The prosthetic heart valve market will show rapid growth due to the subsequent growth in the prevalence of heart valve disease and rising regulatory approvals for a new and advanced prosthetic heart valve.
Valvular heart disease (VHD) places a significant burden on the global healthcare system. According to the American College of Cardiology, there are approximately 5 million Americans that are being diagnosed with HVD every year. VHD mainly affects the older population as a result of calcium buildup and scarring in the valve cusp due to ageing. The prevalence of VHD in the population aged 18-44 and 75 years was 0.7% and 13.0%, respectively in 2012. Therefore the rapid growth in the ageing population and the consequent rise in the prevalence of VHD is expected to drive the market growth for the prosthetic heart valve market.
The prosthetic valves market has also witnessed several clinical trials in recent years especially in the European countries due to uniform regulations and high prevalence of heart diseases.
Key Market Trends
Transcatheter Heart Valve Segment is Expected to Register Robust Growth During the Forecast Period
The transcatheter heart valve segment is expected to hold a significant share in the global market and the large share can be attributed to the various factors such as ease of implantation, rise in the number of transcatheter heart valve surgery centres and growing of the patient population. There are also growth opportunities in emerging countries and the use of transcatheter heart valves for new indications (treatment of intermediate-risk patients and high-risk patients) are thus expected to provide numerous opportunities for the market growth during the forecast period.
In addition, the rise in adoption rate for transcatheter heart valve implantation procedure and new device approvals are expected to lead the growth of transcatheter heart valve market.
North America is Found to be the Largest Market for the Prosthetic Heart Valve
North America is expected to dominate the prosthetic heart valve market, followed by Europe, Asia-Pacific, and the rest of the world. North America contributes to the largest market share due to the rapid growth in the ageing population and the high prevalence of valvular heart diseases. Furthermore, the favourable reimbursement scenario and rising product approvals for the heart valve are also contributing to the growth of the North American prosthetic heart valve market.
The Asia Pacific is also expected to witness the high growth in the next few years, due to the growing incidences of chronic diseases and increasing disposable income.
A majority of the leading players in this market are focusing on marketing and promotional activities, product launches and approvals, acquisitions, agreements, collaborations, and expansions to enhance their market presence and strengthen their distribution networks, cater to the needs of a growing customer base, widen their product portfolios, and boost their production capabilities.
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