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Global Artificial heart valve market report
Global artificial heart valve market deals in device implanted in the heart of the patient with the valvular heart disease. This replacement of diseased valves with artificial heart valves reduces the morbidity and mortality associated with cardiac valve disorders. Global artificial heart valve market is expected to grow at a CAGR of 12% during the period from 2017 to 2024. Key drivers fueling growth in the market are government funding towards researches related to heart valve, rapid growth in geriatric population and rise in prevalence of heart valve diseases. Unhealthy lifestyle and lack of physical activities causes various cardiac diseases and pathological disorders. Increasing demand for minimally-invasive procedures and technological advancement are also leveraging about more effective heart valve devices. However, high cost and risk associated with Transcatheter Aortic Valve Replacement (TAVR) procedures and strict approval process are hindering factor for the market growth.
Growth in heart valve disorder fueling growth in global artificial heart valve market
Rising number of heart valve disorder is the key factor driving the market growth. According to the Society of Thoracic Surgeons, every year about 5 million people are diagnosed with heart valve disease in America. Moreover, every year about 22,000 people in the U.S. die due to heart valve diseases. These heart valve diseases are diagnosed in all ages of people. However, as per British Heart Foundation, one of the key factors for the rise in the heart valve disorder is due to ageing. These valve diseases can be treated with the valve replacement in the patients of all ages. Thus, rise in the heart valve disease patients is expected to rise the demand for artificial heart valve devices. Further, according to the American college of cardiology, in the United States more than 4 million people annually suffer with mitral valve insufficiency and about 1.5 million cause aortic stenosis annually. This rise in demand for artificial heart valve is expected to fuel the growth in the market over the forecast period.
Source: OBRC Analysis
The report on global artificial heart valve market is segmented in to type of valve. Type of heart valve includes:
The report scope is widely categorized on the basis of its type of valve which include, mechanical, tissue and transcatheter heart valves.
Geographically, the market report has been segmented in:
North America dominates global artificial heart valve market
North America accounted for the largest market share in terms of revenue for the artificial heart valve market in 2016 followed by Europe and Asia Pacific. North America is expected to dominate the market during the forecast period. Factors such as rapid growth in ageing population, growth in number of product approvals and rising heart disease patients are driving the market growth in North America. Moreover, Asia Pacific is expected to be the fastest growing region in artificial heart valve market during the forecast period. Factors such as increasing disposable incomes and growing prevalence of high occurrence of heart valve diseases, ageing population along with improvement in healthcare infrastructure contributes to the fastest growth rate of Asia Pacific artificial heart valve market during the forecast period. As ageing population have the highest incidences of hypertension and coronary heart disease as per the Journal of the American college of cardiology. Thus, rapid growth in the ageing population in the Asia Pacific is contributing towards the market growth of the artificial heart valve market. For instance, as per the United Nations population Fund organization, in Asia Pacific ageing population is growing at a significant pace. As per the source, by end of 2050 in Asia pacific 1 in 4 people would be over aged over 60 years. In Asia Pacific about 12.4% of the total population was aged above 60 in 2016.
On the basis of segmentation, the market is segmented in to type of valve. This type of valve segment is further categorized in to mechanical heart valves, biological heart valves, and transcatheter heart valves. Transcatheter heart valve devices segment accounts for maximum share in the market. The largest share of this segment is due to the rising prevalence of heart valve diseases and these transcatheter heart valve are inserted through minimally-invasive procedures. However, the other type of heart valve type need open heart surgery.
Major market players of the global artificial heart valve market are:
These companies use various strategies such as merger & acquisition, collaboration, partnership and product launch whereas, approvals is the key strategy adopted by the companies in the market.
For example: In august 2017, Medtronic Plc announced that its new avalus pericardial surgical valve for the treatment of aortic valve disease which has received approval from the U.S. FDA and CE mark (conformite european). This is expected to increase the market revenue share of the company. Similarly, in February 2018, Edwards Lifesciences Corporation has received CE mark for its CENTERA valve for aortic stenosis patients for open heart surgery. These approval enables the valves use in patients at intermediate risk and higher risk for open heart surgeries.
The report covers detailed analysis of companies which comprises overview, SCOT analysis, product portfolio, strategic initiative, strategic analysis, competitive landscape and market share analysis in the market.
Key reasons to buy the report:
How are we different from others:
At Occam’s we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on global artificial heart valve market offers detailed analysis of strategic models such as investment vs. adoption model, see saw analysis and others strategic models. Also, the report contains the detailed analysis of application, adoption scenario and decision support for each segment. The report discusses competitive landscape of the market, with giving extensive SCOT analysis of key companies.
Key findings of the market:
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