The report analyses the global prosthetic heart valve market with respect to product and region. The global prosthetic heart valve market was valued at USD 2.87 billion in 2014, and is projected to grow at a CAGR of 9.1% from 2015 to 2020.
Based on product, the global prosthetic heart valve market has been segmented into mechanical heart valve, tissue heart valve, and transcatheter heart valve. The tissue heart valve segment contributed the largest share to the global prosthetic heart valve market in 2014. The increasing number of patients suffering from rheumatic heart diseases are one of the key growth factor for this market. In addition to this, the major players are leveraging the growth of this market by adopting the new and enhanced technologies. Transcatheter heart valve is the fastest-growing segment of the prosthetic heart valve market, due to its improved diagnostic capabilities and advancements in transcatheter aortic valve technology. The prevalence of valvular diseases leading to damage to heart valves is significantly high in the aging population. With the introduction of new minimally invasive techniques, the demand for prosthetic heart valve to replace damaged valves is expected to increase among this population in the coming years.
The global prosthetic heart valve market has been divided into three major regions, namely, Asia-Pacific, Europe, Americas, and the Middle East Africa. These four regions are further segmented into major countries. The Americas accounted for the largest share of the prosthetic heart valve market in 2014. The U.S. accounted for the largest share of the overall Americas prosthetic heart valve market in the same year. The U.S. prosthetic heart valve market is expected to witness significant growth in the near future, due to the increased number of patients suffering from rheumatic heart disease, rise in aging population, and favorable reimbursement scenario. Europe is the second-largest market for prosthetic heart valves. Germany is expected to be the largest market for prosthetic heart values in Europe. The market in this region is anticipated to grow, predominantly due to the technological advancements.
Some of the major companies operating in the global prosthetic heart valve market are Boston Scientific Corporation (U.S.), St. Jude Medical, Inc. (U.S.), Sorin S.p.A (Italy), Medtronic (Republic of Ireland), Abbott Laboratories (U.S.), Claret Medical, Inc. (U.S.), AorTech (U.K.), Edwards Lifesciences Corporation (U.S.), Neovasc Inc. (Canada), and Technology (Germany).