Yahoo Finance Global Prosthetic Heart Valves Market to Surpass US$ 21,968.6 Million by 2030, Says Coherent Market Insights (CMI)
Seattle, Sept. 27, 2022 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global prosthetic heart valves market is estimated to be valued at US$ 10,307.1 million in 2022 and is expected to exhibit a CAGR of 9.9 % during the forecast period (2022-2030).
Key Trends and Analysis of the Global Prosthetic Heart Valves Market:
Technological advancement in prosthetic heart valves, an increase in the prevalence of HVD (Heart Valve Disease), regulatory approvals for new and advanced prosthetic heart valves, increasing government funding for heart valve research, rising awareness about HVD, and favorable reimbursement scenarios for prosthetic heart valves are expected to drive the market growth. Moreover, the rising geriatric population and sedentary lifestyle are expected to provide lucrative growth to the global prosthetic heart valves market. For instance, according to the Centers for Disease Control and Prevention, as of December 9, 2019, about 2.5% of the U.S. population had valvular heart disease. Moreover, in 2017, there were 3,046 deaths due to rheumatic valvular heart disease and 24,811 deaths due to non-rheumatic valvular heart disease in the U.S. Nearly 25,000 deaths in the U.S. each year are due to heart valve disease from causes other than rheumatic disease.
In addition, an increase in the FDA (Food and drug administration) approval is expected to drive the market growth. For instance, on March 26, 2021, Medtronic plc., a global company involved in medical technology, announced that it received the U.S. Food and Drug Administration (FDA) approval for its Harmony Transcatheter Pulmonary Valve (TPV), the first minimally invasive therapy created to treat patients with a specific type of congenital heart defect of the right ventricle (RV), one of the four chambers of the heart, which makes it difficult for blood to travel from the heart to the lungs.
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Key Market Takeaways:
The global prosthetic heart valves market is expected to exhibit a CAGR of 9.9 % during the forecast period, owing to regulatory approvals of new products of key market players. For instance, in 2021 St. Jude Medical, Inc., a global medical device company, announced regulatory approval from the Japanese Ministry of Health, Labor and Welfare (MHLW) and the launch of the Trifecta aortic stented, pericardial tissue valve. The first procedures were performed at Osaka University Hospital and Saitama Medical University International Medical Center in Japan.
Mechanical heart valve is the most popular prosthetic heart valve used to treat patients with valvular heart disease among product types. It is more durable and produces better results than a tissue heart valve. For the treatment of geriatric patients, however, tissue heart valves are preferred because the body typically accepts them much more quickly.
On the basis of regions, North America is estimated to account for the largest market share in the global prosthetic heart valves market over the forecast period.
Competitive Landscape:
Key players operating in the global prosthetic heart valves market include Edwards Lifesciences Corporation, Medtronic plc., Boston Scientific Corporation, Abbott Laboratories, LivaNova PLC, CryoLife, Inc., Braile Biomedica, Colibri Heart Valve, LLC, and JenaValve Technology, Inc.
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Market Segmentation:
Global Prosthetic Heart Valves Market, By Product Type:
Mechanical Heart Valves
Mechanical Aortic Valve
Mechanical Mitral Valve
Biological/Tissue Heart Valves
Tissue Aortic Valve
Tissue Mitral Valve
Transcatheter Heart Valves
Transcatheter Aortic Valve
Transcatheter Mitral Valve
Global Prosthetic Heart Valves Market, By End User:
Hospitals
Ambulatory Surgical Centers
Global Prosthetic Heart Valves Market, By Region:
North America
By Country
U.S.
Canada
Latin America
By Country
Brazil
Mexico
Argentina
Rest of Latin America
Europe
By Country
Germany
U.K.
France
Italy
Spain
Russia
Rest of Europe
Asia Pacific
By Country
China
India
Japan
Australia
South Korea
ASEAN
Rest of Asia Pacific
Middle East
By Country
GCC
Israel
Rest of Middle East
Africa
By Region/Country
South Africa
Central Africa
North Africa
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About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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