Prosthetic Heart Valve Market to Reach $8,392 Million by 2023
According to a new report published by Allied Market Research, titled, Prosthetic Heart Valve Market by Type: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global prosthetic heart valve market was valued at $3,874 million in 2016, and is expected to reach at $8,392 million by 2023, growing at a CAGR of 11.4% from 2017 to 2023. The transcatheter heart valve segment accounted for more than three-fifths share of the total market in 2016.
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Prosthetic heart valves are implanted in patients suffering from valvular heart disease, which results in failure of one or more valves present in the human heart. These patients are treated by replacing a natural heart valve with a prosthetic heart valve.
The market is driven by rise in prevalence of cardiac disorders, such as rheumatic heart diseases, increase in geriatric population, and change in lifestyle of people, novel technological advancements in prosthetic heart valves, rise in patient awareness, demand for minimally invasive cardiovascular surgeries, and surge in transcatheter heart valve surgery centers. However, this growth is limited by high cost, risk associated with prosthetic heart valves, and stringent approval process for prosthetic heart valves. Use of transcatheter heart valves for new indications and emerging markets in Asia-Pacific and LAMEA are expected to provide several opportunities for key players operating in prosthetic heart valve market.
The transcatheter heart valve segment is expected to maintain its dominant position throughout the analysis period, owing to rise in prevalence of aortic stenosis, increase in geriatric population, and new device approvals. In addition, transcatheter heart valve segment is expected to grow at the highest CAGR of 15.0%, owing to increase in adoption rate for transcatheter valve implantation procedures.
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Key Findings of the Prosthetic Heart Valve Market
- Based on product type, the transcatheter heart valve segment accounted for more than three-fifths of the total market in 2016.
- Europe accounted for more than half of the transcatheter heart valve market (in terms of value) in 2016, with a CAGR of 13.8%.
- Europe accounted for both, major share (nearly two-fifths) in 2016 (in terms of volume) and highest CAGR of 11.1% (for volume market) from 2017 to 2023, in the global market.
- LAMEA is expected grow at a high CAGR of 11.7% from 2017 to 2023.
Europe accounted for majority of the share (nearly half) in the market in 2016, and is expected to remain dominant throughout the forecast period, owing to increased adoption of prosthetic valves, enhanced technological advancements, and development of novel products by the key players. In addition, increase in prevalence of aortic stenosis, rise in awareness among patients & physicians about the availability of advanced prosthetic valves, and advanced healthcare infrastructure fuel the market growth. Moreover, rise in awareness for availability of prosthetic valves and procedures in certain European nations are the key factors that have increased the adoption of advanced prosthetic valves in the region.
The major companies profiled in the report include Abbott Laboratories, Medtronic plc., Medical Technology Est., Boston Scientific Corporation; Micro Interventional Devices, Inc., Direct Flow medical, Inc., Edwards Lifesciences Corporation, LivaNova PLC., JenaValve Technology, Inc., and Cryolife, Inc.