During an open heart surgery, an artificial heart valve is placed in the heart of the patient when any of the natural heart valve stops functioning. That artificial heart valve is called a prosthetic heart valve, implanted for valvular heart disease. Prosthetic heart valve surgery was introduced in 1950s and have improved the condition of the patients to a great extent. With rapid advancement in technology and continuous innovation for improved product design and surgical procedures, prosthetic heart valve market is growing at a positive rate globally.
Recently, Edwards Lifesciences have obtained an approval from European regulatory for its new SAPIEN 3 transcatheter aortic heart valve. They have added a layer of fabric around the structure of a valve and decrease its size. The fabric prevents leakage and initial trials of the device also showed the same. Also, researchers have created a new hybrid tissue engineered heart valve, which are built on a non-degradable scaffold made of an alloy of titanium and nickel, which is combined with a patients own tissues. This product will improve the quality of the life of a patient and thus eliminating the risk of lifelong medications and without compromising the durability of it. The new tissue engineered valve becomes a “living” replacement for the diseased valve by using the patient’s own cells.
Prosthetic Heart Valve Market: Drivers & Restraints
Increasing patient demands and awareness, rising ageing population, technological advancements, rising diseases due to an unhealthy lifestyle and eating habits, growing healthcare expenditure, increase innovation are the important market drivers for prosthetic heart valve market. The tissue heart valve segment is the fasted growing segment in prosthetic heart valve market due to its design.
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Though Prosthetic heart valve are lot in demand, but it has lot a of constraints too, like stringent government rules and regulations, lack of skilled professionals, high cost of operation and devices, medical device excise tax are some of the barriers which are hampering the growth of prosthetic heart valve market.
Prosthetic Heart Valve Market: Segmentation
Prosthetic heart valve are broadly classified on the basis of the following segment -
- By Product:
- Mechanical Heart Valve
- Mechanical Aortic Valve Replacement
- Mechanical Mitral valves Replacement
- Tissue Heart Valve
- Tissue Aortic Valve Replacement
- Tissue Mitral valves Replacement
- Transcatheter Heart Valve
Prosthetic Heart Valve Market: Overview
Prosthetic heart valve market has grown substantially at a healthy CAGR due to recent advancements in the medical field specially cardiology, where the outcome is great for patients. Also, with increased health care demand and rising standard of living, prosthetic heart valve market is expected to grow. Asia Pacific will emerge as the fastest growing region for prosthetic heart valve market due to rising disposable income and improve healthcare infrastructure.
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Prosthetic Heart Valve Market: Region-wise Outlook
The prosthetic heart valve market is expected to register a double-digit CAGR for the forecast period. Depending on geographic regions, Prosthetic heart valve market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa. As of 2015, North America dominated the global prosthetic heart valve market due to technological advancements and the rise in healthcare expenditures. Asia Pacific is the fastest growing market.
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Prosthetic Heart Valve Market: Key Players
Some of the key market players in prosthetic heart valve market are Boston Scientific, AorTech International, Claret Medical, Colibri Heart Valve, Edwards Lifesciences, Cytograft Tissue Engineering, JenaValve Technology, Sorin Group, St. Jude Medical, Neovasc, Abbott Laboratories, Medtronic, Symetis.
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