Sales of Heart Valve Devices Market to Surpass a Valuation of US$ 16.2 Bn by 2025 end
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Based on these trends, the demand for minimally invasive procedures, such as transcatheter aortic valve replacement (TAVI) procedures, have increased. This has led to an overall improvement in the quality of lives for heart patients.
Manufacturers are further motivated to invest in newer avenues of heart valve devices.
On the back of these factors, the global heart valve devices market is anticipated to grow staggeringly, at a healthy CAGR of 13.4% during the forecast period (2020-2025). The global heart valve devices market shall surpass a valuation of US$ 16.2 Bn by the end of 2025.
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Key Takeaways of Global Heart Valve Devices Market Study:
• By type, transcatheter heart valves segment demonstrates promising growth. New product launches and increasing demand for minimally invasive procedures are anticipated to leverage the segment’s growth. More than 40% of the global heart valve devices market shall be held by transcatheter valves.
• Biological heart valves shall surge in popularity, attributed to increased usage among adults below the age of 60. Moreover, biological valves prevent blood clotting, thus eradicating the need to take anti-coagulant medications. The segment shall capture nearly one-third of the global heart valve devices market.
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• By end-use, hospitals shall dominate the global heart valve devices market, comprising more than 70% of the overall market share. Growth of this segment can be attributed to patients’ first choice of place for surgery. In addition, hospitals also provide effective post-surgical care and monitoring.
• North America shall remain in the forefront of growth in the global heart devices market, accounting for more than two-fifths of the overall market share. Increasing FDA approvals of technologically advanced transcatheter aortic valves has expanded revenues of key players, thus augmenting market growth. Anticipated CAGR for this region is 13.7% throughout the forecast period.
• Asia-Pacific shows healthy growth prospects, motivated by increased investment in heart devices by key manufactures and improved healthcare infrastructure. Majority of the growth is driven by mechanical heart devices due to their affordability and increased lifespan of patients. The region is set to expand at a CAGR of 14.4% during the forecast period.
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“Minimally invasive surgical procedures, such as transcatheter aortic valve replacement (TAVR), are gaining significant traction since the past few years. Increasing demand for such procedures is stimulating key manufacturers to launch appropriate devices, thus proliferating the demand for heart valve devices,” concludes a Fact.MR analyst.
New Product Ventures a Forte of Key Market Players:
The global heart valve devices is consolidated, with three key players, Edward Scientific Corporation, Medtronic and Abbott Laboratories comprising more than half of the total market. Other players such as Boston Scientific Corporation, CryoLife Inc. and JenaValve Technology, Inc. also have considerable market presence.
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Out of these, Edward Scientific Corporation is the leader in the global heart valve devices market. Through a three-pronged approach which is based on patient focused care, addressing unmet structural heart disease patient needs and innovation; the company expands its operations. Some of the products manufactured by Edward Scientific include the SAPIEN Transcatheter Heart Valve and the Magna Ease Aortic/Mitral Valve.
Likewise, Abbott Laboratories product pipeline in the cardiovascular business segment consists of transcatheter aortic heart valve system, left arterial appendage occlude and pacemakers, among others. Its structural heart products segment include the MitraClip Transcatheter Mitral Valve Repair.
COVID-19 Market Insights:
The COVID-19 pandemic is anticipated to result in a significant production crunch and limitations in the supply of heart valve devices. This is attributed to healthcare settings reorienting their focus on caring for patients infected by the virus. Many healthcare providers have urged patients planning to undergo elective cardiac procedures to postpone their surgeries until the aftermath of the COVID-19 pandemic.
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Several key players, such as Edwards Lifesciences Corporation, have temporarily suspended production of heart valve devices in order to cater to COVID-19 patients. Likewise, Boston Scientific Corporation has redirected all its resources to fight the pandemic. The company has boosted its production of ventilators and personal protective equipment such as masks and gloves to be provided to hospitals and other healthcare settings.
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