The prosthetic heart valve market was valued at $8.6 billion in 2023 and is projected to reach $30.3 billion by 2035, registering a CAGR of 11.1% from 2024 to 2035. Prosthetic heart valves serve as synthetic replacements for damaged or diseased heart valves, crucial components that regulate blood flow in and out of the heart's chambers. Dysfunction in these valves can lead to a spectrum of cardiovascular issues, including shortness of breath, fatigue, chest pain, and even heart failure. Designed to mimic the functionality of healthy heart valves, prosthetic heart valves facilitate proper blood circulation throughout the body. The primary types of prosthetic heart valves are mechanical heart valves, tissue heart valves, and transcatheter heart valves.
The growth of the prosthetic heart valve market is primarily driven by increasing prevalence of heart valve diseases, technological advancements in heart valves, and increase in demand for minimally invasive procedures. For instance, according to American College of Cardiology 2021, more than 5 million people are diagnosed with valvular heart diseases (VHD) each year in the U.S. Thus, rise in prevalence of valvular heart diseases (VHD) drives the market growth. In addition, surge in demand for minimally invasive procedures, propelling the adoption of transcatheter heart valve replacement. This approach, highlighted for its reduced invasiveness and quicker recovery, has become increasingly favored over traditional open-heart surgery, driving market growth. Furthermore, a rise in the number of heart valve surgeries across the world is expected to boost the growth of the prosthetic heart valve market. For instance, an article published by National Library of Medicine in 2022, 200,000 heart valve replacement surgeries are performed annually worldwide, and is expected to increase to 8,50,000 by 2050, Thus, rise in number of heart valve surgeries results in demand for prosthetic heart valve and fuels the market growth. The aging of the population is a global phenomenon, and this demographic shift is expected to continue to drive demand for these prosthetic heart valve devices during the forecast period. This increase in cardiac disorders drives the demand for prosthetic heart valves, which are used to treat a range of heart valve diseases, including aortic stenosis, mitral stenosis, and mitral regurgitation. In addition to the surge in prevalence of cardiac disorders and the aging of the population, the prosthetic heart valve market is being driven by increased patient awareness. Patients have become more informed about their health and the available treatment options, and this is leading to increased demand for prosthetic heart valves as a safe and effective treatment option for heart valve diseases. Moreover, increased government initiatives and awareness regarding heart valve diseases foster the growth of the market. Governments around the world invest in R&D of new treatments for heart valve diseases, which has led to the development of advanced prosthetic heart valve devices. In addition, rise in awareness about the symptoms and risk factors associated with heart valve disease have led to more people seeking medical treatment for the condition, which has further driven the growth of the market. The prosthetic heart valve market is segmented on the basis of product and region. By product, the market is categorized into mechanical heart valve, tissue heart valve, and transcatheter heart valve. The tissue heart valve segment is further classified into stented tissue heart valve and stent less tissue heart valve. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA). Major key players that operate in the global prosthetic heart valve market are Abbott Laboratories, Boston Scientific Corporation, ShockWave Medical, Inc., Edward Lifesciences Corporation, Colibri Heart Valve, Medtronic plc, Meril Life Sciences Pvt. Ltd., Labcor Laboratorios Ltda, Artivion, Inc, and JenaValve Technology, Inc. The key players operating in the market have adopted agreement, product launch, product approval, and rebranding as their key strategies to expand their product portfolio
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the prosthetic heart valve market analysis from 2023 to 2035 to identify the prevailing prosthetic heart valve market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the prosthetic heart valve market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global prosthetic heart valve market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Product
- Tissue Heart Valve
- Type
- Stented Tissue Heart Valve
- Stentless Tissue Heart Valve
- Mechanical Heart Valve
- Transcatheter Heart Valve
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
- Meril Life Sciences Pvt. Ltd.
- Abbott Laboratories
- Labcor Laboratorios Ltda
- Artivion, Inc.
- Boston Scientific Corporation
- LivaNova PLC
- Edwards Lifesciences Corporation
- ShockWave Medical, Inc.
- Medtronic plc
- JenaValve Technology, Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: PROSTHETIC HEART VALVE MARKET, BY PRODUCT
CHAPTER 5: PROSTHETIC HEART VALVE MARKET, BY REGION
CHAPTER 6: COMPETITIVE LANDSCAPE
CHAPTER 7: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report titled, 'Prosthetic Heart Valve Market,' the prosthetic heart valve market size was valued at $6.9 billion in 2021, and is estimated to reach $19.7 billion by 2031, growing at a CAGR of 11.1% from 2022 to 2031.An artificial heart valve, also known as a prosthetic heart valve, is inserted in the heart of someone who has cardiac vascular disease (valvular heart disease). A strong material such as carbon or titanium is used to construct the prosthetic valve. Mechanical heart valves, transcatheter heart valves, and tissue or bio-prosthetic heart valves are the three forms of prosthetic heart valves. Individuals have the option of picking a prosthesis based on their health state and the advice of their surgeon. The heart valve replacement method allows the diseased valve to be removed and replaced with an artificial valve.
The major factors that impact the growth of prosthetic heart valve market include high prevalence of valvular heart disease (VHD). For instance, according to the estimations of the U.S. Department of Health & Human Services, around 2.5% of the U.S. population is suffering from valvular heart disease (VHD) and large proportion of these patients are older adults. Regulatory approval for heart valves, incorporation of technology improvements, and increase in the number of heart valve implantation procedures are further driving the demand for prosthetic heart valves. One of the key reasons for a global preference for prosthetic heart valves is that they are an effective alternative to invasive open heart surgery. However, high costs associated with transcatheter heart valve devices, procedure-related risks & problems, and product recalls are some of the limitations that are projected to hamper the global prosthetic heart valve market growth.
In addition, technological advancements in prosthetic heart valves leading to production of compatible, long-lasting, cost-effective invasive devices to drive the market growth. This along with emerging trend of 3D printed personalized heart valves and increasing initiatives by governments and market players to promote awareness about treatment of valvular heart disease (VHD) significantly contribute toward the growth of the industry.
However, high cost of prosthetic heart valves, increase in incidence of post-surgery complications such as internal bleeding, stroke, and presence of inadequate reimbursement policies in developing countries are expected to hamper the market growth. On the contrary, increase in healthcare investments in public as well as private sectors, increase in patient population, unmet medical demands in developing countries of Asia-Pacific are anticipated to open new avenues for the expansion of the global prosthetic heart valve market during the forecast period.
Coronavirus is a large family of severely acute respiratory syndrome (SARS) viruses that causes diseases ranging from common cold to severe respiratory diseases. The implementation of lockdown delayed the surgical procedure needed for installing prosthetic heart valve and manufacturing of prosthetic heart valve up to six months, thereby having a minimal negative impact on the market. However, the demand of prosthetic heart valve arose as the population that suffered with virus experienced asthma and cardiovascular disorders as an after effect of the contamination that led to gradual growth of the market, and is a major factor that still drives the growth of the prosthetic heart valve market.
The prosthetic heart valve market is segmented into product type and by region. By product type, the market is segregated into mechanical heart valve, tissue heart valve, and transcatheter heart valve. The tissue heart valve segment is further segmented in stented tissue heart valve and stentless tissue heart valve. The transcatheter heart valve segment dominated the market in 2021, and is anticipated to continue this trend during the forecast period, owing to rise in prevalence of cardiac disorders and surge in demand for cardiac valve replacement therapies.
Region wise, North America captured the major prosthetic heart valve market share, in terms of revenue among other regions in 2021, owing to technological advancements in medical care and increase in prevalence of cardiovascular disorders. Asia Pacific is anticipated to grow at higher CAGR during the forecast period. The significant growth is due to increase in prevalence of valvular heart diseases, increasing per capita healthcare expenditure and direct presence of market players in countries such as Japan, China and others. For instance, according to the data published by the Open Access Publisher, it was estimated that the prevalence of moderate or severe aortic stenosis in patients above 75 years of age is 3.0% in Japan. It is estimated to be the most common valvular heart disease among elderly and increases with age. The prevalence is 4.5% at age 75 years and 8.1% among people above 85 years.
KEY BENEFITS FOR STAKEHOLDERS
The study provides an in-depth analysis of the market along with the current prosthetic heart valve market trends and future estimations to explain the imminent investment pockets.
A comprehensive analysis of the factors that drive and restrict the market growth is provided in the report.
Comprehensive quantitative analysis of the prosthetic heart valve industry from 2022 to 2031 is provided to enable the stakeholders to capitalize on the prevailing market opportunities.
Extensive analysis of the key segments of the industry helps to understand the application and products of coronary stents used across the globe.
Key market players and their strategies have been analyzed to understand the competitive outlook of the market.
Depending on product, the transcatheter heart valve held the largest share in the global market in 2021.
Region wise, Asia Pacific is expected to experience growth at the highest rate, registering a CAGR of 13.1% during the forecast period.
Companies Mentioned
Key Market Players in the Prosthetic Heart Valve Market include:- Meril Life Sciences Pvt. Ltd.
- Abbott Laboratories
- Labcor Laboratorios Ltda
- Artivion Inc.
- Boston Scientific Corporation
- LivaNova PLC
- Edwards Lifesciences Corporation
- ShockWave Medical Inc.
- Medtronic plc
- JenaValve Technology Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 212 |
| Published | April 2024 |
| Forecast Period | 2023 - 2035 |
| Estimated Market Value ( USD | $ 8.6 billion |
| Forecasted Market Value ( USD | $ 30.3 billion |
| Compound Annual Growth Rate | 11.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
