This article provides an overview about the Artificial Heart Valve market (Transcatheter & Surgical) – Industry Analysis & Forecast to 2024, there by offering insights on key present growth indicators and forecast indicators such as drivers, restrains, opportunities and trends that are involved in shaping the market.
The primary function of the heart is to supply the body with oxygen-rich blood. The blood is pumped through the four chambers present within the heart, with the help of the four heart valves. These four valves include aortic valve, mitral valve, pulmonary valve, and tricuspid valve. Any defect in these valves may lead to life threatening diseases such as valvular stenosisa and valvular insufficiency. The Heart valve disease can develop before birth (congenital) or can be acquired sometime during one's lifetime.
Mechanical Heart valves
A type of prosthetic valves is designed to replicate the function of the natural valves of the human heart. It’s major purpose is to maintain flow through & from the heart into the major blood vessels those are connected to hearth- pulmonary artery and the aorta
For the treatment of valvular diseases, the defective valve is replaced with an artificial valve. Depending on the type of procedure adopted for replacing the valve, the artificial heart valves are of two types, namely, surgical and transcathetral.
Performing an open heart surgery is a conventional and most extensively used method for replacing defective valve. However, this procedure can be very dangerous for pediatric and elderly people as in majority of procedures, patient’s heart temporarily stop beating and the patient is put on a heart/lung machine that takes over the breathing and blood circulation. Due to the high risk involved in surgical heart valve replacement procedure, the surgeons are now opting transcatheter heart valve replacement. This is a minimally invasive procedure and is accompanied with low risk and recovery time.
Market Growth Influencer
The growth of the artificial heart valve market is driven by increasing prevalence of valvular diseases coupled with growing geriatric population. According to the American Heart Association, about 5 Million people in America are diagnosed with heart valve disease each year.
The presence of favorable reimbursement scenario for artificial heart valves is also fueling its market growth. These valves are reimbursed by Center for Medicare and Medicaid Services (CMS) in the USA, and by Central Social Insurance Medical Council in Japan. Moreover, Germany, due to a lack of center restrictions and the high insurance payment, is the country with the largest number of transcathetral valve replacement procedures, followed by France.
However, the varied stringency of regulatory procedures for approving new artificial heart valve may restrict the market growth to some extent. The US FDA approval requirements are more stringent in comparison to the European regulatory agencies. Consequently, number of transcatheter heart valves have been approved for use in Europe is more than in the US. This delay in approvals, not only affects the device makers, but the large number of patients who could benefit from a potentially new alternate.
Artificial Heart Valve Market: Segmentation
For this study, the artificial heart valve market is segmented into various segments such as type of heart valve, procedure type, and region.
On the basis of heart valve type, the market is segmented into
On the basis of procedure type, the market is segmented into
Artificial Heart Valve Market: Regional Analysis
On the basis of region, the artificial heart valve market is segmented into four regions, namely, North America, Europe, Asia-Pacific, and Rest of the World.
North America: Artificial Heart Valve Market
North America is the largest market of artificial heart valve. The high share of the North American market is attributed to large number of surgical heart valve transplantation procedures performed in the region.
For transcatheter heart valves, North America is the second largest market. However, the market is posed to witness a high growth owing to exponential increase in the number of Transcatheter Aortic Valve Replacement procedures in the USA.
Europe: Artificial Heart Valve Market
Europe is the second largest market for artificial heart valves. However, it is the largest market for transcatheter heart valves due to less stringent regulatory approval process in the region. Within Europe, about 45.9% of TAVR cases were performed in Germany, followed by Italy and France till 2011, according to the Journal of the American College of Cardiology. The major drivers for the growth of this technology are the speedy regulatory approvals for the transcatheter heart valves and the improving reimbursement scenario. As a result, this novel technology has had greater penetration in Europe.
Asia-Pacific: Artificial Heart Valve Market
The increasing healthcare awareness among the Asian countries has led to increased adoption of the novel medical technique such as artificial heart replacement. Among the Asian countries, Japan has the maximum penetration followed by China.
Major Player: Artificial Heart Valve Market
The prominent players present in the artificial heart valve market include, Abbott Laboratories, Boston Scientific Corporation, Medtronic, ST. Jude Medical, Inc., Edwards Lifesciences Corporation, Sorin S.P.A., Neovasc Inc., Colibri Heart Valve, LLC, On-X Life Technologies Inc., Symetis, Cytograft, and Jenavalve Technology.
Market Research Future introduces about the Artificial Heart Valve Market (Surgical & Transcatheter) – Global Industry Analysis & Forecast to 2027 which mainly includes the growth drivers, trends and restraints and how the market will grow in the future across the globe. In this report, Market Research Future has focused on the current market scenario which includes market segmentation, market dynamics, and competitive landscape along with company profiles.
The reports also covers brief analysis of Geographical Region includes:
Rest of Europe
Rest of Asia
The Middle East& Africa
Rest of the World
Every report of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report also gives a broad study of the different market segments and regions.
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