Prosthetic heart valve is a device that acts as an artificial heart valve for treatment of patients suffering from valvular heart diseases. Valvular heart diseases result in malfunction of valves of the human heart.
The global prosthetic heart valve market was valued at $3,874 million in 2016, and is expected to reach at $8,392 million by 2023, growing at a CAGR of 11.4%. The market is driven by the growth in incidences of cardiac disorders, increase in geriatric population, rise in patient awareness, demand for minimally invasive cardiovascular surgeries, technological advancements in heart repair & replacement devices, and surge in number of transcatheter heart valve surgery centers. However, high cost of devices and risks associated with prosthetic valve implantation procedure and stringent approval process for prosthetic valves hamper the market growth. Conversely, use of transcatheter heart valves for new indications and growth opportunities in emerging economies of Asia-Pacific and LAMEA are expected to provide several opportunities for market growth during the forecast period.
The report segments the market based on product and region. Based on product, it is divided into mechanical heart valve, tissue heart valve, and transcatheter heart valve. Based on region, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, Spain, The Netherlands, Turkey, Belgium, Switzerland, Russia, Denmark, Austria, Norway, Poland, Sweden, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, Malaysia, Republic of Korea, New Zealand, Singapore, Thailand, Vietnam, Taiwan, Indonesia, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, United Arab Emirates (UAE), Libya, Algeria, Kenya, Kuwait, Jordan, Sudan, Morocco, Israel, Zimbabwe, Mauritius, Oman, Argentina, Iran, Iraq, and rest of LAMEA).
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