Wilmington, Delaware, United States, July 03, 2023 (GLOBE NEWSWIRE) -- In 2021, the global heart valve devices market was estimated to be worth US$ 8.7 billion. From 2022 to 2031, the global market is expected to increase at an 11.9% CAGR. The global market for heart valve devices is expected to reach $26.3 billion by the end of 2031. Because of an increase in heart valve operations around the world, the global heart valve devices market is expected to develop at a stable rate during the projected period.
The incidence of these ailments is increasing as a result of socioeconomic variables including sedentary lifestyles, a lack of exercise, and other activities such as cigarettes. Heart diseases are on the rise, and FDA approvals for novel and sophisticated replacement heart valves are fueling the market for heart valve devices.
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Based to the Nemours Foundation, approximately one out of every 100 babies has a congenital cardiac abnormality ranging from minor to severe. Furthermore, structural heart problems afflict around sixty million individuals in the United States, or 20% to 25% of the adult population, based on Micro Interventional Devices, Inc.
The launch of novel items for application in minimally invasive treatments is expected to drive the worldwide heart valve devices market. Tissue valves are now transforming the market for heart valve devices. cheaper delivery profiles, more precise placement, better valve operation, decreased paravalvular regurgitation, greater reliability, and cheaper cost are all advantages of next-generation heart valve surgery. Product development has improved the opportunities for growth for heart valve device market participants by allowing them to treat a bigger patient group while attaining superior clinical results.
Key Takeaways from the Market Report
- North America accounted for 44% of the global market in 2021.
- The market is gaining traction and is expected to grow at a CAGR of 10% in Asia Pacific over the forecast period.
- The transcatheter aortic valve segment is gaining traction and is expected to grow at a CAGR of roughly 11% throughout the projected period.
- In 2022, the United States accounted for more than 60% of the North America market.
- In 2022, Europe held a 21% share of the global market.
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Heart Valve Devices Market: Prominent Drivers and Trends
- During the projected period, the transcatheter aortic valve segment is expected to dominate the global market. This is attributable to a growth in the number of transcatheter aortic valve replacement surgeries as a result of the high frequency of heart valve illnesses, ease of placement, an increase in the number of transcatheter heart valve surgery facilities, and an increase in the patient base.
- Clever design, innovative technology, and novel biomaterial usage remain to push the frontiers of new product creation, guaranteeing these instruments remain at the cutting edge of interventional technological advancement for the foreseeable future. Design improvements are assisting market participants in capitalizing on significant development possibilities in heart valve devices.
Heart Valve Devices Market: Regional Analysis
- In terms of volume, North America dominated the global market in 2021. In regard to technologically more advanced goods and procedures, as well as the significantly greater average cost of heart valve systems in the region, the region leads the worldwide heart valve devices industry.
- In 2021, Asia Pacific remained the second-largest market for heart valve devices. Factors including a rise in the aging population, advantageous reimbursement situations, an expansion in authorizations from regulators, and the existence of an extensive target patient population fuel the global market for heart valve devices.
- Millions of people in Europe suffer from aortic stenosis. These figures emphasize the requirement for structural treatments for heart disease equipment, offering motivation for the development of innovative approaches for heart defect replacement and repair.
Competitive Landscape
The primary approaches employed by the leading firms are product portfolio diversity and mergers and acquisitions. Transparency Market Research has profiled the following players in its global Heart Valve Devices market report:
Abbott, Boston Scientific Corporation, CryoLife, Inc., Edward Lifesciences Corporation, JenaValve Technology, Inc., Medtronic, Inc., SYMETIS., Neovasc, Inc., Sorin Group (LivaNova plc), Micro Interventional Devices, Inc., XELTIS, TTK HealthCare, and Lepu Medical, among others.
- Abbott disclosed FDA approval for Epic Plus and Epic Plus Supra Stented Tissue Valves in September 2021 to increase therapy choices for persons with aortic or mitral valve illness. Abbott's Epic surgical valve platform serves as the foundation for these next-generation gadgets.
- Boston Scientific released an innovative aortic valve system in September 2020. This transcatheter aortic valve implantation (TAVI) is a novel heart valve technology with various characteristics targeted to enhance the Acurate neo platform's previous clinical efficacy.
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Heart Valve Devices Market: Key Segments
Type
- Mechanical Heart Valve
- Biological Heart Valve
- Transcatheter Aortic Valve
Distribution Channel
- Hospitals
- Ambulatory Surgical Centers
- Others (Cardiac Centers, Research Centers, etc.)
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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