According to the current analysis of Reports and Data, the global Bioprosthetics market was valued at USD 4,122.6 Million in 2020 and is expected to reach USD 8,794.8 Million by year 2028, at a CAGR of 9.80%. 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.
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.
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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.
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and R&D activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
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.
Bioprosthetics Market Segmentation:
Type (Revenue, USD Million, 2018 – 2028)
- Allograft
- Xenograft
- Stented
- Stentless
- Sututreless
- Porcine
- Bovine
Application (Revenue, USD Million, 2018 – 2028)
- Cardiovascular Valves
- Allograft
- Xenograft
- Transcatheter heart valves.
- Plastic surgery & wound healing
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)
Frequently asked questions addressed in the report:
- What is the revenue growth rate of the global Bioprosthetics market over the forecast period?
- What are the major factors driving the growth of the Global Bioprosthetics Market?
- What are the key challenges impacting the global Bioprosthetics market growth?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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