Press release
Heart Valve Devices Market Growth Outlook 2031
Global Heart Valve Devices Market Outlook 2031The global heart valve devices market was valued at US$ 8.7 Bn in 2021
The global market is projected to grow at a CAGR of 11.9% from 2022 to 2031
The global heart valve devices market is anticipated to reach US$ 26.3 Bn by the end of 2031
Overview of Global Heart Valve Devices Market
Heart valve devices are used for the treatment of a blockage in the heart valves, and implantation of these devices is one of the common procedures. Various structural heart valve equipment available in the market are mechanical heart valves, biological heart valves, and transcatheter heart valves. The global heart valve devices market is likely to grow at a steady growth rate during the forecast period, owing to an increase in heart valve surgeries across the world.
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Regulatory Approvals for Advanced Prosthetic Heart Valves to Propel Demand for Heart Valve Devices
The global heart valve devices market is estimated to reach US$ 9.5 Bn by 2022. When hypertension and diabetes coexist, the risk of cardiovascular disease increases. The prevalence of these disorders is rising due to socioeconomic factors such as lifestyle-induced diet, physical inactivity, and other habits such as smoking. Cardiovascular diseases are becoming more common, and regulatory approvals for new and advanced prosthetic heart valves are increasing the demand for heart valve devices.
According to the Nemours Foundation, around one in every 100 newborns has congenital heart defects, which can range from mild to severe. In addition, according to Micro Interventional Devices, Inc., structural heart defects affect about 60 million people in the U.S. or about 20% to 25% of the adult population.
Innovations in Heart Valve Devices Offer Improved Clinical Outcome
The introduction of new products for use in minimally invasive procedures is likely to propel the global heart valve devices market. Tissue valves have already revolutionized the heart valve devices market. Next-generation heart valve surgeries offer lower delivery profiles, more controlled placement, improved valve function, reduced paravalvular regurgitation, increased durability, and lower cost. Product innovation has increased the growth prospects for heart valve device market players by allowing the treatment of a larger patient population, while achieving superior clinical outcomes.
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Despite significant progress in the past few years, interventional structural heart treatment is still in the nascent market with significant potential. Clever design, new technologies, and novel biomaterial applications continue to push the boundaries of new product development, ensuring that these devices are at the forefront of interventional product innovation for several years to come. Design innovations are helping market players to seize the lucrative growth opportunities in heart valve devices.
Advancements in Transcatheter Valve Technology to Boost Global Market
In terms of type, the transcatheter aortic valve segment is expected to dominate the global market during the forecast period. This can be attributed to an increase in the number of transcatheter aortic valve replacement procedures due to the high incidence of heart valve diseases, ease of implantation, increase in the number of transcatheter heart valve surgery centers, and surge in the patient population.
The transcatheter aortic valve segment is likely to witness strong growth during the forecast period. Several government corporations' actions to increase knowledge about heart valve replacement surgeries are projected to drive the segment. An increase in demand for minimally invasive procedures has encouraged players to invest in the research & development of novel surgical processes. Transcatheter heart valve prosthesis product launches, such as the SAPIEN Transcatheter Heart Valve, Magna Ease Aortic and Mitral Valves, and PERIMOUNT Aortic/Mitral Valves, are anticipated to propel the demand for transcatheter valves.
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Regional Outlook of Global Heart Valve Devices Market
North America held the largest share of 44% of the global market in terms of volume in 2021. The region leads the global heart valve devices market in terms of the adoption of technologically superior products and techniques, as well as comparatively higher average selling prices of heart valve devices in the region.
The Asia Pacific was the second largest market for heart valve devices in 2021. The global market for heart valve devices is driven by the factors such as an increase in the geriatric population, favorable reimbursement scenarios, a rise in regulatory approvals, and the presence of a large target patient population. In addition, the surge in healthcare expenditure, implementation of government-funded insurance schemes, and growing medical tourism industry in several countries are attributable to the market growth in the Asia Pacific.
Aortic stenosis affects millions of people in Europe. These statistics highlight the need for structural heart disease treatment devices, providing impetus to develop new techniques for heart defect replacement and repair.
Analysis of Key Players in Global Heart Valve Devices Market
The global heart valve devices market is consolidated, with a small number of large players accounting for the majority of the market share. Several companies are making a significant investment in research & development primarily to develop environmentally friendly products.
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Diversification of product portfolio and mergers & acquisitions are the key strategies adopted by the leading players. Some of the key market players operating in the global heart valve devices market are 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, among others.
Each of these players has been profiled in the heart valve devices market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.
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