Market Overview:
Prosthetic heart valves are implanted in patients suffering from valve diseases such as stenosis or regurgitation. There are two types of prosthetic heart valves – mechanical and biological. Mechanical heart valves are more durable but require lifelong blood thinners. Biological heart valves are preferred for patients requiring fewer blood thinners. The rising global prevalence of valve diseases, growing geriatric population, technological advancements in heart valves, and initiatives by market players are major factors anticipated to drive the growth of the global prosthetic heart valve market over the forecast period.
The global Prosthetic Heart Valve Market is estimated to be valued at US$ 109.68 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
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Market key trends:
Minimally invasive transcatheter aortic valve replacement (TAVR) is gaining popularity over open-heart surgery due to procedural advantages. Increasing clinical evidence on long term durability and safety of transcatheter valves is driving higher adoption of TAVR procedures. Manufacturers are focusing on developing low-profile delivery systems, smaller delivery catheters, and introducing self-expanding transcatheter valves for treating off-label indications such as severe aortic stenosis patients at intermediate surgical risk. Rapid Technological advancements for both surgical and transcatheter valves aimed at achieving long term durability is another key trend in the market. Companies are developing novel tissue engineering approaches for next generation heart valves, using materials such as decellularized tissues and polymer technologies to create living heart valves. This is expected to transform the market in the long run.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as regulatory requirements for manufacturing medical devices acts as a entry barrier. However, new players are entering the market with innovative valve designs.
Bargaining power of buyers: The bargaining power of buyers is high as there are many established players offering prosthetic heart valves. Also, buyers have many choices available in terms of mechanical and bio-prosthetic valves.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers have established relationships with key market players. However, new suppliers are entering the market.
Threat of new substitutes: The threat of new substitutes is low as no major substitute for prosthetic heart valves currently exists.
Competitive rivalry: The competitive rivalry is high among key players to gain greater market share.
Key Takeaways
The global Prosthetic Heart Valve Market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing prevalence of valvular heart disease and rising number of transcatheter aortic valve replacement procedures.
The North America region dominates the prosthetic heart valve market owing to favorable reimbursement policies, large patient pool and presence of developed healthcare infrastructure in the region. Europe also holds a significant share in the market due to increasing use of bio-prosthetic heart valves.
Key players operating in the prosthetic heart valve market are ATCOR, Millar, OMRON HEALTHCARE Co.,Ltd., DAEYOMEDI, MedTach, Itamar Medical Ltd., DiaTecne s.r.l., Alam Medical, Cardiovascular Engineering Inc., OCULUS, Keeler, Haag-Streit Group, SunTechMedical, Inc., Osypka Medical and Shenzhen Mindray Bio-Medical Electronics Co Ltd.
