The prosthetic heart valve market is projected to reach USD 8.86 Billion by 2022 from USD 4.84 Billion in 2017, at a CAGR of 12.9%. The key factors propelling the growth of this market include the rising geriatric population and the subsequent increase in the prevalence of HVD, regulatory approvals for new and advanced prosthetic heart valve, increasing government funding for heart valve research, rising awareness about HVD, and favorable reimbursement scenario for prosthetic heart valve.
In this report, the prosthetic heart valve market has been segmented based on the type of valve and region. On the basis of the type of valve, the market is segmented into transcatheter heart valves, tissue heart valve, and mechanical heart valve. The transcatheter heart valve segment is expected to command the largest share of the global market in 2017 and is expected to register the highest CAGR of 18.0% during the forecast period. The large share and high growth rate of this segment can be attributed to the rising prevalence of aortic stenosis, increasing pool of patients owing to approvals for extended valve indications, and technological advancements. The preference for transcatheter heart valve is expected to witness high growth in the future as they are implanted through a minimally invasive procedure while the other valve types require open-heart surgery.
In 2017, North America is expected to dominate the prosthetic heart valve market, followed by Europe, Asia-Pacific, and the RoW. North America is also expected to register the highest CAGR during the forecast period. The large share and high growth in this regional segment can be attributed to factors such as the rapid growth in the aging population and prevalence of valvular heart diseases, favorable reimbursement scenario, and rising product approvals for heart valve are contributing to the growth of the North American prosthetic heart valve market.
A majority of the leading players in this market are focusing on marketing and promotional activities, product launches and approvals, acquisitions, agreements, collaborations, and expansions to enhance their market presence and strengthen their distribution networks, cater to the needs of a growing customer base, widen their product portfolios, and boost their production capabilities. Edwards Lifesciences Corporation (U.S.), Medtronic plc (Ireland), and St. Jude Medical, Inc. (an Abbott Laboratories Company) (U.S.) are identified as the top players in this market. These companies have a diversified product portfolio, wide geographic reach, and a strong focus on innovation and research.
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