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The increasing prevalence of cardiovascular diseases across the globe has boosted the need for various cardiovascular treatments, including prosthetic heart valve replacement surgeries. Prosthetic heart valves are implanted surgically to replace damaged heart valves that cannot function properly on their own. Prosthetic or replacement heart valves come in two major types – mechanical heart valves and bioprosthetic heart valves. Mechanical heart valves are highly durable but require strict medication routines for the patient’s lifetime. Bioprosthetic heart valves are derived from animal or human tissue and do not need post-op medication but have shorter durability. The global Prosthetic Heart Valve Market size is estimated to be valued at US$ $109.68 Mn in 2023 and is expected to exhibit a CAGR of 6.1 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The global Prosthetic Heart Valve Market is estimated to be valued at US$ 109.68 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: Rising demand for transcatheter aortic valve replacement (TAVR) procedures is a key trend in the market. TAVR is a minimally invasive surgical technique involving catheter insertion of a stent valve within the diseased native aortic valve. TAVR procedures offer various advantages like quicker recovery time, less post-surgical complications and shorter hospital stays compared to the conventional open-heart surgery. As a result, many patients are increasingly opting for TAVR procedures which is contributing to the market growth.
Porter’s Analysis
Threat of new entrants: Low barrier for new companies to enter as technology is readily available but high capital investment is required. Existing players have strong foothold due to established brand and distribution network.
Bargaining power of buyers: Buyers have high bargaining power as there are many established players offering substitute products at competitive prices. Switching cost for buyers is low.
Bargaining power of suppliers: Suppliers have moderate bargaining power as raw materials and components used in manufacturing are readily available but suppliers need to meet stringent quality benchmarks of regulatory bodies.
Threat of new substitutes: Threat of new substitutes is moderate as bioengineering technology is advancing other minimally invasive methods are emerging but prosthetic heart valves have well proven record.
Competitive rivalry: Intense competition exists among existing players to gain higher market share through innovations, improved product attributes and expansion to new regions.
Key Takeaways
The global Prosthetic Heart Valve Market is expected to witness high growth.
Regional Analysis: The North America region dominates the market currently due to supportive regulatory environment and advanced healthcare infrastructure. Rising prevalence of cardiovascular diseases, growing obese population, and increasing focus on invasive treatments are driving the growth of the market in the region. The Europe market is growing at a steady pace owing to growing awareness about heart-valves treatments and availability of advanced treatment options. Supportive reimbursement policies are also aiding the growth of the prosthetic heart valves market in the region. The Asia Pacific region is expected to demonstrate high growth potential during the forecast period due to growing medical tourism, rapidly improving healthcare infrastructure, and rising healthcare expenditure in countries like China and India.
Key players operating in the prosthetic heart valve market are ATCOR, Millar, OMRON HEALTHCARE Co.,Ltd., DAEYOMEDI, MedTach, Itamar Medical Ltd., DiaTecne s.r.l., Alam Medical, Cardiovascular Engineering Inc., OCULUS, Keeler, Haag-Streit Group, SunTechMedical, Inc., Osypka Medical and Shenzhen Mindray Bio-Medical Electronics Co Ltd. The key players are focusing on new product launches, expansions, partnerships and acquisitions to gain strong foothold in the emerging markets.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
