The global bioprosthetics
market is expected to reach USD 6.41 billion by 2024, according to a new report
by Grand View Research, Inc. The unprecedented upward shift in the
lifestyle-associated habits leading to the high prevalence of cardiovascular
diseases coupled with the increasing geriatric population base,which is highly
susceptible to developing cardiac impairments and tissue damage,are presumed to
impel the demand for the bioprosthetics market during the forecast period.
Lower biocompatibility, aesthetics,
and strength exhibited by the synthetic material-based prosthetics indicate the
indisputable requirement for incorporating bioprosthetics; consequentially, the
increasing need for the tissue-engineered autologous, allogenic or xenograft
products is anticipated to present the market with lucrative growth
opportunities.
The growth in the demand for
bioprostheses is attributed mainly to technological advancements comprising
trans catheter valve fabrication technology, the construction of which involves
a multidisciplinary approach, wherein wide-ranging technologies borrowed from
varied devices including balloon angioplasty and coronary stents as well as
medical disciplines, such as cardiac surgery and interventional cardiology, are
merged to introduce a revolutionary quantum leap in the transcatheter valve
replacement procedures.
Moreover, a combination of the non-invasive imaging
techniques, such as, echo cardiography angiography, MRI, and CT, are
increasingly being employed, which allows the surgeons to visualize both the
device and the anatomy of the patient thus eliminating the need to conduct an
open heart surgery.
In depth research report on Bioprosthetics Market
Further key findings from the study suggest:
·
The allograft segment is
expected to exhibit growth at a significant CAGR of over 10.0% during the
forecast period. This is a consequence of the following associated advantages
such as reduced surgical time, smaller incisions, greater physiological
acceptability, availability of larger grafts, and a safer alternative to
procedures that employ synthetic grafts as they pose a high risk of
complications under anesthesia
·
The plastic surgery and wound
healing segment is anticipated to witness an exponential CAGR of over 11.0% in
the application segment over the forecast period. This substantial share can be
attributed to the increasing number of soft tissue repair procedures, such as
in hernia and abdominal wall reconstruction
·
Additionally, as per a research
published by the NCBI, the increase in case complexities drive the need to
apply a multidisciplinary approach in performing the above-mentioned
procedures, which augments the use of these bioprosthetics meshes to decrease the
morbidity associated with chronic impairments
·
In 2015, Europe dominated the
overall bioprosthetics market at over 40.0%. Moreover, the subsequent changes
in the demographic trends, such as the frequent product approvals, increasing
geriatric population base, lifestyle-associated changes, and the high awareness
levels pertaining to the availability of bioprosthetics solutions are
anticipated to drive the market growth in this region
·
For instance, In April 2016,
St. Jude Medical, Inc. announced the European launch of Trifecta Surgical Valve
to provide enhanced alternatives to patients requiring aortic valve
replacements. This launch resulted in the expansion of the existing product
portfolio of St. Jude Medical, Inc. in Europe
·
Some leading players in this
industry include Edwards Lifesciences Corporation, St.Jude Medical, Inc., Sorin
Group, CryoLife, Inc., Braile Biomedica, Inc., and Medtronic Plc; these players
are increasingly involved in adopting collaborative strategies and launching
frequent product approvals to facilitate business expansion
·
For instance, in March 2016,
Edwards Lifesciences Corporation received an approval for the SAPIEN 3 Valve in
Japan for the treatment of patients suffering from aortic stenosis.
Additionally, the rising involvement of the players in this vertical toward
developing and enhancing the supply of bioprosthetics through strategic
alliances is likely to provide the market with a high potential growth platform
in the future
Grand View Research has
segmented the bioprosthetics market on the basis of type, application,and
region:
Global bioprosthetics type outlook (Revenue, USD Million,
2013 - 2024)
·
Allograft
·
Xenograft
·
Porcine
·
Bovine
Global bioprosthetics application outlook (Revenue, USD
Million, 2013 - 2024)
·
Cardiovascular
·
Plastic surgery & wound
healing
Bioprosthetics regional outlook (Revenue, USD Million,
2013 - 2024)
·
North America
·
U.S.
·
Canada
·
Europe
·
UK
·
Germany
·
Asia Pacific
·
Japan
·
China
·
India
·
Latin America
·
Mexico
·
Brazil
·
MEA
·
South Africa
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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