Prosthetic heart valves are mechanical or biological replacements surgically implanted in patients with valvular heart disease. Valvular heart disease occurs due to damage or defects in one or more of the heart’s four valves which results in improper functioning. Due to rising incidences of various cardiac disorders and conditions like rheumatic heart disease and cardiovascular complications, the demand for prosthetic heart valves has increased globally. The global Prosthetic Heart Valve Market is estimated to be valued at US$ 109.68 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising cases of valvular heart disease due to growing geriatric population has augmented the demand for prosthetic heart valves globally. As per estimates, over 15 million people in North America suffer from valvular heart diseases. The condition is highly prevalent among the geriatric population who are at a higher risk of developing cardiac disorders. Further, growing awareness about treatment options and availability of technologically advanced prosthetic heart valves are also expected to drive the market growth over the forecast period.
SWOT Analysis
Strength: The prosthetic heart valve market has growth opportunities due to increased incidence of cardiovascular diseases and the rising elderly population globally.
Weakness: Cost issues and lack of healthcare infrastructure in developing regions limit market growth to some extent.
Opportunity: Technological advancements in heart valve replacement procedures and products present new opportunities in this market. The adoption of transcatheter aortic valve replacement (TAVR) procedures is also opening new avenues.
Threats: Stringent regulatory approvals and product recalls pose threats to new entrants in this market.
Key Takeaways
The global prosthetic heart valve market is expected to witness high growth.
Regional analysis: The North American region is expected to dominate the prosthetic heart valve market owing to the rising geriatric population, increasing awareness about heart valve replacement surgeries and strengthening healthcare systems in the US and Canada. The Asia Pacific region is anticipated to experience the fastest growth rate during the forecast period due to large patient pools, increasing healthcare expenditure and growing medical tourism in countries like India, China and Japan.
Key players operating in the prosthetic heart valve market are ATCOR, Millar, OMRON HEALTHCARE Co.,Ltd., DAEYOMEDI, MedTach, Itamar Medical Ltd., DiaTecne s.r.l., Alam Medical, Cardiovascular Engineering Inc., OCULUS, Keeler, Haag-Streit Group, SunTechMedical, Inc., Osypka Medical and Shenzhen Mindray Bio-Medical Electronics Co Ltd. Companies are focusing on new product launches and regulatory approvals to strengthen their market positions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it