As per a recent report published by Fact.MR, the global heart valve devices market is poised to grow at a CAGR of 13.4% from 2022 to 2032, expected to close at a valuation of US$ 37.5 Billion. Sedentary lifestyles, physical inactivity and other habits such as smoking have induced the prevalence of cardiovascular diseases. Subsequently, the demand for minimally invasive procedures to address cardiac anomalies have increased substantially across the globe.
From 2015 to 2021, the market for heart valve devices grew at a CAGR of 13.1%, closing at a value of US$ 9.85 Billion. As of 2022, the industry is likely to reach US$ 11.16 Billion. Prospects heightened after the increasing awareness and soaring cases of cardiac problems like stroke, blood clots in developing countries.
Government policies lay emphasis on providing better healthcare infrastructure and better treatment for its citizens. Thereby, increment in the healthcare budget in several countries is boosting the demand for the transcatheter heart valve devices. Biological Heart Valve Devices increases the life expectancy and reduces the chances of heart attacks which will help in gaining new market grounds for prominent manufacturers.
Key Takeaways from the Market Study
- Global heart valve devices market to flourish 2.6x from 2022-2032
- Transcatheter heart valve devices to be a top-selling category, capturing more than 42% market and flourishing at a 17% CAGR until 2032
- By type, Biological heart valve devices is likely to expand at a CAGR of 8%
- S to emerge as the fastest-growing heart valve devices market, documenting a 13.7% CAGR
- China to be the 2nd most opportunistic market, expected to be valued at US$ 18.5 Billion in 2032
“Technological progressions, increasing geriatric population, and an upsurge in prevalence of heart valve disorders (mitral regurgitation and aortic stenosis), and rise in minimally invasive techniques demand to bolster demand for prosthetic devices for heart,” comments a Fact.MR analyst.
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Competitive Landscape
The global market for heart valve devices is characterized by the presence of multiple vendors, aiming to offer extensive consulting and integration services to clients. Additionally, enterprises are seeking out, specialized service providers, offering solutions tailor-made to suit their business objectives. In addition, the vendors are likely to leverage up-gradation and product differentiation to gain an edge over other competitors in the market.
- In March 2022, Edwards Lifesciences Corporation received approval from the U.S. Food and Drug Administration (FDA) for the MITRIS RESILIA valve, a tissue valve replacement specifically designed for the heart’s mitral position.
- In January 2022, CryoLife, Inc., a leading cardiac and vascular surgery company focused on aortic disease, made an announcement of renaming and rebranding itself to Artivion, Inc., effective immediately. Derived from the word’s “aorta”, “innovation”, and “vision”, the company’s new name and brand reflect its evolution to focus on providing innovative technologies to surgeons who treat patients with aortic disease.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global heart valve devices market, presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of type (mechanical heart valves, biological heart valve and transcatheter valves) and end-user (hospitals and ambulatory surgical centers) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Fact.MR’s Domain Knowledge in Healthcare
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