New York City, New York, 16 March, 2016: The new report published by Persistence Market Research, titled ‘Global Heart Valve Repair Replacement Market : Forecast to 2014 – 2020’, provides an in-depth analysis and estimation of the heart valve repair and replacement market for the forecast period 2014-2020.
According to the analysis in the report, the global heart valve repair and replacement market was valued at US$2,945.2 million in 2014 and is expected to grow and reach a value of US$4,712.7 million by 2020. The market’s CAGR is poised to be 8.1% from 2014 to 2020, owing to the growing geriatric population, growing prevalence of conditions leading to cardiovascular disorders, and change in lifestyles.
Increase in the prevalence of cardiovascular disorders has fuelled demand for heart valve repair and replacement market, especially in Asia Pacific. Growth of the heart valve repair and replacement market is much higher in Asia Pacific as compared to developed countries due to the large population base and changing lifestyles in this region. Due to the rising medical tourism industry in the region and high prevalence of lifestyle diseases such as prolapse, valvular stenosis, valvular insufficiency or regurgitation, and atresia, heart patients find the need for heart valve repair and replacement procedures. For the forecast period, Asia Pacific is poised to emerge as the most lucrative region due to all these key factors.
The need for effective heart valve repair and replacement surgeries is growing extensively among various hospitals in Asia Pacific as well as across the globe due to the risks and complications associated with heart surgeries. Patients undergoing heart problems such as irregular heart rhythm and embolism are demanding more promising heart valve repair and replacement procedures in the market. The geriatric population is more susceptible to heart diseases, as they have low regenerative abilities and physical strength. Moreover, high percentage of junk food in the daily diet and sedentary lifestyles are increasing obesity among people, thus increasing the prevalence of cardiovascular diseases in various developed and emerging countries.
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On the basis of type of heart valve repair and replacement procedure, the report highlights the importance of the heart valve replacement segment in the global market.
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Heart valve repair is an extremely critical procedure and involves resizing the heart valve by removing excess tissue or the damaged leaflet tissue. Such procedures require specific tools and techniques. The significance of this procedure and growing demand for the same propels the global heart valve replacement market. According to analysts at PMR, the market is expected to grow from an estimated US$2,281.2 million in 2014 to US$3,767.0 million by the end of 2020. The market is set to register a CAGR of 8.7% during the forecast period 2014-2020.
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The report concludes with analysis of some of the major players in the heart valve repair and replacement market and provides the reader with company overview, their recent developments, growth strategies, and financial overview. St. Jude Medical, Inc., Sorin Group, Edwards Lifesciences Corporation, Medtronic, Inc., Boston Scientific Corporation, and Abbott Laboratories, Inc. are the key market players profiled in the study report.
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