Heart Valves Market Analysis By valve type (Transcatheter Heart Valves, Surgical Heart Valves), By end-user (Hospitals, Ambulatory Surgery Centers, Specialty Clinics) & Forecast 2024-2035
- PUBLISHED ON
- 4/13/2023
- NO OF PAGES
- 286
- CATEGORY
- Healthcare & Life Sciences
Industry Overview
The heart valves market refers to the medical devices and treatments used for heart valve repair and replacement. Heart valves play a critical role in the heart's function by controlling the flow of blood through the heart's chambers. The market includes products such as mechanical heart valves, tissue heart valves, transcatheter heart valves, and repair devices used in procedures such as valve replacement, valve repair, and annuloplasty. The market is driven by factors such as the increasing prevalence of heart valve diseases, the growing geriatric population, technological advancements in heart valve devices, and the rising demand for minimally invasive procedures.
Market Dynamics
The heart valves market is primarily driven by the rising prevalence of heart valve diseases, growing geriatric population, increasing adoption of minimally invasive surgeries, technological advancements, and favorable reimbursement policies. The rising prevalence of heart valve diseases such as aortic stenosis and mitral regurgitation is expected to drive the demand for heart valve replacement surgeries, thereby fueling market growth. In addition, the growing geriatric population is also expected to contribute to market growth, as the incidence of heart valve diseases increases with age. The increasing adoption of minimally invasive surgeries, such as transcatheter aortic valve replacement (TAVR) and transcatheter mitral valve repair (TMVR), is expected to further drive market growth. These procedures offer several advantages over traditional open-heart surgeries, such as shorter hospital stays, faster recovery times, and reduced risk of complications. Technological advancements in heart valve replacement procedures, such as the development of next-generation heart valves, 3D-printed heart valves, and the use of robotics in surgery, are also expected to drive market growth. However, factors such as the high cost of heart valve replacement surgeries and stringent regulatory requirements may hamper market growth to some extent.
COVID Impact
The COVID-19 pandemic has had a significant impact on the heart valves market. Due to the high risk of complications from COVID-19 for individuals with pre-existing heart conditions, there has been an increased demand for heart valve treatments. However, the pandemic has also caused disruptions in the supply chain and delays in elective procedures, which has had a negative impact on the market. Hospitals and clinics have had to prioritize COVID-19 patients, leading to a decrease in non-emergency procedures, including heart valve surgeries. Additionally, travel restrictions and quarantine measures have made it difficult for patients to travel to medical facilities, further reducing the number of procedures being performed. On the other hand, the use of telemedicine has increased during the pandemic, allowing healthcare providers to remotely monitor and manage patients with heart valve conditions. This has helped to mitigate some of the negative impacts of the pandemic on the market. Overall, the impact of COVID-19 on the heart valves market has been mixed, with increased demand due to the high-risk nature of the disease for individuals with heart conditions, but decreased demand due to delays and disruptions in the healthcare system.
Regional Trend
The heart valves market can be analyzed on the basis of various regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America holds a significant share of the heart valves market owing to the increasing prevalence of cardiovascular diseases, the presence of major market players, and advanced healthcare infrastructure. The increasing adoption of advanced medical technologies and favorable reimbursement policies are also contributing to the growth of the market in this region. Europe is also a significant market for heart valves, with the presence of a large number of market players and the increasing incidence of cardiovascular diseases. Moreover, the presence of a well-established healthcare system and favorable reimbursement policies are contributing to the growth of the market in this region. The Asia Pacific region is expected to witness significant growth during the forecast period due to the increasing healthcare expenditure, a growing number of patients with heart diseases, and rising awareness about advanced heart valve replacement procedures. Additionally, the increasing adoption of innovative medical technologies and favorable government initiatives are further fueling the growth of the market in this region. Latin America and the Middle East & Africa region are also expected to witness growth in the heart valves market due to the increasing incidence of heart diseases and the increasing adoption of advanced medical technologies in these regions. However, the lack of awareness, limited healthcare infrastructure, and the high cost of heart valve replacement procedures may hinder the growth of the market in these regions.
Competitive Landscape
The heart valves market is highly competitive, with several major players and many small and mid-sized companies operating in the market. Some of the key players in the market include Edwards Lifesciences Corporation, Medtronic plc, Abbott Laboratories, Boston Scientific Corporation, LivaNova PLC, CryoLife, Inc., Micro Interventional Devices, Inc., Neovasc Inc., and JenaValve Technology, Inc. These companies are focusing on developing new heart valve technologies, expanding their product portfolios, and strengthening their global distribution networks to gain a competitive advantage. Many companies are also investing in research and development activities to create innovative products that meet the evolving needs of patients and healthcare providers. In addition, partnerships, collaborations, and mergers and acquisitions are common strategies employed by companies to strengthen their market position. For example, in 2020, Edwards Lifesciences Corporation acquired Harpoon Medical, Inc., a privately held medical technology company that develops minimally invasive mitral valve repair technology. The acquisition was aimed at expanding Edwards' portfolio of innovative structural heart therapies. Overall, the heart valves market is expected to remain highly competitive, with companies focusing on innovation and strategic partnerships to stay ahead of the competition.
Market Segmentation
The heart valves market can be segmented based on valve type, end-user, and region.
Based on valve type, the market can be segmented into:
Transcatheter Heart Valves
Surgical Heart Valves
Based on end-user, the market can be segmented into:
Hospitals
Ambulatory Surgery Centers
Specialty Clinics.
Historic Year: 2016-2022
Forecast: 2024-2035
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