Heart valves market Size 2013-2017 | Forecast 2018-2024
Heart valves are the medical devices which are used as a replacement for a defective heart valve. Heart valves are majorly of two types-biological or tissue and mechanical heart valves. Biological heart valves are made up of various tissues such as porcine, bovine and human tissues. Heart valves made from human tissues are known as homografts or allografts. The major advantage of tissue valves over mechanical valve is the chances of bleeding and increasing chances of reoperations in geriatric people. Hence, the use of tissue heart valves in people of this age group lowers the risks of bleeding. Physicians are increasingly opting for this method as it able to reduce the use of oral anticoagulation drugs for the management of bleeding complications.
Increase in demand for stent-less tissue valves, implementation of MI procedures expected to fuel the growth of heart valves market. Rising preference for tissue heart valve replacement surgeries among the geriatric population is also boosting the growth of heart valves market. However, lack of skilled professional, the risk of potential complications with tissue valves, and use of alternate products might hamper the growth of heart valves market. Similarly, the strict regulation policies for product approvals expected to dampen the growth of heart valves market.
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The heart valves market is categorized as following-
1. Product type
• Stented Tissue Heart Valves
• Stent-less Tissue Heart Valves
2. Valve type
• Aortic Tissue Valves
• Mitral Tissue Valves
3. Harvesting
• Autograft
• Homograft
• Heterograft
4. End-users
Hospitals, clinics and ambulatory surgical centers.
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And lastly, on the basis of geographical regions, heart valves market has been divided into following regions-North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America dominates the share in heart valves market owing to increase in the prevalence of heart valve diseases, increasing R & D, favorable medical insurance policies increase the growth of heart valves market in North America. Europe region holds second largest share attributed to increases in the prevalence of heart valve diseases because of changing lifestyle. Increasing government funding for R&D, technological advancements are expected to boost the growth of heart valves market. Asia-pacific region is expected to grow its market due to increase in awareness regarding tissue valves, increasing geriatric population and rising opportunities in medical tourism.
Some of the key players in the heart valves market are Edwards Lifesciences Corporation (U.S.), LivaNova PLC (U.K.), Medtronic (U.S.), St. Jude Medical (Abbott Laboratories) (U.S.), Braile Biomédica (Brazil), CryoLife, Inc. (U.S.), and Laboratory Corporation of America (U.S.) to name a few. In 2016, CryoLife, Inc. announced that it has completed its acquisition of On-X Life Technologies Holdings, Inc. while in 2014, Sorin Group received USFDA approval for the Solo Smart Aortic Pericardial Heart Valve.
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Global heart valves market is increasing due to rise in the prevalence of cardiac disorders. The most commonly adopted strategies by industry players include new product launches with technological innovations, acquisitions & mergers, agreements, and collaborations to capture significant heart valves market share. They acquire other companies to enhance their R&D capabilities for manufacturing innovative devices that meet consumer needs. Acquisition of other companies allows vendors access to the product portfolio of the acquired company. For instance, back in 2012, Edwards Lifesciences Corporation and Cook Biotech Incorporated, have collaborated into a technology licensing and supply agreements for the development of tissue-engineered heart valves and related cardiovascular implants.
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