Segments - Global Heart Valve Replacement Market By Material (Mechanical Valve, Biological Valve {Bovine, Porcine}), Position (Mitral Valve, Tricuspid Valve, Pulmonary Valve, And Aortic Valve), End User (Hospitals, Ambulatory Surgery Center, and Others), Approach (Surgical, Transcatheter {Transfemoral, Transapical, Others}) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020 – 2027
The global Heart Valve Replacement Market was valued at USD 4,372.3 Million in 2019 and is projected to reach USD 15,139.2 Million by 2027, expanding at a CAGR of 17.5% during the forecast period. Cardiovascular conditions are deteriorating day by day due to rapid changes in lifestyle such as food consumption habits, lack of exercise and stressful work environment, and work-life balance pressure which causes diseases such as aortic stenosis, regurgitation, atresia, prolapse, and valvular stenosis, which, in turn, is responsible for the death of more people than cancer and road accidents put together.
Atresia, regurgitation or valvular inadequacy, prolapse, and valvular stenosis are some major diseases associated with the heart valve. These diseases can be treated with the help of the replacement or repair of the heart valve.
Major factors driving the market are rising healthcare infrastructure, technology innovation, growing per capita disposable income, adoption of non-invasive technology, and awareness regarding the significance of transcatheter devices. Additionally, the less mortality rate over conventional surgical methods, easy to use of the device, and increased success rate of replacing the mitral and aortic heart valve by using the transcatheter method is rather better than traditional methods.
Increasing prevalence of heart valve disease in the elderly population and the growing prevalence of severe aortic stenosis disorder and mitral regurgitation. Several numerical methods are introduced to solve problems about the fluid dynamics associated with the valve designs, which is expected to boost the heart valve replacement market.
There are some factor that shows a negative impact on the market such as the prohibitive cost of transcatheter heart valves may interfere with the accessibility of the product in the developing countries of the world. Factors responsible for restraining the growth of the heart replacement market such as the risks and complications associated with heart valve disease treatment surgeries, such as breathing problems and embolism, and the inadequacy of primary healthcare infrastructure in developing countries.
On the basis of Material type, the global Heart Valve Replacement Market is divided into biological and mechanical. The mechanical valve segment is anticipated to expand at a CAGR of around 16% during the forecast period as majorly used to make mechanical heart valves are made from titanium and carbon. In biological segment, the Bovine segment is anticipated to expand at a CAGR of approximately 15.7% during the forecast period.
Based on position, the market is segmented into mitral valve, tricuspid valve, pulmonary valve, and aortic valve. The mitral valve segment is projected to hold a major share of the market during the forecast period as cases related to mitral valve increases.
Based on end-user, the market is segmented into hospitals, ambulatory surgery center, and others. Hospitals account for the major share as the majority of people received treatment for the heart valve from hospitals, including ambulatory surgery centers.
Based on approach, the market is divided into surgical, and transcatheter. Transcatheter segment account for the major share as the majority of the people are inclined towards the transcatheter approach. In the transcatheter segment, transfemoral accounts for a major share as it is entering through the femoral artery (large artery in the groin), which does not require a surgical incision in the chest.
Aortic Valve
The aortic valve is a valve in the human heart between the left ventricle and the aorta. It is one of the two semilunar valves of the heart, the former being the pulmonary valve. The heart has four valves; the other two are the mitral and the tricuspid valves. Aortic valve is located between the left ventricle and the aorta (the large blood vessel that carries blood to the rest of the body). When your ventricle contracts, blood is forced through the aortic valve, into the aorta, and out to the rest of your body.
Mitral Valve
Mitral valve is a valve with two flaps in the heart, present between the left ventricle and left atrium, and it is also known as bicuspid valve or left atrioventricular valve. The tricuspid valve and mitral valve are known as the atrioventricular valves because they are present between the ventricles and the atria of the heart.
Pulmonary Valve
The pulmonic valve, also known as a pulmonary valve, is the semilunar valve of the heart which lies between the pulmonary artery, right ventricle and has three cusps. The pulmonary artery opens in ventricular systole whenever the pressure in the right ventricle rises above the pressure in the pulmonary artery, similar to the aortic valve. When the pressure in the right ventricle falls rapidly at the end of the ventricular systole, the pulmonary valve will be closed by the pressure of the pulmonary artery.
Tricuspid Valve
The tricuspid valve also known as a right atrioventricular valve, is present at the superior portion of the right ventricle, on the dorsal side of the mammalian heart. The main function of this valve is to prevent the backflow of blood from the right ventricle to the right atrium during right ventricular contraction called systole.
Heart Valve Replacement Market Regional Outlook
In terms of region, the market is fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is a promising region for the market. The region constituted around 35.5% share of the market in 2020. The market in the region is projected to expand at a CAGR of around 15.8% during the forecast period as there is an increase in heart-related diseases in North America, increasing focus of players in drug development and heart valve replacement therapy development, rise in government initiatives are some of the factors expected to boost the market growth on the region.
Major Manufactures include, VENUS MEDTECH, Abbott, Boston Scientific Corporation, Colibri Heart Valve, CryoLife, Inc., Edwards Lifesciences Corporation, HLT, Inc., JenaValve Technology, Inc. LifeNet Health., Medtronic, Meril Life Sciences Pvt. Ltd.
The base year considered for the global heart valve replacement market report is 2019. The complete analysis period is 2017 to 2027, wherein, 2017 & 2018 are the historic years and the forecast is provided from 2020 to 2027.
The market is expected to witness slight stagnancy between 2019 and 2020 owing to the slight impact of COVID-19 pandemic on the heart valve replacement market.
Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
Hospitals are the key end-user that are driving the heart valve replacement market.
GDP, disposable income, healthcare factors, urbanization, and political factors are included in macro-economic factors.
Major factors driving the market are rising healthcare infrastructure, technology innovation, growing per capita disposable income, adoption of non-invasive technology, awareness regarding the significance of transcatheter devices.
In addition to market size (in US$ Million) and Company market share (in % for base year 2019), other data such as patient incidence data, cross-section segment data by segments, cross-section segment data by countries, market size by country along with segment split is provided for heart valve replacement market is available in final report.
According to this Growth Market Reports report, the market from heart valve replacement is likely to register a CAGR of around 17.5% during forecast period 2020-2027, with an anticipated valuation of USD 15,139.2 million by the end of the 2027.
Additional company profiles can be provided on request.