Regional and country-level analysis and forecasts of the North America Prosthetic Heart Valves Market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions those are still untapped
According to the report “North America Prosthetic Heart Valves Market By Type (Mechanical Heart Valve, Tissue Heart Valve And Transcatheter Heart Valve), And By Region - Industry Analysis, Size, Share, Growth, Trends, And Forecasts (2016–2021)” published by Market Data Forecast, the North America Prosthetic Heart Valves Market was worth USD 1.11 billion in 2016 and estimated to be growing at a CAGR of 12.66%, to reach USD 2.02 billion by 2021.
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Since the introduction of the first artificial valve in 1950, over 80 models of the same have been developed and used. 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 put the patient at risk of heart failure.
They are used as replacements for natural valves in the case of a valve failure and may be completely mechanical or bio prosthetic.
The prosthetic valves differ from one another in several characteristics that include durability or longevity, thromobogenicity and hemodynamic profile. Mechanical valves are thrombogenic and require the lifelong administration of anticoagulants as opposed the tissue valves which do not have the above requirement.
Once implanted each type of valve has its own hemodynamic profile and effective orifice area. Mechanical valves are usually preferred in young patients or those who need anticoagulant administration due to other reasons and tissue valves are preferred in the elderly or those who cannot under anticoagulant treatment.
The rise of the Prosthetic Heart Valves market is mainly driven by the intense competition among the key players in the market for better R&D. This along with the rise in government funding for the same and the surging incidence of heart disorders among people due to lifestyle changes serve as additional factors that bolster the market growth.
In spite of the growing demand driving the market forward, it continues to be hampered by the high cost of valve replacements therapy and the regulations put up by the government regarding the use of tissue valves.
The North America 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 North America market is analysed under USA and Canada.
North America is presently the largest market share holder globally with over one-third of the total revenue of the market being generated from the region. Inspite of the large share, the growth rate for the region is one of the lower.
This is to be expected due to developed nature of the region. It also makes it difficult for new companies to enter the market and thrive due to the dominance of the prevailing companies.
Several multinational companies operate in the prosthetic heart valve. The major market players in the North America 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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