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Global Prosthetic Heart Valves Market Size, Share, Trends, Growth & COVID-19 Impact Analysis Report – Segmented By Product and Region - Industry Forecast (2022 to 2027)

Published: January, 2022
ID: 2491
Pages: 180
Formats: report pdf report excel report power bi report ppt

Global Prosthetic Heart Valves Market Size (2022 to 2027)

The global prosthetic heart valves market size is predicted to be worth USD 11.31 billion by 2027 from USD 6.16 billion in 2022, growing at a CAGR of 12.90% during the forecast period.

The heart plays a vital role in the proper functioning of the human body by controlling blood flow. There are mainly four main types of valves in the heart: tricuspid, pulmonary, mitral, and aortic valves. A prosthetic heart valve is a device implanted in a patient suffering from valve failures in the heart or other heart diseases, which puts the patient at risk of heart failure. They are implanted both as a pre-emptive treatment and a reactive treatment.

The valves in the heart are integral to the normal functioning of the human body. They are evolved to perform tasks such as controlling the unidirectional flow of blood through the valve structure. Artificial valves must be designed to perform these tasks and be accepted by the body after transplantation, and tissue valves are generally preferred over mechanical valves because of the latter requiring additional anticoagulant administration for the proper functioning of the valve. The requirement is lifelong, whereas the tissue valve has no such needed further treatment.

MARKET DRIVERS:

The rising geriatric population, an increase in the prevalence of cardiac disorders such as rheumatic heart diseases, and the change in lifestyle of the people are majorly driving the global prosthetic heart valves market growth.

Other significant contributors include technological advancements, increased patient awareness, demand for minimally invasive cardiovascular surgeries, and a rise in the number of medical centers providing heart surgery.

The Administration on Aging (AoA) predicts that by 2060, individuals aged 65 and over will grow to 98 million. The increasing population and the consequent rise in VHD prevalence are expected to drive the prosthetic heart valve demand growth in the United States. Besides, increased spending on healthcare will also allow the sector to expand. The Centre for Medicare & Medicaid Services (CMS) projects health spending in the U.S. to grow at an average rate of 5.5% per year, eventually reaching nearly US$ 6.0 trillion by 2027.

Factors like advanced technologies for introducing new creative products, increasing demand for minimum tend to spread very quick surgeries, rise in the incidence of heart valve disorders, and creating opportunities for the global prosthetic heart valves market growth. The surge in massive collaborations and developments, an increase in several collaborations and partnerships, and the launch of products are some of the worldwide market trends.

The significant opportunity for growth in the global prosthetic heart valves market is transcatheter heart valves for new signs or indications. The survival rate is high for valve replacement among older adults suffering from valvular heart diseases, which leads to increasing demand for advanced prosthetic mitral valve implantation devices, which offers lucrative growth opportunities in the market.

MARKET RESTRAINTS:

Despite the numerous advantages, the prosthetic heart valve market remains in check by restraints such as the high costs of the valve and the treatment itself and the rigorous approval process for prosthetic valves before they are introduced into the global prosthetic heart valves market.

Impact of COVID-19 on the global prosthetic heart valves market:

The novel coronavirus (COVID-19) has caused significant changes in the healthcare landscape. With the introduction of lockdown, postponement of all elective cardiac surgeries was executed. The World Health Organization (WHO) declared the world as a pandemic emergency public health issued. Doctors working as frontline warriors in combat with COVID-19 also implement emergency and critical surgeries, saving patient lives. Moreover, COVID-19 patients with prosthetic heart valves will be at higher risk of bioprosthetic valve thrombosis. The demand for cardiovascular devices has decreased due to the reduction in the number of cardiac surgeries. Heart patients need to be very careful about getting infected with the virus. The patients should consult their cardiologists regarding concerns about the treatment for heart valve diseases. Patients with existing cardiac diseases are more susceptible to COVID-19. As there is no permanent cure for the infection, heart patients need to be more careful without being infected and exposed to the coronavirus (COVID-19). Once the lockdown has uplifted, there is an increase in cardiac surgeries, and patients started visiting the hospitals. By the end of 2020 and 2021, the heart valve market sees an increase in the growth rate. 

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 to 2027

Base Year

2021

Forecast Period

2022 to 2027

Segments Analysed

By Product and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Analysed

North America, Europe, Asia Pacific, Latin America, Middle East, and Africa

 

This research report has been segmented and sub-segmented the global prosthetic heart valves market based on the product and region.

Prosthetic Heart Valves Market - By Product:

  • Mechanical Heart Valve
  • Tissue Heart Valve
  • Stented Tissue Heart Valve
  • Stentless Tissue Heart Valve
  • Transcatheter Heart Valve

Based on product type, Tissue Heart Valve is the fastest-growing segment in the global market. But the Transcatheter Heart Valve segment accounts for the highest share due to an increase in older people and commonness of aortic stenosis, new device approvals, and an increase in adoption rate for Transcatheter heart valve implantation procedure leads to the growth of the market.

Prosthetic Heart Valves Market - By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • The Middle East and Africa

Regionally, the global prosthetic heart valves market is dominated by North America in 2019, with the region accounting for over a third of the overall market share. In North America, the United States market is predicted to account largest market share during the forecast period. The U.S. healthcare system has been burdened majorly by valvular heart disease (VHD). Approximately 5 million people are diagnosed annually, according to the American College of Cardiology. The number of aortic stenosis sufferers is 1.5 million worldwide, with almost 500,000 individuals suffering from severe aortic stenosis. Due to calcium build-ups and scarring of the valve cusp due to age, VHD primarily affects the elderly population.

North America was followed next in line by Europe and Asia-Pacific. North American region holds a dominant position in the global prosthetic heart valve market, accounting for 41.8% share in value, followed by Europe. Due to well-developed healthcare infrastructure, technological advancements, rising health care expenditure, a growing number of heart surgeries, and increasing government funding in the region.

Asia-Pacific is expected to grow rapidly in the coming years, as evidenced by the high CAGR value for the region. Asia-Pacific is an emerging market that is projected to develop at a rapid rate. As a result of improving health infrastructure and rising incidence of chronic disease in the region, predicting the growth in the prosthetic valves market in the Asia Pacific is realistic. Factors driving the growth of the prosthetic heart valve market in the area are also rising demographics and emerging economies.

The growth opportunities in existing countries like Latin America and the Middle East & Africa and transcatheter heart valves for new indications are regarded to provide numerous opportunities for the global prosthetic heart valves market growth during the foreseen period.

KEY MARKET PARTICIPANTS:

Some of the promising companies leading the Global Prosthetic Heart Valves Market profiled in this report are Corvia Medical, CardioKinetix, Biomerics LLC, Lepu Medical Technology, XELTIS BV, Comed BV, HLT, Meril Life Sciences, SYMETIS SA, and Transcatheter Technologies GmbH.

Medtronic developed self-extended percutaneous bioprosthetics, such as CoreValve Evolut R System and Medtronic CoreValve Evolut PRO System, each comprising an Aortic Valve Transcatheter (TAV), among other things. The TAV is an essential component; an artificial heart valve made of pig tissue made flexible and self-expanding by using Nickel and Titanium composite structure for support.

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