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Heart Valve Repair and Replacement Market Projected to Touch US$ 3,767.0 Mn By 2020
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Work-oriented lifestyle, rising old population, and irregular sleep are a few factors to stumble upon, which lead to severe cases of cardiovascular diseases. In addition, consumption of excessive saturated trans-fat food has been led to various cardiovascular disorders, which in turn has accelerated demand for heart valve repair and replacement services. Such factors have led to compelling demand for heart valve repair and replacements in the global market of heart valve repair and replacement market. Functions of heart valves mainly includes maintaining a healthy cardiac cycle. Disorders related to heart valves are classified as regurgitation and stenosis, which result in leakage of blood back into heart. Abnormalities and symptoms related to heart valves depends on the degree of severity and affected valve. Heart valve related disorders are mainly mechanical and application of heart valve repair and replacement treatment, fixes impaired leaflet tissues, and eliminates unnecessary tissues to resize the heart valve. The global heart valve repair and replacement market is projected to escalate from US$ 2,281.2 Mn in 2014 to US$ 3,767.0 Mn in 2020, expanding at a CAGR of 8.7% over the forecast period.
Key Market Dynamics
Surge in medical tourism encouraging heart valve repair and replacement treatment in parallel with technological developments enhancing devices and treatment regarding heart valve repair and replacement are encouraging factors that boost demand for heart valve repair and treatment-related services. Owing to such factors, demand for various devices, tools and equipment that finds application in heart valve repair and replacement operations are further predicted to witness an upsurge in the global heart valve repair and replacement market. Into the bargain, dynamic and unhealthy lifestyle, sedentary lifestyle, surge in old section of the population, unhealthy consumption and irregular meals are the consequences of obesity, and various cardiovascular diseases and disorders. Such factors lead to an upsurge in demand for products and services pertaining to heart valve repair and replacement treatment, which in turn is estimated to rev up growth of the market during the forecast period.
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Conversely, innumerable risks and disorders associated with heart valves such as uneven heart beats, respiratory issues, and clotting issues are disorders arising from various factors such as unhealthy lifestyles, which lead to complications in the functioning of the heart and associated treatments. Additionally, shortage of healthcare units and clinics in various developing countries are anticipated to restrain growth of the market in the span of next six years.
Segment Analysis
On the basis of product type, the global heart valve repair and replacement market is classified into heart valve replacement and heart valve repair. On the basis of replacement type, the global heart valve repair and replacement market in segment into mechanical heart valve, transcatheter heart valve, and tissue heart valve.
On the basis of region, cardiovascular disorders are prevalent in the region of North America, owing to unhealthy lifestyle and growing rate of obesity. Annually, around 70,000 heart valve treatment are conducted for mitral valve stenosis. However, due to increasing old population, surge in unhealthy lifestyle and diseases, the market growth is projected to witness an upsurge. Annually, nearly 50,000 valve replacement treatments take place in Europe and various cardiovascular disorders have resulted in innumerable deaths in the region. Yet, the global heart valve repair and replacement market is estimated to witness significantly high growth of heart valve repair and replacement market in Asia Pacific due to surge in medical tourism, rising old population, increasing sedentary and unhealthy lifestyle, inculcating unhealthy habits.
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Key Market Players
Some key players operating in the global heart valve repair and replacement market include St. Jude Medical, Inc., Edwards Lifesciences Corporation, Abbott Laboratories, Inc., and Boston Scientific Corporation.
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