Global Heart Valves Market
Heart valves are the medical devices which are used in the replacement of defective heart valve. Heart valves are majorly 2 types, they are biological or tissue and mechanical heart valves. Biological heart valves are made up of various tissues such as porcine, bovine and human tissues. Heart valves made from human tissues are known as homografts or allografts. The major advantage of tissue valves over mechanical valve is mechanical heart valves can cause bleeding and increase the chances of reoperations in geriatric people. Since the use of tissue heart valves in people of this age group lowers the risks of bleeding. Physicians are increasingly opting for this method as it able to reduce the use of oral anticoagulation drugs for the management of bleeding complications. Heart valves market is growing at a significant CAGR due to increase in geriatric population, and increase in the prevalence of heart valve diseases.
Increase in demand for stent less tissue valves, implementation of MI procedures expected to fuel the growth of Heart valves market. Rising in preference for tissue heart valve replacement surgeries among the geriatric population is also boosting the growth of Heart valves market over the forecast period. However, lack of skilled professional, the risk of potential complications with tissue valves, and use of alternate products might hamper the growth of heart valves market over the forecast period. Similarly, the stringent regulatory framework for product approvals expected to dampen the growth of heart valves market.
The heart valves market is segmented on the basis of product type, valve type, harvesting type, and end users
Based on product type, heart valves market has been segmented into the following:
- Stented Tissue Heart Valves
- Stentless Tissue Heart Valves
Based on valve type, heart valves market has been segmented into the following:
- Aortic Tissue Valves
- Mitral Tissue Valves
Based on the harvesting, heart valves market has been segmented into the following:
Based on end-user, heart valves market has been segmented into the following:
- Ambulatory Surgical Centers
Global heart valves market is increasing due to rise in the prevalence of cardiac disorders. The most commonly adopted strategies by industry players include new product launches with technological innovations, acquisitions & mergers, agreements, and collaborations to capture significant Heart valves market share. They acquire other companies to enhance their R&D capabilities for manufacturing innovative devices that meet consumer needs. Acquisition of other companies allows vendors access to the product portfolio of the acquired company. For instance, in December 2012, Edwards Lifesciences Corporation and Cook Biotech Incorporated, have collaborated into a technology licensing and supply agreements for the development of tissue-engineered heart valves and related cardiovascular implants.
Geographically, heart valves market has been segmented into following regions Viz. North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America is expected to hold a dominant share in Heart valves market owing to increase in the prevalence of heart valve diseases, increasing research and development, favourable medical reimbursement policies increase the growth of Heart valves market in North America. Europe region holds second largest share attributed to increases in the prevalence of heart valve diseases because of changing lifestyle. Increasing government funding for R&D, technological advancements are expected to boost the growth of Heart valves market. Asia-pacific region is expected to hold the large share in forecast period due to increase in awareness regarding tissue valves, increasing geriatric population and rising opportunities in medical tourism.
Some of the players in the heart valves market are Edwards Lifesciences Corporation (U.S.), LivaNova PLC (U.K.), Medtronic (U.S.), St. Jude Medical (Abbott Laboratories) (U.S.), Braile Biomédica (Brazil), CryoLife, Inc. (U.S.), and Laboratory Corporation of America (U.S.) to name a few.
- In January 2016, CryoLife, Inc. announced that it has completed its acquisition of On-X Life Technologies Holdings, Inc
- In July 2014, Sorin Group, received U.S. Food and Drug Administration (FDA) approval for the Solo Smart Aortic Pericardial Heart Valve
- The report provides granular level information about the market size, regional market share and forecast from 2017-2024
- The report covers in-detail insights about the competitor’s overview, key findings and their key strategies
- The report outlines drivers, restraints, challenges, and trends that are currently faced by the industry
- The report tracks recent innovations, key developments and startup’s details that are working in the industry
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario