Prosthetic Heart Valves Market: Current Analysis and Forecast (2022-2028)
Emphasis on Types of Valve [Transcatheter Heart Valve (Transcatheter Aortic Valve, Transcatheter Mitral Valve, Transcatheter Pulmonary Valve), Tissue Heart Valve (Stented Tissue Heart Valve, Stentless Tissue Heart Valve, Sutureless Tissue Heart Valve), Mechanical Heart Valve]; Diseases [Aortic Valve Disease (Aortic Valve Stenosis, Aortic Valve Regurgitation), Mitral Valve Disease (Mitral Valve Stenosis, Mitral Valve Regurgitation), Pulmonary Valve Disease]; End-User (Hospitals, Ambulatory Surgical Centers, Others); and Region/Country
The prosthetic heart valves market is expected to register a CAGR of approx. 11% over the period of 2022-2028. A prosthetic heart valve is a surgically implanted artificial device used to replace damaged heart valves caused by heart valve diseases. Heart valves aid in the regulation of blood flow through the heart. Inadequate blood flow is caused by a malfunctioning heart valve, necessitating later prosthetic heart valve surgery. The growing demand for prosthetic heart valves can be attributed to the increasing number of individuals diagnosed with heart valve disorder coupled with the rising geriatric population. For instance, around 18 million Americans aged 20 and above have heart disease and nearly 650,000 Americans die of heart disease each year. According to the United Nations, in 2019, 13.2% of the worldwide population was aged 60 years or above. Further, it is anticipated that nearly 21.4% of the total worldwide population will be aged 60 years or over by 2050. Owing to the glaring statistics rise in the number of people with heart disease across the globe is leading to the growing demand for prosthetic heart valves and would contribute to the growth of the market in the forthcoming period as well. Furthermore, the prosthetic heart valve market is anticipated to grow on account of the increase in awareness regarding surgical treatment options, novel advancements in heart valves, and increasing government funding for heart valve research. However, some of the restraints in the market including the high cost of prosthetic heart valves are impeding the growth of this market all over the world.
Edwards Lifesciences Corporation, Medtronic plc., Boston Scientific Corporation, Abbott Laboratories, LivaNova PLC, Artivion Inc, Braile Biomédica, Colibri Heart Valve LLC, JenaValve Technology Inc, Micro Interventional Devices Inc are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst types of valves, the transcatheter heart valve category accounted for the majority share in the market in 2020”
Based on the types of valves, the prosthetic heart valve market is segmented into transcatheter heart valves, tissue heart valves, and mechanical heart valves. The transcatheter heart valve segment accounted for a significant market share and it is estimated that it will grow rapidly during the projected timeframe because of an increase in cardiovascular disease and a rise in demand for cardiac valve replacement therapy. Additionally, a large number of organizations are working on research projects to advance the application of this method and enhance the transcatheter aortic valve replacement (TAVR) equipment, which will boost segmental growth over the course of the forecast period.
“Amongst diseases, the aortic valve disease category is expected to witness considerable CAGR during the forecast period”
Based on diseases, the market is fragmented into aortic valve diseases, mitral valve diseases, and pulmonary valve diseases. the aortic valve disease segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. This increase is mainly due to the high prevalence of AVD, which is the most common valvular heart disease worldwide. Additionally, rising regulatory approvals for new and advanced prosthetic heart valves are also likely to aid the segment growth of the prosthetic heart valve market.
“Among End-Users, the Hospitals is expected to witness the considerable CAGR during the forecast period”
Based on end-users, the market is bifurcated into hospitals, ambulatory surgical centers, and others. The hospital segment accounted for a significant market share and it is estimated that it will grow rapidly during the projected timeframe owing to the increasing construction of hospitals and a surge in the number of heart surgeries in the hospital setting. Moreover, favorable health reimbursement, and improving government guidelines for the management of vulvar diseases are contributing to the expansion of the hospital segment.
“North America to witness significant growth during the forecast period”
For a better understanding of the market dynamics of the prosthetic heart valves market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the prosthetic heart valve industry owing to the rise in medical expertise, new product launches, and government regulations that provide favorable reimbursement scenarios.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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Table of Contents
Research Methodology for the Global Prosthetic Heart Valves Market Analysis (2022-2028)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global prosthetic heart valve market were the three major steps undertaken to create and analyze the adoption of prosthetic heart valves in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global prosthetic heart valves market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the prosthetic heart valves market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the prosthetic heart valves market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as the types of valves, disease, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the prosthetic heart valve market. Further, we conducted factor analysis using dependent and independent variables such as a rise in the number of people suffering from heart valvular diseases globally. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the prosthetic heart valves market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global prosthetic heart valves market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the prosthetic heart valves market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global prosthetic heart valves market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global prosthetic heart valves market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of types of valves, disease, and end-users in the global prosthetic heart valves market.
The main objective of the Global Prosthetic Heart Valves Market Study
The current & future market trends of the global prosthetic heart valves market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the prosthetic heart valves market in terms of Value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of types of valves, disease, and end-users.
- Define and analysis of the regulatory framework for the prosthetic heart valves market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the prosthetic heart valves market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
- Company profiles of the prosthetic heart valves market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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