valves, and transcatheter heart valves. Mechanical heart valves can be further classified into mechanical mitral valves and aortic valves. Tissue heart valves can be segmented into stentless tissue valves, stented tissue valves, tissue-engineered valves, and homograft & heterograft valves. Globally, the tissue heart valves is the rapidly growing segment. In terms of end-user, the prosthetics heart valves global market can be divided into hospitals, ambulatory surgical centers, and others. By region, the global prosthetic heart valve market can be segmented into North America, Europe, Asia Pacific, the Middle East, and Latin America.
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North America dominates the global prosthetic heart valves market, driven by well-developed health care infrastructure, technological advancements, rising health care expenditure, growing number of heart surgeries, and increasing government funding in the region. Prevalence of heart valve disorders in North America is the highest among these regions, followed by that in Europe and Asia Pacific. Asia Pacific is an emerging economy and is expected to grow at the fast pace in during the forecast years. Expected growth of the prosthetic heart valves market in Asia Pacific can be ascribed to improving health care infrastructure and increasing incidence of chronic diseases in the region. Also, growing population and developing economies are the factors propelling the growth of the prosthetic heart valves market in the region during the forecast period.
Major players leading the global prosthetic heart valves market include Edwards Lifesciences Corporation, Medtronic, Abbott Laboratories, Boston Scientific Corporation, Jenavalve Technology, Inc., and Cryolife Inc.
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