According to a new market report published by Persistence Market Research “Global Market Study on Heart Valve Repair and Replacement: Asia Pacific to Witness Highest Growth by 2020,” the global heart valve repair and replacement market was valued at USD 2,945.2 million in 2014 and is expected to grow at a CAGR of 8.1% from 2014 to 2020, to reach USD 4,712.7 million by 2020.
The global heart valve repair and replacement market is witnessing significant growth due to growing geriatric population, change in lifestyles, and associated conditions leading to cardiovascular disorders. Moreover, technological advancements in heart valve repair and replacement devices and surgeries, and rise in medical tourism promoting heart valve repair and replacement surgeries are also driving the market. However, there are various risks and complications associated with these surgeries such as irregular heart rhythm, breathing problems, and embolism. Furthermore, lack of primary healthcare infrastructure in developing countries inhibits the growth of the heart valve repair and replacement market.
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The heart valve repair and replacement market is anticipated to grow from an estimated USD 2,945.2 million in 2014 to USD 4,712.7 million by 2020 at a CAGR of 8.1% during the forecast period. North America was the largest market for heart valve repair and replacement in 2014, with tissue heart valve being the most popular type of heart valve replacement. In terms of growth, Asia Pacific is the fastest growing region. In terms of type of valve, while transcathater heart valve was the fastest growing segment.
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Heart valve repair is the repair of the damaged leaflet tissue, and resizing of the heart valve by removing excessive tissue. The global heart valve replacement market is expected to grow from an estimated USD 2,281.2 million in 2014 to USD 3,767.0 million in 2020 at a CAGR of 8.7% during the forecast period.
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