NEW YORK, Sept. 29, 2020 /PRNewswire/ — Muir Health says that valvular diseases, such as aortic stenosis, are detected in 1.5 million people in the U.S. every year. Therefore, due to the rising incidence of such valvular diseases, the global aortic valve market is predicted to witness a high CAGR of 13.2% between 2020 and 2030. At this rate, the industry size will increase from $7,568.3 million in 2019 to $29,146.9 million by 2030, according to the market research report published by P&S Intelligence.
Another such disease, the rising prevalence of which is driving the aortic valve market, is aortic regurgitation, as it requires valve replacement. The key reason behind the growing cases of such health conditions is the geriatric population, which is predicted to reach 1.5 billion by 2050, from 703 million in 2019, as per the UN. Further, rheumatic heart disease (RHD), which almost 33 million people in the world are suffering from, according to the WHO, also commonly leads to aortic regurgitation.
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Companies in the aortic valve market have been negatively affected by the COVID-19 pandemic, as the lockdown measures have led to a halt in the manufacturing and supply of such products. In addition, a large number of hospitals have suspended surgeries, in order to increase the bed strength and direct resources toward COVID care.
Browse report with detailed COVID-19 impact analysis on Aortic Valve Market Research Report: By Valve Type (Tissue/Biological, Mechanical), Suture Type (Sutured, Sutureless), Procedure (Open Surgery, Minimally Invasive Surgery), End User (Hospitals, Ambulatory Surgery Centers) – Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/aortic-valve-market
In the years to come, the higher revenue CAGR, of 14.2%, in the aortic valve market, based on procedure, would be experienced by the minimally invasive surgery (MIS) bifurcation. MISs are rapidly becoming popular because they require smaller incisions, cause lesser trauma and pain, lead to a shorter hospital stay and faster recovery, and result in less apparent scars than open surgeries.
Hospitals are expected to remain the larger end users in the aortic valve market in the next decade. Compared to ambulatory surgery centers (ASCs), hospitals offer more comprehensive surgical facilities and also employ surgeons with more experience and a higher degree of specialty. Moreover, with an improving healthcare expenditure reimbursement scenario in many countries, people would hesitate less in opting for the more-expensive surgeries provided at hospitals.
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Presently, Europe is the largest aortic valve market, and the same will be the situation in the coming years. The geriatric population and incidence of cardiovascular diseases are both booming in the continent. Moreover, Europe has a more advanced healthcare infrastructure than developing regions, while the spending on healthcare is also rising rapidly here. Furthermore, several initiatives here are raising the awareness of the populace regarding the new and advanced valve replacement treatments available, including transcatheter aortic valve replacement (TAVR).
Players Engaging in Mergers and Acquisitions to Remain on Top
Players in the aortic valve market are engaging in mergers and acquisitions in order to dominate the competition, as such moves give them the opportunity to:
Add products used in minimally invasive vascular procedures to their portfolio
Target a larger customer pool
Combine their expertise, for a stronger product innovation strategy
Increase their geographical reach
Secure more revenue streams
The major companies operating in the global aortic valve market are Edwards Lifesciences Corporation, Boston Scientific Corporation, LivaNova PLC, CryoLife Inc., JenaValve Technology Inc., Abbott Laboratories, LifeNet Health Inc., Thubrikar Aortic Valve Inc., Anteris Technologies Ltd., and Coroneo Inc.
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SOURCE P&S Intelligence