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Pediatric Heart Valve Repair & Replacement Market Report 2024: Global Advancements and Trends
Pediatric Heart Valve Repair & Replacement Market Report
According to The Business Research Company's, The pediatric heart valve repair and replacement market size has grown steadily in recent years. It will grow from $3.23 billion in 2023 to $3.36 billion in 2024 at a compound annual growth rate (CAGR) of 3.9%. The growth in the historic period can be attributed to increasing prevalence of congenital heart defects, growing awareness and early diagnosis, supportive regulatory environment, rising healthcare investments, and patient and parent advocacy.
The pediatric heart valve repair and replacement market size is expected to see steady growth in the next few years. It will grow to $3.77 billion in 2028 at a compound annual growth rate (CAGR) of 2.9%. The growth in the forecast period can be attributed to increased incidence of pediatric cardiovascular conditions, expanded access to pediatric cardiac care, growing emphasis on early intervention, rise in pediatric cardiovascular research, and global healthcare infrastructure development. Major trends in the forecast period include growing adoption of tissue-engineered heart valves, pediatric-specific device innovation, expansion of hybrid approaches, rising application of 3d printing technology, and pediatric valve-in-valve procedures.
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Market Drivers and Trends:
The increasing incidence of congenital heart defects is expected to propel the growth of the pediatric heart valve repair and replacement market going forward. A congenital heart defect (CHD) is a problem with the structure of the heart that is present at birth. Pediatric heart valve repair and replacement are used in the treatment of congenital heart defects to improve the heart's function and the child's overall health, prevent complications, and improve the quality of life for affected children. For instance, in March 2022, according to reports published by the American Heart Association, Inc., a US-based nonprofit organization, more than 2.4 million Americans currently live with a congenital heart defect (CHD), and every year, around 40,000 infants in the United States are born with cardiac defects. Therefore, the increasing incidence of congenital heart defects will drive concrete restoration market growth.
Major companies operating in the pediatric heart valve repair and replacement industry are adopting a strategic partnership approach to provide tailored solutions to meet the unique needs of pediatric cardiac care. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in August 2023, PolyVascular Inc., a US-based medical technology manufacturer, partnered with CobiCure., a US-based, not-for-profit pediatric-focused organization to advance a pediatric heart valve repair. With this partnership, they aim to provide a tailored, non-surgical approach to address congenital heart defects in children, eliminating the need for multiple open-heart surgeries as children outgrow traditional valves and reducing the associated complications.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Abbott Laboratories, Medtronic plc, Labcor Laboratórios Ltda, Boston Scientific Corporation, Bracco Group , Lepu Medical Technology (Beijing) Co. Ltd., Edwards Lifesciences Corporation, Artivion Inc., CryoLife Inc., LivaNova PLC, TTK Healthcare Limited, Braile Biomedica Ltda., Arbor Surgical Technologies Inc. , Micro Interventional Devices Inc., Xeltis AG, Auto Tissue Berlin GmbH, BioStable Science and Engineering Inc., Colibri Heart Valve LLC, Valcare Medical, Symetis SA, Neovasc Inc., Aortech international Plc., On-X Life Technologies Holdings Inc., JenaValve Technology Inc., Meril Life Sciences Pvt. Ltd.
Pediatric Heart Valve Repair And Replacement Market 2024 Key Insights:
• The pediatric heart valve repair and replacement market is expected to grow to $3.77 billion in 2028 at a compound annual growth rate (CAGR) of 2.9%.
• The Rising Incidence Of Congenital Heart Defects Fuels Growth In The Pediatric Heart Valve Repair And Replacement Market
• Strategic Partnerships Drive Innovation In Pediatric Heart Valve Repair And Replacement Industry
• North America was the largest region in the pediatric heart valve repair and replacement market in 2023. The regions covered in the pediatric heart valve repair and replacement market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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