The Prosthetic Heart Valve Market is estimated to be valued at US$ 2678.08 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 used to replace the defective native valves in patients suffering from valvular heart diseases. The main types of prosthetic heart valves available are mechanical heart valves and bioprosthetic heart valves. Mechanical heart valves are more durable but require lifelong blood thinners. Bioprosthetic heart valves do not require blood thinners but have shorter lifespan and are prone to structural deterioration over time. Transcatheter heart valves are minimally-invasive valves placed via catheter without removing the diseased valve through open-heart surgery.
Market Dynamics:
Growing geriatric population and rising prevalence of rheumatic heart diseases are the primary drivers of the prosthetic heart valve market growth. According to the WHO, 15.6 million people suffer from rheumatic heart disease globally. Rheumatic heart disease leads to valve stenosis and regurgitation requiring valve replacement surgeries. Furthermore, increasing adoption of transcatheter aortic valve replacement (TAVR) procedure over open-heart surgery is also fueling the market growth. TAVR has emerged as a less invasive alternative to treat severe aortic stenosis in high-risk surgical patients. However, stringent regulatory approval process and product recalls pose challenges to market players. Additionally, the high cost of valve replacement surgeries limits market penetration in low-income countries.
Segment Analysis
The global prosthetic heart valve market is dominated by the mechanical heart valves segment due to its durability and longer lifespan. Mechanical valves are highly preferred for younger patients as they last for decades. However, bio-prosthetic heart valves are gaining popularity majorly due to their biocompatibility and low risk of thromboembolism.
PEST Analysis
Political: Regulations regarding approval process of new heart valves are well defined by institutions like FDA and EMA, ensuring patients' safety.
Economic: Rising healthcare spending per capita coupled with growing geriatric population suffering from valvular heart diseases is driving the market growth.
Social: Increasing awareness about heart diseases and availability of treatment options is encouraging people to adopt heart valve replacement/repair surgeries.
Technological: Advancements in tissue engineering technologies are facilitating the development of next-gen bioprosthetic valves with better durability matching mechanical valves.
Key Takeaways
The global prosthetic heart valve market is expected to witness high growth, exhibiting CAGR of 9.9% over the forecast period, due to increasing burden of valvular heart diseases and growing geriatric population susceptible to such conditions.
North America dominates the market owing to large patient population, favorable reimbursement policies, and availability of advanced healthcare facilities in the region. Asia Pacific is anticipated to be the fastest-growing regional market due to rising medical tourism, healthcare spending, and improving healthcare infrastructure.
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 developing innovative valve designs and pursuing strategies like mergers & acquisitions to strengthen their market position.
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