Albany, NY -- (SBWIRE) -- 10/05/2017 -- The global heart valves devices market is a fragmented one on account of the presence of numerous manufacturers. While some have a diverse product portfolio, there are others who are focused on particular products. In the years ahead, the market is slated to see the entry of more players making the competition stiff, which in turn will lead to strategic collaborations and acquisitions.
Some of the prominent participants in the global heart valve devices market are Abbott, CryoLife, Inc., Boston Scientific Corporation, Edward Lifesciences Corporation, TTK HealthCare, JenaValve Technology, Inc., Medtronic, Neovasc, Inc., Sorin Group, Micro Interventional Devices, Inc., and Lepu Medical Technology Co., Ltd. Some of the rising promising players include XELTIS, SYMETIS, Auto Tissue Berlin GmbH, and Novostia SA, among others.
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A report by Transparency Market Research predicts the global heart valve devices market to progress impressively by registering a CAGR of 12.4% during the period from 2017 to 2025. Rising at this pace, the market which was worth US$5.8 bn in 2016 will likely become worth US$16.2 bn in 2025.
The different types of heart valve devices available in the market can be broadly segmented into mechanical heart valves, biological heart valves, and transcatheter heart valves. Of them, the segment of transcatheter heart valve devices dominate the market at present and will likely continue to retain its leading share in the near future as well. This is because of the increasing uptake of technologically advanced products in developed regions, more than average selling prices, and considerably lower mortality rate achieved by the devices.
Geographically, the key segments of the global heart valve devices market are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of them, Asia Pacific is slated to surpass all other regions vis-à-vis growth in the next couple of years on account of the growing instances of cardiovascular diseases and a large pool of heart patients. As per the TMR report, the region will likely expand at a CAGR of 13.3% in the forecast period.
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Rising Prevalence of Obesity Stokes Growth in Market
At the forefront of driving the global market for heart valve devices is the increasing instances of obesity and unhealthy lifestyle of people worldwide, leading to cardiac diseases and pathological disorders. Besides, the rising demand for minimally invasive procedures which lowers the need for blood transfusions, infections, and even hospital stays by speeding the healing procedure, is also serving to up demand for the devices. In addition, continued product modifications brought about by incorporating latest technologies leading to more advanced heart valve devices is also proving beneficial to the market.
"The innovations in the overall structure and design of valve have borne promising results in valve replacement surgeries. The use of regenerative medicine and in-situ tissue engineering for the development of bio absorbable heart valves is the main area of focus of major market players, who are trying to foray into the global heart valve devices market in the near future," explains the lead analyst of the TMR report.
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