The Global Prosthetic Heart Valve Industry is on track for sustained growth, with a projected market value of US$51.2 million by 2032. This translates to a Compound Annual Growth Rate (CAGR) of 5.1% anticipated from 2022 to 2032. The current market size is estimated to be US$33.36 million in 2022, highlighting the increasing demand for these life-saving medical devices.
The growth of the prosthetic heart valve market is being driven by several factors, including the rising prevalence of valvular diseases, the increasing demand for minimally invasive surgeries, and the growing body of scientific evidence supporting the effectiveness of prosthetic heart valve replacement surgeries.
Valvular diseases are conditions that affect the heart valves. The four main heart valves are the aortic valve, mitral valve, pulmonary valve, and tricuspid valve. Valvular diseases can cause the heart valves to become narrowed, leaky, or not closed properly. This can lead to several health problems, including heart failure, stroke, and arrhythmias.
Hospitals emerged as the dominant end user in the global prosthetic heart valve market in 2021, accounting for a revenue share of over 75%. This trend is expected to persist throughout the forecast period, attributed to the increasing number of surgical procedures performed in hospitals and the availability of advanced healthcare infrastructure.
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Segmentation highlights
The global prosthetic heart valve market is segmented based on Product Type (Mechanical Heart Valves, Biological/Tissue Heart Valves, Transcatheter Heart Valves) and End User (Hospitals, Ambulatory Surgery Centres).
- The Transcatheter Heart Valves product type segment is estimated to be valued at US$ 6,069.1 Mn by 2026 end, registering a CAGR of 13.3% between 2016 and 2026
- The Hospital end user segment accounted for 74.5% market share of the global prosthetic heart valve market in 2015. Rising demand for quicker treatment options and remedies is expected to promote the revenue growth of the Hospitals segment over the forecast period
Regional market projections
The global prosthetic heart valve industry is segmented by region into North America, Latin America Excluding Brazil, Brazil, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), and Middle East & Africa (MEA). The global prosthetic heart valve market is largely prominent in the developed regions.
The North American regional market is estimated to witness the highest CAGR of 12.4% during the forecast period followed by the Western Europe regional market at 12.1%. Factors such as legislative openness and inline approval procedures are expected to contribute largely to the revenue generation potential and attractiveness of the Western Europe prosthetic heart valve market. Rising adoption of transcatheter heart valves in geriatric patients for better care is expected to fuel revenue growth in the Japan prosthetic heart valve market over the forecast period.
Vendor insights
The report on the global prosthetic heart valve industry profiles some of the leading companies dominating the global prosthetic heart valve market. Top market players featured in the global prosthetic heart valve market report are Edwards Lifesciences Corporation, St. Jude Medical, Inc., Medtronic plc, Boston Scientific Corporation, Abbott Laboratories, SYMETIS, LivaNova PLC, CryoLife, Inc., Braile Biomedica, Colibri Heart Valve LLC, and JenaValve Technology, Inc. Leading market players are focussing on delivering differentiated therapies to cardiac patients and are strengthening their foothold in the global prosthetic heart valve market through strategic collaborations and acquisitions.
Key competitors covered in terms of prosthetic heart valve market are Edwards Lifesciences Corporation, St. Jude Medical, Inc., Medtronic plc, Boston Scientific Corporation, Abbott Laboratories, SYMETIS, LivaNovaPLC, CryoLife, Inc., Braile Biomedica, Colibri Heart Valve, LLC, and JenaValve Technology, Inc.
Key strategies adopted by most of the major players in the global prosthetic heart valve market include product approvals and commercialisation, leveraging existing capabilities to create patient-centric technologies, briskly entering markets in emerging countries and offering the latest innovative technologies to healthcare facilities and, thus strengthening regional proficiency and addressing customer needs. New product launches, innovation and expansion are anticipated to form the core of these strategies during the forecast period.
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Global Prosthetic Heart Valve Industry Key Segment
By Product Type
- Mechanical Heart Valves
- Mechanical Aortic Valve
- Mechanical Mitral Valve
- Biological/Tissue Heart Valves
- Tissue Aortic Valve
- Tissue Mitral Valve
- Transcatheter Heart Valves
- Transcatheter Aortic Valve
- Transcatheter Mitral Valve
By End User
- Hospitals
- Ambulatory Surgery Centres
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