The heart valve devices market reached $10 billion in 2021 and is expected to grow at a CAGR of 13.5% during the forecast period of 2023 to 2030. Implantation of heart valve devices is one of the most common operations used for the treatment of a blockage in the heart valves, which is why these devices are utilized in the first place. Mechanical heart valves, biological heart valves, and transcatheter heart valves are the three primary types of structural heart valve technology that are now available on the market. As a result of an increase in the number of heart valve surgeries performed all over the world, it is anticipated that the global market for heart valve devices would expand at a rate that is consistent with growth during the period covered by the forecast. The expansion of the global market for heart valve devices is anticipated to be driven by technological advances in structural heart devices and procedures. These advancements include aortic valve replacement valves, left arterial closure devices, and tissue or biological valves. However, patients are less likely to have surgery as a result of rising expenses associated with minimally invasive procedures. This, in turn, has a negative impact on the expansion of the global market for heart valve devices. The effectiveness, reproducibility, adaptability, and level of the technical complexity of the product should be the primary concerns of the manufacturers of heart valve devices. Companies operating in the global market for heart valve devices should prioritize the research and development of heart valves made from synthetic material in order to improve their durability, achieve a mechanical function that is comparable to that of native valves, and decrease their reliance on anticoagulant and antithrombotic treatment.
The expansion of various facets of the medical industry as well as medical research in more developed nations is a driver of the growth of medical tourism, which, in turn, will be the foundation for the expansion of the market for heart valve devices. The need for procedures that are only somewhat invasive to address cardiac irregularities has significantly increased. Current automation in heart valve procedures, such as the Transcatheter Aortic Valve Replacement (TAVR), has made way for rising options for surgeries that are functionally identical to one another. It is anticipated that expanding life assurances would ultimately result in a higher proportion of an older population, which will also fuel the expansion of the heart valve market. During the period of time covered by the projection, transcatheter heart valve devices have a robust growth trajectory. It is anticipated that the initiatives launched by a number of government businesses to increase understanding of heart valve replacement surgeries would also contribute to the expansion of the heart valve market. The ever increasing demand for minimally invasive procedures has encouraged players to make significant investments in the research and development of innovative surgical methods. The introduction of new transcatheter heart valve prostheses, such as the SAPIEN Transcatheter Heart Valve, Magna Ease Aortic and Mitral Valves, and PERIMOUNT Aortic/Mitral Valves, is expected to boost the market for transcatheter valves during the forecast period.
Increasing Product Approvals to Drive the Market Revenues
The incidence of cardiovascular disease is raised when both hypertension and diabetes are present at the same time. Because of socioeconomic variables such as lifestyle-induced food, physical inactivity, and other habits such as smoking, the prevalence of these disorders is on the rise. The demand for heart valve devices is growing as a result of the increasing prevalence of cardiovascular disorders as well as the regulatory approvals being granted for new and more advanced prosthetic heart valves. The Nemours Foundation reports that approximately 1 in every 100 newborns has congenital cardiac abnormality, the severity of which can range from minor to severe. In addition, a study conducted by Micro Interventional Devices, Inc. found that structural heart problems impact around 60 million people in the United States, which is equivalent to approximately 20% –25% of the adult population.
Technological Advances in Heart Valve Devices to Increase Market Growth
It is anticipated that the launch of innovative products suitable for use in less invasive procedures will drive growth in the global market for heart valve devices. The market for heart valve devices has already been significantly impacted by tissue valves. The procedures used in today's next-generation heart valve replacements include lower delivery profiles, more controlled placement, improved valve function, reduced paravalvular regurgitation, increased durability, and a lower overall cost. Product innovation has enhanced the growth potential for market players in the heart valve device industry since it makes it possible to treat a broader patient population while simultaneously obtaining greater clinical outcomes. Even though there has been substantial development in the field over the past several years, interventional structural heart treatment is still in the early stages of the market and has a great deal of untapped potential. These devices will continue to be at the forefront of interventional product innovation for a number of years to come as a result of their clever design, new technologies, and novel applications of biomaterials. This is guaranteed by the fact that the boundaries of new product development are constantly being pushed further. In the heart valve devices market, design innovations are assisting market participants in capitalizing on the attractive growth potential.
Increasing Prevalence of Cardiac Diseases and Causes Leading to It Remains as the Key Contributing Factor
The ever-increasing proportion of elderly people in the population is having a significant impact on the evolution of the market. The elderly population in the United States is expected to more than double by the year 2050, rising from 43.1 million in 2012 to 83.7 million. Aortic stenosis affects roughly 12.4% of the population in the United States, which is equivalent to around 2.5 million people over the age of 75 in the United States suffering from aortic stenosis, according to data provided by Edwards Lifesciences Corporation. Therefore, the broadening base of the elderly population in the United States, along with the high reimbursement rates, is projected to result in a greatly increased demand for replacement surgery in that country. The unstable lifestyle, lifestyle diseases, the growing population of smokers, and the growing elderly population, as well as the increasing focus on the quality of healthcare and the rapid progress of healthcare reimbursement, are a few of the major factors that will boost the growth of the heart valves market over the forecast period. Other factors that will boost the growth of the market include the rapid progress of healthcare reimbursement.
The Increasing Life Expectancy Factor Remains the Motivating Factor
Some of the primary factors that are expected to drive the growth of the heart valves devices market include technological advancements, an increasing geriatric population, an upsurge in the prevalence of heart valve disorders (mitral regurgitation and aortic stenosis), the growth of innovative repair equipment, and an increase in demand for minimally invasive techniques. In addition, a number of nations have increased their spending on healthcare, with the intention of improving the infrastructure and facilities available for medical care in line with the increased funding. Therefore, increasing healthcare costs and an increasing number of heart surgeries, regarding the diagnosis and availability of treatments for heart valve disorders, are likely to boost demand for prosthetic heart valves. These factors are related to the availability of treatments for heart valve disorders.
Cost to Remain as the Key Constraint
Despite this, the expansion of the heart valve market is hindered by the high cost of surgical procedures and the stringent administrative requirements of the government. It is anticipated that growth in the spending of key players on research and development activities related to heart devices, as well as an increase in the demand for quick and long-lasting processes among the elderly population, will create advantageous opportunities for players in the heart valve devices market.
High Risks Associated with Heart Valve Replacement Surgeries to Limit the Market Size
Because it is an intrusive treatment, heart valve replacement is connected with the possibility of danger, which is a major element that acts as a barrier to the expansion of the cardiac valve market. The replacement operation comes with a number of potential risks, some of which include excessive bleeding, arrhythmia, kidney problems, stroke, heart failure, blood clots, infection, and other potential health issues. The cost of minimally invasive surgery is significantly more than the cost of invasive surgery, despite the fact that minimally invasive methods are accessible with fewer risks and problems. These complications have the potential to dramatically impact the patient pool that is undergoing surgery, which will in turn limit the size of the market.
Transcatheter Aortic Valve to Dominate the Market:
In terms of product type, it is anticipated that the transcatheter aortic valve segment is expected to lead the global market during the forecast period of 2023 to 2030. This can be linked to an increase in the number of transcatheter aortic valve replacement surgeries due to the surge in the patient population, the ease of implantation, the high frequency of heart valve illnesses, and the growth in the number of transcatheter heart valve surgery centers. It is anticipated that the market for transcatheter aortic valves would experience significant expansion throughout the course of the period under consideration. It is anticipated that the segment will be driven by the operations of a number of government corporations aimed at increasing understanding regarding heart valve replacement surgery. Players have been motivated to invest in the research and development of novel surgical processes as a result of an increase in the demand for minimally invasive procedures. It is projected that the introduction of new transcatheter heart valves prosthesis products, such as the SAPIEN Transcatheter Heart Valve, Magna Ease Aortic and Mitral Valves, and PERIMOUNT Aortic/Mitral Valves, will drive demand for transcatheter valves.
As a result of their contribution to revenue, biological heart valves are expected to achieve the position of second-largest market share, resulting in their acquisition of roughly one-third of the market for heart valve devices worldwide. A rise in the number of patients under the age of 60 who are candidates for biological heart valve grafts is driving up demand for the product. It is projected that the elimination of the need for anti-coagulant medications and measures to prevent the formation of blood clots will contribute to the expansion of the market for biological heart valves. The biological heart valves are expected to grow at a CAGR of 9.5% during the forecast period.
Hospitals Dominate the End Users Market
Hospitals, specialty clinics, and other types of medical facilities are the end users as segmented in the report. The expansion of the hospital segment can be attributed to a number of primary factors, the most important of which are an increasing number of procedures performed in hospitals, favorable health reimbursement, and improving government guidelines for the management of vulvar diseases. It is expected that the specialty clinics and other segments will experience a higher rate of growth as a result of the rising number of private practitioners and the unmet demands of patients.
North America Remains the Global Leader with the U.S. Being the Dominant Region
In terms of volume, the North American region owned the greatest share of the global market in 2021, accounting for 45% of the total. The region leads the global market for heart valve devices in terms of the adoption of technologically superior products and techniques, as well as the relatively higher average selling prices of heart valve devices in the region. Additionally, the region leads the market in terms of the number of people who live there. It is anticipated that the United States will maintain its position as the dominant player in the global market for heart valve devices, currently accounting for more than a quarter of the market share. The number of people suffering from heart disease is rising at a breakneck speed all over the world. According to the World Health Organization (WHO), cardiovascular diseases are the leading cause of death on a global scale. Devices that control the heart valves are required in order to put a stop to the snowballing of cases. According to the survey conducted by the Centers for Disease Control and Prevention (CDC), heart disease is the leading cause of mortality in the United States. The increasing adoption of technologically improved heart valve repair devices in order to shorten the time of treatment and the number of surgeries is likely to be the driving force for market expansion. Additionally, an increase in the number of transcatheter aortic valves approved by the FDA is leading to an increase in the revenue shares of key market participants, which in turn is growing the market for heart valve devices as a whole. Fact. The market for heart valve devices in the United States is expected to grow at a compound annual growth rate (CAGR) of 14% during the forecast period.
APAC Remains as the Second Largest and Fastest Growing Geographic Segment
The Asia-Pacific region is in second place, immediately behind the North American continent, and it demonstrates advantageous possibilities for expansion. Key growth factors include substantial investments made by industry participants as well as improvements in healthcare infrastructure.
It is anticipated that mechanical heart devices would gain the greatest share of the market in terms of volume, thanks to improvements in life expectancy as well as more competitive pricing. The market for heart valve devices in Asia-Pacific is anticipated to increase vigorously at a CAGR of 15% during the forecast period. Because there is a greater number of people suffering from cardiovascular disorders in developing countries, companies that make mechanical heart valve devices are investigating the unrealized market potential in these countries. The infrastructure of the healthcare systems in numerous Asian countries is undergoing rapid improvement. To be able to offer their constituents superior care, governmental entities are placing a primary emphasis on the expansion of their healthcare infrastructure. This element contributes, albeit in a roundabout way, to the acceleration of the growth rate of the market for heart valve devices.
Heart Valve Devices Remains Concentrated
The global market for heart valve devices is highly concentrated, with only a handful of large firms holding the majority of the market share. The creation of products that are less harmful to the environment is the primary motivation for a number of businesses' large investments in research and development. Edwards Lifesciences retained the largest share, which may be ascribed to the company's varied product portfolio as well as the growing demand for the SAPIEN series of valves that they produce. The company's primary focus is on the research and development of innovative products that are optimized to meet the needs of patients. It is anticipated that this will improve the company's standing in the target market as a whole. On the other hand, Abbott is currently in second place in the market, having entered the industry with the purchase of St. Jude Medical, Inc. Because of the growing investments in research, Abbott is projected to strengthen its position in the market, which will result in an increase in the revenue generated by the heart valves industry. The primary strategies that the leading players have implemented include diversifying their product portfolios and engaging in 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 some of the key market players that operate in the global heart valve devices market. Other market players include Lepu Medical.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Heart Valve Devices market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Type
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Valve Type
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Procedure
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End User
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
