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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Forecast 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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