The size of the global prosthetic heart valves market was valued at USD 5.46 Billion in 2020 and estimated to be growing at a CAGR of 12.9% to reach USD 10.02 billion by 2025.
The heart plays a vital role in the proper functioning of the human body by controlling the blood flow. There are mainly four main types of valves in the heart, namely 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.
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.
The notable players in this market are Edwards Lifesciences Corporation (U.S.), Medtronic plc (Ireland), and St. Jude Medical, Inc. (an Abbott Laboratories Company, U.S.). For example, Medtronic has 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.
The rise of the Prosthetic Heart Valves market is mainly driven by factors such as rising geriatric population, an increase in the prevalence of cardiac disorders such as rheumatic heart diseases, and the change in lifestyle of the people. Other significant contributors include technological advancements, increased patient awareness, demand for minimally invasive cardiovascular surgeries, and a rise in the number of medical centers that have the provision to perform heart surgery.
The Administration on Aging (AoA) predicts that by 2060 the population of 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 the introduction of new creative products, increasing demand for minimum tend to spread very quick surgeries, rise in the incidence of heart valve disorders is regarded to create 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 the 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. The growth opportunities in existing countries like Latin America and the Middle East & Africa and the use of transcatheter heart valves for new indications are regarded to provide numerous opportunities for the global prosthetic heart valves market growth during the foreseen period.
Despite the numerous advantages, the prosthetic heart valve market remains in check by restraints such as the high costs of the valve as well as the treatment itself and the rigorous approval process for prosthetic valves before they are introduced into the Global Prosthetic Heart Valves Market.
Market Size Available
2019 to 2025
2020 to 2025
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
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:
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:
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. 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 terms of 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.
TOP COMPANIES IN THE MARKET
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.
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.2 Mechanical Heart Valve
5.1.3 Tissue Heart Valve
5.1.4 Transcatheter Heart Valve
5.1.5 Y-o-Y Growth Analysis, By Type
5.1.6 Market Attractiveness Analysis, By Type
5.1.7 Market Share Analysis, By Type
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
188.8.131.52 By Geographical Area
184.108.40.206 By Type
6.1.4 Market Attractiveness Analysis
220.127.116.11 By Geographical Area
18.104.22.168 By Type
6.1.5 Market Share Analysis
22.214.171.124 By Geographical Area
126.96.36.199 By Type
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 Corvia Medical
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.3 Biomerics LLC
8.4 Lepu Medical Technology
8.5 XELTIS BV
8.6 Comed BV
8.7 Meril Life Sciences
8.8 SYSMETIS SA
8.10 Transcatheter Technologies GmbH
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures