Bioprosthetics Market Size to Reach USD 12.12 Billion by 2028, Says The Brainy Insights
NEWARK, N.J., March 14, 2022 /PRNewswire/ -- The global Bioprosthetics market is expected to grow from USD 4.64 Billion in 2020 to USD 12.12 Billion by 2028 at a CAGR of 10.54% during the forecast period 2021-2028.
The increasing prevalence of cardiovascular disorders and technological advancements made in the field of healthcare are some of the factors fuelling the bioprosthetics market.
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The xenograft segment is dominating the market, with a market value of USD 3.19 Billion in 2020
The type segment includes allograft and xenograft. The xenograft segment has the highest market value of USD 3.19 Billion in 2020. This is due to the benefits of the implants, which are long-term stability, higher survival rates, relatively easy availability of the raw materials, low manufacturing costs, and easy implantation procedures.
The Cardiovascular segment was dominating the market with the highest share USD 4.01 Billion in 2020
The application segment includes cardiovascular and plastic surgery & wound healing. The cardiovascular segment accounted for the highest market value of USD 4.01 Billion in 2020. This is due to the rising patient count suffering from cardiovascular diseases requiring valve replacement procedures. The combination of minimally invasive techniques, together with the groundbreaking technological advancements introduced, is reducing the number of structural failure cases. This is estimated to provide a boost to the demand for bio-implants throughout the forecast period. For instance, the arrival of bioprosthetic heart valves has led to a reduction in the demand for open-heart surgeries, which is contributing to the dominant share of the segment.
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Key players operating in the global Bioprosthetics market include Sorin Group, Edwards Lifesciences Corporation, Life Cell Corporation, Humacyte, Ethicon, LeMaitre Vascular, CryoLife, Organogenesis, St. Jude Medical Inc., Aortech International Plc, LabcorLaboratorios Ltd., BraileBiomedica, MaquetMetinge Group, Medtronic Plc., Edwards Lifesciences Corporation and JenaValve Technology GmbH among others. To improve their market position in the global Bioprosthetics market, the key players are concentrating on adopting the strategies and plans such as product innovations, mergers & acquisitions, recent developments, etc.
- For instance, in April 2016, CyroLife Inc. announced the acquisition of PhotoFix, a bovine pericardium tissue patch range that was manufactured by Genesee BioMedical Inc. This is done to further expand the existent product portfolio of the company.
- For instance, in April 2016, LeMaitre VascularInc., a provider of peripheral vascular devices and implants, had acquired the Procol Vascular Bioprosthesis product line from Hancock Jaffe Laboratories Inc. This is done to further expand the existent product portfolio of the company.
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Bioprostheses are the medical implantation of human or other species materials. According to their basic nature, bioprosthesis will gradually degrade in the recipient and will determine the formation of new tissue in its place, which replaces the biomaterial in the long term. The unhealthy way of living these days is leading to the high occurrence of cardiovascular diseases. Also, an increasing population of older people is highly prone to developing cardiac impairments and tissue damage. These factors are propelling the Bioprosthetics market. The new emerging technologies due to widespread research, experimentation, and clinical trials have evolved the progress in the field of hybrid tissue-engineered bioprostheses, in which non-biodegradable cultured tissue supports are used. These hybrid tissue-engineered bioprostheses have high resistance and durability are proving to be a better alternative to mechanical raw materials previously used. Furthermore, the benefits associated with such implants include faster recovery rates and comparatively improved patient safety profile, etc., which lead to better patient outcomes.
The need for multiple surgeries and the threat of infections are some of the restraining forces. The lifestyle of the people has changed a lot, and the people are living a much more sophisticated and complex life. The unhealthy routine and food habits are ultimately leading to developing cardiac impairments. Multiple surgeries, the threat of infections, the threat of uneven skin tone, and scars after surgeries are some of the factors restraining the market.
RegionalSegment Analysis of the Bioprosthetics Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
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The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East and Africa. Europe region has the largest market value of USD 1.85 Billion in 2020. This is due to clearly-defined reimbursement models, prominent industry players, and the large patient volume present in this region. Also, the formulated, stringent regulatory policies, increasingly ensuring patient safety, and maintaining high treatment efficacy standards are also driving the market in this region. The Asia Pacific region would grow at the fastest CAGR of over 11.87% during the forecast period. This is due to the increasing patient awareness levels toward alternative treatment choices and quickly improving healthcare infrastructure. The growth is additionally attributable to the high research and development intensity in emerging economies, such as China and India. Also, the per capita income of the people of emerging companies is rising, which gives them access to the best of the quality, which is similar in the case of healthcare. The people in any condition would look for better treatment and quality service by the hospitals. The non-invasive technique would be more in demand; such conditions would create the requirement to provide better healthcare infrastructure and medical facilities in the emerging economies in the region.
About the report:
The global Bioprosthetics market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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