Albany, NY -- (SBWIRE) -- 12/07/2018 -- The global Heart Valve Devices Market is considered to have a fragmented nature, owing to the presence of several players operating across the globe. The development of the healthcare infrastructure and the government support for offering enhanced medical services to patients are estimated to enhance the market development in the next few years. The key players in the market are likely to focus on the introduction of new products and developments in this field, which is likely to ensure the growth of the market in the near future. In addition to this, the strategic partnerships and acquisitions in the market are anticipated to attract new players to enter the market and further enhance the overall competitive scenario.
Some of the prominent players engaged in the heart valve devices market across the globe are Abbott, JenaValve Technology, Inc., CryoLife, Inc., Boston Scientific Corporation, Medtronic, Neovasc, Inc., Sorin Group, Edward Lifesciences Corporation, TTK HealthCare, Micro Interventional Devices, Inc., and Lepu Medical Technology Co., Ltd.
As per the study by TMR, in 2016, the global market for heart valve devices was worth US$5.8 bn and the market is estimated to achieve a value of US$16.2 bn by 2025. The market is expected to register a promising 12.40% CAGR between 2017 and 2025. The North America market for heart valve devices is estimated to lead and observe a strong growth in the coming few years. The high acceptance of new technology and the growing focus on the introduction of new devices are estimated to encourage the development of this region in the coming few years. As per the report, this region is likely to register a healthy growth rate over the next few years.
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There has been a significant rise in the cases of heart disorders across the globe, owing to which the demand for heart valve devices has increased at a high rate. This is likely to encourage the growth of the global heart valve devices market in the coming few years. The favorable reimbursement scenario that is being offered by several developed nations is projected to enhance the growth in the near future. The rising awareness among people regarding the availability of new and advanced devices and therapeutics, which is projected to ensure the development of the heart valve devices market over the next few years.
Furthermore, the healthcare services and infrastructure is developing at a fast pace in several emerging economies, which is considered as a major factor that may support the growth of the market. In addition to this, the launch of new products and the presence of a large number of patients are anticipated to create lucrative prospects for the market players, thus fast-tracking the growth of the overall market in the near future.
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The global market for heart valve devices is expected to face a few challenges over the next few years, owing to which the market might experience a slight downfall. The low affordability and the unavailability of devices in developing economies is expected to restrict the growth of the market in the coming few years. Moreover, the lack of skilled personnel is another factor that is estimated to inhibit the market growth in the next few years. Nevertheless, the technological advancements in this area is predicted to create several opportunities that will ensure the growth of the heart valve devices market in the coming few years.