Market
Overview: Prosthetic heart valves are medical devices used to replace damaged or diseased heart valves. They are designed to restore normal blood flow and improve overall heart function. These valves offer several advantages, including improved quality of life, decreased symptoms, and reduced mortality rates. The increasing incidence of heart valve diseases, such as valvular stenosis and regurgitation, is driving the demand for prosthetic heart valves. The aging population, sedentary lifestyle, and rising prevalence of risk factors such as high blood pressure, diabetes, and obesity further contribute to the growth of the market. Market Key Trends: One key trend in the Prosthetic Heart Valves Market is the increasing adoption of transcatheter heart valves. Transcatheter heart valves are minimally invasive alternatives to traditional surgical valve replacement. They are implanted using a catheter and do not require open-heart surgery. The demand for transcatheter heart valves is increasing due to their advantages, including shorter recovery times, reduced hospital stay, and lower risk of complications. The advancements in transcatheter technologies, such as the development of self-expanding and repositionable valves, are further driving their adoption in the market. It is essential for market players to continuously innovate and develop new products to cater to the evolving needs of the healthcare industry. Moreover, collaborations and partnerships among key market players can lead to the development of advanced prosthetic heart valves and fuel market growth. However, the high cost of prosthetic heart valves and reimbursement challenges may hinder market growth to some extent. PEST Analysis: Political: The political factors influencing the Prosthetic Heart Valves Market Demand include regulations related to the approval and sale of medical devices, government healthcare policies, and reimbursement systems. For example, stringent regulations by regulatory authorities such as the FDA and European Medicines Agency (EMA) can impact the market by affecting the time and cost required for product approvals. Economic: The economic factors influencing the prosthetic heart valves market include healthcare expenditure, healthcare infrastructure, and the overall economic growth of a region. Rising healthcare expenditure and increased access to affordable healthcare in emerging economies can contribute to market growth. Additionally, the affordability of prosthetic heart valves and reimbursement policies can also influence market demand. Social: Social factors influencing the prosthetic heart valves market include the aging population, lifestyle changes, and awareness about cardiovascular diseases. The increasing prevalence of heart diseases, especially among the elderly population, is driving the demand for prosthetic heart valves. Moreover, changing lifestyles, such as sedentary habits and unhealthy eating, contribute to the rise in cardiovascular diseases. Technological: Technological factors influencing the prosthetic heart valves market include advancements in manufacturing techniques, material innovations, and minimally invasive surgical procedures. The development of transcatheter heart valves and the adoption of 3D printing techniques have improved the success rates of valve replacements and expanded treatment options for patients. Key Takeaways: The global prosthetic heart valves market is expected to witness high growth, exhibiting a CAGR of 9.9% over the forecast period (2022-2030), reaching US$ 10,307.1 million in 2023. This growth can be attributed to factors such as the increasing prevalence of cardiovascular diseases and the rising demand for surgical interventions to treat valve disorders. In terms of regional analysis, North America is expected to be the fastest growing and dominating region in the prosthetic heart valves market. This is primarily due to the availability of advanced healthcare infrastructure, favorable reimbursement policies, and a large patient pool. Additionally, the presence of key market players in the region contributes to its market dominance. Key players operating in the prosthetic heart valves market include Edwards Lifesciences Corporation, Medtronic plc., Boston Scientific Corporation, Abbott Laboratories, LivaNova PLC, CryoLife, Inc., Braile Biomedica, Colibri Heart Valve, LLC, and JenaValve Technology, Inc. These companies are continuously focusing on product innovation, mergers and acquisitions, and strategic collaborations to strengthen their market position and expand their product portfolio. Overall, the prosthetic heart valves market is expected to witness significant growth due to various factors such as technological advancements, increasing healthcare expenditure, and the rising prevalence of cardiovascular diseases. The dominance of key players in certain regions and favorable government regulations will further contribute to market growth in the coming years.
Read More:
https://www.rapidwebwire.com/prosthetic-heart-valves-market-growth-and-market-size/
The global prosthetic heart valves market covers the artificial heart valves which are implanted in the hearts of patients suffering from heart valve disease (HVD).
This market is expected to reach USD 8.86 billion by 2022 from USD 4.84 billion in 2017, at a CAGR of 12.9% during the forecast period.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=245407958 Globally, the prosthetic heart valves market is witnessing growth due to factors such as rising geriatric population and the subsequent growth in the prevalence of heart valve disease (HVD), regulatory approvals for new and advanced prosthetic heart valves, increasing government funding for heart valve research, rising awareness about HVD, and favorable reimbursement scenario for prosthetic heart valves.
On the other hand, the high cost of transcatheter aortic valve replacement (TAVR) procedures and the availability of alternative methods for treating HVD are expected to restrain market growth to a certain extent.Based on the type of valves, the prosthetic heart valves market is segmented into transcatheter heart valves, tissue heart valves, and mechanical heart valves.
The transcatheter heart valves segment is expected to continue to dominate the global prosthetic heart valves market in 2022.
The large share of this segment can be attributed to the rising prevalence of aortic stenosis, increasing pool of patients owing to approvals for extended valve indications, and technological advancements.
