New York, Dec. 04, 2019 (GLOBE NEWSWIRE) — Rising population, leading to the high prevalence of cardiovascular diseases coupled with the increasing geriatric population in developing nations, faster recovery time and lesser risks involved in the procedures, extensive research and development and numerous technological advancements are the key factors contributing to high CAGR of Bioprosthetics market during forecast period.
According to the current analysis of Reports and Data, the global Bioprosthetics market was valued at USD 3.32 billion in 2018 and is expected to reach USD 7.38 billion by year 2026, at a CAGR of 10.4%. The use of Bioprosthetics has significantly increased over the recent years in all age groups. The study provides an overall insight into the factors responsible for the growth in the Bioprosthetics market. Two major types of prosthetic heart valves exist mechanical and bio prosthetic. Bioprosthetics are made of biologic tissues which are mounted on a fabric covered plastic frame, called a stent.
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Valvular heart disease is increasingly affecting more than 100 million people worldwide and is a growing problem because of the high incidence of rheumatic heart disease. Moreover, in developing countries, the burden of degenerative valve disease in ageing population is increasing due to the rising geriatric population. Extensive growth in population and increasing prevalence of cardiovascular diseases owing to the unhealthy lifestyle, better results of Bioprosthetics as compared to mechanical materials which were traditionally being used and extensive research and innovations leading to multiple new avenues of use.
The intense competition is keeping the key players at their toes. Extensive research and development activities are being funded by the government and private companies to stay afloat and ahead of everyone else. This has led to significant increase in favorable R&D investment scenario. Companies are regularly rolling out strategical developments to beat their competition keeping the market lively and open. Nonetheless, many of the prosthesis-related complications, choice of optimal prosthesis selection in the individual patient and careful medical management and further follow-up after implantation can cause hindrance in the growth of market during the forecast period. Moreover, patients with prosthetic valves are at risk of thromboembolic complications, including systemic embolization, most commonly cerebral, and prosthetic thrombosis causing valve obstruction and/or regurgitation which are some of the major market restraint for the market growth during the forecast period
Further key findings from the report suggest
- Bioprosthetics market is growing at a CAGR of 4% in Asia Pacific followed by North America and Europe, with 10.2% and 10.1% CAGR, respectively during to the rising incidences of cardiovascular diseases which is thereby, supporting the growth of bio prosthetic during the forecast period
- Xenograft segment of the Bio-prosthetics market is expected to occupy the majority of the market accounting to almost around 70% share due to its better and more efficient outcome than the traditionally used mechanical components.
- The Cardiovascular Component of the Bio-prosthetics market occupied almost 90% of the market because of lesser risks involved in the procedures and faster recovery in patients. According to WHO, Cardiovascular disease (CVD) remains the leading cause of death in the United States, responsible for 840,768 deaths. From 2006 to 2016, the US death rate from CVD decreased by 18.6% and from coronary heart disease by 31.8% due to the adoption of new technology for the treatment.
- The Bioprosthetics market has noted sturdy growth due to advancement in degree of in technologies and uses available in medical science field. Furthermore, there has been a shift of consumers due to rising awareness of the bio prosthetic procedures because of lesser mortality rates and faster recovery time.
- Almost 2% of the Cardiovascular disease related deaths are rheumatic in nature. Bioprosthetics offer the best possible solution to rheumatic diseases and thus their market is expected to rise in the future.
- Key participants include Sorin Group, CryoLife, Inc., Medtronic Plc, Braile Biomedica, Ethicon, Inc., Life Cell Corporation, Organogenesis, Inc., Labcor Laboratories Ltd., Maquet Metinge Group, and JenaValve Technology GmbH.
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the Bio-prosthetics market on the basis of product type, application, and region:
Type (Revenue, USD Million, 2016 – 2026)
Application (Revenue, USD Million, 2016 – 2026)
- Cardiovascular Valves
- Transcatheter heart valves.
- Plastic surgery & wound healing
Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
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