(MENAFN- EIN Presswire) Prosthetic Heart Valve market size, share, growth
The heart valve disease market is growing due to factors such as the rise in disease burden, increase in geriatric population, and sedentary lifestyle.
PORTLAND, OREGON, UNITED STATES, February 14, 2023 /einpresswire.com / -- The prosthetic heart valve market size was estimated to be $6.9 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 11.1% from 2022 to 2031, reaching a projected value of $19.7 billion by 2031. The market is segmented by product into mechanical heart valve, tissue heart valve (stented tissue heart valve, stentless tissue heart valve), and transcatheter heart valve, and by region into North America, Europe, Asia-Pacific, and LAMEA. Factors driving market growth include a rise in the burden of valvular heart disease, increasing demand for minimally invasive surgeries, and novel advancements in heart valves, while high cost and availability of alternative treatment options are among the major factors limiting market growth.
Prosthetic heart valves (PHVs) are used to replace diseased native valves in patients with valvular incompetence, stenosis, or both. The demand for heart valve replacement therapies is increasing due to factors such as an aging population and rising cases of heart valve diseases. Mechanical, bioprosthetic, and homograft valves are the three main types of PHVs. The goal of PHVs is to behave like natural valves in terms of hemodynamics and low thrombogenicity. Recent technological advancements have led to the development of effective, long-lasting PHVs with improved hemodynamics, driving up demand. Sales in the future are likely to be boosted by the introduction of durable tissue heart valves, suture-less valves, and anti-calcification technologies. PHVs offer many benefits, such as the longevity of mechanical valves, which can last up to 30 years, and the lower risk of blood clotting on valve surfaces.
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The heart valve disease market is growing due to factors such as the rise in disease burden, increase in geriatric population, and sedentary lifestyle. Advancements in heart valves, awareness of surgical treatments, and demand for minimally invasive surgeries are also driving market growth. For example, the American College of Cardiology reports that 5 million Americans are diagnosed with heart valve disease each year. However, high costs and availability of alternative treatment options limit market growth. Computational tools can also approximate fluid mechanics characteristics, such as pressure drops and regurgitation volumes, which drive the heart valve repair and replacement business. The availability of accurate valvar disease detection through these tools boosts the prosthetic heart valve repair and replacement industry.
The key market players profiled in the report include
1. Abbott Laboratories
2. Medtronic plc.
3. MERIL LIFESCIENCES
4. Boston Scientific Corporation
5. Micro Interventional Devices
6. Direct Flow medical
7. Edwards Lifesciences Corporation
8. LivaNova PLC.
9. JenaValve Technology
10. Cryolife
The market for prosthetic heart valves is growing due to the rising prevalence of valvular heart disease and the increasing necessity for transcatheter aortic valve replacement (TAVR) surgeries. TAVR is a minimally invasive surgical technique used to treat aortic stenosis, a condition that affects the heart's aortic valve. The use of transcatheter valves to replace damaged aortic valves has increased every year, surpassing surgical aortic valve replacement (SAVR) for the first time in 2019. TAVR's annual volume is expected to continue increasing, driven by FDA approval for low-risk patients and the rising incidence of valvular heart disease. This growth is expected to fuel demand for transcatheter valves and drive prosthetic heart valve market expansion.
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Asia Pacific is expected to experience growth at the highest rate, registering a CAGR of 13.1 % during the forecast period.
The North American region dominates the prosthetic heart valve market due to the availability of medical expertise, favorable government regulations, and the launch of new products. The region's high prevalence of lifestyle disorders, such as diabetes and obesity, also contributes to its market dominance. The Asia Pacific region is expected to exhibit a higher CAGR during the forecast period, driven by the rising incidence of cardiac disorders like aortic stenosis, developing healthcare infrastructure, and increased investment by market players in emerging markets like China and India. According to Hope for Hearts, 1 in 8 geriatric people in Australia is suffering from aortic stenosis, with at least 97,000 Australians above 55 years living with severe AS.
The prosthetic heart valve market can be categorized into mechanical heart valve, tissue heart valve (stented and stentless), and transcatheter heart valve. Geographically, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
North America leads the market due to factors such as an increase in medical expertise, new product launches, and government regulations that provide easy access to production and maintenance of cardiac valve devices. The rise in the prevalence of lifestyle disorders such as diabetes and obesity also contributes to the dominance of the region.
The Asia-Pacific region is expected to have the highest growth rate due to an increase in the prevalence of cardiac disorders such as aortic stenosis, developing healthcare infrastructure in countries like China, India, and the constant focus of market players to invest in emerging markets.
The types of prosthetic heart valves have their advantages and disadvantages. Mechanical heart valves are extremely long-lasting and can last up to 30 years in optimum conditions. However, they increase the risk of blood clotting on the valve surface. Tissue heart valves, on the other hand, are made from biological tissue and are less thrombogenic than mechanical heart valves. Transcatheter heart valves are minimally invasive surgical procedures used to replace a damaged aortic valve.
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David Correa
Allied Analytics LLP
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