Press release
Prosthetic Heart Valve Devices And Equipment Global Market Report 2024 - By Share, Size, Demand, Report, Forecast To 2033
Prosthetic Heart Valve Devices And Equipment Market
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 growth in the forecast period can be attributed to minimally invasive procedures, telehealth integration, global access to healthcare, drug-coated devices. Major trends in the forecast period include artificial intelligence (ai) in vascular medicine, robot-assisted interventions, point-of-care testing, bioresorbable vascular scaffolds.
Market Overview -
Prosthetic heart valve devices and equipment are artificial heart valves that are implanted in the heart of a patient with valvular heart disease.
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Rising Prevalence Of Valvular Heart Disease Boosts Demand For Transcatheter Aortic Valve Replacement (TAVR) And Prosthetic Heart Valve Devices
The rising prevalence of valvular heart disease has driven the need for transcatheter aortic valve replacement (TAVR) procedures, thus driving the prosthetic heart valve devices and equipment market. TAVR is a minimally-invasive surgical procedure done to cure aortic stenosis which is a valvular heart disease that affects the aortic valve of the heart. Aortic stenosis affects the aortic valve by hardening it, thus not allowing blood to properly flow through it and TAVR is used to replace this defective aortic valve with a transcatheter valve. According to a report from The Society of Thoracic Surgeons (STS)/American College of Cardiology (ACC) TVT Registry, volumes have grown every year. In 2021, TAVR procedures make up more than 84% of aortic valve replacement procedures in the United States. 92,000 TAVR procedures were done in 2021. As the rate of occurrence of valvular heart diseases rises, the number of TAVR procedures done can be expected to increase which also increases the demand for transcatheter valves, thus driving the market going forward.
Competitive Landscape -
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.
Stringent Regulatory Oversight Shapes The Prosthetic Heart Valve Market
The prosthetic heart valve devices and equipment market is monitored by regulatory bodies such as FDA in the US and The Central Drugs Standard Control Organization (CDSCO). For instance, CDSCO issued a notice regarding the classification of the risk levels of different medical devices. Under this classification, prosthetic heart valves are considered a class D or high-risk device. Similarly, for manufacturers to produce and sell prosthetic valve devices in India, they need to sign forms MD-7 and MD-8 which come under the direct purview of the central government of India. Form MD-7 is used to register prosthetic valve manufacturers in India and form MD-8 is used by prosthetic valve manufacturers to apply for loans.
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Key Segments -
The prosthetic heart valve devices and equipment market covered in this report is segmented -
1) By Product Type: Repair Products, Mitral Valve Repair Devices, Tricuspid Valve Repair Devices
2) By Type: Transcatheter Heart Valve, Tissue Heart Valve, Mechanical Heart Valve
3) By Technology: Biological Valve, Decellularized Valve
4) By Application: Hospitals, Ambulatory Surgery Centres
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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