The global bioprosthetics market was valued at USD 2.59 billion in 2015 and is anticipated to grow at a CAGR of over 10.5% during the forecast period. The increasing prevalence of cardiovascular disorders, such as rheumatoid heart disease, and coronary and peripheral artery diseases, and the resultant, corresponding demand for long-term relief is anticipated to widen the base for the bioprosthetics market. Moreover, the expanding geriatric population characterized with a higher susceptibility to develop degenerative cardiac diseases is further presumed to augment the market growth throughout the forecast period.
The emergence of technological innovations has led to the development of hybrid tissue-engineered bioprostheses, which involve the use of non-biodegradable, cultured tissue scaffolds which enclose an alloy of nickel and titanium that serve as highly durable alternatives to conventional, biodegradable tissue-engineered prosthetics. Moreover, these advancements are expected to gradually replace the use of purely synthetic mechanical heart valves, which have been implicated in high thrombogenicity and hence necessitate the administration of anticoagulants to prevent concomitant embolic events, valve obstruction, and bleeding.
These novel solutions are expected to effectively reduce the mortality and morbidity associated with cardiac valve disorders, which in turn is expected to boost the bioprosthetics market during the forecast period. Additionally, the optimized tissue treatment processes in use, further enhance the robustness of the prostheses and eliminate the need for long-term medication typically associated with prosthetics, which is expected to aid the emergence of this vertical during the forecast period.
Furthermore, the associated benefits comprising of faster recovery rates and relatively improved patient safety profile, attributable to the advent of hybrid constructs and optimized tissue preservation techniques for these tissue-engineered products, lead to better patient outcomes, which are estimated to drive both, patient and physician preference for these implantable bioprostheses. The heightened preference of the medical community for these alternative prostheses is expected to present the market with lucrative growth opportunities in the future. In addition, the rising number of aortic and mitral valve replacements, as well as diseased heart valve cases, are estimated to contribute towards the overall demand for the varied prostheses.
North America bioprosthetics market share, by application, 2013 - 2024 (USD Million)
In 2015, the cardiovascular segment held the largest share of over 87.0% in the application segment of the bioprosthetics market. The exponential growth is attributed to the rising patient count suffering from cardiovascular diseases requiring valve replacement procedures. Moreover, the incorporation of minimally invasive techniques coupled with the ground breaking advancements introduced in the second generation bioprosthetics that are aimed at reducing the number of structural failure cases is estimated to provide a fillip to the demand for bio-implants throughout the forecast period. For instance, the advent of bioprosthetic heart valves has led to a reduced demand for open heart surgeries, which serves as a crucial factor contributing towards the dominant share of the segment.
The xenograft segment held a substantial industry share of over 69.0% in 2015 as a consequence of the enumerated benefits of these implants: long-term stability, relatively easy availability of the raw materials, higher survival rates, low manufacturing costs, and easy implantation procedures; hence making it a more suitable choice amongst the available bioprosthetics. The captured high share is also due to its wide applicability in the areas, such as generation of 3D-based personalized implants and tissue repair applications.
The porcine-based devices category is expected to witness growth at a lucrative CAGR during the forecast period in the xenograft segment. The fast growth can be attributed to the numerous clinical studies, such as those conducted by the American Heart Association, directed toward improving the efficacy of the porcine xenografts and reducing the typical, concomitant adverse effects; altogether these initiatives are anticipated to further facilitate the market penetration of the porcine xenografts.
In 2015, Europe captured a sizeable share of the regional bioprosthetics vertical with a share of over 40.0%. The presence of clearly-defined reimbursement models, prominent industry players, and the large patient volume present in this region are responsible for the large share. Moreover, the formulated, stringent regulatory policies increasingly ensuring patient safety and maintaining high treatment efficacy standards are anticipated to drive the demand for these devices in this region.
The Asia Pacific bioprosthetics market is anticipated to grow at the fastest CAGR of over 11.0% during the forecast period owing to the increasing patient awareness levels toward alternative treatment options and the rapidly improving healthcare infrastructure. The growth is additionally attributable to the high research and development intensity in the emerging economies, such as China and India. Furthermore, the growing number of collaborations between the global players in the sector and the government is gradually improving the overall access to healthcare facilities, which in turn is anticipated to provide the region with a high growth potential throughout the forecast period.
Competitive Market Share Insights
Some key players of the bioprosthetics market include LeMaitre Vascular, Inc., Braile Biomedica, Inc., Labcor Laboratorios Ltd., Maquet Metinge Group, Medtronic Plc., Aortech International Plc, CryoLife, Inc., Sorin Group, Humacyte, Inc., Ethicon, Inc., Life Cell Corporation, Organogenesis, Inc., St. Jude Medical, Inc., Edwards Lifesciences Corporation, and JenaValve Technology GmbH.
These industry players are undertaking strategies, such as entering into mergers and acquisitions, geographical expansions, and product launches in order to capture a greater share of this vertical. For instance, in April 2016, CyroLife, Inc., announced the acquisition of PhotoFix, a bovine pericardium tissue patch range, manufactured by Genesee BioMedical, Inc. This launch was carried out to further expand the existent product portfolio of the company.
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