MARKET OVERVIEW- GLOBAL AORTIC VALVE REPLACEMENT DEVICE MARKET
An aortic valve replacement is a type of open heart surgery used to treat problems with the aortic valve of the heart. The aortic valve controls blood flow from the heart to the rest of the body. In an aortic valve replacement, a defective or damaged valve is removed and replaced with a new valve made of synthetic material or animal tissue. It is a major operation that is not suitable for everyone and can take a long time to recover. Rising prevalence of valvular heart diseases such as aortic stenosis and aortic regurgitation along with growing preference for minimally invasive surgeries are some of the key trends driving the growth of the market. The valve replacement surgery awareness initiatives by various government organizations are key elements which are anticipated to provide ample of new growth opportunity for the market.
The growing prevalence of valvular diseases such as aortic stenosis and aortic regurgitation is expected to boost the growth of the Aortic Valve Replacement Devices market. Increasing preference for minimally invasive surgery is a key factor which is expected to fuel the growth of the market over the estimated time period. The rising geriatric population is playing a vital role in the development of the aortic valve replacement devices market. Also, the rising incidence of aortic stenosis coupled with improving treatment rates further boosts the market growth. According to Edwards Lifescience Corporation estimates, about 2.5 million people over the age of 75 in the United States suffer from an aortic break, which represents almost 12.4% of the population suffering from aorta. Therefore, the growing bases of the geriatric population in combination with high reimbursement speeds will probably increase the demand for replacement operations in the United States. Furthermore, initiatives undertaken by various government organizations for creating awareness about valve replacement surgery are also expected to fuel market growth. Technological advancement in replacement surgery has also positively impacted the market.
Rising initiatives by governments for creating awareness about replacement surgery are also creating a great opportunity for growth of the market. Additionally, the widening base of the geriatric population coupled with high reimbursement rate significantly increasing demand for replacement surgery across the globe. This is expected to provide rising new growth opportunities for the market over the forecast period.
Risks associated with the aortic valve replacement surgery including, blooding, blood clots, problem or failure of replacement valve, heart rhythm problem and infection risk may hamper the market growth over the forecast period.
MARKET GROWTH CHALLENGES
Increasing costs of the valve replacement devices, which in turn may emerge as a major challenge for the growth of the global Aortic Valve Replacement Devices market. Likewise, a lack of advanced healthcare infrastructure is expected to be a major challenge for the market growth over the forecast period.
CUMULATIVE GROWTH ANALYSIS
The report provides in-depth analysis of global Aortic Valve Replacement Device market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for aortic valve replacement devices in cardiac applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2021-2028.
AORTIC VALVE REPLACEMENT DEVICE MARKET SEGMENTAL OVERVIEW
The global Aortic Valve Replacement Device market comprises of different market segments like product, type, end-user and geography.
AORTIC VALVE REPLACEMENT DEVICE MARKET BY PRODUCT
By product, the Aortic Valve Replacement Device market includes the key segments of
- Transcatheter aortic valve
- Sutureless valve
The Transcatheter aortic valve account largest share in the aortic valve replacement devices market. This type of aortic valve replacement product can be performed with open heart surgery. Transcatheter aortic valve replacement is a minimally invasive heart procedure to replace a thickened aortic valve that cannot fully open. On the other side, Sutureless valves are expected to have a high demand in the upcoming years. It offers advantages of both surgical tissue valves and minimally invasive transcatheter valves. Benefits include faster patient recovery and fewer postoperative side effects.
AORTIC VALVE REPLACEMENT DEVICE MARKET BY TYPE
By type, the Aortic Valve Replacement Device market includes segments like
- Open surgery
- Minimally invasive surgery
The minimally invasive surgery is projected to account for largest share in the Aortic Valve Replacement Devices market. The minimally invasive surgery is associated with less pain, fewer complication and it required shorter hospital stay. In this surgery, surgeons make minimal small incisions and use the assistance of small flexible cameras and light to see inside the body. The valves help blood flow through the heart’s chambers and out to the body normally. The demand for aortic valve replacement device has increased as it uses a smaller incision than a traditional open repair. This lead to easier and faster recovery from surgery.
AORTIC VALVE REPLACEMENT DEVICE MARKET BY END USERS
The Aortic Valve Replacement Device market has major end users like
- Ambulatory surgery center
The hospital segment is expected to account for the largest share in the Aortic Valve Replacement Devices market. The major factor supporting the hospital segment is the rise in number of patients admitted to hospitals. Because several growing countries reply on hospitals for primary healthcare. Also, open surgeries are generally performed in hospitals due to the complexity of the procedure and longer recover time taken by these surgeries is the another major factor boosting the demand of aortic valve replacement device in hospitals.
Ambulatory centers segment is expected to grow at the fastest rate during the forecast period. The number of outpatient surgery centers is increasing in developed regions. TAVR is emerging as an alternative to conventional surgery. It is a minimally invasive surgery that can be performed in outpatient centers, due to the less complexity of the surgery and the shorter time required for the procedure and recovery. All of these factors are expected to drive growth in the segment.
AORTIC VALVE REPLACEMENT DEVICE MARKET BY GEOGRAPHY
The global Aortic Valve Replacement Device market is studied for the following regions
- North America
- Rest of the world (RoW)
North America is likely to dominate the global aortic valve replacement devices market. The increasing prevalence of valvular disorders, and growing awareness regarding the benefits of Transcatheter aortic valve replacement over other surgical procedures are some of the key factors stimulating the growth of the market in North-America. The rising geriatric population in the region plays a vital role in the development of the market. For instance, In the United States the elderly population is accounted for 54.1 million in 2019. According to the Edward Lifescience Corporation report, approximately 2.5 million people over 75 years in the United States suffer from aortic stenosis. Thus, the growing geriatric population in North-America boosts the demand for the aortic valve replacement devices market.
Asia Pacific is anticipated to grow at a high rate over the forecast period. The countries in the region have high growth potential due to a high geriatric population and the increasing prevalence of heart disease. Furthermore, presence of large target population, development of healthcare infrastructure and services, increase in disposable income and increase in public funding are some of the factors likely to boost the growth of the regional market in the during the forecast period.
COVID-19 IMPACT ANALYSIS ON GLOBAL AORTIC VALVE REPLACEMENT DEVICE MARKET
Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global Aortic Valve Replacement Device market. In addition, complete analysis of changes on the global Aortic Valve Replacement Device market expenditure, economic and international policies on supply and demand side is provided in this exclusive report. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market.
COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans and business shutdowns. The shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery, and sales of products in the global market. The global outbreak of COVID-19 has seriously affected the aortic valve replacement device market as it led to a temporary delay in the surgical procedure that was not an emergency. This was due to the high risk of infection in the healthcare industry that could affect patients with heart-related disorders. Furthermore, the key players working in the market have already announced possible delays in product deliveries and a slump in future sales of their products. Adding to that, the global travel bans imposed by countries are affecting business collaboration and partnership opportunities. However, with the increasing adoption of safety measures in hospitals as a growing necessity for surgical procedures, will boost the demand for aortic valve replacement devices in the market.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of Aortic Valve Replacement Device market is majorly focused on expanding the global growth of aortic valve replacement devices sector with new product innovation, business expansion, increasing presence of range of manufacturers operating in aortic valve replacement devices industry has led the growing demand for the market. Besides, the market offers range of products in different applications to fulfil the required demand of consumer which is further contributing healthy growth in the market.
The key players studied in market are
- Boston Scientific Corporation
- Edward Lifesciences Corporation
- Symetis SA
- Accellent Inc
- St. Jude Medical
- LifeScience Corporation
September 2021: Abbott had announced the U.S. Food and Drug Administration (FDA) approval for Epic Plus and Epic Plus Supra Stented Tissue Valves to improve therapy options for people with aortic or mitral valve disease. These next-generation devices are built off Abbott's Epic surgical valve platform.
September 2020: Boston Scientific had launched a new aortic valve system. This transcatheter aortic valve implantation (TAVI) is a new heart valve technology designed with many features to improve the older clinical performance of the Acurate neo platform