The global prosthetic heart valves market is expected to reach $1.4bn by 2028, growing at a Compound Annual Growth Rate (CAGR) of 2.5%, according to GlobalData, a leading data and analytics company.
The company’s latest report, ‘Prosthetic Heart Valves – Cardiovascular Market Analysis and Forecast Model’ reveals that Asia Pacific and Middle East will be one of the fastest growing regions at an average CAGR of 5% between 2018 and 2028, while North America and Europe will grow at a low and stable CAGR of approximately 2%.
Much of the growth in Asia Pacific and Middle East is driven by the growing economy and improvements in healthcare infrastructure. While the market in developed regions such as North America and Europe have plateaued due to the rise in transcatheter heart valve procedures, the traditional prosthetic heart valve remains to be less costly and preferred in developing countries.
Sheryl Tang, Medical Devices Analyst at GlobalData comments, “The main drivers of this market are the ageing population, lower cost, and larger patient pool compared to transcatheter heart valve interventions, where only certain patients aged 75 and above are eligible to receive transcatheter treatment.”
Barriers to market growth include post-surgical complications associated with open heart surgery; the rise of transcatheter approaches are a threat to this market as it is proven to have better patient outcomes and fewer complications.
Tang concludes, “While the ageing population and lower cost will continue to drive the growth of the prosthetic heart valves market, particularly in developing regions such as Asia Pacific and Middle East, growth in developed nations is limited due to the large shift toward transcatheter approaches for better patient outcomes.”
Information based on GlobalData’s report: Prosthetic Heart Valves – Cardiovascular Market Analysis and Forecast Model