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(Health-NewsWire.Net, November 09, 2021 ) 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%. Market growth can be attributed to 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.
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Key Players of Market
The key players in the artificial heart valve market are Medtronic plc (Ireland), Edwards Lifesciences Corporation (U.S.), Boston Scientific Corporation (U.S.), St. Jude Medical, Inc. (an Abbott Laboratories Company) (U.S.), LivaNova PLC (U.K.), Symetis SA (Switzerland), Jenavalve Technology, Inc. (Germany), CryoLife, Inc. (U.S.), TTK Healthcare Limited (India), Colibri Heart Valve, LLC (U.S.), Lepu Medical Technology Co., Ltd. (China), and Braile Biomédica (Brazil).
On the basis of type, the global prosthetic heart valve market is categorized into three segments transcatheter, tissue, and mechanical heart valve. In 2017, the transcatheter heart valve segment is expected to hold the largest share in the global market and grow at the highest CAGR in the forecast period (2017 to 2022). The large share and high growth of this segment can be attributed to factors such as ease of implantation (involving a minimally invasive procedure rather than an open-heart surgery), increasing prevalence of aortic stenosis, and growing patient pool.
Transcatheter aortic valve replacement (TAVR), also called as transcatheter aortic valve implantation (TAVI), is a minimally invasive surgical method used for the replacement of aortic heart valve without removing the old heart valve. TAVR is a relatively new method for heart valve replacement in patients who are aged above 80 years or in patients with a high risk of open heart surgery.
In the U.S., the cost of a transcatheter heart valve ranges from USD 25,000 to USD 30,000, which is much higher than surgical valve that cost USD 5,000 to USD 10,000. Even though the cost of hospital and ICU stay in TAVR procedures is lesser than in SAVR procedures, it does not balance out the high cost of transcatheter heart valve. Moreover, permanent Pacemakers are required to be implanted in some of the patients who have undergone TAVR procedures. The implantation of pacemakers adds up to the cost of the overall treatment.
Reimbursement for TAVR procedures is complicated as it includes patients being examined by a multidisciplinary team, which involves multiple cardiac surgeons and interventional cardiologists. These factors are expected to hinder the growth of the TAVR market in the coming years.
There are multiple alternative options available for treating heart valve diseases such as Medication and heart valve repair. Medication is used to increase the heart’s ability to pump blood, which helps compensate for the valve which is not working. Additionally, repair of heart valve can be carried out by means of open-heart surgery or minimally invasive methods. Heart valve replacement is used as a last resort.
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Target Audience for this Report:
Prosthetic Heart Valve Manufacturing Companies
Suppliers and Distributors of Prosthetic Heart Valve
Healthcare Service Providers
Teaching Hospitals and Academic Medical Centers (AMCs)
Health Insurance Players
Research and Consulting Firms
Medical Research Institutes
Audiology Centers
Healthcare Institutions/Providers (Hospitals, Medical Institutes, and Governing Bodies)
Venture Capitalists
Community Centers
Regulatory Authorities
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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