According to a new market research report, the Global Prosthetic Heart Valves Market was worth USD 4.28 billion in 2016 and estimated to be growing at a CAGR of 12.9%, to reach USD 7.85 billion by 2021.
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The heart plays a vital role in the proper functioning of the human body by controlling the blood flow. There are mainly four main types of valves in the heart, namely tricuspid, pulmonary, mitral and aortic valves.
A prosthetic heart valve is a device that is implanted in a patient suffering from valve failures in the heart or other heart diseases which puts the patient at risk of heart failure.
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The valves in the heart are integral to the normal functioning of the human body. They are evolved to perform tasks such as controlling the unidirectional flow of blood through the valve structure.
Artificial valves must be designed to perform these tasks in addition to being accepted by the body after transplantation. Tissue valves are normally preferred over mechanical valves because of the latter requiring additional anticoagulant administration for the proper functioning of the valve.
The requirement is lifelong whereas the tissue valve has no such additional treatment required.
The rise of the Prosthetic Heart Valves market is mainly driven by factors such as rising geriatric population, rise in the prevalence of cardiac disorders such as rheumatic heart diseases and the change in lifestyle of the people. Other major contributors include the technological advancements, the increase in patient awareness, demand for minimally invasive cardiovascular surgeries and rise in the number of medical centres that have the provision to perform a heart surgery.
In spite of the advantages being numerous, the prosthetic heart valve market remains in check by restraints such as the excessive costs of the valve as well as the treatment itself and the very strict approval process for prosthetic valves before they are introduced into the market.
The Global Prosthetic Heart Valves market is broadly classified based on type into Mechanical Heart Valve, Tissue Heart Valve and Transcatheter Heart Valve.
Based on geography, the global market is analysed under various regions namely North America, Europe, Asia-Pacific, Latin America and Middle East and Africa. The Prosthetic Heart Valves Market is dominated by North America in 2016 with the region accounting for over a third of the overall market share.
North America was followed next in line by Europe and Asia-Pacific. Asia-Pacific is expected to grow rapidly in the coming years as is evident from the high CAGR value for the region.
Another market that shows promise in the coming years is Latin America.
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The major market players in the Prosthetic Heart Valves market include Corvia Medical, CardioKinetix, Biomerics LLC, Lepu Medical Technology, XELTIS BV, Comed BV, HLT, Meril Life Sciences, SYMETIS SA and Transcatheter Technologies GmbH.
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