According to the report, published by Zion Market Research, global demand for prosthetic heart valve market was valued at USD 3,138.4 million in 2015, is expected to reach USD 5,302.1 million in 2021 and is anticipated to grow at a CAGR of 9.10% between 2016 and 2021.
Prosthetic heart valve therapy is carried out for the patients suffering from the valvular heart disorder. Heart valve replacement was carried out in the early 1960s. It is reported that more than 60,000 patients undergo replacement surgery in U.S. every year and around 280,000 heart valve replacement cases worldwide. Prosthetic heart valve has 3 major types that are mechanical heart valve, tissue heart valve and transcatheter heart valve which is recently developed technique. Growing R&D for innovated techniques and introduction of new valves and valve replacement therapies foster the growth of prosthetic heart valve market.
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The prosthetic heart valve market is primarily driven by factors such as rapid advancement in technology, rising occurrence of heart disorders and growth in aging population. Moreover, surging healthcare expenditure along with rising focus of major players on R&D for innovative products fuels the growth of the market. In addition, increasing awareness of heart valve replacement and availability of techniques for valve replacement stimulates the growth of the market. However, stringent regulations led by government mainly for use of tissue heart valve and the high cost of the surgery may impede the growth of prosthetic heart valve market. Nevertheless, the introduction of advanced and minimally invasive techniques with high efficiency is likely to offer the ample opportunities for this market in the forecast period.
There are mainly three types of a prosthetic heart valve that are transcatheter valves, tissue valve, and the mechanical valve. Tissue valve was considered to be the most prominent segment and gathered the highest share in 2015. Tissue valve is extracted from the pig and cow and treated for preventing rejection from the human body. The transcatheter heart valve is utilized to replace the damaged valve in the transcatheter aortic valve replacement (TAVR). In the TAVR, the damaged valve is repaired instead of replacing and is done with minimal invasion.
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North America dominated the prosthetic heart valve market with the highest share in 2015. It is expected that the market in North America will gain traction in the forecast period owing to rising prevalence of heart valve disorders and increasing preference for minimal invasive practices. Moreover, surging demand for tissue heart valve replacement in U.S. will fuel the growth of the market in North America. Asia-Pacific is the fastest growing market for prosthetic heart valve due to rising disposable income along with escalating demand for valve replacement, particularly in India and China. Latin America is anticipated to experience sustainable growth in the coming years owing to unexploited market. The Middle East and Africa is estimated to grow at the moderate pace due to growing awareness and developing technologies.
Competition in the prosthetic heart valves market is intense and to stay competitive, companies are adopting strategies such as product innovation and inorganic growth. Some of the key players in the prosthetic heart valve market are Colibri Heart Valve, LLC, Cytograft Tissue Engineering, Inc. (CTE), Direct Flow Medical, Inc., Edwards Lifesciences LLC, Heart Leaflet Technologies (HLT), Perouse Medical, St. Jude Medical Inc., USand Sorin Group.
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Other prominent participants in the market include Symetis, Transcatheter Technologies Gmbh, On-X Life Technologies, Inc., Neovasc Inc., Micro Interventional Devices, Inc, Leman Cardiovascular, JenaValve Technology, Boston Scientific Corporation, Claret Medical, Inc., Medtronic, Inc., TTK Healthcare and Braile Biomédica among others.
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