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Prosthetic Heart Valve Devices And Equipment Market Size, Share Analysis, Industry Insights, Growth, And Forecast To 2033
Prosthetic Heart Valve Devices And Equipment Market Size
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According to The Business Research Company's, 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 in the historic period can be attributed to cardiovascular disease prevalence, aging population, chronic disease management, 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 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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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.
Prosthetic Heart Valve Devices And Equipment Market 2024 Key Insights:
• 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%.
• Rising Prevalence Of Valvular Heart Disease Boosts Demand For Transcatheter Aortic Valve Replacement (TAVR) And Prosthetic Heart Valve Devices
• Stringent Regulatory Oversight Shapes The Prosthetic Heart Valve Market
• North America was the largest region in global prosthetic heart valve devices and equipment market in 2023
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