The world heart valves devices market is a fragmented one owing to the existence of various manufacturers. Whilst some of the companies have diverse product portfolio, there are other companies who are focused on specific products. In the years to come, the said market is poised to see the entry of more and more players who are jostling with each other thereby making the competition stiff, which in turn will result in strategic acquisitions and collaborations.
A few of the leading market participants in the world market for heart valve devices are Sorin Group, Boston Scientific Corporation, Lepu Medical Technology Co., Ltd, Edward Lifesciences Corporation, JenaValve Technology, Inc., Micro Interventional Devices, Inc., CryoLife, Inc., Medtronic, Neovasc, Inc., TTK HealthCare, and Abbott. A few of the upcoming market players comprise Novostia SA, Auto Tissue Berlin GmbH, SYMETIS, and XELTIS amongst many others.
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In accordance with market intelligence study by Transparency Market Research forecasts that the international market for heart valve devices to progress impressively by clocking a CAGR of 12.4% over the forecast timeframe that extends from the year 2017 to the year 2025. Expanding at this pace, the said market is worth around US$ 5.8 bn in the year 2016 and is likely to attain a market valuation of around US$ 16.2 bn in the year 2025.
North America to Register High Growth Due to Rapid Adoption of Advanced Technologies
From a geographical point of view, the region of North America to lead the international market for heart valve devices owing to increased adoption of technically superior products and comparatively greater ASP or average selling prices of heart valve devices in the region of North America. By rising at a growth rate of around 12.4% CAGR over the period that extends from the year 2017 to 2025, the North American region is likely to attain a market valuation of around US$ 6.92 bn in terms of market revenue.
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The region of Europe follows North America in the international market for heart valve devices vis-à-vis market share. The said regional segment’s growth has been mainly being brought about by several product launches, encouraging policies by the government, and a large base of elderly populace who are highly vulnerable to numerous heart ailments. In terms of rate of growth, however, the region of Asia Pacific is anticipated to surpass other geographies by clocking a growth rate of 13.3% CAGR over the timeframe of forecast. The growth of the said region is primarily to be influenced by the high occurrences of diseases of heart valve and a better healthcare infrastructure.
Technological Advancement to Stimulate Market Growth
The world market for heart valve devices is primarily driven by the rising occurrences of obesity and prevalence of unhealthy lifestyle of people across the globe, thereby resulting in pathological disorders and cardiac diseases. In addition to that, the soaring requirement for procedures that are minimally invasive reduces the need for infections, blood transfusions and it even leads to shorter hospital stays by accelerating the procedure of healing. Such factors are also helping in bolstering the demand for the said devices. Furthermore, constant modification of products brought about through incorporation of newest technologies result in more advanced heart valve devices and the same is also proving to be beneficial for the market.