REFERENCE CODE GDME0210MAR | PUBLICATION DATE FEBRUARY 2015
PROSTHETIC HEART VALVES — GLOBAL ANALYSIS AND MARKET FORECASTS
Prosthetic Heart Valves — Global Analysis and Market Forecasts 2 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
PROSTHETIC HEART VALVES — GLOBAL ANALYSIS AND MARKET FORECASTS
Executive Summary
Key Metrics in Major Markets
Prosthetic Heart Valves, Key Metrics in Major Markets
(2013) Global Sales Volume 386,464
(2013) Global Market Value ($m) $2,082.4m
(2013) US Market Value ($m) $762.8m
(2013) 5EU Market Value ($m) $882.4m
(2013) Asia-Pacific Market Value ($m) $404.5m
(2013) Brazil Market Value ($m) $32.6m
Key Events
(2013) Edwards Lifesciences receives regulatory approval to market Sapien XT in Japan
(2014) Strong pipeline of transcatheter aortic valve replacement devices that are fully repositionable and retrievable
Forecast
(2020) Global Sales Volume 592,257
(2020) Global Market Value ($m) $4,455.1m
(2020) US Market Value ($m) $1,527m
(2020) 5EU Market Value $2,319m
(2020) Asia-Pacific Market Value ($m) $560.6m
(2020) Brazil Market Value ($m) $48.4m
Source: GlobalData, primary research interviews with leading cardiac surgeons and interventional cardiologists in 10 markets (US, France, Germany, Italy, Spain, UK, Japan, China, India, and Brazil) 5EU = France, Germany, Italy, Spain, and the UK; Asia-Pacific = Japan, China, and India
The global prosthetic heart valve market in 2013 is
estimated to be valued at $2,082m across the 10
major markets covered in this reported, which
includes the United States, France, Germany, Italy,
Spain, the United Kingdom, Japan, India, China,
and Brazil.
By the end of the forecast period in 2020, the
global prosthetic heart valve market will grow to
approximately $4,455m at a Compound Annual
Growth Rate (CAGR) of 11.4%.
The key drivers for the market in the forecast are:
The growing prevalence of valvular heart
disease and an aging population around the
globe
Technological advancements in the field of
interventional cardiology that include
transcatheter aortic valve replacement (TAVR)
and the desire to eliminate the need for open
surgical procedures for valve replacements
The development of TAVR devices that are
fully repositionable and retrievable, providing
better clinical outcomes and reducing
complications associated with valve
replacement procedures
Prosthetic Heart Valves — Global Analysis and Market Forecasts 3 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
PROSTHETIC HEART VALVES — GLOBAL ANALYSIS AND MARKET FORECASTS
Executive Summary
Global Market Share Comparison By Major Market, 2013 & 2020
36.6%
18.7%11.0%
9.2%
7.1%
6.2%
3.8%3.6% 2.1% 1.6%
United States
Germany
China
France
Italy
Japan
Spain
United Kingdom
India
Brazil
34.3%
25.9%
6.5%
9.9%
8.2%
4.7%
3.5%4.5% 1.4% 1.1%
2013$2.08bn
2023$4.46bn
Source: GlobalData, 2014
The US market accounts for the largest segment of
the prosthetic heart valve market. While China
owns a significant portion of the market in 2013, its
share is expected to decrease in the forecast
period due to the emergence of TAVR, which is
expected to experience rapid growth and is not yet
approved in China. The 5EU countries (France,
Germany, Italy, Spain, and the UK) are
technologically the most advanced market, with the
best availability of TAVR devices. The emerging
markets see the most open surgical procedures
and are restricted due to the high cost of minimally
invasive procedures. As training programs for
surgeons and product prices reduce, the emerging
markets present a strong market opportunity for
additional revenue for manufacturers. The growing
need for multinational companies will be to better
target the fast-growing markets and continue to be
a leader in development to combat the threat of
rising local manufacturers.
Technological Trends
While heart valve replacement has been around for
decades, minimally invasive techniques have only
come into the picture recently. Modern heart valve
replacements show increased durability, improved
conformance to native tissue, and improved
hemodynamics over older models. Advancements
in diagnostic imaging have also streamlined the
valve replacement process by allowing the
physician to visualize the diseased valve and
appropriately size the prosthetic. These imaging
techniques represent an opportunity for prosthetic
heart valve manufacturers to continue training
programs for early detection of asymptomatic valve
disease.
The technological developments in this space will
continue to result in positive market growth. The
primary technological drivers for TAVR devices
include the development of low-profile,
repositionable, and retrievable systems. Low-
profile devices are of particular interest in the Asian
Prosthetic Heart Valves — Global Analysis and Market Forecasts 4 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
PROSTHETIC HEART VALVES — GLOBAL ANALYSIS AND MARKET FORECASTS
Executive Summary
market, where patient arteries are smaller in
diameter. Generally, there remains room for
improvement in the efficacy of TAVR devices, and
as the products evolve, there will be continued
growth in this market.
Key Players in the Prosthetic Heart Valve Market
Currently, the prosthetic heart valve market is
dominated by two players: Edwards Lifesciences
and Medtronic. Medtronic has a strong presence in
all three segments of this market (mechanical,
tissue, and transcatheter), while Edwards has built
a trusted brand in tissue valves and TAVR. In
terms of transcatheter valves, these companies
have launched products that are considered the
gold standard in the market, and continue to
innovate within this space. Direct Flow Medical and
Boston Scientific are currently developing the next-
generation in TAVR systems, along with the top
two players, and early data from their devices have
been very positive. St. Jude Medical and Sorin
Group are the two big players in the surgical valve
market segments (mechanical and tissue). St.
Jude Medical currently manufactures what is
considered the gold standard in mechanical valves,
and also has a line of tissue valve products as well.
Prosthetic Heart Valve Market Future Outlook
The growth of the prosthetic heart valve market will
be driven primarily by the adoption of TAVR
around the globe. While surgical valves will
continue to have a presence in the market, they
are not expected to see rapid growth in any of the
regions. Despite the high product price of TAVR,
physicians recognize the clinical benefits of a
minimally invasive procedure as opposed to open
surgery. As physician education improves and they
have access to more robust clinical data, the
outlook for the TAVR market looks strong, with
much room for further product improvement in
next-generation devices.
The global market is expected to grow at a CAGR
of 11.4%. The fastest growing markets will be
Germany, Italy, and France, at CAGRs of 16.6%,
13.5%, and 12.5%, respectively. This is because a
much greater number of TAVR devices are
approved in the major European markets as
opposed to others. The slowest growth will be seen
in Brazil, India, and China, with CAGRs of 5.7%,
5.2%, and 3.3%, respectively. This is because high
device cost restricts patient access to TAVR in
Brazil and India, while China has not yet approved
the procedure at all.
The market outlook for prosthetic heart valves
looks strong in Western markets, as there is still
much room for product adoption and growth.
Regionally, one can expect slightly different drivers
for growth. In the Western markets, availability of
TAVR devices is expected to drive growth. In the
Asia-Pacific (APAC) countries, lower costing
devices will allow for more widespread adoption. In
Japan in particular, low-profile devices will allow
manufacturers to access a larger subset of
patients.
Prosthetic Heart Valves — Global Analysis and Market Forecasts 5 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
PROSTHETIC HEART VALVES — GLOBAL ANALYSIS AND MARKET FORECASTS
Executive Summary
What Do Physicians Think?
Physicians assert that the future of TAVR is bright
due to positive clinical outcomes:
“I have a conflict of interest because I do the
procedure, of course, but the outlook is very
positive, clearly. The results are very positive. The
discussion now is: where do the indications stop?”
Key Opinion Leader
“The market opportunity is going to be to let most
referring physicians and general internists and
cardiologists know that there’s a whole world out
there that they can offer their patients that will both
improve their symptoms and lengthen their lives.”
Key Opinion Leader
High procedure and device cost is the primary
barrier to adoption of TAVR in emerging markets:
“The costing is important in the US… and the
costing will be important here also. There has to be
a practical and pragmatic approach to that. It
should not be too expensive.”
Key Opinion Leader
There is an increasing patient preference for
bioprosthetic valves over mechanical valves:
“We don’t see many patients under the age of 15
needing valve surgery, but when we do, we have
to emphasize to them that it probably is in their
best overall long-term interest to have the
mechanical valve, but sometimes that takes some
persuading.”
Key Opinion Leader
Physicians mention unmet needs in the
transcatheter valve space:
“…we thought the issue of severe aortic stenosis is
solved if the patient has a new valve. And if he is
still suffering from moderate paravalvular aortic
regurgitation that will not be an issue for the
patient. But actually, we were not right, and many
of these patients did not really come out very well
out of the procedure.”
Key Opinion Leader
“I think the only uncertainties are… the durability
question, because we simply don’t have the data. I
think we need to solve the Pacemaker issue,
particularly in some of the device[s]… and we need
to work out how we’re going to deliver… to match
the demand.”
Key Opinion Leader
Prosthetic Heart Valves — Global Analysis and Market Forecasts 6 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
PROSTHETIC HEART VALVES — GLOBAL ANALYSIS AND MARKET FORECASTS
Executive Summary
“…we need to learn from the TAVR story and get
busy in the mitral valve as well. That’s the next
major area for development, in my opinion…
there’s an opportunity waiting to be filled by
somebody who can work out the easiest and safest
way to put devices into the mitral position.”
Key Opinion Leader
Prosthetic Heart Valves — Global Analysis and Market Forecasts 7 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
Table of Contents
PROSTHETIC HEART VALVES — GLOBAL ANALYSIS AND MARKET FORECASTS
1 Table of Contents
1 Table of Contents ....................................................................................................................... 7
1.1 List of Tables .................................................................................................................... 15
1.2 List of Figures ................................................................................................................... 21
2 Introduction ............................................................................................................................... 24
2.1 Anatomy............................................................................................................................ 24
2.2 Epidemiology .................................................................................................................... 24
2.3 Related Reports ................................................................................................................ 25
3 Industry Overview ..................................................................................................................... 26
3.1 Overview ........................................................................................................................... 26
3.1.1 Mechanical Heart Valves ............................................................................................... 26
3.1.2 Tissue Heart Valves ...................................................................................................... 28
3.1.3 Transcatheter Heart Valves ........................................................................................... 29
3.2 Indications ......................................................................................................................... 30
3.2.1 Valvular Stenosis .......................................................................................................... 30
3.2.2 Valvular Regurgitation ................................................................................................... 31
3.3 Clinical Presentation ......................................................................................................... 31
3.3.1 Diagnosis ...................................................................................................................... 31
3.3.2 Risk Assessment Tools ................................................................................................. 31
3.4 Clinical Outcomes ............................................................................................................. 33
3.4.1 Treatment Options......................................................................................................... 33
3.4.2 Life Style Changes ........................................................................................................ 34
Prosthetic Heart Valves — Global Analysis and Market Forecasts 8 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
Table of Contents
PROSTHETIC HEART VALVES — GLOBAL ANALYSIS AND MARKET FORECASTS
3.4.3 Complications................................................................................................................ 34
3.5 Applications of Technology ............................................................................................... 35
3.6 Market Access .................................................................................................................. 35
3.6.1 Purchasing Decisions .................................................................................................... 35
3.7 Influence of Clinical Trials ................................................................................................. 35
3.8 Brand Loyalty .................................................................................................................... 35
3.9 Adoption............................................................................................................................ 36
3.10 Regulation ......................................................................................................................... 37
3.10.1 US ................................................................................................................................. 37
3.10.2 5EU ............................................................................................................................... 38
3.10.3 APAC ............................................................................................................................ 39
3.10.4 South America............................................................................................................... 42
3.11 Reimbursement ................................................................................................................. 43
3.11.1 US ................................................................................................................................. 43
3.11.2 5EU ............................................................................................................................... 45
3.11.3 APAC ............................................................................................................................ 49
3.11.4 South America............................................................................................................... 52
3.12 Procedure Trends ............................................................................................................. 53
3.12.1 Global Overview ............................................................................................................ 53
3.12.2 By Country .................................................................................................................... 54
3.13 Regulatory Issues/Recalls ................................................................................................. 75
3.13.1 Portico TAVR Implants Halted Due to Safety Concerns ................................................ 75
3.14 M&A, Key Partnerships ..................................................................................................... 75
Prosthetic Heart Valves — Global Analysis and Market Forecasts 9 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
Table of Contents
PROSTHETIC HEART VALVES — GLOBAL ANALYSIS AND MARKET FORECASTS
3.14.1 Licensing Agreement Between Symetis and Endoluminal Sciences .............................. 75
3.14.2 Manufacturing Agreement Between Sorin Group and Boston Scientific ......................... 75
3.15 Economic Impact .............................................................................................................. 75
3.15.1 Indirect Costs ................................................................................................................ 75
3.15.2 Direct Costs .................................................................................................................. 77
4 Unmet Needs ............................................................................................................................ 78
4.1 Delivery & Implantation ..................................................................................................... 78
4.1.1 Mechanism of Deployment ............................................................................................ 78
4.1.2 Anchoring ...................................................................................................................... 78
4.1.3 Retrievability.................................................................................................................. 79
4.1.4 Repositionability ............................................................................................................ 79
4.1.5 Artery Accessibility ........................................................................................................ 79
4.1.6 Rapid Pacing ................................................................................................................. 80
4.1.7 Coronary Ostia Occlusion.............................................................................................. 81
4.1.8 Motorized Delivery Systems .......................................................................................... 81
4.2 Performance ..................................................................................................................... 82
4.2.1 Durability ....................................................................................................................... 82
4.2.2 Thrombogenicity ............................................................................................................ 83
4.2.3 Effective Orifice Area ..................................................................................................... 83
4.2.4 Coefficient of Friction ..................................................................................................... 83
4.3 Crimping ........................................................................................................................... 84
4.4 Stenting............................................................................................................................. 84
4.5 Replaceable Leaflets......................................................................................................... 84
Prosthetic Heart Valves — Global Analysis and Market Forecasts 10 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
Table of Contents
PROSTHETIC HEART VALVES — GLOBAL ANALYSIS AND MARKET FORECASTS
4.6 Embolic Protection ............................................................................................................ 85
4.7 Pacemaker Placement ...................................................................................................... 85
5 Market Opportunity Analysis ..................................................................................................... 87
5.1 Overview ........................................................................................................................... 87
5.2 Emerging Markets for TAVR ............................................................................................. 87
5.3 Increasing Tissue Valve Lifespan ...................................................................................... 88
5.4 Valve-in-Valve Procedures (Re-replacement) ................................................................... 89
5.5 Transcatheter Mitral Valve Replacement........................................................................... 90
5.6 Balloon Valvuloplasty ........................................................................................................ 91
6 Market Drivers and Barriers ...................................................................................................... 92
6.1 Driver: Rising Disease Prevalence .................................................................................... 92
6.2 Driver: Multimodality Imaging ............................................................................................ 93
6.3 Driver: Alternative Access Routes ..................................................................................... 94
6.4 Driver: Lower Risk Patient Access .................................................................................... 94
6.5 Driver: Patient Demand and Awareness............................................................................ 95
6.6 Driver: Advanced Computational Tools ............................................................................. 96
6.7 Driver: Rising Competition and Innovation ........................................................................ 96
6.8 Barrier: High Device and Procedure Cost .......................................................................... 97
6.9 Barrier: Burden of Rising Regulation ................................................................................. 97
6.10 Barrier: Medical Device Excise Tax ................................................................................... 98
6.11 Barrier: Proving Long-Term Efficacy ................................................................................. 98
6.12 Substitute: Valve Repair .................................................................................................... 99
6.13 Substitute: Balloon Valvuloplasty ...................................................................................... 99
Prosthetic Heart Valves — Global Analysis and Market Forecasts 11 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
Table of Contents
PROSTHETIC HEART VALVES — GLOBAL ANALYSIS AND MARKET FORECASTS
7 Competitive Assessment ........................................................................................................ 100
7.1 Overview ......................................................................................................................... 100
7.2 Classification Based on Features .................................................................................... 100
7.2.1 Mechanical Heart Valves ............................................................................................. 100
7.2.2 Tissue Heart Valves .................................................................................................... 103
7.2.3 Transcatheter Heart Valves ......................................................................................... 106
7.3 Market Dynamics Analysis .............................................................................................. 107
7.4 Product Profiles ............................................................................................................... 109
7.4.1 Mechanical Heart Valves ............................................................................................. 109
7.4.2 Tissue Heart Valves .................................................................................................... 115
7.4.3 Transcatheter Heart Valves ......................................................................................... 121
8 Pipeline Assessment............................................................................................................... 135
8.1 Overview ......................................................................................................................... 135
8.2 Product Profiles ............................................................................................................... 135
8.2.1 Cytograft Tissue Valve (Cytograft Tissue Engineering) ............................................... 135
8.2.2 Centera Valve (Edwards Lifesciences) ........................................................................ 136
8.2.3 Colibri Heart Valve (Colibri Heart Valve) ...................................................................... 137
8.2.4 Cormove (Perouse Medical) ........................................................................................ 138
8.2.5 Endovalve (Micro Interventional Devices) .................................................................... 139
8.2.6 HLT Transcatheter Valve System (Heart Leaflet Technology) ..................................... 140
8.2.7 Kalangos Valve (Leman Cardiovascular) ..................................................................... 141
8.2.8 Tiara Valve (Neovasc) ................................................................................................. 142
8.2.9 Trinity Valve (Transcatheter Technologies GmbH) ...................................................... 143
Prosthetic Heart Valves — Global Analysis and Market Forecasts 12 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
Table of Contents
PROSTHETIC HEART VALVES — GLOBAL ANALYSIS AND MARKET FORECASTS
8.2.10 Vanguard Exchangeable Heart Valve System (ValveXchange) ................................... 144
9 Clinical Trials to Watch ........................................................................................................... 146
9.1 Overview ......................................................................................................................... 146
9.2 CoreValve Evolut R (Medtronic) ...................................................................................... 146
9.3 TRANSFORM Trial — Intuity Valve System (Edwards Lifesciences) .............................. 146
9.4 PROACT Trial — On-X Plus 1.5 Mechanical Heart Valve (On-X Life Technologies) ....... 147
9.5 PARTNER II Trial — Sapien XT (Edwards Lifesciences) ................................................ 147
9.6 PARTNER III Trial — Sapien 3 (Edwards Lifesciences) .................................................. 147
9.7 REPRISE III IDE/PMA Trial — Lotus Valve System (Boston Scientific) ........................... 148
9.8 SENTINEL-H Trial — Sentinel Cerebral Protection System (Claret Medical) .................. 148
10 Current and Future Players ..................................................................................................... 149
10.1 Overview ......................................................................................................................... 149
10.2 Trends in Corporate Strategy .......................................................................................... 149
10.3 Company Profiles ............................................................................................................ 150
10.3.1 AorTech International .................................................................................................. 150
10.3.2 Boston Scientific .......................................................................................................... 152
10.3.3 Braile Biomédica ......................................................................................................... 153
10.3.4 CardiAQ Valve Technologies ...................................................................................... 154
10.3.5 Claret Medical ............................................................................................................. 155
10.3.6 Colibri Heart Valve ...................................................................................................... 156
10.3.7 Cytograft Tissue Engineering ...................................................................................... 157
10.3.8 Direct Flow Medical ..................................................................................................... 158
10.3.9 Edwards Lifesciences .................................................................................................. 159
Prosthetic Heart Valves — Global Analysis and Market Forecasts 13 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
Table of Contents
PROSTHETIC HEART VALVES — GLOBAL ANALYSIS AND MARKET FORECASTS
10.3.10 Heart Leaflet Technologies.......................................................................................... 161
10.3.11 JenaValve Technology ................................................................................................ 162
10.3.12 Leman Cardiovascular ................................................................................................ 163
10.3.13 Micro Interventional Devices ....................................................................................... 164
10.3.14 Neovasc ...................................................................................................................... 165
10.3.15 On-X Life Technologies, Inc. ....................................................................................... 166
10.3.16 Perouse Medical ......................................................................................................... 167
10.3.17 Sorin Group ................................................................................................................. 168
10.3.18 St. Jude Medical .......................................................................................................... 169
10.3.19 Symetis ....................................................................................................................... 171
10.3.20 Transcatheter Technologies GmbH ............................................................................. 172
10.3.21 TTK Healthcare ........................................................................................................... 173
10.3.22 ValveXchange ............................................................................................................. 174
11 Strategic Competitive Assessment.......................................................................................... 176
11.1 Company Market Share .................................................................................................. 176
11.1.1 Global Overview .......................................................................................................... 176
11.1.2 By Region ................................................................................................................... 177
11.1.3 By Country .................................................................................................................. 179
12 Market Outlooks by Market Segment ...................................................................................... 187
12.1 Market Segment Share ................................................................................................... 187
12.1.1 Global.......................................................................................................................... 187
12.1.2 By Region ................................................................................................................... 188
13 Market Outlooks by Geography .............................................................................................. 192
Prosthetic Heart Valves — Global Analysis and Market Forecasts 14 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
Table of Contents
PROSTHETIC HEART VALVES — GLOBAL ANALYSIS AND MARKET FORECASTS
13.1 Global Overview .............................................................................................................. 192
13.2 US................................................................................................................................... 196
13.3 France ............................................................................................................................ 199
13.4 Germany ......................................................................................................................... 203
13.5 Italy ................................................................................................................................. 207
13.6 Spain .............................................................................................................................. 211
13.7 UK................................................................................................................................... 214
13.8 Japan .............................................................................................................................. 218
13.9 China .............................................................................................................................. 222
13.10 India ................................................................................................................................ 226
13.11 Brazil ............................................................................................................................... 230
14 Appendix................................................................................................................................. 234
14.1 Bibliography .................................................................................................................... 234
14.2 Abbreviations .................................................................................................................. 245
14.3 Report Methodology ........................................................................................................ 248
14.3.1 Overview ..................................................................................................................... 248
14.3.2 Coverage .................................................................................................................... 248
14.3.3 Secondary Research ................................................................................................... 248
14.4 Forecasting Methodology ................................................................................................ 250
14.5 Physicians and Specialists Included in This Study .......................................................... 251
14.6 About the Authors ........................................................................................................... 252
14.6.1 Analysts ...................................................................................................................... 252
14.6.2 Global Head of Healthcare .......................................................................................... 253
Prosthetic Heart Valves — Global Analysis and Market Forecasts 15 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
Table of Contents
PROSTHETIC HEART VALVES — GLOBAL ANALYSIS AND MARKET FORECASTS
14.7 About GlobalData ............................................................................................................ 254
14.8 Disclaimer ....................................................................................................................... 254
1.1 List of Tables
Table 1: Overview of Symptoms, Risk Factors, and Treatments ................................................................ 26
Table 2: Evolution of the Mechanical Heart Valve ...................................................................................... 27
Table 3: Evolution of the Tissue Heart Valve ............................................................................................. 29
Table 4: Comparison of Surgical and Transcatheter Procedures ............................................................... 30
Table 5: NYHA Functional Classification of Cardiac Disease Patients ....................................................... 32
Table 6: Drug Treatment Paradigm for Aortic Valve Disease ..................................................................... 33
Table 7: Regulatory Differences Between the US and EU ......................................................................... 38
Table 8: Medicare National Average of Inpatient Hospital Reimbursement for Valve Replacement, 2014–
2015............................................................................................................................................ 44
Table 9: ICD-9 Coding Guide for Valvular Heart Disease, 2014 ................................................................. 45
Table 10: Forecast Indirect National Costs For Aortic Valve Disease in the US ($bn), 2011–2020 ............... 76
Table 11: Forecast Indirect National Costs For Aortic Valve Disease in the EU ($bn), 2011–2020 ............... 76
Table 12: Minimum Arterial Diameter Required for TAVR Systems .............................................................. 80
Table 13: Global Projected Prevalence of Aortic Stenosis, 2013–2020 ........................................................ 92
Table 14: Current Access Routes for Transcatheter Aortic Valve Replacement ........................................... 94
Table 15: Mechanical Heart Valves, SWOT Analysis, 2014 ....................................................................... 101
Table 16: Marketed Mechanical Heart Valve Products, 2014 ..................................................................... 102
Table 17: Tissue Heart Valves, SWOT Analysis, 2014 .............................................................................. 104
Table 18: Marketed Tissue Heart Valve Products, 2014 ............................................................................ 105
Table 19: Transcatheter Heart Valves, SWOT Analysis, 2014 ................................................................... 106
Prosthetic Heart Valves — Global Analysis and Market Forecasts 16 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
Table of Contents
PROSTHETIC HEART VALVES — GLOBAL ANALYSIS AND MARKET FORECASTS
Table 20: Marketed Transcatheter Heart Valve Products, 2014 ................................................................. 107
Table 21: Product Profile — Carbomedics Standard Aortic Mechanical Valve (Sorin Group) ...................... 109
Table 22: Carbomedics Standard Aortic Mechanical Valve, SWOT Analysis, 2014 .................................... 110
Table 23: Product Profile — Open Pivot Mechanical Valve (Medtronic) ..................................................... 111
Table 24: Open Pivot Mechanical Valve, SWOT Analysis, 2014 ................................................................ 111
Table 25: Product Profile — On-X Mechanical Heart Valve (On-X Life Technologies) ................................ 112
Table 26: On-X Mechanical Heart Valve, SWOT Analysis, 2014 ................................................................ 113
Table 27: Product Profile — On-X Plus 1.5 Mechanical Heart Valve (On-X Life Technologies) .................. 113
Table 28: On-X Plus 1.5 Mechanical Heart Valve, SWOT Analysis, 2014 .................................................. 114
Table 29: Product Profile — Regent Valve (St. Jude Medical) ................................................................... 114
Table 30: Regent Valve, SWOT Analysis, 2014......................................................................................... 115
Table 31: Product Profile — Carpentier-Edwards Perimount Pericardial Valve (Edwards Lifesciences) ...... 116
Table 32: Carpentier-Edwards Perimount Pericardial Valve, SWOT Analysis, 2014 ................................... 116
Table 33: Product Profile — 3f Enable Sutureless Aortic Bioprosthesis (Medtronic) ................................... 117
Table 34: 3f Enable Sutureless Aortic Bioprosthesis, SWOT Analysis, 2014 .............................................. 117
Table 35: Product Profile — Hancock II (Medtronic) .................................................................................. 118
Table 36: Medtronic Hancock II, SWOT Analysis, 2014 ............................................................................. 118
Table 37: Product Profile — Mitroflow Aortic Pericardial Heart Valve (Sorin Group) ................................... 119
Table 38: Sorin Group Mitroflow Aortic Pericardial Heart Valve, SWOT Analysis, 2014.............................. 119
Table 39: Product Profile — Trifecta Heart Valve (St. Jude Medical).......................................................... 120
Table 40: St. Jude Medical Trifecta Heart Valve, SWOT Analysis, 2014 .................................................... 121
Table 41: Product Profile — Acurate TA/Acurate neo (Symetis) ................................................................ 121
Table 42: Acurate TA/Acurate neo, SWOT Analysis, 2014 ........................................................................ 122
Table 43: Product Profile — Lotus Valve System (Boston Scientific) ......................................................... 123
Prosthetic Heart Valves — Global Analysis and Market Forecasts 17 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
Table of Contents
PROSTHETIC HEART VALVES — GLOBAL ANALYSIS AND MARKET FORECASTS
Table 44: Boston Scientific Lotus Valve System, SWOT Analysis, 2014 .................................................... 124
Table 45: Product Profile — Direct Flow Medical Transcatheter Valve (Direct Flow Medical) ..................... 125
Table 46: Direct Flow Medical Valve, SWOT Analysis, 2014 ..................................................................... 125
Table 47: Product Profile — Sapien XT Valve (Edwards Lifesciences) ...................................................... 126
Table 48: Sapien XT Valve, SWOT Analysis, 2014.................................................................................... 127
Table 49: Product Profile — JenaValve (JenaValve Technology)............................................................... 128
Table 50: JenaValve, SWOT Analysis, 2014 ............................................................................................. 128
Table 51: Product Profile — CoreValve (Medtronic) .................................................................................. 129
Table 52: CoreValve, SWOT Analysis, 2014 ............................................................................................. 130
Table 53: Product Profile — CoreValve Evolut R (Medtronic) .................................................................... 131
Table 54: CoreValve Evolut R, SWOT Analysis, 2014 ............................................................................... 131
Table 55: Product Profile — Portico Valve (St. Jude Medical) .................................................................... 132
Table 56: Portico Valve, SWOT Analysis, 2014 ......................................................................................... 132
Table 57: Product Profile — Inovare Valve (Braile Biomédica)................................................................... 133
Table 58: Inovare Valve, SWOT Analysis, 2014 ........................................................................................ 134
Table 59: Product Profile — Cytograft Tissue Valve (Cytograft Tissue Engineering) .................................. 135
Table 60: Cytograft Tissue Valve, SWOT Analysis, 2014 .......................................................................... 136
Table 61: Product Profile — Centera Valve (Edwards Lifesciences Corporation) ....................................... 136
Table 62: Centera Valve, SWOT Analysis, 2014 ....................................................................................... 137
Table 63: Product Profile — Colibri Heart Valve (Colibri Heart Valve) ........................................................ 138
Table 64: Colibri Heart Valve, SWOT Analysis, 2014 ................................................................................ 138
Table 65: Product Profile — Cormove (Perouse Medical) .......................................................................... 139
Table 66: Cormove, SWOT Analysis, 2014 ............................................................................................... 139
Table 67: Product Profile — Endovalve (Micro Interventional Devices) ...................................................... 140
Prosthetic Heart Valves — Global Analysis and Market Forecasts 18 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
Table of Contents
PROSTHETIC HEART VALVES — GLOBAL ANALYSIS AND MARKET FORECASTS
Table 68: Endovalve, SWOT Analysis, 2014 ............................................................................................. 140
Table 69: Product Profile — HLT Transcatheter Valve System (Heart Leaflet Technology) ........................ 141
Table 70: HLT Transcatheter Valve System, SWOT Analysis, 2014 .......................................................... 141
Table 71: Product Profile — Kalangos Valve (Leman Cardiovascular) ....................................................... 142
Table 72: Kalangos Valve, SWOT Analysis, 2014 ..................................................................................... 142
Table 73: Product Profile — Tiara Valve (Neovasc.) .................................................................................. 142
Table 74: Tiara Valve, SWOT Analysis, 2014 ............................................................................................ 143
Table 75: Product Profile — Trinity Valve (Transcatheter Technologies GmbH) ......................................... 143
Table 76: Trinity VALVE, SWOT Analysis, 2014 ........................................................................................ 144
Table 77: Product Profile — Vanguard Exchangeable Heart Valve System (ValveXchange) ...................... 145
Table 78: Vanguard Exchangeable Heart Valve System, SWOT Analysis, 2014 ........................................ 145
Table 79: AorTech International plc, Company Profile, 2014 ..................................................................... 151
Table 80: AorTech International, SWOT Analysis, 2014 ............................................................................ 151
Table 81: Boston Scientific Corporation, Company Profile, 2014 ............................................................... 152
Table 82: Boston Scientific Corporation, SWOT Analysis, 2014 ................................................................. 153
Table 83: Braile Biomédica, Company Profile, 2014 .................................................................................. 154
Table 84: Braile Biomédica, SWOT Analysis, 2014 ................................................................................... 154
Table 85: CardiAQ Valve Technologies, Company Profile, 2014 ............................................................... 155
Table 86: CardiAQ Valve Technologies, SWOT Analysis, 2014 ................................................................. 155
Table 87: Claret Medical, Inc., Company Profile, 2014 .............................................................................. 156
Table 88: Claret Medical, SWOT Analysis, 2014 ....................................................................................... 156
Table 89: Colibri Heart Valve, LLC, Company Profile, 2014 ....................................................................... 157
Table 90: Colibri Heart Valve, SWOT Analysis, 2014 ................................................................................ 157
Table 91: Cytograft Tissue Engineering, Inc., Company Profile, 2014 ........................................................ 158
Prosthetic Heart Valves — Global Analysis and Market Forecasts 19 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
Table of Contents
PROSTHETIC HEART VALVES — GLOBAL ANALYSIS AND MARKET FORECASTS
Table 92: Cytograft Tissue Engineering, SWOT Analysis, 2014 ................................................................. 158
Table 93: Direct Flow Medical, Inc., Company Profile, 2014 ...................................................................... 159
Table 94: Direct Flow Medical, SWOT Analysis, 2014 ............................................................................... 159
Table 95: Edwards Lifesciences Corporation, Company Profile, 2014 ....................................................... 160
Table 96: Edwards Lifesciences, SWOT Analysis, 2014 ............................................................................ 161
Table 97: Heart Leaflet Technologies, Company Profile, 2014................................................................... 161
Table 98: Heart Leaflet Technologies, SWOT Analysis, 2014 .................................................................... 162
Table 99: JenaValve Technology, Company Profile, 2014 ......................................................................... 162
Table 100: JenaValve Technology, SWOT Analysis, 2014 .......................................................................... 163
Table 101: Leman Cardiovascular, Company Profile, 2014 ......................................................................... 163
Table 102: Leman Cardiovascular, SWOT Analysis, 2014 ........................................................................... 164
Table 103: Micro Interventional Devices, Inc., Company Profile, 2014 ......................................................... 164
Table 104: Micro Interventional Devices, SWOT Analysis, 2014 .................................................................. 165
Table 105: Neovasc, Inc., Company Profile, 2014 ....................................................................................... 165
Table 106: Neovasc, SWOT Analysis, 2014 ................................................................................................ 166
Table 107: On-X Life Technologies, Inc., Company Profile, 2014 ................................................................ 166
Table 108: On-X Life Technologies, SWOT Analysis, 2014 ......................................................................... 167
Table 109: Perouse Medical, Company Profile, 2014 .................................................................................. 167
Table 110: Perouse Medical, SWOT Analysis, 2014.................................................................................... 168
Table 111: Sorin Group, Company Profile, 2014 ......................................................................................... 168
Table 112: Sorin Group, SWOT Analysis, 2014 ........................................................................................... 169
Table 113: St. Jude Medical, Inc., Company Profile, 2014 ........................................................................... 170
Table 114: St. Jude Medical, Inc., SWOT Analysis, 2014 ............................................................................ 170
Table 115: Symetis, Company Profile, 2014 ................................................................................................ 171
Prosthetic Heart Valves — Global Analysis and Market Forecasts 20 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
Table of Contents
PROSTHETIC HEART VALVES — GLOBAL ANALYSIS AND MARKET FORECASTS
Table 116: Symetis, SWOT Analysis, 2014 ................................................................................................. 171
Table 117: Transcatheter Technologies GmbH, Company Profile, 2014 ...................................................... 172
Table 118: Transcatheter Technologies, SWOT Analysis, 2014 .................................................................. 172
Table 119: TTK Healthcare, Company Profile, 2014 .................................................................................... 173
Table 120: TTK Healthcare, SWOT Analysis, 2014 ..................................................................................... 173
Table 121: ValveXchange, Inc., Company Profile, 2014 .............................................................................. 174
Table 122: ValveXchange, SWOT Analysis, 2014 ....................................................................................... 175
Table 123: Global Market Value Forecast by Market Segment for Prosthetic Heart Valves, $m, 2011–2020 188
Table 124: 5EU Market Value Forecast by Market Segment for Prosthetic Heart Valves, $m, 2011–2020 ... 189
Table 125: APAC Market Value Forecast by Market Segment for Prosthetic Heart Valves, $m, 2011–2020 . 191
Table 126: US Market Value Forecast by Market Segment for Prosthetic Heart Valves, $m, 2011–2020 ..... 197
Table 127: France Market Value Forecast by Market Segment for Prosthetic Heart Valves, $m, 2011–2020200
Table 128: Germany Market Value Forecast by Market Segment for Prosthetic Heart Valves, $m, 2011–2020
................................................................................................................................................. 204
Table 129: Italy Market Value Forecast by Market Segment for Prosthetic Heart Valves, $m, 2011–2020 .... 208
Table 130: Spain Market Value Forecast by Market Segment for Prosthetic Heart Valves, $m, 2011–2020 . 212
Table 131: UK Market Value Forecast by Market Segment for Prosthetic Heart Valves, $m, 2011–2020 ..... 215
Table 132: Japan Market Value Forecast by Market Segment for Prosthetic Heart Valves, $m, 2011–2020. 219
Table 133: China Market Value Forecast by Market Segment for Prosthetic Heart Valves, $m, 2011–2020 . 223
Table 134: India Market Value Forecast by Market Segment for Prosthetic Heart Valves, $m, 2011–2020... 227
Table 135: Brazil Market Value Forecast by Market Segment for Prosthetic Heart Valves, $m, 2011–2020 . 231
Prosthetic Heart Valves — Global Analysis and Market Forecasts 21 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
Table of Contents
PROSTHETIC HEART VALVES — GLOBAL ANALYSIS AND MARKET FORECASTS
1.2 List of Figures
Figure 1: Hierarchy of Valvular Heart Disease ............................................................................................ 30
Figure 2: Operative Risk for Severe, Symptomatic Aortic Valve Disease Patients, 2009 ............................. 37
Figure 3: US Procedure Volume Forecast by Market Segment, 2011–2020 ................................................ 55
Figure 4: US Procedure Volume Comparison by Market Segment, 2013 & 2020 ........................................ 56
Figure 5: France Procedure Volume Forecast by Market Segment, 2011–2020 .......................................... 57
Figure 6: France Procedure Volume Comparison by Market Segment, 2013 & 2020 .................................. 58
Figure 7: Germany Procedure Volume Forecast by Market Segment, 2011–2020 ...................................... 59
Figure 8: Germany Procedure Volume Comparison by Market Segment, 2013 & 2020 ............................... 60
Figure 9: Italy Procedure Volume Forecast by Market Segment, 2011–2020 .............................................. 61
Figure 10: Italy Procedure Volume Comparison by Market Segment, 2013 & 2020 ....................................... 62
Figure 11: Spain Procedure Volume Forecast by Market Segment, 2011–2020 ............................................ 63
Figure 12: Spain Procedure Volume Comparison by Market Segment, 2013 & 2020 .................................... 64
Figure 13: UK Procedure Volume Forecast by Market Segment, 2011–2020 ................................................ 65
Figure 14: UK Procedure Volume Comparison by Market Segment, 2013 & 2020 ........................................ 66
Figure 15: Japan Procedure Volume Forecast by Market Segment, 2011–2020 ........................................... 67
Figure 16: Japan Procedure Volume Comparison by Market Segment, 2013 & 2020 .................................... 68
Figure 17: China Procedure Volume Forecast by Market Segment, 2011–2020 ............................................ 69
Figure 18: China Procedure Volume Comparison by Market Segment, 2013 & 2020 .................................... 70
Figure 19: India Procedure Volume Forecast by Market Segment, 2011–2020 ............................................. 71
Figure 20: India Procedure Volume Comparison by Market Segment, 2013 & 2020 ...................................... 72
Figure 21: Brazil Procedure Volume Forecast by Market Segment, 2011–2020 ............................................ 73
Figure 22: Brazil Procedure Volume Comparison by Market Segment, 2013 & 2020..................................... 74
Figure 23: Global Company Market Shares for Prosthetic Heart Valves, 2012 ............................................ 176
Prosthetic Heart Valves — Global Analysis and Market Forecasts 22 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
Table of Contents
PROSTHETIC HEART VALVES — GLOBAL ANALYSIS AND MARKET FORECASTS
Figure 24: EU Company Market Share for Prosthetic Heart Valves, 2012 ................................................... 178
Figure 25: APAC Company Market Shares for Prosthetic Heart Valves, 2012............................................. 179
Figure 26: US Company Market Shares for Prosthetic Heart Valves, 2012 ................................................. 180
Figure 27: France Company Market Shares for Prosthetic Heart Valves, 2012 ........................................... 180
Figure 28: Germany Company Market Shares for Prosthetic Heart Valves, 2012 ........................................ 181
Figure 29: Italy Company Market Shares for Prosthetic Heart Valves, 2012 ................................................ 182
Figure 30: Spain Company Market Shares for Prosthetic Heart Valves, 2012 ............................................. 182
Figure 31: UK Company Market Shares for Prosthetic Heart Valves, 2012 ................................................. 183
Figure 32: Japan Company Market Shares for Prosthetic Heart Valves, 2012............................................. 184
Figure 33: China Company Market Shares for Prosthetic Heart Valves, 2012 ............................................. 184
Figure 34: India Company Market Shares for Prosthetic Heart Valves, 2012 .............................................. 185
Figure 35: Brazil Company Market Shares for Prosthetic Heart Valves, 2012 ............................................. 186
Figure 36: Global Market Value Forecast by Market Segment for Prosthetic Heart Valves, $m, 2011–2020 187
Figure 37: 5EU Market Value Forecast by Market Segment for Prosthetic Heart Valves, 2011–2020 .......... 189
Figure 38: APAC Market Value Forecast by Market Segment for Prosthetic Heart Valves, 2011–2020 ....... 190
Figure 39: Global Sales Volume for Prosthetic Heart Valves, Number of Units, 2011–2020 ........................ 192
Figure 40: Global Market Value Forecast by Country, $m, 2011–2020........................................................ 193
Figure 41: Global Market Share Comparison by Country, 2013 & 2020 ...................................................... 195
Figure 42: US Market Value Forecast by Market Segment, $m, 2011–2020 ............................................... 196
Figure 43: US Market Value Comparison by Market Segment, 2013 & 2020 ............................................... 198
Figure 44: US Average Selling Price by Market Segment, 2011–2020 ........................................................ 199
Figure 45: France Market Value Forecast by Market Segment, $m, 2011–2020 ......................................... 200
Figure 46: France Market Value Comparison by Market Segment, 2013 & 2020 ......................................... 202
Figure 47: France Average Selling Price by Market Segment, 2011–2020 .................................................. 203
Prosthetic Heart Valves — Global Analysis and Market Forecasts 23 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
Table of Contents
PROSTHETIC HEART VALVES — GLOBAL ANALYSIS AND MARKET FORECASTS
Figure 48: Germany Market Value Forecast by Market Segment, $m, 2011–2020 ...................................... 204
Figure 49: Germany Market Value Comparison by Market Segment, 2013 & 2020 ..................................... 206
Figure 50: Germany Average Selling Price by Market Segment, 2011–2020............................................... 207
Figure 51: Italy Market Value Forecast by Market Segment, $m, 2011–2020 .............................................. 208
Figure 52: Italy Market Value Comparison by Market Segment, 2013 & 2020 ............................................. 209
Figure 53: Italy Average Selling Price by Market Segment, 2011–2020 ...................................................... 210
Figure 54: Spain Market Value Forecast by Market Segment, $m, 2011–2020 ........................................... 211
Figure 55: Spain Market Value Comparison by Market Segment, 2013 & 2020 ........................................... 213
Figure 56: Spain Average Selling Price by Market Segment, 2011–2020 .................................................... 214
Figure 57: UK Market Value Forecast by Market Segment, $m, 2011–2020 ............................................... 215
Figure 58: UK Market Value Comparison By Market Segment, 2013 & 2020 .............................................. 217
Figure 59: UK Average Selling Price by Market Segment, 2011–2020 ........................................................ 218
Figure 60: Japan Market Value Forecast by Market Segment, $m, 2011–2020 ........................................... 219
Figure 61: Japan Market Value Comparison by Market Segment, 2013 & 2020 .......................................... 221
Figure 62: Japan Average Selling Price by Market Segment, 2011–2020 ................................................... 222
Figure 63: China Market Value Forecast by Market Segment, $m, 2011–2020 ........................................... 223
Figure 64: China Market Value Comparison by Market Segment, 2013 & 2020 .......................................... 225
Figure 65: China Average Selling Price by Market Segment, 2011–2020 .................................................... 226
Figure 66: India Market Value Forecast by Market Segment, $m, 2011–2020 ............................................. 227
Figure 67: India Market Value Comparison by Market Segment, 2013 & 2020 ............................................ 229
Figure 68: India Average Selling Price by Market Segment, 2011–2020 ..................................................... 230
Figure 69: Brazil Market Value Forecast by Market Segment, $m, 2011–2020............................................ 231
Figure 70: Brazil Market Value Comparison by Market Segment, 2013 & 2020 ........................................... 232
Figure 71: Brazil Average Selling Price by Market Segment, 2011–2020 .................................................... 233
Prosthetic Heart Valves — Global Analysis and Market Forecasts 24 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
PROSTHETIC HEART VALVES — GLOBAL ANALYSIS AND MARKET FORECASTS
Introduction
2 Introduction
2.1 Anatomy
Healthy heart valves ensure that blood flows in the proper direction at the appropriate time and with
the appropriate pressure. The contraction and relaxation of the heart generates pressure
differences that cause the valves to open and shut, allowing blood to fill the atria and ventricles at
alternating times. The four valves in the heart are the aortic, mitral, pulmonic, and tricuspid valves.
Note that the aortic, pulmonic and tricuspid valves consist of three leaflets each, while the mitral, or
bicuspid, valve consists of two leaflets, anterior and posterior.
2.2 Epidemiology
Valvular heart disease (VHD) is characterized by damage to one of the four valves. The most
commonly affected valves are the aortic valve, which controls blood flow between the aorta and the
rest of the body, and the mitral valve, which controls blood flow between the atria and ventricles.
Depending on the severity of damage, VHD can result in congestive heart failure (CHF) or other
serious complications.
VHD can be treated via implantation of a prosthetic heart valve that mimics the function of a human
heart valve, thus improving hemodynamics. These prostheses have a passive mode of functioning
in that they open and close in response to pressure and flow changes within the heart. For the
purposes of this report, the aortic and mitral valves are of primary concern because they are most
commonly affected by this disorder.
Valve replacement, whether surgical or via transcatheter methods, has been shown to improve
both patient morbidity and mortality outcomes. These days, surgeons utilize both open-heart as
well as percutaneous valve replacement devices. However, while both the aortic and mitral valves
are commonly replaced using open-heart techniques, transcatheter technology has thus far
focused on the aortic valve; there are no transcatheter mitral valve replacement products on the
market to date.
While the transcatheter mitral market segment is slowly growing, the majority of heart valve
prosthesis global revenue is generated by three categories of devices: mechanical heart valves
and tissue heart valves, which are both designed for open-heart replacement of the mitral or aortic
valve, and transcatheter aortic valve replacement (TAVR). Mechanical valves are typically made
Valve replacement, whether surgical or via transcatheter methods, has been shown to improve both patient morbidity and mortality outcomes.
Prosthetic Heart Valves — Global Analysis and Market Forecasts 25 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
PROSTHETIC HEART VALVES — GLOBAL ANALYSIS AND MARKET FORECASTS
Introduction
from non-biological materials such as metals, while tissue valves originate from animals such as
pigs. The implantation of both mechanical valves and bioprosthetic valves requires surgery, while
TAVR is breaking new ground as a minimally invasive technique that improves patient comfort and
recovery time.
2.3 Related Reports
GlobalData (2014). Coronary Stents – Global Market Analysis and Forecasts, December 2014,
GDME1119CFR
GlobalData (2013). Drug Eluting Balloons – Global Market Analysis and Forecasts, September
2013, GDME0179MAR
GlobalData (2013). Cardiac Assist Devices – Global Market Analysis and Forecasts, March
2013, GDME0175MAR
GlobalData (2012). Bioabsorbable Stents – Global Market Analysis and Forecasts, December
2012, GDME0164MAR
Prosthetic Heart Valves — Global Analysis and Market Forecasts 254 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
Appendix
PROSTHETIC HEART VALVES — GLOBAL ANALYSIS AND MARKET FORECASTS
14.7 About GlobalData
GlobalData is a leading global provider of business intelligence in the Healthcare industry.
GlobalData provides its clients with up-to-date information and analysis on the latest developments
in drug research, disease analysis, and clinical research and development. Our integrated business
intelligence solutions include a range of interactive online databases, analytical tools, reports and
forecasts. Our analysis is supported by a 24/7 client support and analyst team.
GlobalData has offices in New York, San Francisco, Boston, London, India, Korea, Japan,
Singapore, and Australia.
14.8 Disclaimer
All Rights Reserved.
No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any
form by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior
permission of the publisher, GlobalData.