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Heart Valve Devices Market to reach US$16.2 bn by 2025, globally
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Extensive research and development in various aspects of design of the overall heart valve devices has led to technological advancements which is changing the paradigm of treatment of heart valve diseases. The heart valve devices increase survival rate along with improvement in the quality of life of patients. These devices are used in the replacement of diseased or the damaged natural valves of the heart, and also for valve-in-valve replacements. Heart valve devices are used for the treatment of blockage in heart valve and implantation of these devices is one of the common procedure Innovations in the transcatheter valves have led to increased adoption of advanced heart valve devices by surgeons, and is projected to rise further exponentially. Major players operating in the heart valve devices market space are mainly focusing on transcatheter mitral heart valves, whereas the startups and emerging new entrant are focused on developing innovative devices such as “bio absorbable valve” which uses in situ tissue engineering. The innovations are directed towards increasing durability of heart valves, and focusing on minimally invasive surgeries.
The global heart valve devices market by type has been segmented into mechanical heart valves, biological heart valves and transcatheter heart valves. The mechanical heart valves segment is further divided into aortic valves and mitral valves. The biological heart valves are further segmented into aortic valves, mitral valves, pulmonary valves, and tricuspid valves. The transcatheter heart valves segment is classified into aortic valves, mitral valves, pulmonary valves.
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In 2016, the transcatheter heart valve devices segment dominated the global heart valve devices market among the product type in terms of value. The major reasons for the dominance of the transcatheter heart valve devices segment were the rising adoption of technologically advanced products in developed regions, greater average selling prices, and significantly reduced mortality rate as compared to other segments. The transcatheter heart valves segment is likely to continue its dominance in terms of value during the forecast period. The transcatheter mitral valves are likely to have highest number of new product launches by 2025. The demand for mechanical heart valve devices continues in developing countries. The choice of prostheses in these countries is mainly dependent on two factors – lifetime of the valve with potential risk of reoperation and cost of the procedure. Thus, a large share of the population opts for mechanical heart valves particularly by local manufacturers as these products offer long life expectancy if anticoagulation is ensured.
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The biological heart valves are likely to grow at relatively stable growth rate. However the threat of substitutes is higher for this segment as the promising new technologies such as valves made up of bio absorbable polymer scaffolds manufactured using in-situ tissue engineering, that offer therapeutic healing, are likely to be introduced in the market during the forecast period. The average selling prices of aortic biological heart valves are likely to reduce by 2025 due to rising market penetration of emerging market players resulting in increased competition, and comparatively higher selling price than that of mechanical heart valves, which are preferred in emerging countries, when cost factor is considered. In terms of end-user, the global market is divided in terms of hospitals and ambulatory surgical centers. The hospitals segments is likely to continue its dominance during the forecast owing to factors like significant market penetration, availability of skilled physicians, and highly preferred among the patients from developing countries.
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On the basis of geography, North America is projected to continue its dominance in the global heart valve devices market due to greater adoption of technologically advanced products and techniques, and high average selling prices of heart valve devices among all regions. Europe held the second largest share of the global heart valve devices market in 2016, however Asia Pacific is anticipated to register highest CAGR in terms of value during the forecast period owing to number of factors such as significant patient pool for heart valve diseases demanding affordable care, and improving healthcare per capita spending.
Major players having presence in the global heart valve devices market includes Abbott, Boston Scientific Corporation, CryoLife, Inc., Edward Lifesciences Corporation, JenaValve Technology, Inc., Medtronic, Neovasc, Inc., Sorin Group (LivaNova PLC), Micro Interventional Devices, Inc., TTK HealthCare, and Lepu Medical Technology (Beijing) Co., Ltd. (Lepu Medical Group). The emerging players in the global heart valve devices market includes XELTIS, SYMETIS, Auto Tissue Berlin GmbH, and Novostia SA, among others.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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