Market Overview
The Global Prosthetic Heart Valve Market is expected to grow at a high CAGR of 11% during the forecasting period (2022-2029).
The prosthetic heart valve is precisely embedded in the heart to supplant a heart valve that has been harmed because of a heart-related jumble. A heart valve substitution medical procedure is performed when a fix of the valve isn’t a choice, every valve has a tissue fold that opens and closes with each heartbeat.
Market Dynamics
The worldwide prosthetic heart valve market development is driven by the ascent in the commonness of cardiovascular issues, like rheumatic heart illnesses, expansion in the geriatric populace, changes in the way of life of individuals, and novel mechanical headways in prosthetic heart valves, interest for insignificantly obtrusive cardiovascular medical procedures.
The rising regulatory approvals for new and advanced prosthetic heart valves will drive the market growth
Administrative endorsements for new and high-level prosthetic heart valves are one of the key elements filling the worldwide prosthetic heart valve market. For example, in March 2018, Abbott has gotten U.S. Food and Drug Administration (FDA) endorsement for Masters HP 15mm rotatable mechanical heart valve, which is the world’s littlest programmed heart valve, that will permit treating children and babies needing a mitral or aortic valve substitution. The European nations lead a most extreme number of clinical preliminaries because of the great commonness of heart sicknesses, like aortic stenosis and mitral spewing forth. For example, in Europe, more than 1.75 million individuals experience the ill effects of aortic stenosis. What’s more, mechanical valve preliminaries were most noteworthy in Europe (around 45.6%) trailed by North America (38.1%).
The rising predominance of heart valve infection is the main consideration driving the market’s development. For example, according to the World Heart Federation 2022, rheumatic coronary illness is a condition that influences 39 million individuals around the world. It is a condition where the heart valves have been forever harmed by rheumatic fever. Besides, according to a January 2022 distributed article, named “Uncovering the treatable weight of extreme aortic stenosis in the UK”, the outcomes uncovered that in the United Kingdom, in 2019, the commonness of serious aortic stenosis was 1.48%, including 291,448 people matured more than or equivalent to 55 years. These variables are driving the development of the market in the conjecture time frame.
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Market Segmentation
By Product type
- Transcatheter Heart Valves*
- Mechanical Heart Valves
- Tissue Heart Valves
By End User
- Hospitals
- Ambulatory Surgical Centers
- Cardiac Centers
Competitive Landscape
The prosthetic heart valve market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Medtronic PLC, Edwards Lifesciences Corporation, Boston Scientific Corporation, Jude Medical Inc. (Abbott Laboratories), Symetis SA, Jenavalve Technology Inc., Cryolife Inc., TTK Healthcare Limited, Colibri Heart Valve LLC, Lepu Medical Technology Co. Ltd among others.
The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the Prosthetic Heart Valve Market globally. For instance, in July 2021, CARMAT, the designer and developer of the world’s most advanced total artificial heart, aiming to provide a therapeutic alternative for people suffering from end-stage biventricular heart failure, reported the first implant of its Aeson bioprosthetic artificial heart in a commercial setting.
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