Prosthetic Heart Valve Market

Prosthetic Heart Valve Market Is Estimated To Witness High Growth Owing To Rising Prevalence Of Heart Valve Diseases

by

The prosthetic heart valve market is estimated to be valued at US$ 2678.08 Mn or Mn in 2023 and is expected to exhibit a CAGR of 9.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Prosthetic heart valves are implanted in patients suffering from heart valve diseases to replace the malfunctioning heart valves. The major types of prosthetic heart valves include mechanical heart valves and tissue heart valves. Mechanical heart valves are made from non-biological materials like carbon and metals, whereas tissue heart valves are manufactured from biological materials like pig tissues. Prosthetic heart valves help restore normal blood flow and improve patient’s quality of life.

Market Dynamics:

The prosthetic heart valve market is primarily driven by rising prevalence of rheumatic heart disease and rise in aging population susceptible to heart valve diseases. As per World Health Organization (WHO), rheumatic heart disease causes over 300,000 deaths each year globally. Aging population is another major factor as risk of heart valve diseases increases with age. Around 4-5% of people over 65 years suffer from various degrees of aortic stenosis. Additionally, technological advancements in heart valve replacement devices including miniaturized tissue valves and novel percutaneous heart valves are supporting the market growth over the forecast period. However, high costs associated with heart valve replacement surgeries and product recalls pose a challenge to market growth.

SWOT Analysis:

Strength: The prosthetic heart valve market is driven by favorable reimbursement policies for valve replacement surgeries in many countries. Transcatheter heart valves provide minimally invasive surgery and reduce risks of open-heart surgery. Technological advancements have led to development of innovative valves with improved structural integrity and hemodynamic performance.

Weakness: High costs associated with prosthetic heart valve replacement surgeries limit market growth. Lack of awareness about valve disease in developing nations is another challenge.

Opportunity: Rising geriatric population worldwide susceptible to valve disorders createsdemand. Adoption of transcatheter heart valves in developing countries opens new opportunities.

Threats: Stringent regulatory approval process may delay new product launches. Lack of skilled surgeons in developing regions can impact market expansion.

Key Takeaways:

Global Prosthetic Heart Valve Market Demand is expected to witness high growth, exhibiting CAGR of 9.9% over the forecast period, due to increasing prevalence of rheumatic heart disease and congenital heart defects. As per WHO, rheumatic heart disease affects about 15.6 million people globally leading to 320,000 deaths each year.

Regional analysis: North America dominated the prosthetic heart valve market in 2021 and is projected to maintain its lead through 2030. This can be attributed to the rising cardiac patient pool, favorable reimbursement policies, and rapid adoption of technologically advanced valves in the US and Canada. Asia Pacific exhibits the fastest growth attributable to growing healthcare expenditure, increasing awareness about valve disorders, and infrastructure improvements in countries like India and China.

Key players operating in the prosthetic heart valve market are Edwards Lifesciences Corporation, Medtronic plc., Boston Scientific Corporation, Abbott Laboratories, LivaNova PLC, CryoLife, Inc., Braile Biomedica, Colibri Heart Valve, LLC, and JenaValve Technology, Inc. Major players are focusing on new product launches, collaborations, and geographical expansion strategies to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it