PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1453903
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1453903
According to Stratistics MRC, the Global Pulmonary Valve Replacement Market is accounted for $1.2 billion in 2023 and is expected to reach $2.0 billion by 2030 growing at a CAGR of 7.1% during the forecast period. Pulmonary valve replacement (PVR) is a surgical procedure aimed at replacing a defective or damaged pulmonary valve in the heart. The pulmonary valve regulates blood flow from the heart's right ventricle to the pulmonary artery, facilitating oxygenation of blood in the lungs. Surgeons typically use either mechanical or biological prosthetic valves to restore proper cardiac function. PVR can alleviate symptoms like shortness of breath, chest pain, and fatigue, improving overall heart health and quality of life. Post-operative care involves monitoring for complications and cardiac rehabilitation to support recovery and long-term well-being.
Increasing healthcare expenditure
As healthcare spending rises, particularly in emerging economies and developed countries, there is a corresponding increase in access to specialized cardiac care procedures. This improved infrastructure enables healthcare providers to offer a wider range of treatment options to a greater number of patients. Moreover, increased healthcare spending often correlates with improvements in insurance coverage and reimbursement policies, reducing financial barriers for patients, which drives this market growth.
High cost
The complexity and invasiveness of the procedure are two of the primary factors contributing to the high cost of pulmonary valve replacement. These factors contribute to the overall cost of the procedure, including pre-operative assessments, post-operative care, and follow-up visits. Additionally, the materials used in pulmonary valve replacement, such as prosthetic valves or conduits, can be expensive, further driving up the cost of the procedure.
Technological advancements
Advancements in prosthetic valve design and materials contribute to improved longevity, durability, and biocompatibility of pulmonary valve replacements. These innovations result in better clinical outcomes and reduced rates of valve failure, leading to increased patient satisfaction and a decreased need for repeat interventions. Furthermore, advancements in imaging technologies, such as 3D echocardiography and cardiac magnetic resonance imaging (MRI), enhance preoperative planning, which is boosting this market growth.
Lack of awareness
Limited awareness about the symptoms and consequences of pulmonary valve conditions may lead to delays in diagnosis and intervention, resulting in poorer patient outcomes. Healthcare providers may also lack sufficient understanding of the latest advancements in techniques and technologies, leading to suboptimal patient care and the underutilization of appropriate treatments. Furthermore, patients and their families may have misconceptions or fears about surgical procedures, which can impede this market size.
Covid-19 Impact
The COVID-19 pandemic has significantly impacted the pulmonary valve replacement market. As healthcare systems worldwide diverted resources to manage the pandemic, elective procedures, including pulmonary valve replacements, experienced delays and cancellations. This led to a reduction in procedural volumes and revenue for manufacturers and healthcare facilities specializing in cardiac interventions. Moreover, patient reluctance to seek non-urgent medical care due to fear of exposure to the virus further dampened demand for pulmonary valve replacement procedures.
The tissue engineered pulmonary valves segment is expected to be the largest during the forecast period
The tissue engineered pulmonary valves segment is estimated to hold the largest share. These valves are designed to mimic the structure and function of native pulmonary valves, offering promising solutions for patients with pulmonary valve dysfunction. Tissue-engineered pulmonary valves are typically created by seeding cells onto a biodegradable scaffold, allowing for the growth of living tissue. Additionally, tissue-engineered valves have shown promising outcomes in terms of long-term functionality and hemodynamic performance, which gradually boosts this segment's growth.
The transcatheter pulmonary valve replacement (TPVR) segment is expected to have the highest CAGR during the forecast period
The transcatheter pulmonary valve replacement (TPVR) segment is anticipated to have highest CAGR during the forecast period due to its minimally invasive procedure for replacing pulmonary valves via catheterization. This approach is particularly beneficial for patients with congenital heart defects, pulmonary valve stenosis, or regurgitation. Furthermore, TPVR procedures have demonstrated excellent outcomes in terms of safety, efficacy, and patient recovery, compared to traditional surgical interventions, which are driving this segment's expansion.
North America commanded the largest market share during the extrapolated period owing to a growing prevalence of congenital heart diseases and valve disorders. This region is home to some of the major players, such as Medtronic, Abbott Laboratories, and Boston Scientific. Moreover, government initiatives aimed at improving cardiovascular healthcare and advancing medical research also play a vital role in fueling market growth.
Europe is expected to witness highest CAGR over the projection period, owing to significant advancements in medical technology, robust healthcare systems. Countries like Germany, France, the United Kingdom, and Italy are key contributors to the market's growth in the region. Additionally, Europe has a strong regulatory framework supporting medical innovation, ensuring the safety and efficacy of new pulmonary valve replacement technologies, fostering competition, and driving advancements in the field.
Key players in the market
Some of the key players in the Pulmonary Valve Replacement Market include Edwards Lifesciences, Medtronic, Terumo Corporation, CryoLife, Inc, SynCardia Systems, Inc., Abbott Laboratories, Merit Medical Systems, LivaNova PLC, Micro Interventional Devices, Inc., Boston Scientific, Braile Biomedica, JenaValve Technology, Inc., B. Braun Melsungen AG, Medistim and CardioMech AS.
In January 2024, Boston Scientific Corporation announced it has entered into a definitive agreement to acquire Axonics, Inc., a publicly traded medical technology company primarily focused on the development and commercialization of differentiated devices to treat urinary and bowel dysfunction.
In December 2023, Medtronic plc announced that it has entered into a definitive agreement to expand its partnership with Cosmo Intelligent Medical Devices, a subsidiary of Cosmo Pharmaceuticals.
In November 2023, Medtronic plc announced that the United States Food and Drug Administration (FDA) has approved the Symplicity Spyral(TM) renal denervation (RDN) system, also known as the Symplicity(TM) blood pressure procedure, for the treatment of hypertension.
In September 2023, Boston Scientific Corporation announced it has received U.S. Food and Drug Administration approval for the latest-generation WATCHMAN FLX(TM) Pro Left Atrial Appendage Closure (LAAC) Device.