Rise in prevalence of structural heart valve diseases, increase in demand for minimally invasive procedures, surge in number of product approvals, and upsurge in geriatric population are the factors that drive the growth of the global prosthetic heart valve market.
PORTLAND, Ore., May 15, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Prosthetic Heart Valve Market by Product (Mechanical Heart Valve, Tissue Heart Valve, and Transcatheter Heart Valve): Global Opportunity Analysis and Industry Forecast, 2024-2035". According to the report, the "prosthetic heart valve market" was valued at $8.6 billion in 2023, and is estimated to reach $30.3 billion by 2035, growing at a CAGR of 11.1% from 2024 to 2035.
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Prime determinants of growth
Surge in prevalence of structural heart valve diseases, increase in demand for minimally invasive procedures, rise in number of product approvals, and upsurge in geriatric population are the major factors that drive the growth of the global prosthetic heart valve market. However, the high cost and risks associated with treatment procedures for prosthetic heart valves restricts market growth. Moreover, growth opportunities in emerging markets and technological advancements in heart valve replacement devices are expected to present new opportunities in the coming years.
Report coverage & details
Report Coverage | Details |
Forecast Period | 2023-2035 |
Base Year | 2023 |
Market Size in 2023 | $8.6 billion |
Market Size in 2035 | $30.3 billion |
CAGR | 11.1 % |
No. of Pages in Report | 218 |
Segments Covered | Product and Region |
Drivers | Rise in prevalence of structural heart valve diseases |
Surge in demand for minimally invasive procedures | |
Rise in geriatric population | |
Upsurge in product approvals for heart valve diseases treatment | |
Opportunities | Growth opportunities in emerging markets |
Technological advancements in heart valve replacement devices | |
Restraint | High costs and risks associated with treatment procedures |
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The transcatheter heart valve segment to maintain its leadership status throughout the forecast period
By product, the transcatheter heart valve segment held the largest market share in 2023, accounting for nearly three-fourths of the global prosthetic heart valve market revenue and is estimated to maintain its leadership status throughout the forecast period. This segment is expected to register the highest CAGR of 11.5% during the forecast period. This is attributed to rise in demand for minimally invasive surgical procedures and availability of advanced transcatheter heart valves.
North America to maintain its dominance by 2035
By region, North America held the largest market share in terms of revenue in 2023, accounting for more than two-fifths the global prosthetic heart valve market revenue and is likely to dominate the market during the forecast period. This is attributed to the increase in the geriatric population in North America, which has led to a higher prevalence of heart diseases, leading to increased demand for prosthetic heart valves. However, Asia-Pacific is expected to witness the fastest CAGR of 11.9% from 2024 to 2035. This is attributed to the rise in prevalence of heart valve disease, surge in healthcare expenditure, and upsurge in awareness about the importance of early detection & treatment of heart valve diseases.
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Leading Market Players
- MERIL LIFE SCIENCES PVT. LTD.
- Boston Scientific Corporation
- Shockwave Medical
- Edwards Lifesciences Corporation
- JenaValve Technology, Inc.
- Abbott Laboratories
- Medtronic Plc
- Livanova Plc
- Labcor Laboratorios Ltda
- Artivion, Inc.
The report provides a detailed analysis of these key players in the global prosthetic heart valve market. These players have adopted strategies such as an acquisition, agreement, product launch, product approval, and rebranding to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
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