Seattle, Sept. 27, 2022 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global prosthetic heart valves market is estimated to be valued at US$ 10,307.1 million in 2022 and is expected to exhibit a CAGR of 9.9 % during the forecast period (2022-2030).
Key Trends and Analysis of the Global Prosthetic Heart Valves Market:
Technological advancement in prosthetic heart valves, an increase in the prevalence of HVD (Heart Valve Disease), regulatory approvals for new and advanced prosthetic heart valves, increasing government funding for heart valve research, rising awareness about HVD, and favorable reimbursement scenarios for prosthetic heart valves are expected to drive the market growth. Moreover, the rising geriatric population and sedentary lifestyle are expected to provide lucrative growth to the global prosthetic heart valves market. For instance, according to the Centers for Disease Control and Prevention, as of December 9, 2019, about 2.5% of the U.S. population had valvular heart disease. Moreover, in 2017, there were 3,046 deaths due to rheumatic valvular heart disease and 24,811 deaths due to non-rheumatic valvular heart disease in the U.S. Nearly 25,000 deaths in the U.S. each year are due to heart valve disease from causes other than rheumatic disease.
In addition, an increase in the FDA (Food and drug administration) approval is expected to drive the market growth. For instance, on March 26, 2021, Medtronic plc., a global company involved in medical technology, announced that it received the U.S. Food and Drug Administration (FDA) approval for its Harmony Transcatheter Pulmonary Valve (TPV), the first minimally invasive therapy created to treat patients with a specific type of congenital heart defect of the right ventricle (RV), one of the four chambers of the heart, which makes it difficult for blood to travel from the heart to the lungs.
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Key Market Takeaways:
The global prosthetic heart valves market is expected to exhibit a CAGR of 9.9 % during the forecast period, owing to regulatory approvals of new products of key market players. For instance, in 2021 St. Jude Medical, Inc., a global medical device company, announced regulatory approval from the Japanese Ministry of Health, Labor and Welfare (MHLW) and the launch of the Trifecta aortic stented, pericardial tissue valve. The first procedures were performed at Osaka University Hospital and Saitama Medical University International Medical Center in Japan.
Mechanical heart valve is the most popular prosthetic heart valve used to treat patients with valvular heart disease among product types. It is more durable and produces better results than a tissue heart valve. For the treatment of geriatric patients, however, tissue heart valves are preferred because the body typically accepts them much more quickly.
On the basis of regions, North America is estimated to account for the largest market share in the global prosthetic heart valves market over the forecast period.
Competitive Landscape:
Key players operating in the global prosthetic heart valves market include Edwards Lifesciences Corporation, Medtronic plc., Boston Scientific Corporation, Abbott Laboratories, LivaNova PLC, CryoLife, Inc., Braile Biomedica, Colibri Heart Valve, LLC, and JenaValve Technology, Inc.
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Market Segmentation:
- Global Prosthetic Heart Valves Market, 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
- Mechanical Heart Valves
- Global Prosthetic Heart Valves Market, By End User:
- Hospitals
- Ambulatory Surgical Centers
- Global Prosthetic Heart Valves Market, By Region:
- North America
- By Country
- U.S.
- Canada
- By Country
- Latin America
- By Country
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country
- Europe
- By Country
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country
- GCC
- Israel
- Rest of Middle East
- By Country
- Africa
- By Region/Country
- South Africa
- Central Africa
- North Africa
- By Region/Country
- North America
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