CAGR: 11.5%Current Market Size: USD 11 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
The global prosthetic heart valve market is expected to grow from USD 11 billion in 2022 to USD 26.2 billion by 2030, at a CAGR of 11.5% during the Projection period 2023-2030. The growth of the prosthetic heart valve market is mainly driven by the increase in cardiovascular diseases.
As the prevalence of heart valve illness rises and regulatory requirements for advanced and novel prosthetic heart valves rise, the market for prosthetic heart valves is predicted to grow quickly. Valvular heart disease places a heavy load on the world's healthcare system (VHD). According to the American College of Cardiology, almost 5 million Americans receive an HVD diagnosis each year. VHD primarily affects older people because to calcium buildup and scarring in the valve cusp brought on by ageing. Therefore, the rapidly ageing population and the resulting rise in VHD cases are projected to fuel market expansion for artificial heart valves globally in the years to come. The prosthetic valves business has also witnessed several clinical trials in recent years, particularly in the countries of Europe, due to strict regulations and the high frequency of heart problems. A prosthetic heart valve is an artificial component that is surgically placed to replace diseased or damaged heart valves. Heart valves assist in regulating the heart's blood flow. Insufficient blood flow caused by poorly functioning heart valves necessitates subsequent heart valve replacement surgery. The morbidity and mortality linked to cardiac valve disorders are decreased with artificial heart valves. Cardiac valve problems can be acquired or congenital, and in some cases, the underlying reasons are unknown. Heart valve disorders cannot be cured, but they can be prevented or delayed with the right treatment and nutrition.
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Market Dynamics:
Drivers:
Manufacturers have recently developed cutting-edge technologies that are efficient, long-lasting, less intrusive, and hemodynamically improved. These medical implants have a number of advantages and are surgically inserted into the body to replace defective or badly performing heart valves. For instance, mechanical heart valves have a very long lifespan and, under ideal conditions, can live up to approximately 30 years. Aortic stenosis patients can now be treated with the recently invented procedure known as TAVI (Transcatheter Aortic Valve Implantation). In this procedure, the chest is not even opened in order to do the surgery; it is done through a keyhole. TAVI has the fewest postoperative problems; about 5–10% of patients may need a permanent pacemaker.
Restraints:
Low levels of diagnostic testing, low levels of health awareness in developing nations, and the high expense of cardiac operations are limiting the market for prosthetic heart valves. Similar to this, mechanical heart valve dysfunction/failure can happen in a variety of circumstances following prosthetic heart valve replacement or implantation. Although structural damage is rare, blood clots and infections can cause some of them to need to be replaced. Clots can cause stenosis, insufficiency, or a mix of the two by either opening or sealing the mechanical valve. A stroke or heart attack may develop from clots that float away from the artificial valve and displace to the coronary arteries or carotid arteries, which supply or reach the heart and the brain, respectively. The likelihood of thrombotic or thromboembolic effects is increased in mechanical heart valves.
Opportunities:
The market is expanding as a result of the rising incidence of heart valve disease, which is a significant component. Businesses also want to increase their market share by acquiring regional producers. Medtronic, Edwards Lifesciences, Boston Scientific Corporation, On-X Life Technologies, Inc., St. Jude Medical, Inc. (Abbott), Cryolife, Inc., Micro Interventional Devices, Inc., Sorin Group, and others are significant players in the market for prosthetic heart valves. The PROACT clinical trial results were published in The Annals of Thoracic Surgery, the official journal of the Society of Thoracic Surgeons, in January 2022, according to Artivion, Inc., a renowned cardiac and vascular surgery company with a focus on aortic illness.
Challenges:
The global market for prosthetic heart valves is anticipated to grow slowly due to the high cost of transcatheter heart valve products and product recalls. As an illustration, the average cost of transcatheter aortic valve replacement (TAVR) devices is about $32,000, but the average cost of surgical valve devices is between $4,000 and $7,000, and the average cost of TAVR and surgical operations is between US$37,900 and US$14,200, respectively. A global, voluntary recall of the LOTUS Edge Aortic Valve was also issued by Boston Scientific, a multinational maker of medical equipment and a biomedical/biotechnology engineering company. The delivery system's complexity was the cause of this voluntary recall.
Segmentation Analysis:
The global prosthetic heart valve market has been segmented based on product, end-user, and region.
By Product
The product segment is transcatheter heart valves, biological/tissue heart valves, and mechanical heart valves. The biological/tissue heart valves segment led the largest share of the prosthetic heart valve market with a market share of around 40% in 2022. Due to their lower risk of clot formation, biological heart valves are becoming more and more popular. Similar to the aging population, the prosthetic heart valve market is anticipated to be driven by factors such as less anticoagulant therapy required and a lower chance of clot formation with tissue heart valves.
By End-User
The end-user segment is ambulatory services and hospitals. The hospitals segment led the largest share of the prosthetic heart valve market with a market share of around 56% in 2022. Some of the important reasons influencing this segment's growth include the availability of cutting-edge equipment, improved healthcare infrastructure, the presence of skilled medical professionals, and expanding patient preferences for choosing hospital treatments.
Global Prosthetic Heart Valve Market - Sales Analysis.
The sale of the prosthetic heart valve market expanded at a CAGR of 9% from 2016 to 2022.
One of the main drivers propelling the global market for prosthetic heart valves is the rising prevalence of cardiovascular illnesses and valvular heart problems worldwide, along with improvements in treatments for heart valve replacement. Similar to how the aging population is expected to raise the demand for prosthetic heart valves during the Projection period, so is the number of cardiac procedures performed globally, as well as awareness of the diagnosis and treatment options for heart valve issues. Numerous diseases and ailments have become more prevalent as a result of people's quickly changing lifestyles around the world. Cardiovascular disease is one of the serious conditions that can be brought on by people's changing lifestyles.
The main behavioral risk factors for heart disease and stroke include unhealthy eating, inactivity, tobacco use, and alcohol use. As a result of behavioral risk factors, people may have symptoms including high blood pressure, high blood sugar, high blood lipids, overweight, or obesity. These risk factors can be seen in hospitals or other general healthcare facilities and show a high risk of heart attack, stroke, heart failure, and other repercussions. Over the next 10 years, this will support the market expansion for prosthetic heart valves. The global prosthetic heart valve market, however, is being constrained by high prices for such artificial devices, the availability of alternative treatments for heart-related problems and disorders, and rigorous governmental guidelines and restrictions.
Thus, owing to the aforementioned factors, the global prosthetic heart valve market is expected to grow at a CAGR of 11.5% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the prosthetic heart valve market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America region dominated the prosthetic heart valve market and held a 39% share of the market revenue in 2022.
Global Prosthetic Heart Valve Market - Country Analysis:
Germany's prosthetic heart valve market size was valued at USD 0.79 billion in 2022 and is expected to reach USD 1.9 billion by 2030, at a CAGR of 11.6% from 2023 to 2030. The market for prosthetic heart valves in Germany is expanding as a result of factors including increased cardiac valve disease prevalence and rising demand for minimally invasive procedures such as transcatheter aortic valve replacement (TAVR). The treatment for valvular heart problems known as transcatheter aortic valve replacement (TAVR) has developed over time into an alternate, minimally invasive option. Around 18,000 TAVR procedures are carried out the year in 97 facilities in Germany employing around 7 different types of valves and better reimbursement guidelines.
China’s prosthetic heart valve market size was valued at USD 0.82 billion in 2022 and is expected to reach USD 2.01 billion by 2030, at a CAGR of 11.9% from 2023 to 2030. With the Chinese company Peijia Medical Limited, JenaValve Technology, Inc. engaged in a strategic investment and exclusive technology licensing deal in January 2022. To treat patients with either severe symptomatic aortic regurgitation (AR) or severe symptomatic aortic stenosis, Peijia has made and will continue to make a cash and equity investment in JenaValve in exchange for the exclusive rights to develop and market JenaValve's cutting-edge Trilogy TAVR systems in the Greater China region.
India's prosthetic heart valve market size was valued at USD 0.63 billion in 2022 and is expected to reach USD 1.5 billion by 2030, at a CAGR of 11.8% from 2023 to 2030. India’s population is aging at a rate never before seen, and Indian people have higher life expectancies on average than those worldwide. Due to the higher frequency of heart disease in this age group, the presence of a geriatric population will increase the demand for prosthetic heart valve products in the nation in the future.
Key Industry Players Analysis:
To increase their market position in the global prosthetic heart valve market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
11.5% |
Market Size |
11 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Product, By End-User, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Edward Lifesciences Corporations, St. Jude Medical, Inc., Medtronic plc., Boston Scientific Corporation, Abbott Laboratories, Braile Biomedica, SYMETIS, Colibri Heart Valve LLC, Microinterventional Devices, JenaValve Technology, Inc., and Meril Lifesciences. |
By Product |
|
By End-User |
|
Regional scope |
|
Scope of the Report
Global Prosthetic Heart Valve Market By Product:
Global Prosthetic Heart Valve Market By End-User:
Global Prosthetic Heart Valve Market By Region:
Global prosthetic heart valve market is expected to reach USD 26.2 billion by 2030.
The prosthetic heart valve market is projected to have a CAGR of 11.5%.
Over the course of the Projection period, the market is anticipated to increase due to the rising prevalence of valvular heart disease. For instance, aortic stenosis was linked to a mortality rate of 106.3 per 1 million people, according to a study titled "Epidemiology and Trends of Aortic Stenosis Mortality in the United States (1999-2016)," which was published in the Journal of the American College of Cardiology in March 2019. Non-Hispanic white people had the highest mortality rate, followed by Hispanics and non-Hispanic black people.
Leading market players active in the global prosthetic heart valve market are Medtronic plc., Boston Scientific Corporation, Edwards Lifesciences Corporation, Abbott Laboratories, CryoLife, Inc., LivaNova PLC, Colibri Heart Valve, LLC, Braile Biomedica, and JenaValve Technology, Inc. among other
Based on the product, the prosthetic heart valve market is segmented into transcatheter heart valves, biological/tissue heart valves, and mechanical heart valves.
Political Factors- The objections by pressure organisations, social and environmental activists, and labour unions should be closely examined by prosthetic heart valves because they are crucial to the formulation of policies. Close cooperation with these organisations may improve prosthetic heart valve capacity for community engagement and the accomplishment of long-term business objectives. Additionally, a well-developed governance structure and a democratic political climate improve the business climate for markets like a prosthetic heart valve.
Economic Factors- Wage rates and the availability of skilled workers are influenced by the supply and demand of labour. In order to understand how it can attract outstanding individuals and utilise their abilities to boost business performance, the prosthetic heart valve market must research and Projection the state of the labour market. prosthetic heart valve market. can benefit from improved labour productivity when labour markets are open. Operating in restrictive labour markets, however, may result in labour wage challenges as well as other problems brought up by strong labour unions. The prosthetic heart valve market should carefully assess the availability of competent human capital as well, as a shortage of such workers can have an impact on corporate efficiency and make it more difficult to attract and retain talent.
Social Factors- International marketing managers value culture as a key variable. Every civilization has unique norms and values that are crucial in determining how people behave as consumers. The prosthetic heart valve market should establish local partnerships and teams to understand local opinions and social mores better in order to produce marketing plans that are appropriate for the local environment. prosthetic heart valve market also values the observation of social class stratification. The prosthetic heart valve market will need to use specialist marketing tactics to provide luxury goods at premium pricing to a market where the high-end market is relatively tiny. In areas with limited social class stratification, market segmentation based on social class may also be unsuccessful.
Technological Factors- To understand how new technologies affect the firm's value chain and current cost structure, the prosthetic heart valve market must take into account the micro and macro expenditures made by competitors. In a setting where creative disruption is prevalent, research and development efforts are crucial. To maximise revenues in such a situation, the prosthetic heart valve market should invest in disruptive technologies and reinvest the proceeds in the development of new disruptive technologies. The lifecycle of developing new products has been shortened by the adoption of new technology. New products are created swiftly today, and supply chain partners have more clout as well. It puts pressure on the prosthetic heart valve market to create new goods fast, diversify its product line, incorporate flexibility into the value chain, and cultivate positive commercial relationships with partners in the chain.
Environmental Factors- Weather and climatic changes can have an impact on how effectively businesses operate. For instance, severe weather might raise operating costs and force the prosthetic heart valve market to make the value chain more adaptable. These modifications may also affect consumer buying habits, which would need a firm to adjust its product and marketing tactics. The use of green/eco-friendly items is becoming more popular. The prosthetic heart valve market can seize the chance and implement green business strategies to gain the confidence of stakeholders. Priorities for product innovation are changing as a result of regulatory organisations' emphasis on ensuring conformity with environmental standards. prosthetic heart valve market. must put promoting the eco-friendliness of its products ahead of traditional value propositions.
Legal Factors- The privacy and security concerns of consumers have made data protection a crucial issue. To safeguard consumer data, the prosthetic heart valve market must research data protection laws. Laws are also in place to limit prices, guarantee a particular level of quality, and shield customers from deceptive marketing promises. For the prosthetic heart valve market to be in accordance with consumer protection legislation, certain elements must be taken into account. Regulations governing intellectual property are intended to safeguard businesses' valuable ideas and patents. Losing competitive advantage due to a failure to maintain intellectual property rights may undermine the prosthetic heart valve market's position relative to other market participants.
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