Growing Demand for Minimally Invasive Procedures
PRESS RELEASE
Published March 7, 2023
Introduction The heart valve repair and replacement market is a rapidly growing sector within the medical device industry. The market includes a wide range of surgical and minimally invasive procedures that are used to repair or replace damaged heart valves. In this blog, we will delve into the heart valve repair and replacement market and explore its growth prospects.
The Global Heart Valve Repair Replacement Market value is projected to exceed US$ 12,621.4 million by the year 2028 at a significant CAGR of 10.4%. The growth can be attributed to several factors such as the increasing prevalence of heart valve diseases, advancements in technology, and the growing demand for minimally invasive procedures.
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Segmentation Based on type, the heart valve repair and replacement market can be segmented into mechanical valves, tissue valves, and transcatheter valves. Tissue valves are expected to dominate the market owing to their ability to mimic the natural function of the heart valve and their lower risk of thrombosis. Based on procedure, the market can be segmented into valve repair and valve replacement. Valve replacement is expected to dominate the market owing to its higher success rate and lower risk of reoperation.
Application The heart valve repair and replacement market can also be segmented based on application into aortic valve, mitral valve, pulmonary valve, and tricuspid valve. The mitral valve is expected to be the largest segment owing to its higher prevalence in the population and the increasing adoption of minimally invasive mitral valve repair procedures.
Regional Analysis North America dominates the heart valve repair and replacement market, accounting for the largest share. The region’s dominance can be attributed to the increasing prevalence of heart valve diseases, the presence of well-established healthcare infrastructure, and the increasing adoption of minimally invasive procedures. Europe is the second-largest market, followed by the Asia Pacific. The Asia Pacific is expected to witness significant growth due to the rising healthcare infrastructure, increasing investments in the healthcare sector, and a growing population.
Challenges One of the major challenges faced by the heart valve repair and replacement market is the high cost of devices and procedures. Moreover, the risk of complications such as infection, bleeding, and stroke, as well as the lack of skilled professionals to perform complex surgeries, are also hindering market growth. Another challenge faced by the market is the availability of alternative treatments such as medication and lifestyle changes.
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Conclusion The heart valve repair and replacement market is witnessing significant growth due to the increasing prevalence of heart valve diseases, advancements in technology, and the growing demand for minimally invasive procedures. The market is expected to witness further growth owing to the increasing adoption of minimally invasive mitral valve repair procedures. However, the market faces several challenges such as high costs, a lack of skilled professionals, and the risk of complications. Nonetheless, with the continued development of advanced technologies and the increasing adoption of minimally invasive procedures, the market is expected to overcome these challenges and witness sustained growth in the years to come.
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