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Prosthetic Heart Valves Market Size
Prosthetic Heart Valves Market size is anticipated to register a lucrative CAGR between 2024 and 2032, driven by the preference for minimally invasive procedures, technological advancements, and aging population.
According to report by World Health Federation in 2023, global cardiovascular disease (CVD) deaths have surged from 12.1 million in 1990 to 20.5 million in 2021, making CVD the leading cause of mortality. Four out of five of these deaths occur in low- and middle-income countries. The rising prevalence of cardiovascular diseases stands as a primary driver. As the incidence of heart-related disorders continues to climb, the need for advanced and effective treatment options such as prosthetic heart valves become increasingly critical.
Additionally, technological advancements in the field of medical devices, including the development of innovative materials and manufacturing techniques. Moreover, increased awareness about heart health, coupled with a surge in healthcare expenditure, is empowering patients and healthcare providers to explore and adopt cutting-edge solutions like prosthetic heart valves.
Prosthetic Heart Valves Market Trends
The global emphasis on personalized medicine is also influencing the market trends, with a growing understanding of the need for tailored solutions in cardiovascular care. Advancements in imaging technologies and diagnostic capabilities contribute to the customization of prosthetic heart valve treatments, optimizing their compatibility with individual patient needs.
Prosthetic Heart Valves Market Analysis
The transcatheter aortic valve product type segment is anticipated to grow manifold through 2032, fueled by the increasing preference for less invasive treatments, and ongoing R&D efforts to enhance the performance and durability of transcatheter aortic valves. The segment represents a paradigm shift in the treatment of aortic valve disorders. Unlike traditional surgical interventions, transcatheter aortic valves can be implanted through minimally invasive procedures, reducing recovery times and post-operative complications.
The aortic valve diseases segment is set to gain traction till 2032, fueled by focus on advanced prosthetic valves, and rising incidences of this ailment. Prosthetic heart valves, especially those designed for aortic valve replacement, provide an effective solution to restore normal cardiac function and improve patient outcomes. The focus on developing advanced prosthetic valves tailored to the unique requirements of aortic valve diseases is expected to drive significant growth, addressing an unmet medical need and offering hope to patients worldwide.
North America prosthetic heart valves market size will grow substantially till 2032, owing to a well-established healthcare infrastructure, increasing prevalence of cardiovascular diseases, and a proactive approach to adopting advanced medical technologies. For instance, annually, around 100 million individuals globally are diagnosed with valvular heart disease. The demand for prosthetic heart valves is further bolstered by a growing geriatric population and high healthcare expenditure. Moreover, advancements in medical research, technology, and patient-centric healthcare delivery, is further expected to serve as regional market catalyst.
Prosthetic Heart Valves Market Share
Some of the major prosthetic heart valves industry players include:
- On-X Life Technologies
- Edwards Lifesciences
- Medtronic
- Boston Scientific Corporation Inc.
- St. Jude Medical Inc. (Abbott)
- Cryolife Inc.
- Micro Interventional Devices Inc.
- Sorin Group
Leading companies in the prosthetic heart valves industry are actively engaging in expansion initiatives like mergers, acquisitions, product developments, collaborations, and partnerships to solidify their positions.
Prosthetic Heart Valves Industry News
For instance, in September 2021, Abbott received FDA approval for its Epic Plus and Epic Plus Supra Stented Tissue Valves, enhancing treatment options for those with mitral or aortic valve diseases.