Rise in Valvular Heart Disease & Adoption of TAVR as the Standard Surgical Intervention in Disease Management to Drive the Prosthetic Heart Valves Market

Rise in valvular heart disease and the widespread adoption of transcatheter aortic valve replacement (TAVR) as the standard of care against the backdrop of growing preference for minimally invasive heart valve replacement procedures are poised to drive the global Prosthetic Heart Valves market to reach US$9.7 billion by 2024.

Prosthetic heart valves are used for replacing malfunctioning, deformed or diseased native heart valves in order to restore normal functioning of the heart. Aging population, changing lifestyles and growing prevalence of other diseases such as hypertension and cholesterol are driving the prevalence of heart valve disorders. This in turn is fueling the volume of heart valve replacement procedures performed each year, worldwide. Mechanical heart valve represents the conventional form of prosthetic heart valve, which continues to be used despite their decline in popularity in developed countries. Indicated mainly for use in younger patient population due to their high durability, these valves are relatively cheaper but necessitate the use of anticoagulants. Tissue Heart Valves, on the other hand, have been witnessing stable demand, since these valves do not require long-term anticoagulation therapy. However, concerns over durability, higher prices and risk of side effects such as precipitation of related cardiac complications continue to limit adoption of Tissue Heart Valves. On the other hand, Transcatheter Heart Valve, a relatively new technology, has assumed dominant position in most of the developed economies due to the minimally invasive nature of the implant.

Prosthetic heart valves market has been witnessing significant technological advances, which are enabling manufacturers to develop highly effective, durable devices with better hemodynamics, thus contributing to growth in demand. Development of durable tissue heart valves, and suture-less valves as well as anti-calcification technologies are expected to push revenues in the market. A major advancement in the area of prosthetic heart valves is the emergence of Transcatheter Aortic Valve Implantation (TAVI) wherein implantation is carried out through a minimally invasive, catheter based surgical procedure. The technology expands the target patient population eligible for valve replacement procedures, encompassing even patients with severe aortic stenosis. The ongoing trend towards minimally invasive surgeries is expected to drive demand for TAVI procedures in the coming years and in turn spur demand for Prosthetic Heart Valves. Significant unmet needs in the global heart valve replacement space are also expected to drive demand for TAVI.

As stated by the new market research report on Prosthetic Heart Valves, the United States and Europe dominate the global market. As pioneers in heart valve technologies, these markets have been the epicenter of significant technology advancements. The United States represents the largest market with growth supported by strong demand for new and advanced products, along with high prevalence and incidence of cardiac disorders. Asia-Pacific ranks as the fastest growing market with a CAGR of 15.8% over the analysis period. Robust economic growth particularly China and India, improving access to healthcare, increase in diagnosis of cardiovascular diseases, high incidence of rheumatic heart disease (RHD), developing healthcare infrastructure, and growing per capita healthcare spends, represent factors driving growth in the region. Transcatheter Heart Valves represent the largest and fastest growing market, while Mechanical Heart Valves market is forecast to witness a decline, owing to rapid declines in developed markets.

Leading players in the market include Abbott Laboratories, Edwards Lifesciences Corporation, JenaValve Technology, Inc., LivaNova PLC, Medtronic plc, and On-X Life Technologies, Inc. among others.

The research report titled "Prosthetic Heart Valves - Market Analysis, Trends, and Forecasts" announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, innovations and launches, and strategic industry activities various players. The report provides market estimates and projections in US$ million for Prosthetic Heart Valves for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin America (Brazil, and Rest of Latin America), and Rest of World. Product Types analyzed for major global markets include Tissue Heart Valves, Transcatheter Heart Valves, and Mechanical Heart Valves.

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