According to the new market research report Prosthetic Heart Valve Market is projected 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.
The key factors driving the growth of this market include the rising geriatric population and the subsequent growth in the prevalence of 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.
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Medtronic plc (Ireland), Edwards Lifesciences Corporation (U.S.), Boston Scientific Corporation (U.S.), St. Jude Medical, Inc. (an Abbott Laboratories Company) (U.S.), LivaNova PLC (U.K.), Symetis SA (Switzerland), Jenavalve Technology, Inc. (Germany), CryoLife, Inc. (U.S.), TTK Healthcare Limited (India), Colibri Heart Valve, LLC (U.S.), Lepu Medical Technology Co., Ltd. (China), and Braile Biomédica (Brazil) are the prominent players in the global prosthetic heart valves market.
The Transcatheter Heart Valves Segment Is Expected to Account for the Largest Share of the Prosthetic Heart Valves Market in 2017
Based on the type of valve, 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 command the largest market share in 2017. The large share of this segment can be attributed to factors such as the rising prevalence of aortic stenosis, increasing pool of patients owing to approvals for extended valve indications, and technological advancements. The preference for transcatheter heart valves is expected to see high growth in the future as they are implanted through a minimally invasive procedure while the other valve types require open-heart surgery.
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North America to Command the Largest Market Share in 2017
Based on region, the prosthetic heart valves market is divided into North America, Europe, Asia-Pacific, and the Rest of the World. In 2017, North America is expected to account for the largest share of the global market. Factors such as the rapid growth in the aging population and prevalence of valvular heart diseases, favorable reimbursement scenario, and rising product approvals for heart valves are contributing to the growth of the North American prosthetic heart valves market are driving the growth of the North American prosthetic heart valves market.