In FY 2022, the market for heart valve devices will likely be worth US$ 11.16 billion, up from US$ 9.85 billion in 2021. The industry experienced a Y-o-Y increase of 13.3% over the previous year. Sales of heart valve devices are anticipated to grow at a CAGR of 13% between 2022 and 2032, reaching a value of US$ 37.5 billion by the end of that year. The heart valve devices market is a rapidly growing industry that focuses on the development and distribution of devices used to treat heart valve diseases. These diseases, including aortic stenosis and mitral regurgitation, affect millions of people worldwide and can lead to serious complications and even death if left untreated
The heart valve devices market includes a variety of devices, such as mechanical heart valves, tissue heart valves, transcatheter heart valves, and annuloplasty rings. These devices are used to repair or replace damaged heart valves, and they can be implanted using minimally invasive or open-heart surgical procedures. The growth of the heart valve devices market is driven by several factors, including the increasing prevalence of heart valve diseases, the aging population, and advancements in technology that have led to the development of more innovative and effective devices
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Key Takeaways from Market Study
- Global demand for structural heart devices is expected to increase at a CAGR of 11% from 2023-2033.
- China’s market is predicted to expand at a CAGR of 10% during the projected period.
- Sales of heart valve devices are expected to rise at a CAGR of 11.5% during the forecast period.
- Demand for surgical heart valves is predicted to expand at a CAGR of 11% during the next 10 years.
Winning Strategy
The structural heart devices market is highly competitive and consists of significant market players, including Abbott Laboratories, Boston Scientific Corporation, Braile Biomedica, CryoLife, Inc., Edwards Lifesciences Corporation, and others.
- Medtronic introduced the transcatheter aortic valve replacement (TAVR) system Evolut PRO+ in the United States in September 2019.
- The MITRIS RESILIA valve was approved by the US Food and Drug Administration (FDA) in March 2022 for Edwards Lifesciences. It is a tissue valve replacement made especially for the mitral location of the heart.
Key Companies Profiled
- Edwards Lifesciences Corporation
- Braile Biomedica
- St. Jude Medical Inc.
- Medical Technology Est.
- Micro Interventional Devices Inc.
- Boston Scientific Corporation
- Liva Nova PLC
- Cryolife, Inc.
- Jena Valve Technology Inc.
COVID-19 Market Insights:
The COVID-19 pandemic is anticipated to result in a significant production crunch and limitations in the supply of heart valve devices. This is attributed to healthcare settings reorienting their focus on caring for patients infected by the virus. Many healthcare providers have urged patients planning to undergo elective cardiac procedures to postpone their surgeries until the aftermath of the COVID-19 pandemic.
Several key players, such as Edwards Lifesciences Corporation, have temporarily suspended production of heart valve devices in order to cater to COVID-19 patients. Likewise, Boston Scientific Corporation has redirected all its resources to fight the pandemic. The company has boosted its production of ventilators and personal protective equipment such as masks and gloves to be provided to hospitals and other healthcare settings.
Key Questions Covered in the Heart Valve Devices Market
- What are the major types of heart valve devices and how do they differ in terms of functionality and application?
- What is the current market size of the heart valve devices market and what is its expected growth rate in the coming years?
- What are the key factors driving the growth of the heart valve devices market, and what are the challenges facing the market?
- Which regions and countries are the largest and fastest-growing markets for heart valve devices, and what are the factors driving this growth?
- What are the regulatory challenges associated with bringing new heart valve devices to market, and how are companies navigating these challenges?
- Who are the key players in the heart valve devices market, and what are their market shares and strategies for growth?
- What are the latest advancements in heart valve device technology, and how are they improving patient outcomes and reducing healthcare costs?
- What is the impact of COVID-19 on the heart valve devices market, and how are companies adapting to the changing market conditions?
Overall, the heart valve devices market is expected to continue growing in the coming years, driven by the increasing prevalence of heart valve diseases and advancements in technology. The market will likely see continued innovation and competition among key players as they strive to develop more effective and cost-efficient devices to meet the growing demand for heart valve treatments.