The heart valve devices market surpassed $10 billion in 2021 and is anticipated to rise at a CAGR of 13.5% from 2023 to 2030. Implantation of heart valve devices is a common operation done to treat heart valve blockages. Mechanical, biological, and transcatheter heart valves are the three main structural heart valve technologies. As heart valve operations rise globally, the global market for heart valve devices is expected to develop throughout the forecast period. Technological developments in structural heart devices and treatments will drive the worldwide heart valve market. These include aortic replacement valves, left arterial closure devices, and biological valves. Rising minimally invasive procedure costs make patients less likely to seek surgery. This hurts the worldwide heart valve market. Heart valve device producers should prioritize efficacy, repeatability, flexibility, and technical complexity. Companies in the global market for heart valve devices should create synthetic heart valves to increase their longevity, attain a mechanical function comparable to native valves, and reduce their need for anticoagulant and antithrombotic medication.
The rise of the medical industry and medical research in industrialized nations drives medical tourism, which will expand the heart valve device market. Increasingly, cardiac abnormalities require minimally invasive methods. Current automation in heart valve treatments, such as TAVR, has led to functionally equivalent surgery possibilities. Expanding life assurances will likely result in an older population, which will boost the heart valve industry. Transcatheter heart valve devices have a strong growth forecast. Government attempts to raise awareness of heart valve replacement surgery are expected to boost the heart valve industry. Demand for minimally invasive procedures has prompted major expenditures on revolutionary surgical approaches. New transcatheter heart valve prostheses such as the SAPIEN Transcatheter Heart Valve, Magna Ease Aortic and Mitral Valves, and PERIMOUNT Aortic/Mitral Valves are projected to increase the market throughout the forecast period.
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Hypertension and diabetes together increase cardiovascular disease risk. The prevalence of these ailments is rising due to socioeconomic factors such as lifestyle-induced diet, inactivity, and smoking. Increasing cardiovascular problems and regulatory approvals for new and more advanced prosthetic heart valves are driving demand for heart valve devices. According to the Nemours Foundation, 1 in 100 newborns has a congenital heart defect. Micro Interventional Devices, Inc. found that structural cardiac abnormalities affect 20%–25% of the adult population, or 60 million Americans.
Innovative solutions for less invasive procedures are expected to boost the worldwide heart valve device market. Tissue valves have impacted the heart valve market. Next-generation heart valve replacements include lower delivery profiles, more controlled placement, improved valve function, reduced paravalvular regurgitation, increased durability, and cheaper costs. Product innovation has increased the growth potential for heart valve device market participants by allowing them to treat a larger patient group with better clinical outcomes. Interventional structural heart treatment is still in its early phases and has much-untapped potential, despite recent advancements. Due to their innovative design, new technology, and unique biomaterial applications, these devices will continue to lead interventional product innovation for years to come. This is because fresh product development boundaries are constantly pushed. Design advancements help heart valve device manufacturers capitalize on the market expansion.
The elderly population is anticipated to increase from 43.1 million in 2012 to 83.7 million in 2050. According to Edwards Lifesciences Corporation, 12.4% of the U.S. population, or 2.5 million people over 75, have aortic stenosis. The increasing U.S. geriatric population and high reimbursement rates are expected to increase the demand for replacement surgery. A sedentary lifestyle, lifestyle diseases, the expanding number of smokers, and the growing elderly population, as well as the increasing focus on quality healthcare and the rapid progress of healthcare reimbursement, will increase the heart valve market over the projection period. Healthcare reimbursement will also drive market expansion.
Technological improvements, an aging population, an increase in heart valve problems (mitral regurgitation and aortic stenosis), innovative repair equipment, and the need for minimally invasive treatments are projected to boost the heart valve devices market. Several nations have boosted healthcare spending to improve infrastructure and amenities. Increasing healthcare expenses and the number of cardiac procedures to diagnose and cure heart valve diseases will drive demand for artificial heart valves. These factors affect heart valve therapy.
The high cost of surgical procedures and regulatory regulations impede the heart valve market's growth. Growth in key players' investment in heart device R&D and an increase in the older population's demand for speedy and long-lasting processes could provide chances for heart valve device market players.
Heart valve replacement is a potentially dangerous intrusive treatment, which hinders the market's growth. The replacement procedure might cause excessive bleeding, arrhythmia, renal difficulties, stroke, heart failure, blood clots, infection, and other health complications. Minimally invasive surgery costs more than invasive surgery, despite fewer risks and complications. These complications could affect the number of surgical patients, limiting the market.
Transcatheter aortic valves are expected to lead the market from 2023 to 2030. This is attributable to the rise in patient population, ease of implantation, high frequency of heart valve disorders, and growth in transcatheter heart valve surgical facilities. Transcatheter aortic valves are expected to grow significantly during the analyzed timeframe. The category will likely be driven by government agencies working to improve heart valve replacement procedures. Demand for minimally invasive procedures has prompted players to invest in novel surgical processes. New transcatheter heart valve prosthesis products including the SAPIEN Transcatheter Heart Valve, Magna Ease Aortic and Mitral Valves, and PERIMOUNT Aortic/Mitral Valves are expected to stimulate demand.
Biological heart valves are predicted to capture one-third of the global market for heart valve devices due to their revenue contribution. Demand for biological heart valve grafts is rising as more people under 60 become candidates. The discontinuation of anti-coagulant drugs and blood clot prevention techniques may boost the market for biological heart valves. Biological heart valves are predicted to grow by 9.5% per year. The hospitals remained the most dominant end user in 2021. The growth of the hospital segment can be linked to an increased number of hospital treatments, favorable health reimbursement, and improved government recommendations for managing vulvar illnesses. The expanding number of private practitioners and unmet patient requests should boost the specialized clinics and other segments.
North America had 45% of the global revenue share in 2021. The region leads the global market for heart valve devices because it adopts technologically superior items and procedures and has higher average selling prices. The region also leads in population. The U.S. presently holds more than a quarter of the global market for heart valve devices. Globally, the number of heart disease sufferers is growing. Heart disease is the top cause of death in the US, according to the CDC. Adoption of technologically advanced heart valve repair devices to reduce treatment duration and operations may drive market growth. Increased FDA approval of transcatheter aortic valves is increasing important market participants' revenue shares, which is growing the market for heart valve devices overall. Fact. The U.S. market for heart valve devices is predicted to rise at a CAGR of 14% during the forecast period.
Because of improved life expectancy and competitive cost, mechanical heart devices are expected to witness growth. In Asia-Pacific, the market for heart valve devices is expected to grow at a CAGR of 15% during the forecast period. Because there are more cardiovascular problems in underdeveloped nations, companies that create mechanical heart valves are studying the unrealized market potential. Many Asian countries are improving their healthcare facilities. Governments are expanding their healthcare infrastructure to offer their residents improved care.
Only a few significant companies control the global market for heart valve devices. Businesses invest much in R&D to create environmentally-friendly products. Edwards Lifesciences held the greatest share due to its diverse product portfolio and increased demand for its SAPIEN valves. The company focuses on developing unique, patient-optimized products. The company's standing in the target market should improve. Abbott is in second place after buying St. Jude Medical, Inc. Abbott's rising research investments are expected to boost its market position, increasing cardiac valve sector revenue. Leading players have diversified their product lines and pursued mergers and acquisitions. Abbott, Boston Scientific Corporation, CryoLife, Inc., Edward Lifesciences Corporation, JenaValve Technology, Inc., Medtronic, Inc., SYMETIS., Neovasc, Inc., Sorin Group (LivaNova plc), Micro Interventional Devices, Inc., XELTIS, TTK HealthCare, and Lepu Medical are key heart valve device market players. Lepu Medical also competes.
