The Prosthetic Heart Valve Market is estimated to be valued at US$ 2678.08 Mn in 2023 and is expected to exhibit a CAGR of 9.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Prosthetic heart valves are medical devices implanted in patients with damaged or diseased heart valves. They help improve the heart’s pumping efficiency. Mechanical and biological valves are the two major types. Prosthetic heart valves offer an effective solution for patients with valve disorders to improve cardiac function and quality of life.
Market key trends:
One of the major trends in the prosthetic heart valve market is the shift towards minimally invasive transcatheter procedures from conventional open-heart surgeries. Transcatheter aortic valve replacement (TAVR) procedures are gaining rapid popularity as they reduce recovery time and risk of complications associated with open-heart surgeries. They allow device implantation through small incisions without cutting open the chest bone. Self-expandable and balloon expandable valves are commonly used in TAVR procedures. Advancements in transcatheter technologies have expanded the pool of eligible patient groups to include intermediate and low-risk patients.
Threat of new entrants: Low capital requirements and established brand recognition pose significant barriers for new players.
Bargaining power of buyers: Large healthcare providers and group purchasing organizations control significant market share, enabling them to negotiate lower prices from suppliers.
Bargaining power of suppliers: A few large medical device companies dominate the market, allowing them to influence pricing.
Threat of new substitutes: Technological advancements may lead to development of novel treatment approaches.
Competitive rivalry: Players compete based on product innovation, quality, brand reputation and pricing.
Strengths: Growing geriatric population and rising prevalence of heart diseases drive market growth. Advanced technologies offer minimally invasive procedures.
Weaknesses: High costs associated with procedures limit market expansion in price sensitive regions. Stringent regulatory approval delays market access.
Opportunities: Untapped markets in developing nations present lucrative prospects. Ongoing R&D for innovative solutions creates opportunities.
Threats: Risk of product recalls and legal issues pose challenges. Reimbursement policies vary significantly across countries.
Global Prosthetic Heart Valve Market Demand is expected to witness high growth, exhibiting CAGR of 9.9% over the forecast period, due to increasing prevalence of heart diseases and technological advancements. North America dominated the market in 2023 due to favorable reimbursement policies and high healthcare spending in the region. Europe was the second largest regional market.
The Asia Pacific market is poised to grow at the fastest rate, rising at a CAGR of over 11% between 2023 and 2030 owing to growing medical tourism, increasing healthcare access and expenditures.
Key players operating in the Prosthetic Heart Valve Market are Edwards Lifesciences Corporation, Medtronic plc., Boston Scientific Corporation, Abbott Laboratories, LivaNova PLC, CryoLife, Inc., Braile Biomedica, Colibri Heart Valve, LLC, and JenaValve Technology, Inc.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it