Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 5,302 Million | USD 9,941 Million | 9.1% | 2021 |
The global Prosthetic Heart Valve Market accrued earnings worth approximately 5,302 (USD Million) in 2021 and is predicted to gain revenue of about 9,941 (USD Million) by 2028, is set to record a CAGR of nearly 9.1% over the period from 2022 to 2028.
The study provides assessment and analysis of the Prosthetic Heart Valve Market on a global & regional level. It offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2018 to 2021 along with a forecast from 2022 to 2028 based on revenue (USD Million).
First prosthetic valve was implanted in 1950s in a patient having aortic insufficiency. Furthermore, prosthetic valves are available in myriad mechanical & bio-prosthetic size & shape. Reportedly, prosthetic heart valve is referred to as acardiac surgical operation for replacing heart valve with artificial heart valve. Additionally, the designing of prosthetic heart valves highlights four components, namely, enhanced optimal hemodynamics, minimization of biological response to a prosthetic heart valve, biological longevity, and optimization of delivery tools. Moreover, prosthetic heart valves offer adequate hemodynamics.
Surging incidences of valvular heart disorders is set to boost prosthetic heart valve market trends. In addition to this, a prominent increase in healthcare expenditure is projected to generate new growth avenues for prosthetic heart value industry. Furthermore, aging populace and rise in number of subjects diagnosed with heart valve ailments are predicted to boost demand for heart valve replacement treatments, thereby steering prosthetic heart valve market surge. With prosthetic heart valve witnessing technological breakthroughs, the market for prosthetic heart valve is projected to gain traction in years to come. A rise in government funding on research projects pertaining to heart valve disorders will pave a way for expansion of the prosthetic heart valve industry. Surging awareness about heart valve disorders and favorable compensation laws will prompt market growth.
However, use of prosthetic heart valve can produce severe complications such as infection, anticoagulant-related hemorrhage, valvular failure, thrombosis, and tissue hyperplasia. This can hinder growth of prosthetic heart valve industry.
Prosthetic heart valve therapy is carried out for the patients suffering from the valvular heart disorder. Heart valve replacement was carried out in the early 1960s. It is reported that more than 60,000 patients undergo replacement surgery in U.S. every year and around 280,000 heart valve replacement cases worldwide. Prosthetic heart valve has 3 major types that are mechanical heart valve, tissue heart valve and transcatheter heart valve which is recently developed technique. Growing R&D for innovated techniques and introduction of new valves and valve replacement therapies foster the growth of prosthetic heart valve market.
The prosthetic heart valve market is primarily driven by factors such as rapid advancement in technology, rising occurrence of heart disorders and growth in aging population. Moreover, surging healthcare expenditure along with rising focus of major players on R&D for innovative products fuels the growth of the market. In addition, increasing awareness of heart valve replacement and availability of techniques for valve replacement stimulates the growth of the market. However, stringent regulations led by government mainly for use of tissue heart valve and the high cost of the surgery may impede the growth of prosthetic heart valve market. Nevertheless, the introduction of advance and minimally invasive techniques with high efficiency is likely to offer the ample opportunities for this market in the forecast period.
There are mainly three types of a prosthetic heart valve that are transcatheter valves, tissue valve, and the mechanical valve. Tissue valve was considered to be the most prominent segment and gathered the highest share in 2015. Tissue valve is extracted from the pig and cow and treated for preventing rejection from the human body. Transcatheter heart valve is utilized to replace the damaged valve in the transcatheter aortic valve replacement (TAVR). In the TAVR, the damaged valve is repaired instead of replacing and is done with minimal invasion.
Asia Pacific Prosthetic Heart Valve Market To Expand Leaps & Bounds In 2022-2028
Expansion of prosthetic heart valve market in Asia Pacific zone over coming six years can be due to rise in health consciousness among the people. In addition to this, rise in government spending on healthcare infrastructure for its improvement and to make it stronger will drive regional market trends. Citing in instance, union budget of India saw allocation of huge funds for healthcare sector in 2021-2022. The allocation of funds for healthcare industry was raised by about 10.1% in its union budget. All such moves will enlarge scope of prosthetic heart valves business in sub-continent over coming years.
North America dominated the prosthetic heart valve market with the highest share in 2015. It is expected that the market in North America will gain traction in the forecast period owing to rising prevalence of heart valve disorders and increasing preference for minimal invasive practices. Moreover, surging demand for tissue heart valve replacement in U.S. will fuel the growth of the market in North America. Asia-Pacific is the fastest growing market for prosthetic heart valve due to rising disposable income along with escalating demand for valve replacement, particularly in India and China. Latin America is anticipated to experience sustainable growth in the coming years owing to unexploited market. The Middle East and Africa is estimated to grow at the moderate pace due to growing awareness and developing technologies.
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FrequentlyAsked Questions
Surging incidences of valvular heart disorders is set to boost prosthetic heart valve market trends.
According to Zion market research report, The global Prosthetic Heart Valve Market accrued earnings worth approximately 5,302 (USD Million) in 2021 and is predicted to gain revenue of about 9,941 (USD Million) by 2028, is set to record a CAGR of nearly 9.1% over the period from 2022 to 2028
Asia Pacific will contribute sizably towards the global market revenue over the projected timeline. A massive increase in Prosthetic Heart Valve Market size in region over 2022-2028 can be due to rise in health consciousness among the people of region.
The key industry participants leveraging business space include Perouse Medical SAS, Colibri Heart Valve, LLC, Direct Flow Medical, Inc., St. Jude Medical, Inc., Cytograft Tissue Engineering, Inc., Edwards Lifesciences Company, Heart Leaflet Technologies (HLT), Inc., and The Sorin Group.
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