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Rising Prevalence Of Valvular Heart Disease Boosts Demand For Transcatheter Aortic Valve Replacement (TAVR) And Prosthetic Heart Valve Devices: Strengthening the Growth Trajectory of the Prosthetic Heart Valve Devices And Equipment Market
Prosthetic Heart Valve Devices And Equipment Market
What Is the Expected CAGR for the Prosthetic Heart Valve Devices And Equipment Market Through 2025?
The market size for devices and equipment related to prosthetic heart valves has seen a quick expansion over the past few years. Expectations see it rising from $6.68 billion in 2024 to $7.44 billion in 2025, which equals to a compound annual growth rate (CAGR) of 11.4%. Factors that have contributed towards this growth in the historic period encompass prevalence of cardiovascular diseases, the aging demographic, management of chronic diseases, research, and clinical guidelines.
What's the Projected Size of the Global Prosthetic Heart Valve Devices And Equipment Market by 2029?
The market for prosthetic heart valve devices and equipment is anticipated to witness significant expansion in the coming years, reaching a value of $10.39 billion by 2029, fueled by a compound annual growth rate (CAGR) of 8.7%. The proliferation during the predicted period can be ascribed to advancements in minimally invasive procedures, the incorporation of telehealth, worldwide health care accessibility, and drug-imbued devices. Key market trends to watch out for during this period include the application of artificial intelligence (AI) in vascular medicine, the advent of robot-assisted interventions, point-of-care testing, and the use of bioresorbable vascular scaffolds.
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Top Growth Drivers in the Prosthetic Heart Valve Devices And Equipment Industry: What's Accelerating the Market?
The increasing incidence of valvular heart disease has necessitated the use of transcatheter aortic valve replacement (TAVR) procedures, thereby boosting the prosthetic heart valve devices and equipment market. TAVR, which is a mild surgical operation, treats aortic stenosis - a valvular heart issue impacting the heart's aortic valve. Aortic stenosis hardens the aortic valve, impeding proper blood flow, and TAVR replaces this flawed aortic valve with a transcatheter one. The Centers for Disease Control and Prevention, a governmental agency based in the US, revealed that heart disease was the cause of 702,880 deaths in the US in 2022, constituting 1 in 5 deaths. As valvular heart diseases become more evident, the rate of TAVR operations is likely to rise, escalating the demand for transcatheter valves. This, in turn, propels the market's progression.
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What Trends Will Shape the Prosthetic Heart Valve Devices And Equipment Market Through 2029 and Beyond?
Regulating authorities such as the FDA in the US, along with The Central Drugs Standard Control Organization (CDSCO), supervise the market for prosthetic heart valve devices and equipment. For example, it had been outlined by the CDSCO that various medical devices possess different levels of risk, with prosthetic heart valves being categorized as class D or as a high-risk device. It is equally essential for manufacturers to complete and submit forms MD-7 and MD-8 to manufacture and distribute prosthetic valve devices in India, as this falls under the responsibility of the central government. Form MD-7 provides registration for manufacturers of prosthetic valves in India, while form MD-8 is utilized by these manufacturers for loan applications.
What Are the Main Segments in the Prosthetic Heart Valve Devices And Equipment Market?
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
Subsegments:
1) By Repair Products: Transcatheter Mitral Valve Repair (TMVR) Devices, Transcatheter Tricuspid Valve Repair (TTVR) Devices
2) By Mitral Valve Repair Devices: Mitral Valve Repair Systems (MitraClip), Mitral Valve Annuloplasty Devices, Edge-to-Edge Repair Devices
3) By Tricuspid Valve Repair Devices: Tricuspid Valve Annuloplasty Devices, Tricuspid Valve Repair Systems
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Which Top Companies are Driving Growth in the Prosthetic Heart Valve Devices And Equipment Market?
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.
Which Regions Will Dominate the Prosthetic Heart Valve Devices And Equipment Market Through 2029?
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.
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