Artificial Cardiac Valves Market

The global artificial cardiac valves market size was USD 6.11 Bn in 2022 and is likely to reach USD 19.9 Bn by 2031, expanding at a CAGR of 11.2% during 2023–2031. The market growth is attributed to the rising geriatric population and the increasing prevalence of cardiovascular diseases.

Artificial cardiac valves are commonly utilized to substitute damaged natural valves, specifically those affected by thrombosis. It treats hemodynamically significant aortic or mitral valve disease. These devices are placed in the heart by surgical implantation procedure. It is categorized as single tilting-disk, bileaflet tilting-disk valves, or caged-ball and manufactured from metal or carbon alloys.

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Artificial valve implantation is performed according to the patient’s requirement; it replaces defective mitral valves, aortic valves, and others. For instance, in March 2022, the United States Food and Drug Administration (FDA) approved the MITRIS RESILIA valve by Edwards Lifesciences. It is particularly designed for the mitral heart position. Moreover, in March 2021, the U.S. FDA gave a nod to the Harmony Transcatheter Pulmonary Valve (TPV) System. It treats pediatricand geriatric patients withinvasively repaired right ventricular outflow tract (RVOT).

The research report finds that the COVID-19 pandemic negatively affected the artificial cardiac valves market. Surgical training and education were postponed during the pandemic owing to the high risk of managing critical surgery patients. For example, an article published by AHA Journals, titled "Bioprosthetic Valve Thrombosis Associated With COVID-19 Infection", states that patients with endovascular devices and artificial heart valves may get diagnosed with thrombotic complications if infected with COVID-19. Therefore, the study suggests lessening and postponing of critical cardiovascular surgeries during the pandemic.

The normalization of lockdown measures owing to wide-scale vaccination across the world is expected to increase the number of individuals undergoing various surgical procedures which were postponed during the pandemic. Moreover, the number of patients who go through heart valve placementhas increased post-pandemic, which is likely to support the market to recover from the pandemic impact.

Artificial Cardiac Valves Market Dynamics

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Major Drivers

Growing high-tech healthcare infrastructure in emerging countries is expected to boost the market in the coming years. In addition, a favorable reimbursement scenario, rising disposable income, and changing lifestyle patterns world wide are anticipated to fuel the market.

Rise in improper diet and inactive lifestyle are leading to the high prevalence of heart disease. A diet high in trans fats, saturated fats, and cholesterolare some of the major reasons behind the rise of heart disease and related conditions. Such poor lifestyle choices are causing a high rate of heart-related disorders which is expected to fuel the market growth.

Existing Restraints

High costs and complications associated with heart surgeries are likely to hamper the market expansion during the forecast period. Patients may face degeneration of bio-prostheses, thromboembolic and bleeding events, para-valvar leak, patient–prosthesis mismatch, and valve thrombosis post surgeries. Thus, patients choose alternative methods to treat heart valve diseases.

Emerging Opportunities

Advancements in technologyare projected to create lucrative opportunities for market players. Major players are focusing on technological developments and partnerships to increase market revenue. For instance, in January 2022, Jena Valve Technology, Inc.signed a contract with Peijia Medical Limited in China. This contract includes exclusive technology licensing and strategic investment. As per the contract, Peijia made equity and cash investments in Jena Valve's Trilogy TAVR systemsfor treating patients with severe symptomatic aortic stenosis and aortic regurgitation.

Scope of the Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Type Segment Analysis

On the basis of type, the artificial cardiac valves market is segmented into transcatheter heart valves, mechanical heart valves, and biological heart valves. The transcatheter heart valves segment is projected to expand at a robust CAGR during the forecast period due to rising awareness about the minimally invasive procedure. Transcatheter heart valves (TAVR) is a minimally invasive heart procedure that replaces the thickened aortic valve. TAVR treats aortic valve stenosis, a medical condition in which the aortic valve cannot open fully.

The mechanical heart valves segment is anticipated to account for a substantial market share during the forecast period. A mechanical heart valve is an artificial cardiac valve implanted in a patient suffering from certain heart conditions, such as mitral regurgitation or aortic stenosis. It is manufactured from materials such as carbon and titanium. These valves comprise a pair of leaflets and a metal ring enclosed by a knitted fabric ring. The fabric ring is sewn onto the heart to replace the original valve.

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Regional Outlook

In terms of region, the global artificial cardiac valves market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the forecast period, owing to promising reimbursement policies and well-developed healthcare infrastructure.Major players focus on market expansion through strategic mergers and acquisitions for technological advancements. Moreover, as per the American Heart Association, approximately 90,000 valve replacements are performed annually in the United States. The demand for artificial cardiac valves is expected to increase significantly in North America with rising heart-related conditions among the population of the region.

The market in Asia Pacific is anticipated to expand rapidly during the forecast period due tothe rapid adoption of tissue valve andthe increasing geriatric population. The development in regulatory scenarios and the presence of prominent players operating in the regionare likely to fuel the market.Furthermore, rising medical tourism in several countries such as Malaysia, Singapore, and Indiais projected to propel the market in the coming years. The developing healthcare infrastructure and low cost of cardiovascular surgeries in emerging countries such as India have led to a rise in medical tourism.

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Segments

The global artificial cardiac valves market has been segmented on the basis of

Type

• Transcatheter Heart Valves
• Mechanical Heart Valves
• Biological Heart Valves

Region

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Abbott
• Edwards Lifesciences Corporation
• MERIL LIFESCIENCES
• LivaNova PLC.
• Boston Scientific Corporation
• JenaValve Technology, Inc.
• Micro Interventional Devices, Inc.
• Direct Flow medical, Inc.
• CryoLife, Inc.
• Medtronic

Competitive Landscape

Key players competing in the global artificial cardiac valves market are Abbott; Edwards Lifesciences Corporation; MERIL LIFESCIENCES; LivaNova PLC.; Boston Scientific Corporation; JenaValve Technology, Inc.; Micro Interventional Devices, Inc.; Direct Flow medical, Inc.; CryoLife, Inc.; and Medtronic.

Major players in the market are currently involved in research and development programs with the goal of expanding their manufacturing units, increasing their customer base, and diversifying their product offerings. For instance,

• In September 2021, Abbott announced that their Epic Plus and Epic Plus Supra Stented Tissue Valves have been approved by the USFDA to provide better treatment options for individuals suffering from aortic or mitral valve disease.

• In September 2020, Boston Scientific Corporation, a prominent manufacturer of medical devices and biomedical/biotechnology engineeringannounced the launch of a new transcatheter aortic valve implantation system called ACURATE neo2.The system is designed to enhance the clinical performance of the original ACURATE neo platform.