Albany, NY, Nov. 05, 2018 (GLOBE NEWSWIRE) -- As per Transparency Market Research, the global Heart Valve Devices Market will likely register a CAGR of 12.4% during the period from 2017 to 2025. Rising at this pace, the market which was worth US$5.8 bn in 2016 will likely become worth US$16.2 bn in 2025.
Majorly fuelling growth in the global market for heart valve devices market is the increasing instances of obesity and unhealthy lifestyle causing various cardiac diseases and pathological disorders. In addition, the increasing demand for minimally invasive procedures and continued product modifications by leveraging the latest technologies developments have brought about more effective heart valve devices. This has also had a positive impact on the market.
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This era of technological advancements has immensely changed the ways of living and has increased various health concerns. Heart valve disease is one health related concern that have increased largely in past few years. As per the study conducted by American Heart Association (AHA) reveals that more than a million people in America have established moderate or severe heart valve disease. The increasing prevalence of heart valve disease is seen due to persistence level of stress, sedentary lifestyle, irregular sleeping habits, and increasing number of geriatric population. In case a person diagnosed with heart valve disease can experience failure of a single or multiple valves. The most common valve to get affected are mitral and aortic valves. Technologically advanced devices used in replacement of transcatheter valve or transcatheter aortic valve are significantly increasing in the market. Furthermore, growing heart related disease and technological innovations to solve this have grown the market for heart valve devices globally.
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Recently, Abbott Laboratories has its clearance to work on next version of MitraClip heart valve repair device, a next generation device from the U.S. Food and Drug Administration (FDA). It is used to repair leaky mitral valve without an open-heart surgery. Technological innovation has improved the transcatheter clip based therapy and have treated thousands of people across the world in last ten years. The MitraClip system is efficient in providing navigation and positioning abilities with advanced steering that will help in treating difficult anatomies for cardiologist. The use of these advanced devices to be placed during placement and making the procedure more accurate. These innovations in heart valve diseases device will grow the market and benefit the patients in longer run.
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Some of the prominent trends in the heart valve disease market are:
• Nowadays, availability heart valve devices has grown vastly which includes transcatheter heart valves, mechanical heart valves, and biological heart valves. Among these transcatheter heart valves and mechanical heart valves are experiencing growing demand in various economies.
• Transcatheter heart valve devices are having higher demand in the market due to superior technology in developed nations. The demand for transcatheter heart valve devices is also growing because of lower mortality rate achieved by them and more than average selling price of the device.
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• The soaring requirement for minimally invasive procedures, which leads to shorter stays at the hospital and accelerate the healing duration are also increasing the demand for heart valve devices. The hearty valve devices are compact and require minimally invasive surgeries that are high in demand nowadays will further increase the market.
• North America is leading the market for global heart valve devices owing to advanced technology at average selling price. High geriatric population suspetable of varfious heart disease, government supportive healthcare facilities, and availability of various heart supportive devices have made these regions lead the market. Additionally, increasing awareness among the developing economies is also increasing the demand for heart valve devices market.
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