The market is estimated to grow at a CAGR of 10. 2% during 2020–2027. The bovine pericardial valve market is growing primarily due to the increasing incidence of cardiovascular diseases (CVD) and congenital heart diseases (CHD) and advantages of tissue-based heart valves over mechanical valves in the North America region.
New York, Sept. 30, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Bovine Pericardial Valve Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Valve Type ; Alloy ; End User, and Country" - https://www.reportlinker.com/p05974390/?utm_source=GNW
Factors such as limitations associated with the tissue-based valves damage the growth of the market.
Additionally, developing healthcare industry and growing reimbursement of the cardiac valve are likely to fuel the growth of the bovine pericardial valve market during the forecast period.
A bovine pericardial valve is also known as a bioprosthetic valve, and it is used for applications such as bio-prosthetic heart valves, dural closure, bone and dental membranes, and surgical buttressing. A bovine pericardial valve is made from collagen and other metallic material or alloy, which provides strength and elasticity.
Improvements in the surgical techniques coupled with quality of implantable valves have led to substantial growth in the volume of valve replacement procedures performed.The rising prevalence of these surgeries helps to save more lives and subsequently provide better quality of health and life to the patients suffering from congenital heart diseases (CHDs).
The Centers of Medicare and Medicaid (CMS) are active towards offering medical coverage for transcatheter aortic valve replacement (TAVR) surgeries for the treatment of symptomatic aortic valve stenosis, meeting all the conditions outlined in the National Coverage Determination (NCD). Thus, the increasing reimbursement for these procedures is likely to increase their volumes and be a prevalent trend in the market during the forecast period.
Also, there has been a significant increase in the healthcare expenditure during the previous years. As per World Bank, healthcare expenditure accounts for 9.94% of global GDP. In the US, 17.1% of its GDP is committed to the industry, whereas in Latin America, healthcare expenditures account for only 7.24%, with Mexico at 6.3%. Thus, the increasing focus toward advancement of healthcare is expected to compliment and create growth opportunities for bovine pericardial valve market during the forecast period.
In the United States, the COVID-19 pandemic is giving increased risk to patients underlying cardiac involvement among pediatric as well as adult age groups.Importantly, the pandemic has stretched health care systems and various other team members are at risk for contracting and possibly transmitting the disease, which may further impact the care of patients with cardiovascular disease.
However, the increasing risk of transmission of COVID-19 has led to temporary halt of non-emergency medical situations leading to a negative impact on the growth of bovine pericardial valve market.
In 2019, the aortic segment held the largest share of the market and is expected to grow at the fastest CAGR during the forecast period.This segment is likely to witness a lucrative growth owing to increasing development in transcatheter aortic valve implantation procedures leading to progressively large number of patients undergoing the surgery.
Moreover, these surgical procedures are now been reimbursed by the Centers of Medicare and Medicaid (CMS) that contributes as another factor for the growth of the segment.
A few of the significant secondary sources associated with the North America bovine pericardial valve market report World Health Organization (WHO), Centers of Disease Control and Prevention (CDC), Texas Heart Institute (THI), US Census Data, World Bank, and others.
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