LONDON--(BUSINESS WIRE)--The global heart valve repair and replacement devices market is expected to post a CAGR of close to 16% during the period 2019-2023, according to the latest market research report by Technavio.
Patients from developed countries such as Canada and the US are increasingly traveling to developing countries such as India, Singapore, and Thailand for medical treatment. This is mainly because of the benefits these countries offer, which include premium medical services at notably low prices, availability of improved treatment care, and availability of accredited hospitals and healthcare systems. India is the leading country for medical tourism with advanced technology and infrastructure, economical cost of traveling, well-trained surgeons, and affordable care at par with the developed countries such as the UK and the US. Thus, the rise in the quality of medical services and infrastructure in developing economies is a contributor to the growth of medical tourism, which will propel the growth of the global heart valve repair and replacement devices market.
As per Technavio, technological advances will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global heart valve repair and replacement devices market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global heart valve repair and replacement devices market: Technological advances
The heart valve repair and replacement devices market has been witnessing several technological advances over the past decade. These technological advances include transcatheter-based, robotic-assisted, video-assisted, and 3D bioprinting techniques. Transcatheter-based repair and replacement technique is used for the treatment of high-risk aortic stenosis with enhanced prognostic and symptomatic benefit and low postoperative complications. The robotic-assisted technique uses an endoscope and closed chest approach to perform mitral valve surgery. Further, the 3D bioprinting technique is used to develop customized heart valve based on individual needs using biomaterials such as copolymer hydrogels and scaffolds. This helps the cardiologists in the optimal replacement of heart valves during the surgical intervention by allowing them to evaluate heart valve interaction and innermost heart.
“The prevalence of heart valve diseases such as stenosis and regurgitation is increasing at a rapid pace across the world. This is fueling the demand for heart valve therapies such as heart valve repair and replacement. Heart valve therapies are used to repair and replace damaged or diseased heart valves and provide benefits such as longer heart durability and help to maintain heart functionality. As a result, the demand for heart valve therapies is increasing, which is expected to fuel market growth during the forecast period,” says a senior research analyst at Technavio.
Global heart valve repair and replacement devices market: Segmentation analysis
This market research report segments the global heart valve repair and replacement devices market by product (heart valve replacement devices, and heart valve repair devices) and geographic regions (North America, Europe, Asia, and ROW).
The North America region led the market in 2018, followed by Europe, Asia, and ROW respectively. The market growth in North America can be attributed to the strong presence of well-established medical and healthcare infrastructure, growing aging population, and rising incidence of cardiovascular diseases in the region.
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Five Forces Analysis
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- Vendors covered
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