The global Prosthetic Heart Valve Market is estimated to be valued at US$ 2678.08 Mn in 2023 and is expected to exhibit a CAGR of 9.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Prosthetic heart valves are used to replace damaged or diseased heart valves. These valves are artificial valves made from natural tissue valves such as pig heart valves or synthetic materials like mechanical valves made from carbide. Prosthetic heart valves help in minimizing heart complications by restoring normal blood flow and heart function. They are generally required for people suffering from valve disease, valve stenosis or valve regurgitation. Advancing biomaterials used for making prosthetic heart valves have improved biocompatibility and durability.
Market key trends:
One of the key trends in the prosthetic heart valve market is the rising adoption of transcatheter heart valves. Transcatheter heart valves are delivered through a minimally invasive procedure called transcatheter aortic valve replacement (TAVR). TAVR is preferred over open-heart surgery for high-risk surgical patients. Additionally, technological advancements in 3D printing for designing new biomaterials and rapid prototyping of prosthetic heart valves are supporting the growth of the market. 3D printing helps in making customized heart valves as per patient's anatomy. Growing prevalence of rheumatic heart disease and degenerative valve disease are also fueling the demand for prosthetic heart valves.
Porter’s Analysis
Threat of new entrants: The prosthetic heart valve market requires high initial costs for R&D, clinical trials, manufacturing facilities, and obtaining regulatory approvals which poses significant entry barriers for new companies.
Bargaining power of buyers: The bargaining power of buyers is moderate as prosthetic heart valves are medical devices installed via surgery and patients do not have flexibility in choice.
Bargaining power of suppliers: A few major companies dominate the supply of raw materials for prosthetic heart valves including biomaterials and mechanical components giving them significant bargaining power over buyers.
Threat of new substitutes: While tissue engineering and 3D printed valves show promise, they are still in early stages of development with high costs. FDA approved mechanical and bioprosthetic valves remain the established substitutes with no significantly different alternative available currently.
Competitive rivalry: Being a specialized medical device segment, competition is intense among the major players to gain market share through new product approvals, partnerships and geographic expansion.
Key Takeaways
Global Prosthetic Heart Valve Market Demand is expected to witness high growth, exhibiting CAGR of 9.9% over the forecast period, due to increasing prevalence of valvular heart diseases and growing geriatric population.
Regional analysis: North America dominates the prosthetic heart valve market currently due to growing acceptance of transcatheter aortic valve replacement procedures and favorable reimbursement policies in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period supported by expanding medical tourism industry and improving healthcare expenditures.
Key players operating in the Prosthetic Heart Valve 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.Key players are focusing on expanding their product portfolios and geographical presence through partnerships and acquisitions to strengthen their market share.
Read More- https://www.ukwebwire.com/prosthetic-heart-valve-market-size-share-and-demand-outlook/
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