The Latin America, Middle East and Africa Prosthetic Heart Valve Market would witness market growth of 12.7% CAGR during the forecast period (2022-2028).
Valve replacement surgery, which was first performed in the early 1960s, has significantly improved the outcomes of patients with valvular heart disease. Each year, a considerable number of valve substitutes are implanted in various countries all over the world. Approximately, half are mechanical valves and the other half are bioprosthetic valves. Despite significant advancements in prosthetic valve design as well as surgical procedures in recent decades, valve replacement does not ensure a patient's complete recovery. Instead, prosthetic valve disease is substituted for native valve disease, and prosthetic valve hemodynamics, longevity, and thrombogenicity determine the outcome of patients undergoing valve replacement.
In the region, the number of patients with valvular disorders is rising. One of the reasons driving the number of valvular diseases is the increasing age of the regional population. According to Statistics South Africa, South Africa's population is estimated to be 56.5 million people, according to the latest mid-year population estimates released by Statistics South Africa (Stats SA). Moreover, South Africa's elderly population (those aged 60 and more) is increasing, reaching 8.1% in 2017. South Africa has 4.6 million people above the age of 60. South Africa's mid-year population estimates reveal regional differences in aging. While the elderly population makes up about a quarter of the population in Gauteng, they also make up 7.7% of the total population. In the Eastern Cape, however, only 12% of the elderly live there, yet, geriatric people make up approximately 10% of the population.
Furthermore, the healthcare industry of the country is also flourishing. According to the International Trade Administration, in terms of real purchasing power, the healthcare industry in South Africa is extremely complex and diversified. A reputed and experienced distributor is usually required for entry. The government is the largest buyer of healthcare supplies and equipment, especially in primary care. Hence, due to the rising prevalence of valvular disease as a result of the increasing elderly population, and the rapidly expanding healthcare infrastructure of the regional countries, the adoption of artificial heart valves is estimated to surge in the region. This factor is augmenting the growth of the regional prosthetic heart valve market.
The Brazil market dominated the LAMEA Prosthetic Heart Valve Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $198.1 million by 2028. The Argentina market is experiencing a CAGR of 13.3% during (2022 - 2028). Additionally, The UAE market would exhibit a CAGR of 12.4% during (2022 - 2028).
Based on End User, the market is segmented into Hospitals & Cardiac Centers and Ambulatory Surgical Centers & Others. Based on Product, the market is segmented into Transcatheter, Tissue, and Mechanical. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Prosthetic Heart Valve Market is Predict to reach $13.3 Billion by 2028, at a CAGR of 10.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Boston Scientific Corporation, Medtronic PLC, Abbott Laboratories, Meril Life Science Private Limited, Colibri Heart Valve LLC, Artivion, Inc., TTK Healthcare Limited, Edwards Lifesciences Corporation, JenaValve Technology, Inc., and Micro Interventional Devices, Inc.
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