- The key vendors in the Global Heart Valve Repair and Replacement Market 2014-2018 are Abbott Laboratories, Edwards Lifesciences Corp., Medtronic Inc. and St. Jude Medical Inc.
London, 20 August 2014: TechNavio, an independent tech-focused global research firm, announced today the publication of its market research report on the Global Heart Valve Repair and Replacement Market 2014-2018. One of the emerging trends in this market is the increase in the number of products approved by regulatory authorities such as the Food and Drug Administration and Conformité Européene. The approved products are considered to be safe for commercial use, and this increases their adoption rate.
The Global Heart Valve Repair and Replacement market is expected to grow at a CAGR of 7.72 percent during the period 2013-2018. Heart valve repair and replacement devices are used for repairing diseased heart valves as well as for replacing natural valves with prosthetic valves.
“The increasing number of approved products has increased their accessibility and is expected to lead to an increase in their adoption rate across healthcare facilities worldwide,” says Faisal Ghaus, Vice President of TechNavio Research.
“Moreover, the field of transcatheter mitral valve repair is witnessing a number of ongoing clinical trials of products developed by vendors in the market.”
Enhanced Adoption of MI Procedures
Minimally-invasive procedures provide an alternative option for patients who cannot withstand open heart surgeries to regain their quality of life. Transcatheter heart valve repair and replacement procedures are MI and have proven to be very safe and efficient. Benefits of MI procedures include low risk of infection, minimal blood loss, reduced need for blood transfusions, reduction in hospital stays, less pain and scarring, faster healing and recovery, and a potentially better clinical outcome. The increase in the number of MI procedures for heart valve repair and replacement has increased the demand for heart valve repair and replacement devices.
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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