The Global Prosthetic Heart Valves Market is estimated to be valued at US$ 10,307.1 Million in 2023 and is expected to exhibit a CAGR of 9.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Prosthetic heart valves are artificial devices used to replace damaged or diseased heart valves. These devices help in restoring normal blood flow by regulating the flow of blood in and out of the heart. Prosthetic heart valves are highly beneficial in treating various cardiovascular conditions such as valvular heart disease and congenital heart defects. The increasing prevalence of cardiovascular diseases, coupled with the growing geriatric population, is driving the demand for prosthetic heart valves. Furthermore, advancements in technology and innovative product launches are expected to fuel market growth in the coming years.
Market Dynamics:
The Global Prosthetic Heart Valves Market is primarily driven by two key factors. Firstly, the rising prevalence of cardiovascular diseases worldwide is creating a high demand for prosthetic heart valves. According to the World Health Organization (WHO), cardiovascular diseases are the leading cause of death globally, accounting for approximately 17.9 million deaths each year. Secondly, the increasing geriatric population, who are more prone to cardiovascular diseases, further contributes to the market growth. Moreover, the introduction of technologically advanced products with enhanced durability and improved outcomes is expected to propel market growth during the forecast period.
SWOT Analysis:
Strength: The Prosthetic Heart Valves Market Demand is expected to witness high growth in the forecast period due to the increasing prevalence of heart valve diseases and the rising geriatric population. The demand for minimally invasive surgeries and technological advancements in prosthetic heart valves also contribute to the market’s strength.
Weakness: One weakness in the market is the high cost associated with prosthetic heart valves, limiting their accessibility to a large population. Another weakness is the risk of complications and the need for lifelong anticoagulation therapy in patients receiving prosthetic heart valves.
Opportunity: The market presents opportunities for growth with the advancements in transcatheter heart valve implantation procedures, which offer less invasive options for patients. Additionally, the increasing healthcare expenditure and the rising adoption of prosthetic heart valves in developing countries create opportunities for market expansion.
Threats: One threat to the market is the stringent regulatory requirements for the approval of prosthetic heart valves, which may impact the introduction of new products. Another threat is the competition from alternative treatment options such as pharmaceutical therapy and other surgical procedures for heart valve diseases.
Key Takeaways:
The global prosthetic heart valves market is expected to witness high growth, exhibiting a CAGR of 9.9% over the forecast period, due to the increasing prevalence of heart valve diseases and the rising geriatric population. North America is expected to dominate the market due to the presence of key market players, advanced healthcare infrastructure, and high healthcare expenditure. The key players operating in the prosthetic heart valves market are Edwards Lifesciences Corporation, Medtronic plc., Boston Scientific Corporation, Abbott Laboratories, LivaNova PLC, CryoLife, Inc., Braile Biomedica, Colibri Heart Valve, LLC, and JenaValve Technology, Inc. These players are focusing on strategies such as product launches, partnerships, and acquisitions to strengthen their market position and expand their product offerings.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
