The global Prosthetic Heart Valve Market is estimated to be valued at US$ 2678.08 Mn or 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 damaged or diseased heart valves that cannot function properly. These valves help maintain normal blood flow through the heart and improve quality of life. They are used for patients with conditions like valve stenosis or valve regurgitation.
Market key trends:
One of the key trends in the prosthetic heart valve market is the increasing preference for transcatheter heart valves over surgical valves. Transcatheter heart valves offer various advantages like reduced risk of open-heart surgery, shorter hospital stays, faster recovery time, and lower health costs. The transcatheter procedures are minimally invasive and do not require opening of the chest or use of cardiopulmonary bypass. As such, transcatheter heart valve replacement therapies have better clinical outcomes and are driving growth of the overall prosthetic heart valve market.
Market key trends:
The global prosthetic heart valve market is witnessing the trend of minimal invasive technology. There is a rise in demand for transcatheter heart valves that can be implanted through a catheter without the need for open-heart surgery. These valves are delivered through a small incision and maneuvered into place using fluoroscopic guidance. This reduces procedural risks, recovery times, hospital stay and associated healthcare costs.
SWOT Analysis
Strengths:
- Growing cases of valvular heart diseases that require valve replacement surgeries.
- Advancements in transcatheter aortic valve replacement (TAVR) technology.
Weaknesses:
- High costs associated with prosthetic heart valves.
- Post-surgery risks such as paravalvular leaks and valve thrombosis.
Opportunities:
- Emerging markets offer significant growth potential.
- Development of innovative biomaterials for heart valves.
Threats:
- Stringent regulatory processes that delay product approvals.
- Competition from alternative treatments such as heart tissue engineering.
Key Takeaways
Global Prosthetic Heart Valve Market Demand was valued at USD 2678.08 million in 2023 and is expected to reach USD 4607.75 million by 2030, exhibiting a CAGR of 9.9% during the forecast period.
The growth is attributed to the increasing prevalence of valvular heart diseases and rising number of cardiac valve replacement procedures across the globe. As per recent estimates, over 4.6 million people in the United States suffer from valvular heart disease. This rising prevalence is leading to higher demand for prosthetic heart valves.
On the regional front, North America dominated the prosthetic heart valve market and accounted for maximum revenue share in 2023. This was due to favorable reimbursement policies, developed healthcare infrastructure and growing adoption of innovative heart valve therapies within the region. However, Asia Pacific is anticipated to witness the fastest growth during the forecast period, owing to rising incidences of rheumatic heart diseases in developing countries of India and China.
Key players operating in the prosthetic heart valve market include 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 focused on launch of advanced prosthetic valves as well as expansion in emerging regional markets.
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