by The global Prosthetic Heart Valve Market is estimated to be valued at US$ 2678.08 Mn 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 devices implanted in patients with valvular heart disease to replace the function of a damaged or diseased native heart valve. There are two major types of prosthetic heart valves – mechanical heart valves and biological heart valves. Transcatheter heart valves provide a minimally invasive alternative to open-heart surgery for valve replacement and are driving significant growth in the market.
Market key trends:
One of the key trends in the prosthetic heart valve market is the rising preference for transcatheter aortic valve replacement (TAVR) procedures over open-heart surgical aortic valve replacement (SAVR). TAVR procedures are associated with reduced recovery time, hospital stay and morbidity compared to SAVR. Additionally, bioprosthetic heart valves are increasingly replacing mechanical heart valves due to their biocompatibility and lack of need for lifelong anticoagulation therapy. Another trend is the increased demand for tissue heart valves due to their durability and ability to grow similar to a native valve.
Segment Analysis
The global prosthetic heart valve market is segmented into transcatheter heart valve and tissue heart valve, based on product type. The transcatheter heart valve segment dominated the market in 2022 and is expected to maintain its dominance during the forecast period. Transcatheter heart valves are minimally invasive and transfemoral approach for valve replacement. This technique causes less trauma to the patient as there is no need for open-heart surgery.
Key Takeaways
Global Prosthetic Heart Valve Market Demand was valued at US$ 2678.08 Mn in 2023 and is expected to grow at a CAGR of 9.9% during the forecast period.
Market size: The global prosthetic heart valve market is expected to witness high growth, exhibiting CAGR of 9.9% over the forecast period, due to increasing prevalence of valve diseases and growing geriatric population.
Regional analysis: North America dominated the prosthetic heart valve market in 2022 owing to the rising incidence of valve disorders due to obesity and lifestyle habits in the region. Asia Pacific is expected to witness the fastest growth over the forecast period due to increasing healthcare expenditure and growing medical tourism in countries like India, China, and Japan.
Key players: Key players operating in the prosthetic heart valve market are Edwards Lifesciences Corporation, Medtronic plc., Boston Scientific Corporation, Abbott Laboratories, LivaNova PLC, CryoLife, Inc., Braile Biomedica, Colibri Heart Valve, LLC, and JenaValve Technology, Inc. Edwards Lifesciences Corporation dominates the market due to its wide range of products for valve replacement and repair.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
