Global Heart Valve Devices Market: Snapshot
On account of the presence of a copious number of manufacturers, the global heart valve devices market is fragmented in nature. Players in the market are seen competing with one another either on the basis of a diverse product portfolio or on the basis of specific products. A report by Transparency Market Research predicts the competition in the market to heat up further in the years to come on account of the foray of aspiring manufacturers.
Majorly fuelling growth in the global market for heart valve devices market is the increasing instances of obesity and unhealthy lifestyle causing various cardiac diseases and pathological disorders. In addition, the increasing demand for minimally invasive procedures and continued product modifications by leveraging the latest technologies developments have brought about more effective heart valve devices. This has also had a positive impact on the market.
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As per Transparency Market Research, the global heart valve devices market will likely register a CAGR of 12.4% during the period from 2017 to 2025. Rising at this pace, the market which was worth US$5.8 bn in 2016 will likely become worth US$16.2 bn in 2025.
More than Average Selling Prices of Transcatheter Heart Valves Makes them Dominant Segment
Based on the various types of heart valve devices available in the market, the main segments are mechanical heart valves, biological heart valves, and transcatheter heart valves. Among them, the segment of transcatheter heart valve devices accounts for maximum share in the market. In the foreseeable future too, the segment is expected to retain its dominant share on the back of growing uptake of technologically superior products in developed nations, more than average selling prices, and considerably lower mortality rate achieved by the devices. The mechanical heart valves segment can be further divided into aortic valves and mitral valves. Of them, the segment of transcatheter mitral valves will likely see maximum number of product launches by 2025.
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Meanwhile, mechanical heart valve devices are seeing their demand grow in developing countries as these products offer longer life expectancy if anticoagulation is ensured. The biological heart valves, on the other hand, are predicted to grow at a healthy clip in the near future. However, the segment faces threat from substitutes on account of new technologies such as valves made up of bio absorbable polymer scaffolds that provide therapeutic healing to be launched soon.
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