Bioprosthetics Market Expected to A CAGR of 9.80%by 2028 Profiling...

Bioprosthetics Market Expected to A CAGR of 9.80%by 2028 Profiling Companies and Growth Strategies

Posted 2023-12-27 06:11:51

Market Overview: The global bioprosthetics market had a value of USD 4,122.6 million in 2020 and is projected to exceed USD 8,794.8 million by 2028, showing a compound annual growth rate (CAGR) of 9.80%. This growth is primarily attributed to the rising prevalence of cardiovascular diseases such as rheumatoid heart disease, coronary and peripheral artery diseases, and an aging population, which is more susceptible to such conditions. Technological advancements have led to the development of hybrid tissue-engineered bioprostheses, providing durable alternatives to conventional prosthetics. These innovations are expected to replace synthetic mechanical heart valves, known for their thrombogenicity and the need for anticoagulants.

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Product Type Analysis: The market is categorized into allograft, xenograft, porcine, and bovine product types. In 2019, xenografts held the majority of the revenue share (70%) due to their stability, high survival rates, readily available raw materials, low manufacturing costs, and ease of implantation. Porcine-based devices are anticipated to experience significant growth, driven by clinical studies aimed at improving their effectiveness and reducing adverse effects.

Bioprosthetics contribute to reducing morbidity associated with cardiac valve disorders, with advanced tissue treatment methods enhancing prosthetic durability and negating the need for long-term medication. Faster recovery rates and improved patient safety profiles make hybrid constructs increasingly preferable. As the number of heart valve diseases and replacements continues to rise, the demand for prostheses is expected to grow.

Application Trends: In 2019, the cardiovascular segment dominated the bioprosthetics market, with over 87% of the share. The increasing number of patients requiring valve replacement procedures due to cardiovascular diseases and advancements in minimally invasive techniques are expected to drive this segment's growth. Bioprosthetic heart valves have reduced the need for open-heart surgeries, contributing to this dominance.

Regional Insights: Europe led the bioprosthetics industry in 2019, benefiting from established reimbursement models, the presence of key industry players, and a large patient population. Strict regulatory policies focused on patient safety further contribute to the demand in this region. The Asia Pacific market is poised to register the highest CAGR over the forecast period, driven by increasing patient awareness, improved healthcare infrastructure, and significant research and development efforts in emerging economies.

Market Highlights:

Xenografts were the leading product segment in 2018.
The cardiovascular segment is set to grow at a CAGR of 10.6% due to the prevalence of cardiovascular diseases.
Plastic surgery and wound healing segment is expected to register a CAGR of 9% between 2020 and 2028.
Asia Pacific is projected to have the fastest growth, with a CAGR of 11.4% during 2020-2028.
Europe is expected to hold the largest market share (34.8%) due to high living standards and advanced medical sciences.

Key Players: Key players in the global bioprosthetic market 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.

Market Segmentation: This report forecasts revenue growth at a global, regional, and country level, analyzing market trends in various sub-segments from 2017 to 2027. The bioprosthetic market is segmented based on type, application, and region.

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 (Revenue in USD Million; 2018-2028): North America, Europe, Asia Pacific, Latin America, Middle East & Africa, with specific country breakdowns.

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