New York, April 29, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Persistence Market Research "Global Market Study on Heart Valve Repair and Replacement: Asia Pacific to Witness Highest Growth by 2020," the global heart valve repair and replacement market was valued at USD 2,945.2 million in 2014 and is expected to grow at a CAGR of 8.1% from 2014 to 2020, to reach USD 4,712.7 million by 2020.
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The global heart valve repair and replacement market is witnessing significant growth due to growing geriatric population, change in lifestyles, and associated conditions leading to cardiovascular disorders. Moreover, technological advancements in the heart valve repair and replacement devices and surgeries, and rise in medical tourism promoting heart valve repair and replacement surgeries are also driving the market. However, there are various risks and complications associated with heart valve repair and replacement surgeries such as irregular heart rhythm, breathing problem, and embolism. Furthermore, lack of primary healthcare infrastructure in developing countries inhibits the growth of the heart valve repair and replacement market. The heart valve repair and replacement market is anticipated to grow from an estimated USD 2,945.2 million in 2014 to USD 4,712.7 million by 2020 at a CAGR of 8.1% during the forecast period.
In North America, the prevalence of cardiovascular diseases is high compared to other regions of the world due to increasing rate of obesity and change in lifestyle in the region. In the U.S., approximately 70,000 heart valve procedures are performed for mitral valve stenosis annually.
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In Europe, the heart valve repair and replacement market is driven by a rise in geriatric population, increasing the prevalence of lifestyle-associated disease, and change in lifestyles. Cardiovascular diseases cause more deaths among Europeans Approximately 50,000 valve replacement surgeries take place annually.
However, the growth of heart valve repair and replacement market in Asia Pacific is much higher than that in developed countries due to the large population base, change in lifestyles, increasing prevalence of lifestyle associated diseases, and rising medical tourism in the region.
Edwards Lifesciences Corporation, St. Jude Medical, Inc., Medtronic, Inc., Sorin Group, Boston Scientific Corporation, and Abbott Laboratories, Inc. are some of the major players in the heart valve repair and replacement market.
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The heart valve repair and replacement market is segmented as follows:
By type of procedure
- Heart valve repair
- Heart valve replacement
By type of replacement
- Tissue heart valve
- Transcatheter heart valve
- Mechanical heart valve
- North America
- The U.S.
- The U.K.
- Rest of the World (RoW)
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Source:Persistence Market Research