Bioprosthetics Market

Market Definition

The Bioprosthetics Market size was valued at USD 5.40 billion in 2022, and is predicted to reach USD 12.36 billion by 2030 with a CAGR of 10.85% from 2023 to 2030.

Bioprosthetics are non-synthetic implants that are made from human or animal tissue, which are used for medical procedure. It is a procedure of inserting an implantable medical device used for patients suffering from severe symptomatic aortic stenosis of the aortic heart valve. It aims to achieve not only the repair of damaged area but also regenerates adequately organized tissue. In addition, bioprosthesis combines exceptional valve design with advanced sealing that is designed to replace the aortic heart valve without open-heart surgery. Moreover, individuals with bioprosthetic valves have a lower chance of bleeding that those with mechanical valves.

Market Dynamics and Trends

Demand for bioprosthetics is increasing, owing to rise in prevalence of the geriatric population with cardiovascular disorders such as coronary & peripheral artery diseases and rheumatoid heart disease. For instance, according to the WHO, every year 17.9 million death occur around the globe, owing to cardiovascular diseases (CVDs).

Moreover, the rising geriatric population, that are prone to diseases including cardiovascular diseases is further accelerating the market growth. According to the report published by the World Health Organization, in October 2022, the number of people above the age of 60 years reached 1.4 billion in 2020, and it is anticipated that the number will reach 2.1 billion by 2050.

However, the high cost of cardiovascular surgeries, the threat of infections, along with uneven skin tone and scars after surgeries are expected to restrain the market growth during the forecast period. On the contrary, advanced features of bioprosthetic valves over mechanical valves such as they do not require life-long anticoagulation create opportunities for the market growth.

Moreover, the bioprosthetics market is expected to witness significant growth opportunities due to factors such as the potential for valve "wear and tear" and degeneration, which is minimal in mechanical valves but present in bioprosthetic valves.

Market Segmentations and Scope of the Study

The global bioprosthetics market is segmented on the basis of type, application, and region. On the basis of type, the market is segmented into xenograft, allograft, and tissue source. On the basis of xenograft, it is further divided into porcine and bovine. On the basis of application, the market is divided into wound healing, cardiovascular, cosmetic surgeries, and orthopedics. Geographically, it is divided into North America, Europe, Asia-Pacific, and Row.

Geographical Analysis

North America holds a predominant share of the global bioprosthetics market and is expected to remain dominant during the forecast period. Presence of key market players such as Abbott and LeMaitre Vascular, which innovate new and improved therapy options for people with aortic or mitral valve disease propels growth of the market. For instance, in 2021, Abbott announced the launch of epic plus and epic plus supra stented tissue valves, which were approved by the U.S. Food and Drug Administration (FDA). Epic Plus does not require long-term use of blood-thinner medication, making them a recommended option for people who cannot take blood thinners or are over 70 years of age.

Moreover, the rising healthcare expenditure is boosting the growth of the market.  The higher healthcare expenditure often translates into greater investments in research and development (R&D) activities. These investments foster innovation and advancements in bioprosthetic technologies, resulting in the creation of more effective and durable devices. For instance, according to the latest report from the Centers for Medicare & Medicaid Services, national health expenditure reached USD 4.3 trillion in 2021 in the US.

On the other hand, Asia-Pacific is expected to show a steady rise in the market, owing to introduction and availability of bioprosthetic heart valves technology that includes percutaneous or transcatheter valve replacement in countries such as Japan and India. This heart valve involves replacement of aortic valve in a minimally invasive procedure with catheterization from a large blood vessel, which is expected to drive the market growth in this region.

In addition, various approvals regarding bioprosthetics products in the region boost the market growth. For instance, in April 2021, Peijia Medical (Suzhou) Co., Ltd announced that the company received regulatory approval from National Medical Products Administration of the People’s Republic of China for its TaurusOne transcatheter aortic valve replacement (TAVR). TaurusOne is composed of a prosthetic aortic valve, a delivery catheter, and a compression loading system.

Competitive Landscape

The bioprosthetics comprises of various market players including LeMaitre Vascular, Abbott, Carmat, Maquet Metinge Group, Life Cell Corporation, Sorin Group, Humacyte, Ethicon, Medtronic Plc, and St. Jude Medical. These market players are adopting various strategies that include product launches across various regions to maintain their dominance in the bioprosthetics market.

For instane, in June 2022, Abbott announced MitraClip, world's first transcatheter edge-to-edge repair (TEER) device and TriClip, a first-of-its kind minimally invasive tricuspid heart valve repair device. These devices provide solutions for patient who are battling with the issue of   leaky heart valves.

Moreover, in 2021, Carmat announced its first implant of its Aeson bioprosthetic artificial heart in a commercial setting. This artificial heart aims to provide a therapeutic alternative for people suffering from end-stage biventricular heart failure.

Key Benefits 

• The report provides quantitative analysis and estimations of the bioprosthetics market from 2023 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep dive analysis of the bioprosthetics market including the current and future trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the bioprosthetics market is provided in the report. 

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

Key Market Segments

By Type

• Xenograft

  • Porcine

  • Bovine

• Allograft

• Tissue Source 

By Application

• Wound Healing

• Cardiovascular

• Cosmetic Surgeries

• Orthopedics

By Region

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy 

  • Spain

  • Denmark

  • Netherlands

  • Finland

  • Sweden    

  • Norway    

  • Russia

  • Rest of Europe

• Asia Pacific

  • China 

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand 

  • Rest of Asia-Pacific

• Rest of World

  • Latin America

  • Middle East

  • Africa

KEY PLAYERS

• LeMaitre Vascular

• Abbott

• Carmat 

• Maquet Metinge Group

• Life Cell Corporation

• Sorin Group

• Humacyte

• Ethicon

• Medtronic Plc

• St. Jude Medical