Number of pages: 100 | Report Format: PDF | Published date: December 14, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
According to the deep-dive market assessment study by Growth Plus Reports, the global heart valve market was valued at US$ 7.54 billion in 2021 and is expected to register a revenue CAGR of 11.50% to reach US$ 20.08 billion by 2030. .
The main function of the heart valve is to maintain the pressure & flow of blood and avoid the backward flow of the blood. Any malfunctioning of these valves can cause life-threatening situations, thus, to cure such conditions prosthetic heart valve repair or replacement is performed. Growing cases of valvular heart diseases are expected to boost the heart valve market revenue growth.
The revenue growth of the global heart valve market can be attributed to the rising prevalence of cardiovascular diseases, increasing funding in research & development initiatives, rising awareness of valvular heart disease, and favorable reimbursement policies. Furthermore, a strong product pipeline, increasing penetration of international market players, and rising numbers of heart valve surgeries also contribute to the market expansion. Additionally, continuous product launches and flexible service of customization of the valve further propel the market revenue growth. However, some of the factors such as the high cost of the transcatheter aortic valve replacement (TAVR) procedure, alternative methods/techniques, and complications associated with such implants are some of the restraining factors that can obstruct the optimal revenue growth of this market.
The global heart valve market is analyzed from five perspectives: valve type, procedure, application, end-user, and region.
Heart Valve Market by Valve Type
The global heart valve market is segmented into mechanical valve and engineered tissue valve.
The engineered tissue valve dominates the market with the largest revenue share. The revenue growth of the tissue valve segment can be attributed to its various benefits such as its resistance to degradation & calcification, and resistance to infection. Additionally, it also possesses the property of regeneration and has a low risk of thrombosis, which is further expected to provide momentum to market expansion.
Heart Valve Market by Procedures
Based on procedures, the market is segmented into transcatheter and surgical procedures.
The surgical segment leads the market with the largest revenue share as it is the most trusted procedure form. The transcatheter procedure is a relatively new method and is gaining popularity among surgeons, as it uses a minimally invasive technique for implantation.
Heart Valve Market by Application
Based on application, the heart valve market is segmented into restoration and repair.
The restoration segment accounts for the largest revenue share in the heart valve market. The restoration segment is further sub-segmented into aortic, mitral, and others. The revenue growth of the segment can be attributed to the growing cardiac valve replacement surgeries and increasing prevalence of heart valve disease (HVD). Additionally, favorable reimbursement policies and growing technological advancement also contribute to the expansion of the restoration segment, thereby boosting the overall market revenue growth.
Heart Valve Market by End-user
Based on end-user, the global heart valve market is segmented into hospitals, specialty clinics, and others.
The hospitals segment accounts for the largest revenue share. The large share of the segment can be attributed to the high patient footfall in hospitals. Hospitals are the primary preference among the population due to the availability of experienced cardiac surgeons, skilled support staff, and advanced facilities, thus contributing to the revenue growth of the segment.
Heart Valve Market by Region
The global heart valve market is segmented based on regions North America, Europe, Asia Pacific, and the Rest of the World.
North America dominates the global heart valve market with the largest revenue share. The large geriatric population, rising prevalence of heart valve diseases (HVD), and beneficial reimbursement policies drive the market in the region. Additionally, rising product approvals and initiatives by prominent players to develop technologically advanced products coupled with high research & development activities are further expected to support the market revenue growth in North America.
Europe accounts for the second-largest revenue share in this market owing to its developed healthcare infrastructure and large investments in research activities.
Asia Pacific, on the other hand, is the fastest-growing region in the market. The revenue growth of the region can be attributed to the rising adoption of technological advancements, the developing healthcare infrastructure, the geriatric population, and so on. The rapidly growing medical tourism industry and favorable government policies for the same also further drive the market revenue growth in the Asia Pacific region.
The prominent players operating in the global heart valve market are:
Asia Pacific is the fastest-growing region in the global heart valve market.
The estimated market size of the heart valve market in 2030 is US$ 20.08 billion.
The global heart valve market is estimated to register a CAGR of 11.5% from 2022 to 2030.
CryoLife Inc., Edwards Lifesciences Corporation, Boston Scientific Corporation, Micro Interventional Devices Inc., and LivaNova Plc. are among the key companies operating in the global heart valve market.
*Insights on financial performance are subject to the availability of information in the public domain