Prosthetic Heart Valve Market Expected to Reach $8,392 Million, Globally, by 2023
According to a new report published by Allied Market Research, titled, Prosthetic Heart Valve Market by Type: Global Opportunity Analysis and Industry Forecast, 2017-2023,” the global prosthetic heart valve market was valued at $3,874 million in 2016, and is expected to reach at $8,392 million by 2023, growing at a CAGR of 11.4% from 2017 to 2023. The transcatheter heart valve segment accounted for more than three-fifths share of the total market in 2016.
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The market is driven by rise in prevalence of cardiac disorders, such as rheumatic heart diseases, increase in geriatric population, and change in lifestyle of people, novel technological advancements in prosthetic heart valves, rise in patient awareness, demand for minimally invasive cardiovascular surgeries, and surge in transcatheter heart valve surgery centers. However, this growth is limited by high cost, risk associated with prosthetic heart valves, and stringent approval process for prosthetic heart valves. Use of transcatheter heart valves for new indications and emerging markets in Asia-Pacific and LAMEA are expected to provide several opportunities for key players operating in prosthetic heart valve market.
Key Findings of the Prosthetic Heart Valve Market
Based on product type, the transcatheter heart valve segment accounted for more than three-fifths of the total market in 2016.
Europe accounted for more than half of the transcatheter heart valve market (in terms of value) in 2016, with a CAGR of 13.8%.
Europe accounted for both, major share (nearly two-fifths) in 2016 (in terms of volume) and highest CAGR of 11.1% (for volume market) from 2017 to 2023, in the global market.
LAMEA is expected grow at a high CAGR of 11.7% from 2017 to 2023.
The major companies profiled in the report include Abbott Laboratories, Medtronic plc., Medical Technology Est., Boston Scientific Corporation; Micro Interventional Devices, Inc., Direct Flow medical, Inc., Edwards Lifesciences Corporation, LivaNova PLC., JenaValve Technology, Inc., and Cryolife, Inc.
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Prosthetic Heart Valve Market Key Segments
By Product
Mechanical Heart Valve
Tissue Heart Valve
Stented Tissue Heart Valve
Stentless Tissue Heart Valve
Transcatheter Heart Valve
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.