The new report by Expert Market Research titled, ‘Global Aortic Valve Replacement Devices Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the aortic valve replacement devices market, assessing the market supported its segments like product type, application, end-user and major regions.
The report tracks the newest trends within the industry and studies their impact on the general market. It also assesses the market dynamics, covering the key demand and price indicators, along side analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size: USD 7.5 billion
- Forecast CAGR (2023-2028): 11.20%
- Forecast Market Size: USD 14.3 billion
Aortic stenosis does not have a treatment that can reverse its effects. The recommended treatment for aortic stenosis is aortic valve replacement (AVR). Surgical and Transcatheter Aortic Valve Replacement (TAVR) is a procedure that is used to extend and improve the lives of people who have valvular diseases. This treatment options increase patient awareness and improve patient outcomes. As a result, the market is being propelled by the benefits of these replacement surgeries.
In terms of end use, hospitals account for a significant portion of the aortic valve replacement device industry. The enormous number of patients admitted to hospitals is a major factor in the segment’s dominance. This segment is expected to grow rapidly during the forecast period, as many developing countries rely on hospitals for primary healthcare. Furthermore, as hospitals increase their efforts to provide the public with the most up-to-date procedures and services, the aortic valve replacement devices industry is expected to grow in the coming years.
Aortic Valve Replacement Devices Industry Definition and Major Segments
Aortic valve replacement is a procedure that involves replacing a patient’s failing aortic valve with an artificial heart valve. This procedure is done with aortic valve replacement devices. Synthetic materials or animal tissues could be used to construct the artificial or prosthetic valve. The aortic valve replacement device market can be divided on the basis of surgery type, product type and end-use.
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Based on surgery type:
- Open Surgery
- Minimally Invasive Surgery
Based on product type:
- Transcatheter Aortic Valve
- Sutureless Aortic Valve Replacement (SUAVR)
Based on end-use:
- Ambulatory Surgical Centres
Aortic Valve Replacement Devices Market Trends
The rising prevalence of valvular diseases, in confluence with the growing demand for MIS, is one of the key factors driving market growth. Furthermore, governments in a number of countries are launching various initiatives to manage valvular diseases, which is propelling the market forward. The rising prevalence of valvular diseases such as aortic stenosis and aortic regurgitation is also responsible for the market’s expansion. Geriatric population growth is having a significant impact on market growth. The market is expected to grow as a result of various government initiatives aimed at raising awareness about valve replacement surgeries. The favorable reimbursement scenario and developments in replacement surgery are expected to favor industry growth over the forecast period. The prevalence of a variety of diseases, as well as people’s healthcare costs, is on the rise.
As a result, the general public will be unable to cover the majority of health-care costs out of pocket. As a result, government programmes to assist the general public by covering a portion of their healthcare costs are expected to contribute significantly to market growth over the forecast period. Furthermore, market growth is expected to be aided by an increase in the number of approvals for innovative products as one of the most noticeable trends in the aortic valve market is product launches. In response to the growing demand for aortic valves around the world, manufacturers in this market are constantly developing new and innovative products.
Key Market Players
The major players within the market are Boston Scientific Corporation, Liva Nova PLC, Edwards Lifesciences Corporation, Medtronic PLC, CryoLife, Inc. and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of those market players.
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