According to a new report published by Allied Market Research, titled, "Prosthetic Heart Valve Market," The prosthetic heart valve market size was valued at $6.9 billion in 2021, and is estimated to reach $19.7 billion by 2031, growing at a CAGR of 11.1% from 2022 to 2031.
An artificial heart valve, also known as a prosthetic heart valve, is inserted in the heart of someone who has cardiac vascular disease (valvular heart disease). A strong material such as carbon or titanium is used to construct the prosthetic valve. Mechanical heart valves, transcatheter heart valves, and tissue or bio-prosthetic heart valves are the three forms of prosthetic heart valves. Individuals have the option of picking a prosthesis based on their health state and the advice of their surgeon. The heart valve replacement method allows the diseased valve to be removed and replaced with an artificial valve.
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However, high cost of prosthetic heart valves, increase in incidence of post-surgery complications such as internal bleeding, stroke, and presence of inadequate reimbursement policies in developing countries are expected to hamper the market growth. On the contrary, increase in healthcare investments in public as well as private sectors, increase in patient population, unmet medical demands in developing countries of Asia-Pacific are anticipated to open new avenues for the expansion of the global prosthetic heart valve market during the forecast period.
Coronavirus is a large family of severely acute respiratory syndrome (SARS) viruses that causes diseases ranging from common cold to severe respiratory diseases. The implementation of lockdown delayed the surgical procedure needed for installing prosthetic heart valve and manufacturing of prosthetic heart valve up to six months, thereby having a minimal negative impact on the market. However, the demand of prosthetic heart valve arose as the population that suffered with virus experienced asthma and cardiovascular disorders as an after effect of the contamination that led to gradual growth of the market, and is a major factor that still drives the growth of the prosthetic heart valve market.
The prosthetic heart valve market is segmented into product type and by region. By product type, the market is segregated into mechanical heart valve, tissue heart valve, and transcatheter heart valve. The tissue heart valve segment is further segmented in stented tissue heart valve and stentless tissue heart valve. The transcatheter heart valve segment dominated the market in 2021, and is anticipated to continue this trend during the forecast period, owing to rise in prevalence of cardiac disorders and surge in demand for cardiac valve replacement therapies.
Key Market Segments
By Product
Mechanical Heart Valve
Tissue Heart Valve
Stented Tissue Heart Valve
Stentless Tissue Heart Valve
Transcatheter Heart Valve
Key Market Players
Abbott
Medtronic
MERIL LIFESCIENCES
Boston Scientific Corporation
Micro Interventional Devices, Inc.
Direct Flow medical, Inc.
Edwards Lifesciences Corporation
LivaNova PLC.
JenaValve Technology, Inc.
CryoLife, Inc.
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KEY BENEFITS FOR STAKEHOLDERS
The study provides an in-depth analysis of the market along with the current prosthetic heart valve market trends and future estimations to explain the imminent investment pockets.
A comprehensive analysis of the factors that drive and restrict the market growth is provided in the report.
Comprehensive quantitative analysis of the prosthetic heart valve industry from 2022 to 2031 is provided to enable the stakeholders to capitalize on the prevailing market opportunities.
Extensive analysis of the key segments of the industry helps to understand the application and products of coronary stents used across the globe.
Key market players and their strategies have been analyzed to understand the competitive outlook of the market.
Depending on product, the transcatheter heart valve held the largest share in the global market in 2021.
Region wise, Asia Pacific is expected to experience growth at the highest rate, registering a CAGR of 13.1% during the forecast period.
