The global prosthetic heart valve market size stood at US$ 10.9 Billion in 2021 and is anticipated to reach a valuation of US$ 12.3 Billion by the end of 2022, driven by the growing prevalence of valvular disorders such as aortic stenosis (AS), organic and ischemic (functional) mitral regurgitation, and tricuspid regurgitation. The market is projected to experience remarkable growth, expanding at a CAGR of 11.4% between 2022 and 2032, culminating in a total market size of US$ 36.3 Billion by 2032.
Hospitals emerged as the dominant end user in the global prosthetic heart valve market in 2021, accounting for a revenue share of over 75%. This trend is expected to persist throughout the forecast period, attributed to the increasing number of surgical procedures performed in hospitals and the availability of advanced healthcare infrastructure.
According to Future Market Insights, an increasing prevalence of valvular heart disease (VHD) is expected to augment the growth of the global prosthetic heart valve market during the forecast period. Regulatory approval for heart valves, integration of technological advancements, and an increasing number of heart valve implantation procedures are other factors expected to influence the revenue growth of the global prosthetic heart valve market in the next 10 years. However, high costs associated with transcatheter heart valve products, procedure-related risks and complications, and product recalls are some restraints likely to hamper the growth of the global prosthetic heart valve market over the forecast period.
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Segmentation highlights
The global prosthetic heart valve market is segmented on the basis of Product Type (Mechanical Heart Valves, Biological/Tissue Heart Valves, Transcatheter Heart Valves) and End User (Hospitals, Ambulatory Surgery Centres).
- The Transcatheter Heart Valves product type segment is estimated to be valued at US$ 6,069.1 Mn by 2026 end, registering a CAGR of 13.3% between 2016 and 2026
- The Hospitals end user segment accounted for 74.5% market share of the global prosthetic heart valve market in 2015. Rising demand for quicker treatment options and remedies is expected to promote the revenue growth of the Hospitals segment over the forecast period
Regional market projections
The global prosthetic heart valve market is segmented by region into North America, Latin America Excluding Brazil, Brazil, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), and Middle East & Africa (MEA). The global prosthetic heart valve market is largely prominent in the developed regions.
The North America regional market is estimated to witness the highest CAGR of 12.4% during the forecast period followed by the Western Europe regional market at 12.1%. Factors such as legislative openness and inline approval procedures are expected to contribute largely to the revenue generation potential and attractiveness of the Western Europe prosthetic heart valve market. Rising adoption of transcatheter heart valves in geriatric patients for better care is expected to fuel revenue growth in the Japan prosthetic heart valve market over the forecast period.
Vendor insights
The report on the global prosthetic heart valve market profiles some of the leading companies dominating the global prosthetic heart valve market. Top market players featured in the global prosthetic heart valve market report are Edwards Lifesciences Corporation, St. Jude Medical, Inc., Medtronic plc, Boston Scientific Corporation, Abbott Laboratories, SYMETIS, LivaNova PLC, CryoLife, Inc., Braile Biomedica, Colibri Heart Valve LLC, and JenaValve Technology, Inc. Leading market players are focussing on delivering differentiated therapies to cardiac patients and are strengthening their foothold in the global prosthetic heart valve market through strategic collaborations and acquisitions.
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Key competitors covered in terms of prosthetic heart valve market are Edwards Lifesciences Corporation, St. Jude Medical, Inc., Medtronic plc, Boston Scientific Corporation, Abbott Laboratories, SYMETIS, LivaNovaPLC, CryoLife, Inc., Braile Biomedica, Colibri Heart Valve, LLC, and JenaValve Technology, Inc.
Key strategies adopted by most of the major players in the global prosthetic heart valve market include: product approvals and commercialisation, leveraging existing capabilities to create patient-centric technologies, briskly entering markets in emerging countries and offering the latest innovative technologies to healthcare facilities and, thus strengthening regional proficiency and addressing customer needs. New product launches, innovation and expansion are anticipated to form the core of these strategies during the forecast period.
Key Segment
By Product Type
- Mechanical Heart Valves
- Mechanical Aortic Valve
- Mechanical Mitral Valve
- Biological/Tissue Heart Valves
- Tissue Aortic Valve
- Tissue Mitral Valve
- Transcatheter Heart Valves
- Transcatheter Aortic Valve
- Transcatheter Mitral Valve
By End User
- Hospitals
- Ambulatory Surgery Centres
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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