The World Health Organization ranks cardiovascular diseases (CVDs) as the leading cause of deaths worldwide, with the number of people who succumbed to CVDs being estimated at 17.5 million in 2012. This puts the importance heart valve repair and replacement into perspective. As more people are diagnosed with cardiovascular diseases, the demand for heart valve repair and replacement will see a parallel rise. This is further reiterated by the healthy rate of growth projected for the global heart valve repair and replacement market. Research studies show that the global market for heart valve replacement and repair was worth US$2,945.2 million as of 2014. With an 8.1% CAGR between 2014 and 2020, the market will expand to an estimated US$4,712.7 million by the end of 2020.
North America Reports Highest Demand for Heart Valve Repair and Replacement Procedures; APAC Exhibits Fastest Growth
The North America region leads in the number of cardiovascular diseases reported annually, on account on the high prevalence of obesity, diabetes, and sedentary lifestyles of people. In the United States, an astounding 70,000 heart valve procedures are reportedly carried out per year for mitral valve stenosis.
The factors at play in the European region are not very different from that of North America. Here, however, a rapidly growing geriatric population will also influence the heart valve and replacement market. About 50,000 valve replacement surgeries are performed in Europe annually. Cardiovascular diseases are the leading cause of death among Europeans.
The rate at which the Asia Pacific heart valve and replacement market is growing is higher than that of North America as well as Europe. This is because most major economies here are densely populated and the prevalence of obesity and other lifestyle-related diseases is on an upswing here. Moreover, countries such as India, Thailand and Malaysia are popular medical tourism destinations.
Faulty Lifestyles Will Create Larger Patient Pool For Heart Valve Repair and Replacement Procedures
The list of drivers for the heart valve repair and replacement market continues to grow with the high prevalence of obesity, diabetes, sedentary lifestyles, and related lifestyle disorder. At the same time, new technologies are being launched in the market, thereby supporting the growth rate. The number of people suffering from CVDs is only expected to rise in the near future, which will keep up the demand for heart valve repair and replacement procedures.
With many market players reporting headway in innovative technologies that help make heart valve repair and replacement more accurate, safe, and fast, patients and healthcare providers will likely show more willingness to opt for these procedures. Along similar lines, the inflated cost of medical care in several developed countries has prompted patients to undergo these procedures in developing countries with state-of-the-art healthcare facilities. This increase in medical tourism will also prove vital to the growth of the heart valve repair and replacement market.
Complications Associated with Heart Valve Repair and Replacement Procedures Could Weigh Down Growth Figures
Despite all of these drivers, the companies in the heart valve repair and replacement market will have to contend with a number of challenges. Given the high degree risks and uncertainties associated with a heart valve repair and replacement procedures, considerable expertise and finesse is required for conducting such a procedure. However, the shortage of highly experienced and skilled surgeons and support staff in this area could pose an impediment to growth.
In developing countries, there is a gaping shortfall in the quality of primary healthcare infrastructure. Though more investments are being pumped in to address this problem, noticeable changes cannot be expected anytime soon.
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