PUBLISHER: The Business Research Company | PRODUCT CODE: 1387750
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387750
“Prosthetic Heart Valve Devices And Equipment Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on prosthetic heart valve devices and equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for prosthetic heart valve devices and equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The prosthetic heart valve devices and equipment market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Prosthetic heart valve devices and equipment refer to artificial heart valves that are surgically implanted in patients with valvular heart disease.
The primary types of prosthetic heart valve devices and equipment include transcatheter heart valves, tissue heart valves, and mechanical heart valves. Transcatheter aortic valve replacement is an invasive procedure used to replace a thickened aortic valve that does not open fully. Product types within this category encompass repair products, mitral valve repair devices, and tricuspid valve repair devices. The technologies employed in prosthetic heart valve devices and equipment involve biological valves and decellularized valves, which are utilized in various healthcare settings such as hospitals and ambulatory surgery centers.
The prosthetic heart valve devices and equipment market research report is one of a series of new reports from The Business Research Company that provides prosthetic heart valve devices and equipment market statistics, including prosthetic heart valve devices and equipment industry global market size, regional shares, competitors with a prosthetic heart valve devices and equipment market share, detailed prosthetic heart valve devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the prosthetic heart valve devices and equipment industry. This prosthetic heart valve devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The prosthetic heart valve devices and equipment market size has grown rapidly in recent years. It will grow from $5.65 billion in 2023 to $6.22 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth observed during the historical period can be attributed to factors including the prevalence of cardiovascular disease, the aging population, the need for chronic disease management, and advancements in clinical guidelines and research.
The prosthetic heart valve devices and equipment market size is expected to see strong growth in the next few years. It will grow to $8.84 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The anticipated growth in the forecast period can be attributed to factors such as the increasing adoption of minimally invasive procedures, the integration of telehealth services, improved global access to healthcare, and the utilization of drug-coated devices. Major trends expected in the forecast period include the integration of artificial intelligence (AI) in vascular medicine, the use of robot-assisted interventions, the development of point-of-care testing, and the use of bioresorbable vascular scaffolds.
The prosthetic heart valve devices and equipment market is experiencing significant growth due to the increasing prevalence of valvular heart disease, which has led to a rising demand for transcatheter aortic valve replacement (TAVR) procedures. TAVR is a minimally-invasive surgical technique used to treat aortic stenosis, a valvular heart condition affecting the aortic valve. Aortic stenosis results in the hardening of the aortic valve, hindering the proper flow of blood. TAVR replaces the defective aortic valve with a transcatheter valve. According to The Society of Thoracic Surgeons (STS)/American College of Cardiology (ACC) TVT Registry, TAVR procedures have been growing consistently, with over 84% of aortic valve replacement procedures in the United States being TAVR in 2021. This amounted to 92,000 TAVR procedures in that year. With the increasing occurrence of valvular heart diseases, it is expected that the number of TAVR procedures will continue to rise, thereby driving the demand for transcatheter valves and fueling market growth.
The growing prevalence of cardiovascular disorders is anticipated to propel the prosthetic heart valve devices market. Cardiovascular disorders encompass a range of heart and blood vessel-related conditions, including coronary artery disease, heart failure, and stroke. Prosthetic heart valve devices are employed to manage cardiovascular disorders by replacing damaged valves with prosthetic heart valves. These devices contribute to improved survival rates, symptom relief, and reduced morbidity and mortality. For instance, heart valve disease, the most common type of structural heart ailment, affects approximately 2.5% of all Americans, as reported by the Cleveland Clinic in March 2022. Consequently, the increasing incidence of cardiovascular disorders is expected to drive the prosthetic heart valve devices market.
A notable trend in this market is the preference for polymer valves over traditional mechanical and bio-prosthetic valves/tissue valves. Polymer heart valves, constructed from polymeric materials, offer advantages over tissue and mechanical heart valves. Mechanical heart valves necessitate lifelong use of blood-thinning medications to prevent blood clotting, while bioprosthetic heart valves have a shorter lifespan, requiring multiple replacements and posing a risk of valve degradation. In contrast, polymeric heart valves promote better blood flow and reduce the risk of blood clot formation, thereby avoiding the disadvantages associated with tissue and mechanical valves. To leverage these benefits, various companies are investing in the development of polymeric heart valve technologies. For example, Shanghai Medics introduced a novel synthetic heart valve in July 2022. This innovative valve, created using polymer nanomaterials, exhibits an extended lifespan of 20 to 25 years.
Regulatory bodies such as the FDA in the United States and The Central Drugs Standard Control Organization (CDSCO) closely oversee the prosthetic heart valve devices and equipment market. For instance, CDSCO has issued notices classifying the risk levels of various medical devices, designating prosthetic heart valves as class D or high-risk devices. Manufacturers seeking to produce and market prosthetic valve devices in India must adhere to regulatory processes involving forms MD-7 and MD-8, which fall under the jurisdiction of the Indian central government. Form MD-7 is used for registering prosthetic valve manufacturers in India, while form MD-8 is employed by manufacturers to apply for loans.
Major companies in the prosthetic heart valve devices market are driving innovation to enhance their market profitability. These innovations result in the development of advanced prosthetic heart valve devices aimed at improving the treatment of cardiovascular disorders. Notably, these devices include polymeric prosthetic heart valves designed to minimize the risk of various complications. For instance, in September 2021, Abbott Laboratories, a U.S.-based medical devices company, announced the Food and Drug Administration's approval of its Epic Plus and Epic Plus Supra Stented Tissue Valves. These valves were developed to expand the treatment options for patients with aortic or mitral valve dysfunction. Specifically recommended for individuals requiring replacement of their mitral or aortic heart valves, the Epic Plus valves build upon the success of their predecessors and introduce significant advancements in radiopacity and implantability. These enhancements enable future treatments and installations for even the most complex patient anatomies.
Major companies operating in the prosthetic heart valve devices and equipment market include Boston Scientific Corporation, Edwards Lifesciences, Medtronic PLC, LivaNova PLC, Abbott Laboratories, Jenavalve Technology Inc., Lepu Medical Technology, Cryolife Inc., Neovasc Inc., Braile Biomedica, Colibri Heart Valve, TTK Healthcare Ltd., Medical Technology Est., Micro Interventional Devices Inc., Well Health Technologies, On-X Life Technologies Inc., Meril Life Sciences Pvt. Ltd., Sorin Group, Commonwealth Edison Company, Cardiac Dimensions Inc., CardioSolutions Inc., Leman Cardiovascular, MitralSolutions Inc., Thubrikar Aortic Valve Inc., LifeNet Health Inc., Xeltis AG, Transcatheter Technologies GmbH, Venus Medtech (Hangzhou) Inc., MValve Technologies Ltd., MVRx Inc., NaviGate Cardiac Structures Inc., Pulmonx Corporation, Tendyne Holdings Inc., ValveXchange Inc., Vascutek Ltd., XpandOrtho Inc., Zhejiang A&F Medical Co. Ltd.
North America was the largest region in global prosthetic heart valve devices and equipment market in 2023. Western Europe was the second-largest region in prosthetic heart valve devices and equipment market. The regions covered in the prosthetic heart valve devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the prosthetic heart valve devices and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The prosthetic heart valve devices and equipment market consist of sales of mechanical heart valves, transcatheter heart valves, and tissue heart valves that are used for heart patients. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.